Industry

  • S. Korea proposes concerted state project to nurture microchip industry
    S. Korea proposes concerted state project to nurture microchip industry SEOUL -- South Korea envisaged a concerted state project to enhance the competitiveness of its microchip industry, a top economic official said Wednesday, citing a strong challenge from Chinese companies. Trade, Industry and Energy Minister Paik Un-kyu told an industry conference in parliament that the technological gap with China is "rapidly" shrinking. "There are concerns over whether the super-cycle may shrink in the near future." In February, the Seoul July 18, 2018
  • Shipyards urge steelmakers to freeze steel plate prices
    Shipyards urge steelmakers to freeze steel plate prices SEOUL -- South Korean shipbuilders made desperate calls for a freeze in the prices of steel plates, saying they cannot endure any further hikes due to falling sales and profitability. In a statement on Monday, the Korea Offshore and Shipbuilding Association urged steelmakers to keep the prices of thick steel plates for shipbuilding unchanged until shipyards head off their crisis. In the first half of this year, steelmakers raised thick steel plate price July 16, 2018
  • Hyundai and Baidu step up partnership to develop new technologies
    Hyundai and Baidu step up partnership to develop new technologies SEOUL -- South Korea's Hyundai auto group and Chinese technology giant Baidu will step up their strategic partnership to jointly develop connected car technologies, an upgraded voice recognition system and an artificial intelligence (AI) robot for connectivity. Hyundai said in a statement Tuesday that a memorandum of understanding (MOU) was signed between the two companies at Baidu's headquarters in Beijing to strengthen their partnership. Choo Kyo-woong, who h July 10, 2018
  • Daewoo shipyard wins order from Greek shipping firm MGM
    Daewoo shipyard wins order from Greek shipping firm MGM SEOUL -- Daewoo Shipbuilding & Marine Engineering, one of South Korea's three top shipbuilders, has clinched a new deal to build a liquefied natural gas (LNG) floating storage and regasification unit for Maran Gas Maritime (MGM), a Greek shipping company. The shipbuilder said Wednesday that the floating storage regasification unit (FSRU), a special type of ship used for LNG transfer, would be delivered to MGM, the gas shipping unit of the Angelicoussis Shipping Gr July 4, 2018
  • Hyundai invests in Israels Autotalks to develop connected car chipset
    Hyundai invests in Israel's Autotalks to develop connected car chipset SEOUL -- As part of efforts to gain next-generation technologies, Hyundai Motor, a leading South Korean carmaker, made a strategic investment in Autotalks, a global leader in vehicle to vehicle communications in autonomous driving, to cooperate in developing chipsets for connected cars. Without disclosing financial terms, Hyundai said Tuesday that its capital injection was made in the form of equity investment. Like other carmakers, Hyundai has tried to develop an ope July 3, 2018
  • N.Korean official discusses energy cooperation with China: Yonhap
    N.Korean official discusses energy cooperation with China: Yonhap BEIJING -- North Korea's top external economic policymaker held in-depth discussions with China on expanding cooperation in the energy sector this week, sources said Tuesday. Ku Bon-tae, vice minister of external economic affairs, arrived in Beijing on Monday and held a series of meetings with China's officials in charges of economy and trade policies and business executives, according to the sources. Before Ku's arrival, the North Korean Embassy had contact with July 3, 2018
  • Hyundai Motor workers support strike for higher payment
    Hyundai Motor workers support strike for higher payment SEOUL -- Workers at South Korea's top carmaker Hyundai Motor, known for their labor militancy, voted to support a strike proposed by union leaders for higher payment, shrugging off growing concerns about trade protectionism abroad and slow sales at home. Hyundai Motor said that 44,782 workers of its 50,417-member union participated in a vote Monday with 65.6 percent of them supporting a proposed strike after wage negotiations broke down. Union leaders proposed a wage packa July 3, 2018
  • S. Korean government pledges full support to win Saudi nuclear contract
    S. Korean government pledges full support to win Saudi nuclear contract SEOUL -- South Korea's trade and energy minister pledged full government support Monday for the producer of home-made reactors after Saudi Arabia selected five countries as preferred bidders for a multi-billion-dollar project to build nuclear power plants. A South Korean consortium, led by Korea Electric Power Corp. (KEPCO) which produces reactors, was among five preferred bidders selected for a Saudi contract. As the world's biggest crude exporter, the Middle East cou July 2, 2018
  • Samsung shipyard wins $240 mln order to build two special ships
    Samsung shipyard wins $240 mln order to build two special ships SEOUL -- Samsung Heavy Industries, one of South Korea's three major shipbuilders, received a $240 million order from an unidentified Europe-based company to build two special ships which will be delivered by January 2021. The shipyard said in a regulatory filing on Friday that the type of ships and other information would not be disclosed at the request of the shipowner. In a separate notice, Samsung Heavy said it would extend the delivery date of June 29, 2018
  • Doosan selected to lead development of 8 MW offshore wind power system
    Doosan selected to lead development of 8 MW offshore wind power system SEOUL -- Doosan Heavy Industries & Construction, a leading power equipment maker, will lead South Korea's state project to develop a highly efficient offshore wind power system capable of producing eight megawatts of electricity under extreme weather conditions. The project, supervised by the state-run Korea Institue of Energy Technology Evaluation and Planning (KETEP), will cost about 55 billion won ($49 million) for about 48 June 28, 2018