Industry

  • Hyundai executives propose 10% pay cut to tide over crisis: Yonhap
    Hyundai executives propose 10% pay cut to tide over crisis: Yonhap South Korea's leading automaking group Hyundai Motor Group said Tuesday that executives of its 51 affiliates will have their salaries cut by 10 percent starting this month as part of efforts to tide over worsening business conditions at home and abroad. "Executives of the group's affiliates are moving to voluntarily cut their salaries," said a high-ranking official at Hyundai Motor Group told Yonhap News Agency. "As far as I know, it (pay cu October 25, 2016
  • Hyundai Heavy secures 325 mln order to build two frigates for Philippines
    Hyundai Heavy secures 325 mln order to build two frigates for Philippines Hyundai Heavy Industries, the world's largest shipyard, said Monday it has secured a 325 million US dollar order to build two frigates for the Philippines. The 2,600-ton ships would be built by 2020. The Philippine Department of National Defense first launched the two-ship frigate acquisition program in October 2013 to meet the navy's long-range maritime surveillance, patrol, and interdiction capabilities, Jane's said. Hyundai Heavy pitche October 24, 2016
  • S. Korea, US to consider deploying US strategic assets: Yonhap
    S. Korea, US to consider deploying US strategic assets: Yonhap South Korea and the United States will consider deploying US strategic military assets to the South permanently on a rotational basis to strengthen the US "extended deterrence" protection of the Asian ally from nuclear and missile threats from North Korea, Seoul's defense chief said Thursday. South Korean Defense Minister Han Min-koo made the remark after talks with US Defense Secretary Ash Carter. Deployment of strategic assets, such as B-2 stealth bombers, would October 21, 2016
  • KEPCO hopes to earn $49 bln from UAE deal to run nuclear plants
    KEPCO hopes to earn $49 bln from UAE deal to run nuclear plants ​ South Korea's state-run Korea Electric Power Corp. promised to earn 49.4 billion US dollars Thursday from a deal to run nuclear power plants in the United Arab Emirates for 60 years. The utility company said the deal was signed with Emirates Nuclear Energy Corp. KEPCO would invest $900 million in a company in charge of operating the reactors. Under a $20 billion contract in 2009, a KEPCO-led consortium has been building four nuclear reactors with a combined capac October 20, 2016
  • Hyundai Motor opens new car factory in China
    Hyundai Motor opens new car factory in China South Korea's leading Hyundai Motor opened a new factory in China Tuesday to boost its annual production capacity to 1.5 million in the world's largest auto market. The new factory in Cangzhou, Hubei Province, has an annual capacity of 300,000 units. The first model to be produced there is Verna Yuena. Hyundai has three car factories in Beijing. Together with its affiliate, Kia Motors, the Hyundai auto group is now able to churn out some 2.4 million cars October 18, 2016
  • Courts announcement to sell STX shipyard may come this week: Yonhap
    Court's announcement to sell STX shipyard may come this week: Yonhap A South Korean court may announce a sale plan for the embattled STX Offshore & Shipbuilding Co. without waiting for the company's rehabilitation plan, an industry source said. The South Korean bankruptcy court handling the company's insolvency proceedings is expected to issue the notice this week for what is called a "package sale" in which the troubled shipyard is to be sold together with its French unit, according to the source. It is said that th October 18, 2016
  • Hyundai Motor returns to normal with labor-management accord
    Hyundai Motor returns to normal with labor-management accord Hyundai Motor's union leaders and company executives celebrate the signing of a wage accord. ​South Korea's leading carmaker Hyundai Motor normalized operations Monday with the signing of a labor-management wage accord and a joint apology over a series of walkouts that cost 2.7 billion US dollars for three months. The accord came after Hyundai's unionized workers endorsed a provisional wage agreement in a vote last Friday. Union leaders agreed on a base monthly October 17, 2016
  • Hyundai Motor union reaches tentative wage agreement with management
    Hyundai Motor union reaches tentative wage agreement with management Unionized workers at South Korea's leading carmaker Hyundai Motor have reached a provisional wage agreement with their management following a series of intermittent partial strikes. The agreement reached on late Wednesday requires a vote by union members on Friday. Union leaders agreed on a base monthly pay increase of 72,000 won (64 US dollars), 350 percent of their base monthly payment plus a cash payment of 3.3 million won, and other benefits such as shares and gi October 13, 2016
  • Daewoo shipyard discloses plan to speed up redundancies
    Daewoo shipyard discloses plan to speed up redundancies South Korea's embattled Daewoo Shipbuilding & Marine Engineering Co. disclosed a painful scheme Wednesday to reduce its entire workforce by up to 30 percent before the end of this year through early retirement. The ailing shipyard gave up its original plan for a gradual reduction in its manpower by 2020 and decided to speed up redundancies, citing an aggravated liquidity crisis caused by dwindling orders and a prolonged business slump. Daewoo Shipbuilding said th October 12, 2016
  • Hyundai Motor wrestles with multiple problems at home and abroad
    Hyundai Motor wrestles with multiple problems at home and abroad Hyundai Motor workers remove mud from a flooded road in the southeastern city of Ulsan. South Korea's leading Hyundai Motor was struggling Monday with multiple problems at home and abroad that came on the heels of prolonged walkouts by unionized workers. Prosecutors said Sunday that the transport ministry has filed a complaint against Hyundai for failing to take due steps regarding airbag defects. Hyundai rectified the defects in most of 2,360 Santa Fe sports October 10, 2016