U.S.-based Excelerate Energy has signed an agreement to lead a floating liquefied natural gas, or FLNG, project off the coast of Equatorial Guinea, which includes the key participation of South Korean shipbuilder Samsung Heavy Industries, according to Excelerate’s website.A statement dated Nov. 6 said Excelerate Energy will act as the consortium’s leading contractor in the deal with London-based Ophir Energy to develop gas reserves in the Block R natural gas field west of Bioko Island. The compa

Industry Nov. 9, 2014

South Korean banks saw their net profit rise 13.7 percent in the third quarter from a year earlier on reduced bad debt losses and increased interest income, the financial watchdog said Sunday.The combined net income of 18 local banks stood at 1.7 trillion won ($1.55 billion) in the July-September period, compared with 1.5 trillion won during the same period last year, according to the Financial Supervisory Service.For the first nine months of the year, the banks’ net profit reached a cumulative

Nov. 9, 2014

Hyundai Motor’s share price on the Seoul bourse has plunged to its lowest level in four years, raising concerns about the carmaker’s fundamentals amid weak sales and unfavorable exchange rates, analysts said Thursday. “There are many unfavorable conditions that are pushing down the prices of Hyundai Motor stocks right now,” said Song Sun-jae, an analyst at Hana Daetoo Securities.Share prices of the carmaker nosedived to 149,000 won ($137) during Wednesday’s trading session at the main local bour

Industry Nov. 6, 2014

Two-way trade between South Korea and Japan has decreased for three years in a row, amid frosty relations and the weakening of the Japanese yen against the Korean won, data showed Wednesday.According to trade figures posted by the Korea Trade-Investment Promotion Agency, exports to the island nation fell 2.2 percent on-year in 2012, plunged 10.7 percent in the following year and were down 4.6 percent in the first nine months of this year. Imports from Japan were also down in the same period, wit

Industry Nov. 5, 2014

The Sonata, Hyundai Motor’s midsize sedan, is poised to reclaim the best-selling Korean car title this year, after being outpaced by its smaller stablemate the Avante for the past three years, industry data showed Wednesday.According to figures from the Korea Automobile Manufacturers Association, domestic sales of the Sonata hit 88,485 units in the first 10 months of this year, up 16.8 percent from the year before.With sales amounting to around 8,000 units per month, the total number of Sonatas

Industry Nov. 5, 2014

The turnover in the Korean stock market hit a two-year high in October amid increased market volatility and a relatively bearish run on the local stock market, data showed Wednesday. The average turnover on the main bourse amounted to 4.46 trillion won ($4.15 billion) last month, the highest since September 2012, when the comparable figure was 5.22 trillion won, according to the data compiled by the Korea Exchange, the bourse’s operator.When the corresponding figure on the secondary KOSDAQ marke

Industry Nov. 5, 2014

South Korea‘s currency dipped against the U.S. dollar for the fourth consecutive day, hitting a more than seven-month low on Tuesday as sound U.S. economic data reinforced expectations about rate hikes by the Federal Reserve, while Japan and other major economies are on a course toward further monetary easing.The won finished at 1,076.50 won to the dollar, down 3.9 won from the previous session’s close, marking the lowest level since March 25 when it closed at 1,079.40. The local currency fell t

Industry Nov. 4, 2014

Korean automakers Hyundai and Kia will pay the U.S. government a $100 million civil penalty to end a two-year investigation into overstated gas mileage figures on window stickers of 13 models.The penalty, announced Monday by the Justice Department and Environmental Protection Agency, could serve as a precedent for other automakers who violate the Clean Air Act.Also as part of the settlement, Hyundai-Kia must audit test results on current models, and it must set up an independent group to certify

Industry Nov. 4, 2014