Industry

  • S. Korea and India agree to step up cooperation in military and space sectors
    S. Korea and India agree to step up cooperation in military and space sectors SEOUL -- South Korean and Indian leaders agreed to push for joint lunar exploration and upgrade their strategic partnership in defense and space industries. South Korea, a newcomer in the space industry, has tried to find a new partner for technical cooperation. The agreement came at a summit between South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi in Seoul on Friday. The two leaders agreed to strengthen strategic exchanges February 22, 2019
  • SK hynix selects place to build worlds biggest microchip cluster
    SK hynix selects place to build world's biggest microchip cluster SEOUL -- In a bid to maintain a competitive edge over Chinese companies, SK hynix selected a place to house the world's largest semiconductor cluster that would become a base for the production of next-generation microchips and the convergence of new technologies. Some 120 trillion won ($107 billion) will be spent after 2022 to build the cluster in Yongin, about 40 kilometers (25 miles) south of Seoul. SK hynix, the country's second-largest semiconductor company after Sams February 21, 2019
  • Proposed strike wins support from majority of Hyundai shipyard workers
    Proposed strike wins support from majority of Hyundai shipyard workers SEOUL -- A proposed strike against a deal to create a mega shipbuilder through the merger of two top shipyards in South Korea won support from a majority of workers at Hyundai Heavy Industries. A timetable for union action was not disclosed. The labor union of Hyundai Heavy Industries (HHI), the world's largest shipbuilder, said that 51.58 percent of unionized workers endorsed a strike in a vote on Wednesday after 92.16 percent of unionized workers at Daewoo Shipbuilding & February 21, 2019
  • Daewoo workers vote to strike against acquisition by Hyundai shipyard
    Daewoo workers vote to strike against acquisition by Hyundai shipyard SEOUL -- The labor union of Daewoo Shipbuilding & Marine Engineering (DSME) warned of a strike after workers voted against a deal to create a mega shipbuilder through the merger of South Korea's largest and second largest shipyards. In a two-day vote involving 5,242 workers, 92.16 percent supported the union's proposal to oppose the proposed merger brokered by Korea Development Bank (KDB), a state policy lender which has a controllin February 19, 2019
  • Renaults electric vehicles to use self-driving technology developed in S. Korea
    Renault's electric vehicles to use self-driving technology developed in S. Korea SEOUL -- France and South Korea will consider applying co-developed self-driving technology based on entry-level sensors to the mass production of Renault S.A.'s electric vehicles, according to the South's Ministry of Trade, Industry and Energy. The ministry said in a statement Tuesday that the proposed use of autonomous driving technology for Renault cars came at talks in Seoul between French and South Korean officials. The meeting was attended by Frenc February 19, 2019
  • Philippine banks agree to reschedule debt of Hanjin shipyard in Subic
    Philippine banks agree to reschedule debt of Hanjin shipyard in Subic SEOUL -- Hanjin Heavy Industries & Construction secured approval from Philippine banks to reschedule the debt of its affiliate in Subic, two days after the mid-sized South Korean shipbuilder reported capital impairment. Philippine creditors agreed to acquire Hanjin Heavy shares in return for solving surely obligations. Hanjin said the deal would be submitted to a Philippine court by the end of this month. HHIC-Phil, a debt-stricken shipyard in Subic, has applied for a reha February 15, 2019
  • Stock exchange suspends Hanjin shipyard for capital impairment
    Stock exchange suspends Hanjin shipyard for capital impairment SEOUL -- Share trading of Hanjin Heavy Industries & Construction was suspended after the mid-sized South Korean shipyard reported capital impairment reflecting losses from the rehabilitation of its affiliate in the Philippines. In a regulatory filing on Wednesday, Hanjin Heavy, a Hanjin group unit, reported impaired capital as its consolidated financial statement for 2018 reflected losses in HHIC-Phil, a debt-stricken shipyard in S February 13, 2019
  • Trump says S. Korea should pay U.S. more for defense: Yonhap
    Trump says S. Korea should pay U.S. more for defense: Yonhap WASHINGTON -- U.S. President Donald Trump called for a further increase in South Korea's share of the cost of stationing American troops on the peninsula. Trump's remarks came only days after the allies signed a preliminary agreement renewing their cost-sharing deal for the 28,500-strong U.S. Forces Korea. "As you know, South Korea -- we defend them and lose a tremendous amount of money," the U.S. president said at a Cabinet meeting, repeating a signa February 13, 2019
  • Hyundai shipyard selected as sole bidder for Daewoo shipyard
    Hyundai shipyard selected as sole bidder for Daewoo shipyard SEOUL -- Hyundai Heavy Industries (HHI), the world's largest shipbuilder, was selected as the sole bidder for its South Korean underdog, Daewoo Shipbuilding & Marine Engineering (DSME), paving the way for the creation of a mega shipbuilder capable of walking over foreign rivals. Korea Development Bank (KDB), a state policy lender which has a 55.7 percent stake in DSME, announced the selection Tuesday of HHI as the sole candidate to take February 12, 2019
  • Hyundai Motor agrees to invest in mini SUV joint venture at home
    Hyundai Motor agrees to invest in mini SUV joint venture at home Hyundai Motor workers shout slogans in a rally to oppose a new car plant in the southern city of Gwangju. SEOUL -- In a deal hailed by South Korean President Moon Jae-in as a win-win, Hyundai Motor agreed to invest in the construction of a new plant in cooperation with a municipal government to produce compact SUVs in the southern city of Gwangju. As a non-management investor, Hyundai will invest 53 billion won ($47 million) to acquire a 19 percent stake in the joint compa January 31, 2019