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Industry

British investor interested in taking over STX, French unit: Yonhap A British investment fund has submitted a letter of intent to a local court to buy cash-strapped STX Shipbuilding Co. and its French unit up for sale, industry sources said Tuesday. The investment fund has offered to buy STX Shipbuilding and a 66.7 percent stake in its French unit, a deal valued at 1 trillion won (852 million US dollars) in total, while French shipyard DCNS and two other foreign shipyards submitted initial bids for STX Shipbuilding only, which could fetch November 15, 2016
[UPDATES] Samsung acquires US-based Harman International for $8.0 bln South Korean tech giant Samsung Electronics announced the acquisition Monday of Harman International Industries, a US-based global leader in connected car technology, for about eight billion US dollars. It was the biggest acquisition of foreign companies by a South Korean company. Samsung said in a statement that the deal, approved at its board meeting, would help the world's largest smartphone and microchip producer diversify its business portfolio into the rapidly growin November 14, 2016
Opposition threatens to impeach defense chief over military pact with Japan A file picture on Defense Minister Han Min-koo speaking in parliament. Opposition parties vowed Monday to push for the resignation and impeachment of Defense Minister Han Min-koo if he signs an information-sharing military accord between South Korean and Japan. The opposition warning came ahead of a ceremony in Tokyo to sign the General Security of Military Information Agreement between Japan and South Korea. The two nations initiated the pact in 2012, but Seoul scrapped November 14, 2016
Shipbuilding order backlog hits 13-year low: Yonhap The order backlog held by South Korean shipyards fell to the lowest level in over 13 years in October amid a protracted slump in the global shipbuilding sector, industry data showed Wednesday. According to the data compiled by global research firm Clarkson Research Services, the shipbuilding order backlog held by Hyundai Heavy Industries Co. and its other local rivals stood at 21.53 million compensated gross tons (CGTs) as of end-October, the lowest since August November 9, 2016
World's first icebreaking LNG carrier to leave for test voyage: Yonhap The world's first icebreaking LNG carrier is set to leave a dock in South Korea this week for a test voyage in the Arctic Sea, after about 30 months of construction, the ship's manufacturer said Monday. Daewoo Shipbuilding & Marine Engineering Co. won the order to build the ship from Russia's state-run shipper Sovcomflot in March 2014. Since then, Daewoo Shipbuliding has won orders to build 14 more icebreaking LNG carriers under the so-called Yam November 7, 2016
Mitsubishi and Denso fined in S. Korea for fixing car component prices Two Japanese companies have been slapped with a combined fine of 9.7 million US dollars for a price-fixing conspiracy to supply scroll-type compressors to General Motors, South Korea's anti-trust watchdog said Tuesday. Mitsubishi Heavy Industries and Denso Corp. were involved in the price-fixing cartel targeting GM abroad, but the South's Fair Trade Commission ruled their conspiracy hurt the interests of South Korean firms and consumers. The two Japa November 1, 2016
Creditors consider debt-for-equity swap for Daewoo shipyard: Yonhap Creditors of Daewoo Shipbuilding & Marine Engineering Co. are set to announce a debt-for-equity swap and other measures, worth three trillion won (2.62 billion US dollars), for the embattled shipbuilder next week, to help one of the country's big three shipyards avoid a possible delisting from the local stock market, industry sources said Tuesday. The country's two policy lenders -- the Korea Development Bank (KDB) and the Export-Import Bank of K November 1, 2016
[UPDATES] S. Korea pledges $9.6 bln public orders for shipbuilding In a bid to salvage its embattled shipbuilding industry, South Korea presented the idea of placing special public orders for more than 250 ships worth 9.6 billion US dollars Monday in return for the closure of seven docks at three major shipyards and a 32 cut in their combined workforce. The program, outlined at a meeting of economic officials led by Finance Minister Yoo Il-ho, was aimed at regaining the competitiveness of South Korea's shipbuilding October 31, 2016
S. Korea pledges special $9.6 bln public orders for shipbuilding In a bid to salvage its embattled shipbuilding industry, South Korea presented the idea of placing special public orders for more than 250 ships worth 9.6 billion US dollars Monday in return for the closure of seven docks at three major shipyards and a 32 cut in their combined workforce. The program, outlined at a meeting of economic officials led by Finance Minister Yoo Il-ho, was aimed at regaining the competitiveness of South Korea's shipbuilding industry throu October 31, 2016
Hyundai Motor posts 7.5 % drop in third-quarter net profit South Korea's leading Hyundai Motor posted a 7.5 drop in its third-quarter net profit because of strikes and slow sales at home and abroad. In the July-September period, Hyundai said its net profit fell to 1.12 trillion won (991 million US dollars) from 1.21 trillion won a year earlier. Sales were down 5.7 percent on year to 22.08 trillion won and operating profit dropped 29 percent to 1.07 trillion won. Hyundai normalized operations this month following a series of October 26, 2016