Industry

  • New plant operator to build S. Koreas biggest floating solar power plant
    New plant operator to build S. Korea's biggest floating solar power plant SEOUL, Feb. 12 (Aju News) -- The state-run operator of nuclear power plants agreed Monday with a solar energy firm to build South Korea's biggest floating solar power plant capable of producing 100 megawatts of electricity on the surface of a man-made lake along the west coast. Korea Hydro & Nuclear Power (KHNP) said it signed a memorandum of understanding with Hwaseong Solar Energy and Hwaseong City to push for a solar energy project w February 12, 2018
  • Possible inspection into financial records of GMs S. Korean unit: Yonhap
    Possible inspection into financial records of GM's S. Korean unit: Yonhap SEOUL, Feb. 12 (Aju News) -- South Korean authorities may look into the accounting records of the local unit of General Motors Co. amid speculation that it has been involved in unfair practices, industry sources said. A possible inspection into GM Korea's financial records has been raised amid rumors that the Detroit-based carmaker may leave South Korea if it does not get help from South Korean financial authorities. Such assistance could allow it to maintain its busi February 12, 2018
  • Hyundai Heavy teams up with MAN D&T to build LPG-fueled engine
    Hyundai Heavy teams up with MAN D&T to build LPG-fueled engine SEOUL, Feb. 06 (Aju News) -- Hyundai Heavy Industries, the world's largest shipbuilder, has forged an alliance with MAN Diesel & Turbo, a top provider of large-bore diesel engines, to develop a dual-fuel engine powered by liquefied petroleum gas that has been seen as an attractive alternative to reduce pollution. Hyundai Heavy said Tuesday that it has signed a memorandum of understanding on business cooperation with Man Diesel & Turbo based February 6, 2018
  • Samsung forges alliance with Singapore-based ride-hailing firm Grab
    Samsung forges alliance with Singapore-based ride-hailing firm Grab SEOUL, Feb. 02 (Aju News) -- Grab, a Singapore-based ride-hailing firm, has forged a strategic alliance with Samsung Electronics to develop customized solutions for Southeast Asia's ride-hailing industry, including micro-financing schemes for Grab's driver-partners, improved customer booking and in-car experiences and new mobility solutions. It was Grab's second business deal with a South Korean company this year. In January, Hyundai Motor acquired a stake in February 2, 2018
  • Hyundai to launch all-new Santa Fe SUV in U.S. this summer: Yonhap
    Hyundai to launch all-new Santa Fe SUV in U.S. this summer: Yonhap SEOUL, Jan. 30 (Aju News) -- Hyundai Motor Co., South Korea's largest carmaker by sales, will launch the all-new Santa Fe sport utility vehicle (SUV) in the United States this summer to capture a growing demand for crossovers, the company said Tuesday. Hyundai Motor suffered an 11.5 percent on-year decline in U.S. sales last year due to a lack of new models, particularly SUVs. Total sales in the key North American market reached 685,555 vehicles. "We are planni January 30, 2018
  • Hyundai auto group reports worst earnings in eight years
    Hyundai auto group reports worst earnings in eight years SEOUL, Jan. 25 (Aju News) -- South Korea's Hyundai auto group reported its worst corporate earnings in eight years due to a strong won, slowing demand in major markets and a diplomatic row with China over the deployment of a U.S. missile shield. Hyundai Motor said its full-year net profit in 2017 fell 21 percent on-year to 4.54 trillion won (4.29 billion US dollars). Operating profit was down 12 percent to 4.57 trillion won last year while sales rose 2.9 percent to January 25, 2018
  • SK hynix reports record-breaking corporate earnings last year
    SK hynix reports record-breaking corporate earnings last year SEOUL, Jan. 25 (Aju News) -- Helped by strong global demand and high prices, SK hynix posted a stellar performance in its corporate earnings last year with sales and profit setting a new record. Net profit jumped 260 percent on-year to 10.64 trillion won (9.9 billion US dollars) last year, SK hynix said in a regulatory filing. Operation profit surged 319 percent to 13.7 trillion won and sales were up 75 percent to 30.19 trillion won. The company attributed its stellar January 25, 2018
  • Doosan Heavy considers selling off power plant division
    Doosan Heavy considers selling off power plant division SEOUL, Jan. 17 (Aju News) -- Doosan Heavy Industries & Construction, a key contractor in South Korea's nuclear power industry, is studying the possible separation of its power plant division for disposal due to an uncertain business outlook and liquidity woes, banking sources told Aju News. Doosan issued a statement on Wednesday, dismissing the potential sale as totally groundless. Growth in South Korea's nuclear power industry has been led by Doosan Heavy, a Doosa January 17, 2018
  • S. Korea and UAE discuss joint bid for Saudi nuclear project
    S. Korea and UAE discuss joint bid for Saudi nuclear project SEOUL, Jan. 09 (Aju News) -- South Korea and the United Arab Emirates (UAE) discussed their joint bid for Saudi Arabia's nuclear project Tuesday and other issues related to nuclear cooperation between the two countries, officials said. The discussion was made at talks between Paik Un-gyu, Minister of Trade, Industry and Energy, and Khaldoon Khalifa Al Mubarak, a special envoy of the Crown Prince of Abu Dhabi, Paik's office said. Al Mubarak, chairman of the Executive January 9, 2018
  • Hyundai Motor workers resume partial strike for higher payment
    Hyundai Motor workers resume partial strike for higher payment SEOUL, Jan. 04 (Aju News) -- Unionized workers at South Korea's top carmaker, Hyundai Motor, resumed a partial strike Thursday to push for higher payment despite concern about the company's weakening competitiveness abroad. Hyundai's 51,000-member union went ahead with a four-hour work stoppage in the southeastern industrial city of Ulsan. Partial strikes would come for four more working days. Union leaders and management agreed on a wage packa January 4, 2018