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Industry

Hyundai shipyard expected to win $337 mln frigate order from Philippine South Korean investors reacted positively Monday to reports that Hyundai Heavy Industries, the world's largest shipyard, is assured of a 337 million US dollar order to build two frigates for the Philippines. Hyundai Heavy has formally received a notice of award from the Philippine government to build two new frigates, IH Jane's 360, the news outlet for defence and security information, reported, adding the notice indicates a contract price of $3 September 5, 2016
Nissan ordered to recall 7,574 vehicles for air bag software defect Japan's Nissan Motor has been ordered to recall 7,574 vehicles sold in South Korea for a software defect in air bags in the latest of a series of recalls involving foreign cars this year, transport authorities said Monday. Nissan vehicles to be recalled include Q50 sedans, QX60 crossover SUVs, Pathfinder SUVs and Leaf compact hatchbacks, which were produced between June 5, 2013, and April 21, 2016, according to the Ministry of Land, Infrastructure and Trans September 5, 2016
Tesla agrees to open electric car retail store in new shopping complex US company Tesla Motors has forged a strategic partnership with South Korean business group Shinsegae to open an electric car retail shop and charging stations at the retail giant's outlets. Shinsegae said the Tesla store would display electric cars later this year in Starfield Hanam, a major resort and shopping complex that will open on September 9 in Seoul's southern satellite city of Hanam. By June next year, Tesla plans to set up 25 charging stations a September 1, 2016
Hyundai Motor union reaches provisional wage agreement Hyundai Motor officials and union leaders walk out of a conference room. Unionized workers at South Korea's leading carmaker Hyundai Motor have reached a provisional wage agreement with their management but failed to narrow differences over a new peak wage system. The agreement, which came on late Wednesday, will be put to a vote by union members on Friday. Hyundai Motor workers have staged a series of partial strikes from July 19 that cost about 1.47 trillion won August 25, 2016
[Revised version] State lab develops technology for mass production of tritium breeder pebbles: Yonhap (A corrected story as requested by sources) South Korea's state-run laboratory said Wednesday that it has successfully developed a technology for the mass production of tritium breeder pebbles for nuclear fusion energy. The technology allows the annual production of more than 50 kilograms of tritium breeder pebbles, which is one of two core fuels used for nuclear fusion energy, according to the National Fusion Research Institute (NF August 24, 2016
Hyundai shipyard solves dispute with Norwegian company Hyundai Heavy Industries, the world's largest shipbuilder, has agreed to acquire ownership of a semi-submersible drilling platform from a Norwegian offshore drilling rig company in return for repaying the first installment of 176 million US dollars. The agreement ended an arbitration case between Hyundai Heavy and Fred. Olsen Energy over the delayed delivery of the platform called "Bollsta Dolphin" which has been built at a Hyundai shipyar August 23, 2016
Prosecutors question German head of Volkswagen operation in South Korea Prosecutors questioned Johannes Thammer, the South Korean head of German carmaker Volkswagen, Thursday to see if he has been involved in fabricated documents to obtain government approval after the Seoul government imposed a sales ban. Thammer, who took over Audi Volkswagen Korea in 2012, is suspected of playing a role in fabricating company reports on noise level, fuel efficiency and emissions results. The environment ministry has banned sales of 80 variants of 32 car t August 11, 2016
BMW recalls 12,000 vehicles to fix baby seat latch German carmaker BMW will recall 11,968 vehicles of 11 models sold in South Korea to fix a baby seat latch that could be detached due to a welding defect, transport authorities said Wednesday. Recalled vehicles include 8,233 BMW X3 xDrive20d crossover SUVs, the transportation ministry said. BMW's distributor in South Korea will recall vehicles produced between November 19, 2010, and April 15, 2016. The South Korean unit of US automaker General Motors will also recall August 10, 2016
Hyundai Heavy wins Greek order to build two large crude carriers: Yonhap Hyundai Heavy Industries, the world's largest shipyard, has secured an order from a Greek shipping company to build two very large crude carriers or VLCCs, industry sources said Tuesday. The Korean shipbuilder clinched the deal, the first of its kind this year, the sources, estimating its value at 180 million US dollars. The ships will be delivered during the first half of 2018, the sources said. South Korean shipbuilders have been under severe financial strain sinc August 9, 2016
Semiconductor suppliers earmark more capital spending in second half The global semiconductor market is still reeling from weak demand but major players led by Samsung Electronics are forecast to spend more on facility investment in the second half of this year, according to a market survey published Tuesday. Market researcher IC Insights said this year's total capital spending by Samsung, TSMC (Taiwan Semiconductor) and Intel would rise seven percent on-year to 30.5 billion US dollars. In 2016, Samsung, the world's largest micr August 9, 2016