Cash-strapped Daewoo Shipbuilding & Marine Engineering, a major South Korean shipbuilder whose fate hangs on a meeting of its creditors later this month, has secured a $250 million deal to build three very large crude carriers, the company said Tuesday. Daewoo will deliver three 318,000-ton VLCCs to Maran Tankers Management, a unit of Greece’s largest shipper Angelicoussis Shipping Group by 2018. Since 1994, Angelicoussis, a longtime contractor of DSME, has ordered 92 ships and Daew

Industry April 4, 2017

Official websites and blogs of Samsung Group, which disbanded its corporate strategy office in February, were shut down Monday in what was seen as an attempt by the country’s largest conglomerate to improve its public image. The group’s website and blogs were used to advertise the conglomerate’s history, philosophy and corporate social responsibly activities of Samsung affiliates. The website www.samsung.com is now automatically redirected to the Samsung Electronics website.

Industry April 3, 2017

Hyundai Heavy Industries, which launched four separate companies on Saturday, will invest 3.5 trillion won ($3.1 billion) in research and development by 2021 in its efforts to secure new growth engines, the group said Monday. The HHI group officially launched four independent business units on Saturday -- HHI, Hyundai Electric and Energy System, Hyundai Construction Equipment, Hyundai Robotics -- after the spinoff plan was given the green light at the shareholders’ meeting on Feb. 27. Pr

Industry April 3, 2017

This is the 38th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. – EdCJ O Shopping, a leading home-shopping channel in South Korea, is likely to benefit from recovering consumers’ sentiment as the country is set to hold the presidential election in May, as well as an overall improvement in its competitiveness analysts here predicted.Shares in CJ O Shopping, the 12th largest on the tech-heavy Kosdaq market in terms of market capitalization with 1.3 trilli

April 2, 2017

POSCO, the country's top steelmaker, said Thursday that its first-quarter net profit is estimated to have more than doubled from a year earlier, driven by firm demand and higher prices.In a regulatory filing, POSCO said its net profit is estimated at 800 billion won (US$716 million) on a consolidated basis in the January-March period, compared with a profit of 338 billion won a year earlier.Its operating income is forecast to be some 1.2 trillion won, up 82 percent from a year earlier, and its s

Industry March 30, 2017

Hyundai Merchant Marine Co., South Korea's top shipping firm, said Thursday that it expanded its route linking China, South Korea and Russia as part of an effort to capitalize on a surge in shipping demand. (Yonhap)The shipper has been providing its shipping services on the route along with Russian shipping firm FESCO and French firm CMA-CGM.Under the expanded service, Hyundai Merchant will mobilize one container ship for the route every week, with FESCO to put two container vessels into operati

Industry March 30, 2017

Former FIFA Vice President Chung Mong-joon has decided to take his appeal against a five-year ban from football to the world's top sports tribunal, his camp said Thursday.Chung, who was a FIFA vice president from 1994 to 2011, will file an appeal with the Court of Arbitration for Sport over FIFA's decision to kick him out of the football community for five years, according to officials working with the 65-year-old South Korean. Chung will further discuss his decision at a press conference next T

Soccer March 30, 2017

A Japanese scholar on Thursday proposed the establishment of a memorial engraved with Prime Minister Shinzo Abe's latest apology over Japan's wartime sexual enslavement of Korean women. Haruki Wada, an emeritus professor at Tokyo University and expert in Korean history, made the proposal during a forum in Seoul as a follow-up on a 2015 bilateral agreement to settle the long-standing dispute between the two neighbors. (Yonhap)"I think installing a memorial monument will be meaningful given the pu

Foreign Affairs March 30, 2017

Oaxaca, a state in Mexico, hopes to learn from South Korea‘s economic miracle and is eager to boost economic ties with the country, its economic secretary told The Korea Herald Thursday. Mario Jesus Rodriguez, the secretary of economy of Oaxaca, and his team, are on a four-day visit to Korea where they hope to learn from the country’s economic development model, he said. “South Korea is important because we know the success of South Korea,” Rodriguez said. “The

March 30, 2017

The head of the ailing shipbuilder Daewoo Shipbuilding and Marine Engineering on Wednesday urged employees to take part in a pay cut, warning that it is their last chance to save the company. Jung Sung-leep, the president of DSME, asked workers to undergo a pay cut of 10 percent saying it is for the sake of the company’s survival.  Jung Sung-leep, CEO of DSME, explains the company`s restructuring plans to the media on Friday. (DSME)“Before I ask you to join the pay cut move, I will return 100 pe

Industry March 29, 2017

Daewoo Shipbuilding and Marine Engineering, a South Korean ailing shipbuilder, is facing looming uncertainties over the company’s future, with bondholders raising skeptical voices over a fresh rescue plan which might have an impact on securing deals, experts said Tuesday. It is expected that the shipyard, which has the world’s largest backlog orders, will sign two deals by the end of April. DSME is scheduled to sign a $250 million deal this month at the earliest to build three very large crude c

Industry March 28, 2017

Korea Development Bank, South Korea’s policy bank, has made its eighth donation aimed at helping underprivileged students with their education, the bank said Monday. The bank donated 10 million won ($8,990) to “Daddy-Long-Legs Classroom,” an after school program that provides one-on-one sessions for students who come from a low-income household. Korea Development Bank’s Lee Dong-geol (right) delivers a donation of 10 million won to Kang Myeong-hee, the head of the “Daddy-long-legs Classroom” pro

Industry March 27, 2017

Korean builder Hyundai Engineering and Construction will focus on expanding and diversifying overseas businesses to maintain financial stability, the company said Monday. By focusing on foreign markets and quality construction projects, the company saw an operating profit exceeding 1 trillion won ($898 million) last year, a first among South Korean builders, bucking the trend in the sluggish overseas and domestic construction markets, the company said.Hyundai Engineering and Construction’s power

Companies March 27, 2017

Amid questions being raised over its political neutrality, the National Pension Service is again standing at a crossroads that could determine a company’s fate – this time troubled shipbuilder Daewoo Shipbuilding & Marine Engineering. In the coming weeks, the state pension fund will have to decide on a debt restructuring plan for DSME proposed Thursday by the Financial Services Commission and the firm’s main creditors -- Korea Development Bank and The Export-Import Bank of Korea. The main credit

Industry March 26, 2017