Industry

  • Shareholders endorse Hyundai shipyards spin-off in turbulent meeting
    Shareholders endorse Hyundai shipyard's spin-off in turbulent meeting Protestors clash with police outside Hyundai Heavy Industries shareholders' meeting on Monday. Hyundai Heavy Industries, the world's largest shipyard, was allowed to spin off non-shipbuilding operations controlled by a holding company Monday at a turbulent shareholders meeting disrupted by protests from workers calling for job security. With Monday's approval, Hyundai Heavy would focus on shipbuilding, offshore drilling, and engine making in the southeastern indust February 27, 2017
  • Hyundai shipyards union launches its first full strike in 23 years
    Hyundai shipyard's union launches its first full strike in 23 years ​ The union of Hyundai Heavy Industries, the world's largest shipyard, launched a full strike Thursday for the first time in 23 years in protest at delayed wage negotiations and the planned spin-off of non-shipbuilding operations. The strike comes on the heels of widespread concerns among shipyard workers and community people over the shipbuilding group's desperate campaign to ease a protracted business slump through a sweeping overhaul of it February 23, 2017
  • S. Korean car carrier seized in Libyan waters: report
    S. Korean car carrier seized in Libyan waters: report ​ A carrier packed with thousands of South Korean cars has been seized by Libyan militants for violating their territorial waters, reports said Tuesday. The car carrier, Morning Compass, was held at a Lybian port after it was seized last Saturday, Yonhap News Agency said, adding there was no Korean sailor aboard the ship, which was carrying 5,107 cars produced by South Korea's Hyundai Motor and its affiliate Kia Motors. Yonhap said the South Korean embassy in February 21, 2017
  • S. Koreas K21 in race to win Indonesias military contract: Janes
    S. Korea's K21 in race to win Indonesia's military contract: Jane's ​ South Korean defense firm Hanwha Defense Systems is competing with its Russian and Turkish counterparts for Indonesia's 95 million US dollar military program to acquire 50 armored personnel carriers, according to a British defense magazine. The Indonesian Ministry of Defence is currently evaluating proposals from Russia's Military-Industrial Company, Turkey's FNSS, and Hanwha, IHS Jane's Defence Weekly said in an article on its website February 14, 2017
  • GMs Chevrolet Volt EV makes debut in S. Korea
    GM's Chevrolet Volt EV makes debut in S. Korea The Chevrolet Volt EV produced by US carmaker General Motors will make its debut in South Korea this week, with its price set at 38 million won (US$32,478), ahead of an electric sedan from Tesla Motors. The new plug-in hybrid car is available from on Wednesday, GM Korea said in a statement, adding it has an extended range of 676 kilometers (419 miles). The car can travel up to 89 kilometers off its battery after each full recharge. Its 1.5-liter gasoline engine will a January 31, 2017
  • Hyundai Motor posts lowest Q4 profit in six years
    Hyundai Motor posts lowest Q4 profit in six years ​ ​ South Korea's leading automaker, Hyundai Motor Co., reported a 30 percent drop in fourth-quarter net profit Wednesday, reflecting sluggish sales and lost production caused by a prolonged work stoppage. In the October-December period last year, net profit stood at 1.07 trillion won (917 million US dollars), down 30.1 percent from the same period in 2015. Sales fell 0.9 percent on-year to 24.54 trillion won. Operating profit nosedived 32.6 percent on-year January 25, 2017
  • Samsung Heavy wins $1.27 bln offshore facility order from BP
    Samsung Heavy wins $1.27 bln offshore facility order from BP ​ ​ South Korea's embattled shipbuilding community heaved a sigh of relief Thursday on the news that Samsung Heavy Industries Co. has won a 1.27 billion US dollar order to build an offshore facility, marking the first mega deal this year. The deal with BP Plc came as South Korean shipbuilders have been struggling with a protracted slump especially in the field of offshore facilities, with oil companies reducing spending and rig owners canceling orders or aski January 5, 2017
  • Italian shipbuilder Fincantieri selected as preferred bidder for STX France
    Italian shipbuilder Fincantieri selected as preferred bidder for STX France ​ Italian shipbuilder Fincantieri, which maintains a strategic partnership with a Chinese company, has been selected as the preferred bidder for STX France, a subsidiary of South Korea's insolvent shipbuilder, according to a bankruptcy court. Since STX Offshore and Shipbuilding, once South Korea's fourth-largest shipbuilder, was placed under receivership in May last year, the court has pushed for the sale of key STX assets at home and abroad. The Seoul Central Distri January 4, 2017
  • S. Korea singer-actor files lawsuit against US company Tesla
    S. Korea singer-actor files lawsuit against US company Tesla Son Ji-chang, an inactive South Korean singer-actor, has been locked in a truth game with US electric vehicle maker Tesla Motors over his sports utility vehicle Model X that allegedly crashed into his garage due to sudden and spontaneous acceleration. The celebrity filed a lawsuit with a US court last week, claiming his Model X suddenly accelerated on September 10 when he was parking it into the garage, ramming through his living room. The case came after Tesla January 3, 2017
  • Doosan certain to win $2.5 bln deal on power plants in India
    Doosan certain to win $2.5 bln deal on power plants in India ​ South Korea's Doosan Heavy Industries & Construction Co. said Monday that it is certain to win an order estimated at 2.5 billion US dollars to build thermal power plants in India. The company said it was selected as the successful bidder in a written notification. An official deal worth 2.8 trillion won ($2.5 billion) would be signed later. Doosan plans to build two 660-megawatt power plants at India's Obra-C power s December 26, 2016