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South Korea military probes suspected hacking of warship builder ROKS Dokdo South Korea's military opened an investigation Tuesday to see if North Korea was behind a suspected cyber attack on Hanjin Heavy Industries & Construction, a major defense firm involved in the constructions of warships. The South's defense ministry said its intelligence unit was conducting a security check into Hanjin Heavy after discovering an attempt to hack into its computer network. The company has built frigates, amphibious as May 10, 2016
Popularity of GM's new Malibu grows in South Korea General Motors' new mid-sized sedan Malibu is enjoying a good response from consumers, garnering some 2,000 orders in advance on Thursday, only a day after its new version was unveiled in South Korea. The new model under its Chevrolet brand has been a steady seller in the global market. It comes with a 1.5-liter or 2.0-liter gasoline engine. The 1.5-liter model offers a fuel economy of 13 kilometers per liter with a maximum 166 horsepower. In South Korea, the pric April 28, 2016
Hyundai's Q1 profit down due to poor sales in emerging markets South Korea's top automaker Hyundai Motor vowed Tuesday to launch new models in Russia and other strategic points abroad as a business slump in emerging markets undercut sales and profits in the first quarter of this year. Hyundai said its first-quarter net profit fell 10.8 percent on-year to 1.77 trillion won (1.54 billion US dollars). Operating profit dropped 15.5 percent on-year to 1.34 trillion won while sales rose 6.7 percent to 22.35 trillion won. The company s April 26, 2016
Hyundai Heavy shows turnaround in Q1 earnings Hyundai Heavy Industries, the world's largest shipbuilder, Tuesday reported a turnaround in its first quarter earnings, helped by reduced costs and gains in non-shipbuilding businesses. On a consolidated basis, the company swung to a net profit of 244.5 billion won (212 million US dollars) in the January-March period, from a net loss of 378 billion won a year ago. Over the same period, sales dropped 16 percent on-year to 10.27 trillion won, but the company registered a f April 26, 2016
[UPDATE] South Korean shipyard workers make joint appeal for help South Korean shipyard unions tossed away their traditional militancy Thursday, appealing for swift state support to avoid massive layoffs as their yards become almost empty with no new orders coming. A joint appeal came from the unions of Daewoo Shipbuilding & Marine Engineering, the world's second-largest shipbuilder, and Samsung Heavy Industries, South Korea's third-largest shipyard, both based on the southern island of Koje. " April 7, 2016
India selects South Korean firm for $5 bln military contract South Korea's defense firm Kangnam Corp has emerged as a sole bidder for India's five billion US dollar project to jointly build 12 mine sweeping vessels, Defense News, a US military news outlet, reported. Defense News said Kangnam was the sole respondent to a global expression of interest (EOI) floated by India's state-owned Goa Shipyard Limited (GSL). It quoted a GSL source as saying the joint effort would cost India's navy $5.0 billion. GSL h April 1, 2016
Daewoo shipyard predicts better performance this year Daewoo Shipbuilding & Marine Engineering, the world's second-largest shipbuilder, on Thursday promised to turn its troubled business around from the first quarter of this year. Daewoo Shipbuilding CEO Jung Sung-leep apologized for the company's record net loss of 5.13 trillion won (4.2 billion US dollars) last year. But he was optimistic, saying the lifting of international sanctions on Iran will open up new business opportunities. "I can say that Daewoo Ship March 10, 2016
Falling orders force Hyundai Heavy's temporary factory closure Hyundai Heavy Industries said Friday it would temporarily shut one of its two factories for offshore facilities by the end of March as new orders drop sharply amid a global business slump. The slide in oil prices led to a decline in new orders for facilities such as FPSO (Floating, Production, Storage and Offloading) units and oil rigs, a company spokesman said, declining to say when the factory would reopen. The company’s offshore engineering division won 1.17 billion January 22, 2016
Taekwang wins mega power plant project in Vietnam The Vietnamese government said Wednesday it has awarded a $2 billion power-plant project to a consortium of South Korea’s Taekwang Power Holdings and Saudi Arabia’s ACWA Power. Taekwang Power Holdings is an affiliate of South Korea’s largest shoe manufacturer Taekwang Industry, which has diversified its business portfolio into energy. Taekwang Industry, an OEM supplier of athletic shoes to major international brands such as Nike, took over Korea Electric Pow January 20, 2016
South Korea to upgrade its Patriot air-defense batteries The Pentagon said on Monday Lockheed Martin Corp has won a contract to build PAC-3 missiles for the U.S. Army, South Korea, Qatar and Saudi Arabia for use in Raytheon Co's Patriot missile defense system. The contract worth $1.09 billion runs through June 30, 2019, the department said in its daily digest of major arms contracts. The PAC-3 Missile is a high-velocity interceptor that defends against incoming threats including tactical ballistic missiles, cru December 15, 2015