KHNP to invest W1tr in green business

[THE INVESTOR] Korea Hydro & Nuclear Power seek to transform itself into an eco-friendly energy company by investing more in solar, wind and biomass energies, the firm said on June 27. The state-run KHNP, which provides some 40 percent of Korean power supply, announced its road map for new energy business, focusing on investing 1 trillion won (US$848 million) on 10 green projects over the next five years. The projects are related to fuel cell, electric vehicle charging and thermal effluent busin

June 27, 2016

Seoul expects $12.5 billion foreign visitors spending

[THE INVESTOR] Seoul will be Asia-Pacific region’s fifth most visited city in 2016, with foreign visitors spending US$12.5 billion, MasterCard’s analysis showed on June 27.According to MasterCard’s analysis, about 10.2 million foreigners will visit Seoul throughout the year, and their spending in the city will come in at about US$12.5 billion. In terms of the number of visitors, Korea’s capital will be the region’s fifth most visited city, and fourth in terms of money spent by visitors. The top

June 27, 2016

Doosan Heavy wins W220b deal in Iran

[THE INVESTOR] Doosan Heavy Industries and Construction has secured a 220 billion won (US$187 million) deal to build a desalination plant in Iran, the company said Monday. Doosan was the first global firm to have won a seawater purification plant construction project in the Middle Eastern country after international economic sanctions were lifted from it earlier this year, added the firm.The deal was signed with an Iranian private firm Sazeh Sazan. The South Korean builder will be in charge of d

June 27, 2016

Korean shippers dispatch bigger vessels on Panama Canal route

[THE INVESTOR] Korean shipping companies are deploying larger ships that can navigate the newly expanded Panama Canal which is set to open a new era in global trade. Deploying bigger vessels is expected to improve the indebted ship liners’ profitability as they can enhance their price competitiveness. Hyundai Merchant Marine plans to deploy five units of 10,000 twenty-foot equivalent containerships on the route called NYX, focusing on coverage between Central and North China and Korea to the Uni

June 27, 2016

Hyundai Heavy eyes medical robot exports

[THE INVESTOR] Hyundai Heavy Industries delivered 10 medical robots to local health care institutions on June 27, as it speeds up the efforts to enter overseas markets by the end of next year. According to Hyundai Heavy, 10 robots of three different types were delivered to five medical institutions -- Asan Medical Center, Ulsan University Hospital, Cheonnam National University Gwangju 2nd Geriatric Hospital and Ulsan Noin Hospital.Medical-use robots developed by Hyundai Heavy. Hyundai Heavy Indu

June 27, 2016

Samsung Heavy Industries seeks capital increase of W1tr

[THE INVESTOR] Samsung Heavy Industries is seeking to gain approval to issue new shares worth some 1 trillion won (US$842 million) at a board meeting scheduled for June 27.In the meeting, the cash-strapped shipbuilder will propose modifying the articles of association, to prepare for the paid-in capital increase. On June 8, the company said a specific timeline for the capital increase, and the amount, will be confirmed following corporate consulting and its current fund availability.By Park Han-

June 27, 2016

Doosan Heavy bags W220b deal

[THE INVESTOR] Korea’s top power equipment maker Doosan Heavy Industries & Construction said on June 27 that it has bagged a 220 billion-won (US$185 million) deal to build a desalination plant in Iran.Under the deal with the Iran-based Sazeh Sazan, the firm will construct the facility by October 2018. The Korean company will also do operating and maintenance work for 12 years.Desalination plant.Doosan Heavy’s deal marks the first for a desalination plant in the Islamic republic after internation

June 27, 2016

K-pop under spotlight in New Jersey

[THE INVESTOR] Is the hallyu fever over? Some naysayers claim the cultural phenomenon that hit the world in early 2000s is losing its gloss as it runs out of contents to showcase. Boy bands, girl groups and food like kimchi and bulgogi -- the centerpieces of the cultural wave -- are getting old for global fans.K-pop fans attend an outdoor event during the KCON convention held in Newark, New Jersey, from June 24 to June 25. CJ E&MA recent government report also showed the growth of Korean culture

June 27, 2016

Brexit to burden Samsung, LG's electronics biz

[THE INVESTOR] UK’s departure from the European Union is likely to further burden Korean electronics and home appliances makers.Europe’s slowdown has been dragging down Samsung Electronics and LG Electronics’ sales in the region in recent years. Samsung’s European sales had accounted for 21.2 percent of the total in 2013, but the figure dropped to 12.8 percent last year. Over the same period, LG’s figure went from 11.2 percent to 10.3 percent. While sales have slowed, Brexit is expected to add h

June 24, 2016

CJ E&M successfully taps into global showbiz

[THE INVESTOR] Korea’s leading media giant CJ E&M has been persistently pushing to tap into the global show business to develop a new business model.And “Kinky Boots,” a Broadway musical, is one of its latest and most successful efforts. CJ E&M, which has participated in the production of the musical since 2012, is responsible for bringing the energetic stage performance to the Asian markets including China and Korea. A scene from Kinky Boots.“As a co-producer of ‘Kinky Boots,’ CJ E&M was able t

June 24, 2016