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Indonesia signs $1.02 bln deal to buy three more 1,400-ton S. Korean subs
A file picture shows a submarine built by Daewoo Shipbuilding & Marine Engineering. SEOUL -- Indonesia agreed to buy three more 1,400-ton submarines from South Korea in a $1.02 billion deal. It was the second submarine contract between the two countries which have maintained close military ties with Indonesian engineers involved in defense projects in South Korea. Daewoo Shipbuilding & Marine Engineering (DSME), the main builder of South Korean submarines, signed a
April 12, 2019
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Consortium of parts makers agrees to take over GM's closed plant in Gunsan
SEOUL -- A consortium of parts makers, led by a subsidiary of MS Autotech, forged a premilitary deal with U.S. carmaker General Motors to take over an idle plant in the southeastern port city of Gunsan that was shut down last year as part of global restructuring. In a regulatory filing on Friday, MS Autotech said that its subsidiary, Myoung Shin, agreed to take over the Gunsan plant's land and building for 113 billion won ($99.5 million) on June 28. MS Autotech and it
March 29, 2019
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SK group's holding company invests $150 mln in U.S. shale gas business
SEOUL -- The holding company of South Korea's SK Group agreed to invest $150 million in Blue Racer Midstream, LLC, an American natural gas gathering and processing company, to increase its clout in the growing U.S. shale energy market. SK Holdings said Thursday that the investment would be made through its American subsidiary, Plutus Capital, to acquire a stake in Blue Racer Midstream, which develops and delivers midstream infrastructure and services related to natural gas gathering
March 28, 2019
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hynix wins quick state approval for construction of world's largest semiconductor cluster
SEOUL -- SK hynix won quick state approval for the proposed use of land to build the world's largest semiconductor cluster that would become a base for the production of next-generation microchips and the convergence of new technologies. For the semiconductor cluster aimed at maintaining a competitive edge over Chinese companies, a government screening committee agreed to allocate some 4.48 million square meters of land in the metropolitical area where the construc
March 27, 2019
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Power plant operator launches experiment project to build solar roads
SEOUL -- An experimental road was installed outside a South Korean power station in a project to develop solar roads that can automatically charge wirelessly while an electric vehicle is running. Korea South-East Power said Tuesday that high-performance solar modules developed by SolarFLEX have been installed on a small section of roads outside a coal-fired power station in Yeongheung. SolarFLEX provided second-generation thin-film copper indium gallium selenide (CIGS
March 26, 2019
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Consumers show guarded welcome to rule changes for free use of autogas
SEOUL -- Consumers showed guarded welcome to new rules on autogas after the government allowed the free use of liquefied petroleum gas for all motorists in an effort to reduce air pollution caused by fine dust and vehicle emissions. From Tuesday, any consumers in South Korea can buy LPG-fueled vehicles or convert their gasoline or diesel-powered vehicles to use autogas, the common name for LPG, which is cleaner and cheaper than traditional fuels. Previously, LPG
March 26, 2019
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Kia Motors transforms auto plant in China to produce electric vehicles
SEOUL -- South Korea's second-largest automaker Kia Motors will stop the production of its models at the joint-venture plant in Yancheng to transform it into an electric vehicle plant to be run by its Chinese partner. The switch followed operating losses for a second consecutive year. In 2002, Kia, an affiliate of the Hyundai auto group, set up Dongfeng Yueda Kia (DYK) Motors, a joint venture with Dongfeng Motor, a state-owned automobile manufacturer based in Wuh
March 20, 2019
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Formal contract signed to create mega shipbuilder in S. Korea
SEOUL -- A formal contact to create a mega shipbuilder through the merger of two top shipyards in South Korea was signed after riot police formed a tight human barricade with shields to thwart a desperate charge by hundreds of angry shipyard workers. At the Seoul head office of Korea Development Bank (KDB), the contract was signed Friday by KDB chairman Lee Dong-gull and Kwon Oh-gap, vice chairman of the holding company of Hyundai Heavy Industries (HHI), the world's largest
March 8, 2019
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LG Electronics becomes strategic member in AUTOSAR technology partnership
SEOUL -- South Korea's LG Electronics has upgraded its membership in AUTOSAR, a development partnership of vehicle manufacturers, suppliers, service providers and companies, for its role in developing software standards for next-generation vehicles. LG said Monday it has been recognized as a strategic member of AUTOSAR (Automotive Open System Architecture), which implemented five different partnership types -- core, strategic, premium, development and associa
March 4, 2019
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Daewoo shipyard workers stage partial strike to oppose merger
SEOUL -- Unionized workers at Daewoo Shipbuilding & Marine Engineering (DSME) staged a four-hour strike against a deal to create a mega shipbuilder through the merger of two top shipyards in South Korea. DSME workers downed tools for four hours Tuesday after lunch break. Some 2,000 workers marched in the streets after a rally at the shipyard on the southern island of Geoje. Union leaders at Hyundai Heavy Industries (HHI), the world's largest shipbuilder, have yet to di
February 26, 2019
