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Construction begins on world's largest by-product hydrogen power plant
A blueprint shows the world's largest power plant using byproduct hydrogen as fuel. SEOUL -- Construction began in South Korea Thursday to build a 50-megawatt fuel cell power plant using by-product hydrogen as fuel. It would be the largest of its kind in the world. Daesan Green Energy, a joint venture led by Hanwha Energy and Korea East-West Power, is responsible for the construction and operation of the new power plant which will cost about 255 billion won ($224 mil
August 16, 2018
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Some 27,000 BMW vehicles ordered to stop running on South Korean roads
SEOUL -- South Korea's transport ministry ordered the compulsory suspension of more than 27,000 BMW vehicles Tuesday amid heightened safety concerns over a string of fires, urging the German carmaker to give a clear answer to allegations that it has overlooked or covered up structural defects. The order from Land, Infrastructure and Transport Minister Kim Hyun-mee came as BMW failed to complete a voluntary recall of 106,317 vehicles to fix faulty compone
August 14, 2018
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S. Korea's first floating wind turbine to be installed next year
SEOUL -- South Korea's first floating wind turbine will be installed off the southeastern port city of Ulsan for a test operation in the first half of next year in line with a government campaign to step up the use of wind, solar and other types of renewable energy. Ulsan proposed a 16 billion won ($14.3 million) pilot project to build an 80-meter-long floating structure with a capacity of 750 kilowatts that would involve the Unversity of Ulsan, Seho
August 2, 2018
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S. Korea envisions gradual troop reduction and greater fire power
SEOUL -- South Korea's defense ministry proposed a gradual troop reduction to cope with rapid demographic changes caused by a low birthrate, suggesting the military would hire more civilian staff for noncombat military posts and increase the number of female officers. By 2022, the number of active-duty troops will be cut down from 618,000 to 500,000, the ministry said in its reform blueprint presented to President Moon Jae-in at a meeting of military commanders. Accordingly, t
July 27, 2018
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Hyundai Motor workers endorse modest wage increase
SEOUL -- Workers at South Korea's top carmaker Hyundai Motor endorsed a modest wage deal between union leaders and management, agreeing to stop the disruption of car production in an unusually quick manner that reflected widespread concerns about trade protectionism abroad and slow sales. Hyundai said that 63.4 percent of 42,046 unionized workers who participated in a vote Thursday approved the deal that included a basic wage increase of 45,000 won ($40), bonuses, the adju
July 27, 2018
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Doosan and POSCO win $3.09 bln order to build eco-friendly thermal plant
SEOUL -- A consortium of Doosan Heavy Industries & Construction and POSCO Engineering & Construction secured a deal worth 3.5 trillion won ($3.09 billion) to build a set of South Korea's biggest eco-friendly thermal power plants in the eastern port city of Samcheok. The two companies said Wednesday they have signed a contract with POSPower, a unit of South Korea's Posco steel group, to build a 1,050MW plant by October 2023 and the second one by April
July 25, 2018
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Hyundai shipayrd swings to second-quarter net loss
SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder, shifted to a net loss in the second quarter of this year due to the high price of steel plates for shipbuilding and costs for a retirement program. Hyundai Heavy said in a regulatory filing that it posted a net loss of 233.7 billion won ($207 million), compared with a net profit of 182.8 billion won a year earlier. In the April-June period, the shipbuilder posted an operating loss
July 23, 2018
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Samsung shipyard swings to second-quarter net loss
SEOUL -- Samsung Heavy Industries, one of South Korea's three major shipbuilders, swung to a net loss in the second quarter of this year on increased costs and unexpected one-off losses caused by the delayed delivery of a drillship. Samsung Heavy said in a regulatory filing Monday that it posted a consolidated net loss of 142.7 billion won ($126.3 million) in the April-June period, compared with a net profit of 22.7 billion won a year earlier. In the April-June period, t
July 23, 2018
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GM to invest $50 mln in expansion of plant in S. Korea: Yonhap
SEOUL -- General Motors will invest $50 million to expand its main plant in South Korea as it strives to put its loss-making Korean unit back on track, GM Korea Co. said Friday. GM, which owns a 77 percent stake in GM Korea, will make the investment for the expansion of its plant in Bupyeong, just west of Seoul. It will increase the facility's output capacity by 75,000 units to 515,000 units by next year, the Korean unit said in a statement. The Trax compact SUV,
July 20, 2018
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Hyundai Heavy proposes unpaid temporary lay-off for offshore plant workers
SEOUL -- Hyundai Heavy Industries, the world's largest shipyard, has proposed an unpaid leave of absence for workers at its idle dockyard for offshore plants, rejecting the union's request for redeployment to ensure job security. The temporary lay-off came at negotiations between management and union leaders on Thursday when the 12,000-member union went on a six-day strike. As yet, the strike has not seriously affected Hyundai Heavy's overall operation because man
July 20, 2018
