Hyundai Heavy signs US$40m robot supply deal

[THE INVESTOR] Hyundai Heavy Industries announced on July 12 that it signed a US$ 40 million robot supply contract with the Chinese subsidiary of Taiwanese display producer Chunghwa Picture Tubes. Under the contract, Hyundai Heavy will supply about 300 robots designed for transporting LCD glass panels. Hyundai Heavy's LCD panel transporting robot. Hyundai HeavyThe robots will be deployed at CPTF Visual Display’s plant in Fuzhou, Fujian province in southeastern China, by the second half of next y

July 12, 2016

Doosan Heavy acquires US energy software firm

[THE INVESTOR] Doosan Heavy Industries and Construction announced on July 12 that it has established Doosan GridTech by acquiring US-based 1Energy Systems.Founded in 2011, 1Energy Systems is a developer of energy storage system software.  1Energy Systems CEO David Kaplan (left) and Doosan GridTech CEO Choi Dae-jin pose after signing the deal in San Francisco on June 30. Doosan Heavy Industries and ConstructionDoosan Heavy said that with Doosan GridTech, it has secured industry leading control so

July 12, 2016

HMM to upgrade overseas terminals

[THE INVESTOR] Struggling Hyundai Merchant Marine will install four new gantry cranes at its container terminal based in Taiwan as part of the shipbuilder’s effort to strengthen service quality in the overseas market. HMM will complete setting up the large gantry cranes -- which are used to lift shipping container -- at Kaosiung Hyundai Terminal in Taiwan on July 12, the company said on July 11. The terminal will be able to handle 700,000 twenty-foot-equivalent-unit volume annually, an increase

July 11, 2016

Cheil Worldwide teams up with Facebook to expand presence in mobile ad

[THE INVESTOR] Cheil Worldwide, the advertising unit of Samsung Group, has teamed up with Facebook to expand its presence in the soaring mobile advertisement market. Under the partnership announced on July 11, Cheil and Facebook will develop diverse ad platforms and products using Facebook and Instagram services. Facebook has also invited Cheil executives to participate in the Facebook Ambassador program organized by the social network giant’s Asia-Pacific branch to offer them opportunities for

July 11, 2016

NH Investment & Securities to invest in Yeouido’s Parc One complex

[THE INVESTOR] NH Investment & Securities is set to invest 700 billion won (US$599.5 million) in Yeouido’s Parc One multiple complex, according to sources familiar with the issue on July 11. The firm recently reached an agreement with property developer Y22 Development Co. to buy a 56-story office building -- one of the four buildings to be built within the complex. A bird's eye view of Parc One multiple complexNH Investment & Securities will dip into its own coffers for 200 billion won of the a

July 11, 2016

S. Korean manufacturing sector sees worse conditions in Q3

[THE INVESTOR]The South Korean manufacturing sector expects conditions to worsen during the third quarter of the year, a survey showed on July 11. According to the Business Survey Index compiled by the Korea Institute for Industrial Economics and Trade, local manufacturing companies expect third-quarter sales and exports to worsen compared to the previous quarter.In the survey of 462 manufacturing companies, the BSI for exports and sales respectively came in at 98 and 97 points. A BSI below 100

July 11, 2016

POSCO eyes titanium for future

[THE INVESTOR] POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine, local news reported on July 10. “The use of titanium is expanding and the value addition is high, which will boost profitability in the future,” an official at POSCO said. Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of te

July 11, 2016

Dongkuk Steel’s operating profit jumps 156.4% in Q2

[THE INVESTOR] Dongkuk Steel Mill ’s second quarter operating profit soared 156.4 percent from a year ago to come in at 99 billion won (US$86.4 million) the steelmaker said on July 11. The company’s second-quarter sales came in at just under 1.17 trillion won, down 1.5 percent over the same period, while net profits dropped 59.6 percent to 36.4 billion won. The company said that second-quarter figures were boosted by improving sales of colored plates and steel bars. It also said that restructuri

July 11, 2016

S. Korean defense contractor to supply parts for Boeing Chinook

[THE INVESTOR] Huneed Technologies, a South Korean military communications equipment maker, will supply electronics parts for the Boeing CH-47 Chinook, local media reported on July 11. This is the first time a South Korean defense equipment maker will be supplying parts for a foreign helicopter model. Boeing CH-47 Chinook / BoeingAccording to reports citing unnamed defense industry sources, Huneed Technologies signed a US$120 million supply contract at the end of last month. The company posted s

July 11, 2016

Korea’s electricity industry seeks export expansion

[THE INVESTOR] South Korea’s electricity industry aims to increase the amount of exports to US$ 15 billion by end of this year, the state-run corporation said on July 8. The Korea Electric Power Corporation held a conference in Seoul to announce its plans and strategies to expand its presence internationally. Over 200 industry officials from major companies such as POSCO, Korea Trade-Investment Promotion Agency and Korea Hydro and Nuclear Power Corporation attended the event. The electricity exp

July 8, 2016

Troubled Korean shipbuilders top June ranking

[THE INVESTOR] Despite the protracted slump in the local shipping industry, South Korean shipbuilders took the largest volume of new orders of vessels in June, industry data showed on July 8. According global research firm Clarkson Research Services, South Korean shipbuilders clinched new contracts of 370,000 compensated gross tonnage, or eight ships, out of the total 960,000 CGT, or 51 ships, in June. DSME shipyardThis is the first time South Korean shipbuilders ranked No.1 in terms of monthly

July 8, 2016

Ex-Lotte Chemical exec indicted on alleged tax evasion

[THE INVESTOR] A former Lotte Chemical finance executive has been indicted on charges of tax fraud on July 8. The suspect, identified by the surname Kim, is the first individual to be indicted since the probe into Lotte Group began early last month. The investigators are reported to be focusing on whether Lotte Group chairman Shin Dong-bin was aware of the alleged wrongdoings as he was serving as Lotte Chemical CEO at the time. Lotte Group chairman Shin Dong-bin (center) / The InvestorKim is sus

July 8, 2016

HMM pins hope on credit rating rebound

[THE INVESTOR] South Korea’s second-largest shipper Hyundai Merchant Marine said on July 8 that it will visit major credit rating agencies to explain about its ongoing restructuring measures, in hopes they reevaluate the credit standing of the ailing company. The company will visit the rating agencies Korea Investor Services, Korea Ratings and National Information and Credit Evaluation and talk about their restructuring plan process, including the asset sales, negotiations to reduce charter rate

July 8, 2016

Hyundai Rotem, Alstom vie for W1tr Cairo metro project

[THE INVESTOR] Hyundai Rotem, a train-making unit of Hyundai Motor Group, said on July 8 that it has become the final bidders together with France’s Alstom for Cairo’s 1 trillion won (US$860 million) train project. If the company wins the bid finally, it will become its largest order secured this year. The winner has to supply a total of 510 electric locomotives to Cairo’s metro Line 3. Even though Alstom is a potent competitor, Hyundai Rotem is confident of winning the deal. Hyundai Rotem's tra

July 8, 2016