Doosan step closer to W1tr Saudi contract

[THE INVESTOR] Doosan Heavy Industries and Construction is a step closer to taking part in the Fadhili power plant project in Saudi Arabia, local news outlets reported on July 25. According to reports, Saudi Arabia’s state-run oil company Saudi Aramco and Saudi Electricity Company signed on the consortium led by France’s Engie, which includes Doosan as the engineering, procurement and construction partner, for the project. Doosan, however, will need to sign a contract with Engie for the deal to

July 25, 2016

Korean Air may help raise liquidity for Hanjin Shipping

[THE INVESTOR] Korean Air, a Hanjin Group affiliate, is likely to help raise liquidity of up to 700 billion won (US$615.22 million) for ailing Hanjin Shipping, according to industry sources on July 25.Hanjiin Shipping -- the world’s seventh-largest shipping line -- is required to hand in plans for raising up to 1.1 trillion won to its main creditor bank, the state-run Korea Development Bank, by the end of this month. A large part will have to come from Korean Air, which had initially offered to

July 25, 2016

Constitutional Court to rule on new antigraft act

[THE INVESTOR] The constitutionality of the new antigraft law is to be decided on July 28, the Constitutional Court of Korea said on July 25. The so called “Kim Young-ran Act” is set to go into effect in September, and will impose penalties for receiving gifts or entertainment on a wide range of professions. As the act currently stands, staff of news organizations and private schools are subjected to the act. The inclusion of journalists and private school staff has been met with criticism and r

July 25, 2016

Korean shipbuilders projected to see profit downturn in Q2

[THE INVESTOR] South Korean shipbuilders are likely to see a profit downturn in the second quarter of the year, hit by the ongoing industry-wide restructuring. Local securities said the nation’s largest three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- will record lackluster quarterly revenues.  DSME headquater in Seoul / The InvestorHyundai Heavy Industries, scheduled to announce its earnings on July 27, is forecast to post an

July 25, 2016

Korea’s R&D investment in 2015 at W19tr

[THE INVESTOR] The  Korean government invested 18.87 trillion won (US$16.6 billion) for research and development in 2015, according to the Ministry of Science, ICT and Future Planning. An analysis report released on July 25 showed that 54,433 projects were financed for 639 national R&D programs, a 7 percent increase from 2014. The Science Ministry provided the largest fund of 6.5 trillion won followed by the Ministry of Trade, Industry and Energy (3.4 trillion won), Defense Acquisition Program A

July 25, 2016

CJ Korea Express to invest W24.9b in express delivery center

[THE INVESTOR] CJ Korea Express signed an agreement on July 25 with Incheon International Airport to build an express delivery center in the airport’s logistics complex.It will invest 24.9 billion won (US$21.89 million) and build a 21,157m² center that will start operating in the latter half of 2017. It is “a preemptive measure to process the fast-increasing volume of express parcels, especially from and to China and Southeast Asia,” said Park Geun-tae, CEO of the logistics arm of South Korean c

July 25, 2016

LG Chem to triple elastomer output by 2018

[THE INVESTOR] LG Chem announced on July 25 that it will build the country’s largest elastomer plant by 2018.According to the plans, the company will inject 400 billion won (US$351.79 million) into building an elastomer production facility at its plant in Seosan, South Chungcheong Province. The new facility will be capable of producing 200,000 metric tons of elastomers on an annual basis. Elastomers produced by LG ChemOnce the plant is complete, LG Chem’s elastomer production capacity will be pu

July 25, 2016

Lotte Chemical CEO to be grilled over tax fraud

[THE INVESTOR] Lotte Chemical CEO Huh Soo-young is to be summoned for questioning in connection with the company’s alleged tax fraud, local media reported on July 24. According to reports citing unnamed sources, the prosecutors investigating the case plan to question Huh as a suspect. Lotte Chemical is suspected of using false information in the suit against the tax authorities, which resulted in the company receiving about 27 billion won (US$23.75 million) in tax refunds. The investigators have

July 25, 2016

DSME delivers 100th LNG tanker

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering announced on July 25 that it has delivered its 100th LNG tanker. The company said that the 100th LNG tanker, Maran Amphipolis, set sail from its shipyard in Geoje, South Gyeongsang Province, on July 23.  LNG tanker Maran Amphipolis / DSMEThe company began building LNG tankers in 1992, and delivered the first one in 1995. At present, there are 422 LNG tankers in operation. With orders for 50 LNG tankers remaining, DSME is set to be take th

July 25, 2016

US firms seek antidumping tariffs on S. Korean synthetic rubber

[THE INVESTOR] The US chemicals industry is seeking antidumping tariffs on South Korean synthetic rubber, the Korea International Trade Association said on July 24. According to the Washington branch of the KITA, US rubber makers including Lion Elastomers have filed dumping complaints against South Korean ESBR, a synthetic rubber used in a range of products including tires. The plaintiffs have requested the US International Trade Commission, and the US Department of Commerce to levy between 22.4

July 25, 2016

Top 30 conglomerates’ retained earnings shoot up 275% in 10 years

[THE INVESTOR] The retained earnings of the country’s top 30 conglomerates have nearly tripled since 2006, government data showed on July 25. The list of 30 excludes state-run entities, and conglomerates that are not run by an “owner,” like Samsung, Hyundai Motor and other leading conglomerates.According to the National Assembly Budget Office data obtained by Rep. Kim Jong-min of the main opposition Minjoo Party of Korea, the retained earnings of the top 30 conglomerates came to 478 trillion won

July 25, 2016

Hanwha opens solar energy complex for local firms

[THE INVESTOR] Hanwha Group has launched a new research complex in Seosan, South Chungcheong Province, to nurture local small and medium-sized firms in the field of solar energy. The company, in partnership with the South Chungcheong Creative Economy Innovation Center, jointly opened the Seosan Solar Energy-Specialized Venture Complex on July 22. With an area of 16,529 square-meter, the new center will attract SMEs in the field of solar energy to foster their R&D activities and commercialize its

July 22, 2016

KG Inicis partners with China’s PayEase

[THE INVESTOR] Electronic payment company KG Inicis has signed a partnership agreement with PayEase, a Chinese company that provides payment platform for international enterprises, it announced on July 22. Through the partnership, KG Inicis will let local customers pay with credit cards or bank transfer in Korean won at PayEase’s Chinese or global clients. PayEase customers can pay in Chinese yuan at KG’s clients in Korea.  (123rf)PayEase is a state-owned company whose estimated transactions las

July 22, 2016

Aramco Korea CEO named as head of S-Oil

[THE INVESTOR] Petroleum and refinery company S-Oil said on July 22 that it has named Othman Al-Ghamdi, representative director of Aramco Asia Korea, as its new chief executive officer.The appointment will be put up for approval in a planned shareholders meeting on Sept. 5.  Saudi Aramco's chief executive officer Khalid al-Falih (Bloomberg)The new CEO served as operations director at Ras Tanura oil refinery of the state-owned Saudi Arabian energy company, SaudiAramco, and led the company’s Korea

July 22, 2016

Umbrella union stages all-out strike

[THE INVESTOR] Kia Motors’ union is joining in the umbrella union’s nationwide strike on July 22, amid accusations that its participation is illegal and politically motivated. The strike is led by the Korean Metal Workers’ Union, a subgroup within the hard-line Korean Confederation of Trade Unions, which counts unions of carmakers and shipbuilders among its members. Hyundai Motor Group`s headquarters buildings in Yanjae-dong, southern SeoulLabor unions belonging to the Metal Workers’ Union will

July 22, 2016

Taihan Electric Wire relaunches in Vietnam as Taihan Cable Vina

[THE INVESTOR] Taihan Electric Wire has taken over a joint venture in Vietnam and launched it as a new entity in the country, the company said on July 22.The firm said the move reflected its efforts to expand its global reach. In 2005, Taihan Electric Wire had established Taihan Sacom Cable as a JV. It has now acquired the remaining 30 percent owned by another investor. Taihan said it plans to turn the new entity -- renamed as Taihan Cable Vina -- into a global firm. “We plan to increase annual

July 22, 2016