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Prosecutors question Daewoo shipyard's financial chief South Korean prosecutors questioned the chief financial officer of Daewoo Shipbuilding & Marine Engineering Co. Friday over allegations he has been involved in an accounting fraud. Kim Youl-jung, 58, is suspected of covering up last year's operating losses estimated at 120 billion won (108 million US dollars ). Former and incumbent Daewoo executives have been accused of manipulating financial statements to cover up huge losses. Last week former CEO Ko August 5, 2016
[FOCUS] Deal to buy Magneti reveals Samsung's automotive ambitions Market watchers have reacted positively to a reported bid by South Korean tech giant Samsung Electronics to acquire some or all of the operations of Magneti Marelli, an Italian auto parts maker, from Fiat Chrysler Automobiles NV. Samsung remained tight-lipped on news reports that it is especially interested in the lighting, in-car entertainment and telematics business of Magneti Marelli which has produced high-tech components. Samsung has already produced semiconductors and li August 4, 2016
South Korea cancels registration of 83,000 Volkswagen cars South Korea cancelled the registration of 83,000 cars sold by the local branch of German auto giant Volkswagen Tuesday along with a sales ban on 32 models for obtaining government permission with fabricated documents. Audi Volkswagen Korea was found to have presented fake reports on the level of noise, fuel efficiency and emissions results, the Environment Ministry said. The move affected 80 variants of 32 car types sold in South Korea between 2009 and July 25 this year. August 2, 2016
Daewoo shipyard wins $180 mln order from Singaporean client South Korea's troubled shipyard Daewoo Shipbuilding & Marine Engineering has clinched a new 180 million dollar order from a Singaporean client to build two large oil tankers, company officials said Monday. The shipyard said the deal worth a total of 200 billion won ($180 million) was signed last Friday between Daewoo Shipbuilding head Jung Sung-leep and BW Group CEO Carsten Mortensen in Singapore. Daewoo Shipbuilding said it August 1, 2016
Hyundai Heavy wins deal to build New Zealand naval tanker Hyundai Heavy Industries, the world's largest shipbuilder, said Monday it has signed a deal to built a naval tanker for New Zealand. Hyundai Heavy said the 23,000-ton new vessel, to be delivered by the end of 2019, would be ice-strengthened for Antarctic operations. New Zealand's media said the $346 million tanker would replace the 30-year-old tanker HMNZS Endeavour, which is due to retire in 2018. The replacement tanker will be able to refuel July 25, 2016
UAE deal boosts confidence in South Korean nuclear industry South Korea's nuclear energy industry regained its vigor Monday with a new 920 million US dollar deal in the United Arab Emirates that followed a series of corruption scandals, occasional blackouts and safety jitters. Under the deal, signed in Abu Dhabi with the Emirates Nuclear Energy Corporation, Korea Hydro & Nuclear Power (KHNP) will be in charge of the operation of the four nuclear reactors which have been under construction in the Middle East country under July 25, 2016
Samsung to invest $448 mln in China's BYD: Yonhap Samsung Electronics Co., the world's biggest maker of smartphones, will invest three billion yuan (448.2 million US dollars) in a Chinese electric carmaker, BYD Co., an investment-banking source said Friday. The investment is expected to forge a strategic partnership between Samsung, which also produces semiconductors and liquid-crystal displays for cars, and BYD, according to the source. The Chinese unit of Samsung will buy new shares of BYD when the July 22, 2016
Electric poles to be used as EV charging stations South Korea's state-controlled power company unveiled the creative idea Wednesday of using some 30,000 concrete electric poles to set up handy charging stations for electric vehicles. This would be the world's first attempt to use electric poles as electric vehicle (EV) chargers, Korea Electric Power Corp. (KEPCO) said, adding its project would drastically reduce installation costs. For a trial operation, KEPCO plans to install EV chargers in the southern city July 20, 2016
Hyundai Motor workers stage partial strike Hyundai Motor workers leave their factory early after staging a partial walkout in Ulsan. Workers at South Korea's largest carmaker Hyundai Motor launched a four-hour strike Tuesday after the company refused to accept demands for a wage increase, bigger bonus payment and other benefits. Hyundai Motor's 43,700 union members have endorsed a four-day partial walkout and no extra work. The company estimated Monday's partial strike would cost about 40 billion won (3 July 19, 2016
Samsung Electronics to buy BYD shares worth $450 mln: report Samsung Electronics, the world's top smartphone maker, has agreed to buy new shares worth three billion yuan (450 million US dollars) in China's electric vehicle and battery maker, BYD, a report said Friday. Samsung's investment was seen as a bid to strengthen strategic cooperation with the world's largest electric carmaker, Yonhap News agency reported, citing investment bank sources. Samsung Electronics, the flagship of South Korea's largest c July 15, 2016