China’s anti-dumping tariffs on Taekwang unrelated to THAAD: Foreign Ministry

[THE INVESTOR] The Korean government has denied that China’s decision to slap a 4.1 percent anti-dumping tariff on acryl fabrics produced by Taekwang Industrial was in retaliation for its proposal to deploy an advanced anti-missile system here.“The measure is unrelated to Seoul’s decision to deploy the Terminal High Altitude Area Defense or THAAD system,” the Ministry of Foreign Affairs said on July 14. China’s Trade Minister began reviewing anti-dumping measures for acryl fabrics produced in So

July 14, 2016

Hanwha to regain part of W315b deposit lost in DSME deal

[THE INVESTOR] The Supreme Court on July 14 ruled that Hanwha Group(chairman Kim Seung-youn) should receive part of the 315 billion won (US$ 277 million) deposit lost during its 2009 attempt to take over Daewoo Shipbuilding and Marine Engineering. The top court ruled that Hanwha’s loss of such a large deposit was unfair, and returned the case to the lower courts. Hanwha Group headquarters in downtown Seoul“Confiscating the entire deposit of 315 billion won is excessive, even if the confiscation

July 14, 2016

Korea to convert pay phone booths into rapid EV charging stations

[THE INVESTOR]   KT linkus and the Ministry of Environment will embark on a partnership project to transform pay phone booths into rapid charging stations for electric vehicles to expand the EV market.KT linkus will team up with the Korea Environment Corporation affiliated with the Environment Ministry to install nine EV rapid charging stations in Seoul, Seongnam, Daegu and Suncheon, starting its service from July 15. Rapid charging station in Seoul. KT“We are planning to cooperate with governme

July 14, 2016

Kumho Tire creditors begin sale process

[THE INVESTOR] The creditors of Kumho Tire have begun the process of finding a buyer for the tire maker, local news reported on July 13.According to reports, Kumho Tire’s creditors held the first meeting on the issue on the day, and reviewed the feasibility study by Credit Suisse.Kumho Tire began a workout process in 2009, and is currently 42.01 percent held by the creditors. Among the creditors, Woori Bank holds the largest stake, followed by Korea Development Bank and KB Kookmin Bank. The thre

July 13, 2016

Nexon founder summoned as suspect in insider trading scandal

[THE INVESTOR] Prosecutors on July 13 summoned Kim Jung-ju, founder of the nation’s largest game company Nexon, on suspicions that he gave insider information to a senior prosecutor to help him gain illegal stock gains.The prosecutors said they will question Kim on whether he had leaked information about the stock market debut of Nexon Japan to Jin Kyung-joon, a prosecutor who is also his college friend.Nexon founder Kim Jung-ju (third from left) / The Investor(Chung Hee-jo)Jin had bought 10,000

July 13, 2016

Hanjin Shipping sells Vietnamese terminal to secure liquidity

[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13. The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. The move came after the government and creditors, led by state-run

July 13, 2016

No plans of opening branch in Korea: AirAsia CEO

[THE INVESTOR] AirAsia does not intend to open an office in Korea, said Tony Fernandes, co-founder and CEO of the Malaysian low-cost carrier, highlighting his discontent with local aviation regulations.“AirAsia is not planning on a branch in Korea,” the chief executive said during his visit to the UK for an air show on July 12. He added that Seoul’s rigid regulatory framework gives Koreans a limited choice of carriers. However, Fernandes said that AirAsia would positively review plans for establ

July 13, 2016

Shipbuilding, construction unions announce mass strikes

[THE INVESTOR] Shipbuilding and construction industry labor unions announced that they will stage mass strikes on July 20.The shipbuilding industry unions’ coalition on July 13 held a press conference at the National Assembly saying that its member unions will stage an “all-out” strike to resist the ongoing restricting efforts. The coalition consists of the unions of eight shipyards. Faced with massive losses, the country’s shipbuilding industry is undergoing restructuring that includes workforc

July 13, 2016

Direct flight options to Iran widen

[THE INVESTOR] Direct airline services between Korea and Iran will expand from four flights a week to 11, the Ministry of Land, Infrastructure, and Transport announced on July 12. An agreement was reached recently between Korea’s Transport Ministry and Iran’s Office of Aviation as an update to the 1998 aviation agreement leading to the weekly operation of four passenger and cargo planes. Tehran, the capital of IranLast March, the South Korean government handed exclusive flight license to Korea’s

July 13, 2016

Hanwha Techwin, GE team up to develop KF-X engine parts

[THE INVESTOR] Hanwha Techwin said on July 13 that the company has teamed up with GE Aviation to jointly develop engine parts for Korea’s flight-jet development project KF-X.The KF-X is aimed at locally developing the twin-engine combat jets equipped with advanced aviation electronics equipment by 2026. An artistic rendering of KF-X flight-jetHanwha Techwin, a defense unit of Hanwha Group, plans to lead the integration and installation of the engines into the KF-X jets, building the munition sup

July 13, 2016

Asiana Airlines picks CFM International engines for A320neo fleet

[THE INVESTOR] Asiana Airlines has chosen CFM International as the supplier of engines for its new aircrafts, local media reported on July 13. CFM International is a joint venture between GE Aviation and Snecma of France. According to reports, Asiana Airlines signed a US$ 950 million contract with CFM International to supply LEAP-1A engines for the Airbus A320neo aircrafts the Korean carrier is set to deploy starting in 2019.The contract reportedly includes the cost of parts and repairs for the

July 13, 2016

Daewoo exec-turned-designer summoned for questioning on illegal profit allegations

[THE INVESTOR] The authorities summoned former celebrity designer Lee Chang-ha, 60, for a second straight day of questioning on July 12 for earning illegal profit based on his ties with Daewoo Marine Shipbuilding’s construction affiliate. During 2006 to 2009, Lee was head of Daewoo Shipbuilding & Marine Engineering Construction. In 2007, Lee set up his own company -- DSON, an interior decorating business. He allegedly pocketed 4 billion won (US$3.47 million) of illegal funds from contracts he at

July 12, 2016

Samsung C&T suffers AU$1b loss in Australia mining project

[THE INVESTOR] Samsung C&T, the construction and trading unit of Samsung Group, have lost AU$1 billion on a mine construction project in Australia, Financial Times reported on July 12. According to the report, the company recently completed work on the Roy Hill iron ore mine in Western Australia. But it is still fighting court battles with contractors for AU$65 million in unpaid subcontracting work. “The Roy Hill Project was the company’s first mining construction project, and there are no other

July 12, 2016

Korean Air, Asiana lose veteran pilots to Chinese rivals

[THE INVESTOR] Korea’s flag carriers Korean Air and Asiana Airlines are losing veteran pilots to their fast-growing Chinese rivals in recent times. According to the companies on July 12, Korean Air lost 46 pilots last year to Chinese airlines, compared to nine combined in 2013 and 2014. Its smaller rival Asiana said it also saw the number more than doubling from six in 2014 to 15 last year. Chinese air carriers are pouring resources to attract veteran pilots as they suffer from a lack of experie

July 12, 2016