[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

Industry July 18, 2016

[THE INVESTOR] After two years of deadlock, Daewoo Shipbuilding and Marine Engineering is expected to resume the suspended construction of a crude oil production facility in Kazakhstan within the year.The company said on July 18 that it has recently received the green light to resume the Kazakhstan project, following a new investment decision made by shareholders of Tengizchevvroil, the operator of the US$36.8 million Tengiz oil field, the largest investment by an oil company since 2014.Tengizch

Industry July 18, 2016

[THE INVESTOR] A tripartite committee struck a deal over the weekend to raise next year’s minimum wage to 6,470 won ($5.70) per hour, but the decision failed to satisfy the key parties represented, with businesses and laborers each claiming the agreement was disappointing.　On Saturday, the committee of representatives of labor unions, business groups and the government agreed to raise the minimum wage by 7.3 percent, a 0.8 percentage point lower than last year’s increase.　The decision was reache

July 18, 2016

[THE INVESTOR] POSCO Daewoo is set to supply 30 megawatts of solar modules to U.S. solar energy generators including Osgood Solar, the company said Sunday. 　The trading arm of POSCO Group said it had signed supply deals worth 20 billion won ($17 million) with the U.S. firms at the latest solar energy exhibition Inter Solar North America in San Francisco.　 POSCO DaewooThrough the deals, the local company’s solar modules will be installed at general houses and urban buildings in the U.S.　Amid grow

July 18, 2016

[THE INVESTOR] From outside, the building seems nondescript. It sprawls wide and low amid the serene natural scenery of Buyeo in South Chungcheong Province, looking like a government building or perhaps a school.But once inside, the rumbling hum of machinery, bright clean rooms and head-to-toe white paper gowns make it clear that this is a factory where something precious is created. And in the air, there is a heavy, bitter aroma that is unmistakable for most Koreans.　The CheongKwanJang factory

July 17, 2016

[THE INVESTOR] Travelers trying to get from Incheon International Airport to Seoul can do so with ease by using the Airport Express railway system, which can take them directly to Seoul Station. According to data from the Korea Tourism Organization, 98 percent of tourists from English-speaking countries find their way from the airport to Seoul by themselves. 　Although there are several ways to get to the city from the airport, the Airport Express is the quickest way to visit tourist hotspots suc

July 17, 2016

[THE INVESTOR] The Korea International Trade Association plans to establish a new venue for global events and exhibitions in Seoul and foster 500,000 small, promising companies by 2030, the umbrella economic organization said Sunday. 　“We will push for setting up a global-level complex for MICE -- meetings, incentives, conferencing, exhibitions -- in Jamsil, Seoul,” said Kim In-ho, a chairman of KITA, at an event to mark the 70th anniversary in Seoul.  KITA`s chairman Kim In-ho speaks at its eve

July 17, 2016

[THE INVESTOR] Chemical and battery firm LG Chem is slated to supply its batteries to the U.S. National Aeronautics and Space Administration in the second half of this year, according to the company on July 17. 　The local battery maker recently signed a supply deal with NASA to provide its lithium ion batteries for the agency’s space suits used for space exploration. 　“The batteries will serve a key role in the spacesuits, which have various functions such as oxygen suppliers, communications equ

July 17, 2016

[THE INVESTOR] The SUV fad in South Korea is not over yet. Fueled by the popularity of outdoor activities -- mainly camping -- sales of such vehicles have grown steadily over the years. 　However, there have been limited local choices, which often leads to consumers going for high-end foreign vehicles offered at high prices. 　South Korea’s fourth-largest carmaker Ssangyong Motor, recently rolled out a pickup that it touts as an alternative to an SUV – the Korando Sports 2.2. 　It is not really an

July 17, 2016

[THE INVESTOR] Amid the growing popularity of hybrid cars among environmentally conscious drivers, Hyundai Motor has gone one step further with the pure electric car Ioniq Electric for those who want a more eco friendly option. The nation’s largest automaker invited the press on Thursday to get behind the wheel, following a driving course based on the concept that an EV driver in Seoul traverses the city from east to west on diverse road conditions such as traffic jams and highways. 　At a glance

July 17, 2016

[THE INVESTOR] Come Aug. 5, Hyundai Merchant Marine will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank. 　The soon-to-be owner is bent on installing a new leadership at the shipping line and is open to hiring a foreigner as its chief executive, according to sources at the state-run lender.  “A CEO-recommendation committee is to launch soon, comprising representatives of various related parties,” said a KDB official

July 17, 2016

[THE INVESTOR] U.S. beef imports increased significantly as South Koreans turned away from their expensive local beef hanwoo, industry data showed last week. U.S. beef imports increased by 25.7 percent from January to May this year from the same period last year, to reach 61,062 tons, according to a report by the National Agriculture Cooperative Federation, better known as NongHyup. (123rf)South Korea became the third largest beef importer in the world during the period, after Japan and Mexico.

July 17, 2016

[THE INVESTOR] Tech giant Samsung Electronics has become the most popular PC brand in Brazil, according to local media on July 17. The Brazilian newspaper O Estado de S. Paulo, based on its annual brand survey, reported that Samsung grabbed the top spot among all PC brands, beating its American rivals Apple and Dell. Last year, Apple ranked No. 1, while Samsung and Dell shared second place. Samsung’s feat came amid a slump in the local and global PC markets. The sales of all desktops and laptops

Technology July 17, 2016

[THE INVESTOR]  South Koreans’ direct trading of foreign shares dropped significantly in the first half of the year as a result of a decline in investment in the Chinese market, data showed on July 17. During the January-June period, the total transaction volume of foreign shares by South Koreans came to US$ 6.23 billion, down by 15.96 percent from US$ 7.41 billion recorded a year earlier, according to Korea Securities Depository. The amount is a decrease of 7.74 percent from US$ 6.75 billion in

July 17, 2016