Hyundai Heavy clinches additional ITER component deal

[THE INVESTOR] Hyundai Heavy Industries has won an additional contract to supply two vacuum vessel sectors, the key component of the multibillion-dollar project International Thermonuclear Experimental Reactor, the company said on July 19. Under the US$101.6 million deal, HHI will build two of the nine vacuum vessel sectors (No.7 and 8) that make up the main body of the ITER, the world’s largest nuclear fusion machine being built in Cadarache, southern France. Each vacuum vessel sectors measures

July 19, 2016

KEPCO eyes renewable energy development in Mongolia

[THE INVESTOR] Korea Electric Power Corp., South Korea’s state-run power utility firm, eyes to develop renewable energy with Mongolian and Japanese firms. Cho Hwan-ik, KEPCO CEO, signed a memorandum of understanding with Enkhbold Nyamjav, CEO of Mongolian energy company Newcom Group and Shigeki Miwa, CEO of Japan’s Internet firm SoftBank, to cooperate and make joint investments in the solar and wind power projects in Mongolia, KEPCO said on July 19. (From left) SoftBank CEO Shigeki Miwa, KEPCO C

July 19, 2016

DSME signs new Navy submarine project

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering and the Defense Acquisition Program Administration on July 19 signed a contract for exploratory development stage of South Korea’s new submarine development. Under the 70.5 billion won (US$61.99 million) contract, DSME will draw up the basic requirements for the 3,000-ton submarine until the end of 2018. DSME’s tasks include calculating the specifications for the submarine, and determining the materials. The project is part of a larger pr

July 19, 2016

Doosan posts profit in Q2 on restructuring efforts

[THE INVESTOR] Doosan Group, led by chairman Park Jeong-won, posted a profit in the second quarter of the year on the back of stringent restructuring measures.The nation’s 12th largest conglomerate recorded sales of 4.25 trillion won (US$3.72 billion) and an operating profit of 306.3 billion won on a consolidated basis, according to its regulatory filing on July 18. Net profit stood at 181.2 billion won, up 767 percent from the same period in 2015. Sales were down 1.5 percent, but operating prof

July 19, 2016

Seoul to update emissions trading rules

[THE INVESTOR] The government will update the country’s emissions trading system to allocate more permits to industries that claim shortage, Vice Minister of Trade, Industry and Energy Woo Tae-hee said on July 18. “(The Energy Ministry) will work with the Ministry of Strategy and Finance, and related ministries to improve the system,” Woo said. (123rf)“In the mid- to long-term, a support system will be established to encourage the industry to reduce emissions, and improve the system so that (cor

July 18, 2016

HHI delivers world’s largest semi-submersible rig

[THE INVESTOR] Hyundai Heavy Industries has delivered the world’s largest semi-submersible drilling rig to a US contract driller last week as scheduled, the company said on July 18. In 2013, HHI won the US$630 million order from Texas-based Diamond Offshore Drilling to build the Ocean Greatwhite that measures 123 meters in length and 78 meters in width. The rig can operate in waters up to 3 kilometers deep and drill down to a depth of 10.67 kilometers from the sea surface.  Ocean Greatwhite / HH

July 18, 2016

FNC Entertainment establishes JV in China

[THE INVESTOR] Korean entertainment agency FNC Entertainment has set up a joint venture with China’s Suning Universal, the entertainment unit of China-based real estate company Suning Group, it announced on July 18.The two sides said they hope the new entity will establish a strong foothold in the Chinese entertainment industry. CNBLUE, a K-pop acoustic band under FNC Entertainment / FNC Entertainment“Our aim is to lead China’s cultural content industry by utilizing FNC’s production skills and S

July 18, 2016