Lotte theme park selected to lead gov’t VR project

[THE INVESTOR] The Ministry of Science, ICT and Future Planning on July 29 named Lotte World Adventure as the developer of its virtual reality theme park development program. Lotte World Adventure.The program is part of the government’s Virtual Reality Flagship Project that aims to develop virtual reality technologies ahead of international competitors. Along with a theme park that uses VR technologies, the government hopes to develop games, entertainment, education and other businesses that use

July 29, 2016

SK Networks’ Q2 earnings dented by oil prices

[THE INVESTOR] SK Networks, SK Group’s trading and retail arm, said on July 29 that its consolidated second quarter revenue and operating profits fell 9.7 percent and 2.2 percent, respectively, from a year ago. In a regulatory filing, the company said that its preliminary second quarter sales came to about 4.66 trillion won (US$4.15 billion), while operating profit came to 35.3 billion won. The company attributed the drop to falling oil and raw materials prices.The company said that the drop in

July 29, 2016

SK Group vice chairman released on parole

[THE INVESTOR] SK Group vice chairman Chey Jae-won was released from prison on parole on July 29. Chey was imprisoned along with his brother SK Group chairman Chey Tae-won in February 2014 for embezzling 45 billion won (US$40 million) from the company. "The economy is struggling, and (I) will add (my) small effort to revive the economy and creating jobs," Chey said. SK Group Chey Jae-won bows as he is released on parole on July 29.  Chey was imprisoned along with his brother SK Group chairman Ch

July 29, 2016

Samsung Engineering Q2 operating profit falls 82%

[THE INVESTOR] Samsung Engineering, South Korea’s largest builder of engineering projects, posted on July 28 an 82.6 percent fall in second-quarter operating profit, struggling to recover from last year’s slump even after clearing off massive losses led by reverses in the Middle East. The plant engineering unit of Samsung Group narrowly avoided losses in the April-June period by posting 3.5 billion won (US$3.10 million) in operating profit and 2.3 billion won in net profit, up 44 percent on-year

July 28, 2016

No. of new companies in H1 at record high

[THE INVESTOR] The number of corporations established during the first half of the year came to a new half-year record, the Small and Medium Business Administration said on July 28.According to the SMBA, 48,263 new companies were established during the first six months of the year, rising 4 percent from a year ago to set a new record. Retail and wholesale businesses were the most numerous at 11,168, accounting for 23.1 percent of the total, followed by manufacturing and construction businesses.

July 28, 2016

Peter Thiel to invest W37.5b in Hanmi Semiconductor

[THE INVESTOR] Peter Thiel, the early investor in Facebook and PayPal, has recently decided to invest 37.5 billion won (US$33 million) in Hanmi Semiconductor, a Korean semiconductor equipment manufacturer. The plan comes after his first investment worth 37 billion won in the company back in 2013. Peter ThielAccording to the Korean firm on July 27, it will sell 2.5 million treasury shares at 15,000 won per share on Sept. 23. Thiel-backed Crescendo Equity Partners and CEP Semicon Holdings will pur

July 28, 2016

Thales to sell stake in Hanwha joint venture

[THE INVESTOR] Thales, the French defense giant, has decided to sell its 50 percent stake in Hanwha Thales, a defense electronics joint venture that Hanwha Group acquired from Samsung Group as part of a 1.9 trillion won (US$1.7 billion) deal in 2014. Thales had long considered selling off the stake since the Samsung-Hanwha deal was announced. According to industry sources, the company saw little benefits from working with the new partner as it had already enjoyed hefty dividends from the venture

July 28, 2016

Ssangyong, Jaguar to recall vehicles

[THE INVESTOR] Ssangyong Motor will recall over 2,600 units of its flagship Korando C sport utility vehicle sold here for faulty seatbelts, the Transport Ministry said on July 28.The car is one of six vehicle models, including two types of two-wheeled vehicles and a commercial truck, from five separate manufacturers that failed government tests, according to the ministry.The latest government test involved 16 vehicle models that were sold under a self-certification system. The government regular

July 28, 2016

Prosecutors open probe into Samsung chairman’s prostitution case

[THE INVESTOR] South Korean prosecutors have launched an investigation into a video clip that captured Samsung Electronics chairman Lee Kun-hee allegedly buying sex from prostitutes.The Seoul Central District Prosecutors’ Office said on July 27 that the case is being allocated to a division specializing in crimes against women and children. So far, three complaints related to the case have been filed by a civic group and an Anyang resident surnamed Park who asked prosecutors to clarify the suspi

July 28, 2016

HHI to have idle docks from H2 2017

[THE INVESTOR] Hyundai Heavy Industries will have idle docks from the second half of 2017 due to the shortage of orders, the company’s chairman Choi Kil-seon said on July 27.In an open letter to the employees, Choi said that work is dwindling across the board, and called on the union to call off its strike. “Some of the docks becoming idle will be a reality from the second half of next year,” Choi said. Ships are being built at Hyundai Heavy Industries' docks. / The Investor“From September, the

July 28, 2016

Hyundai Heavy returns to profit in Q2 on cost reduction

[THE INVESTOR] Hyundai Heavy Industries bounced back into profit in the second quarter, driven by cost-cutting efforts under the industry-wide restructuring program and strong performance in its non-shipbuilding sectors. The world’s largest shipbuilder posted operating profit of 557.2 billion won (US$490.70 million), a huge turnaround from a loss of 171 billion won from a year earlier, the company said in a regulatory filing on July 27.  Hyundai Heavy's shipyardIn the April-June period, the ship

July 27, 2016

Hyundai Oilbank posts record H1 operating profit

[THE INVESTOR] Hyundai Oilbank, a refinery affiliate of Hyundai Heavy Industries disclosed on July 27 that its consolidated operating profit for the first half of the year came to record high of 524.8 billion won (US$461.97 million). The company has now recorded operating profits for the 16th consecutive quarter. Its second quarter revenues came to 2.81 trillion won, and operating profits came in at 323 billion won. With second-quarter operating profits rising 37.9 percent compared to the same p

July 27, 2016

Samsung C&T returns to profit in Q2

[THE INVESTOR] Samsung C&T, a construction and trading affiliate of Samsung Group, bounced back into profit in the second quarter, on the back of its construction and resort segments. In the April-June period, the company posted operating profit of 176.81 billion won (US$158.88 million), reversing a loss of 434.81 billion won in the previous quarter, it said in a regulatory filing on July 27. Net profit came to 134.58 billion won, a turnaround from 516.63 billion won loss from the January-March

July 27, 2016