South Korean builder GS Engineering & Construction Corp. said Tuesday it has inked a 1.7 trillion won ($1.5 billion) contract to build what it claims will be the world’s largest vehicle depot in Singapore.Under the deal with Singapore’s Land Transportation Authority, the builder will construct the vehicle barn by early 2024.The vehicle garage will be built on an area spanning 320,000 square meters to connect three subway lines near Changi Airport via a 1.45 kilometer-long tunnel. When completed,

A large number of South Korean companies have suffered credit rating downgrades this year due to poor performances stemming from protracted sluggish demand, despite an upgrade in the country's sovereign rating, market data showed Sunday.According to the data compiled by Korea Investors Service Inc., one of the three leading local credit rating agencies, it downgraded the ratings of 45 companies during the January-October period, marking the largest number since 1998, when it hit 61 in the afterm

Korean companies are fast establishing themselves in the growing Central Asian market as the region undergoes economic development. Local construction firms made a name for themselves in carrying out large-scale projects in the Middle East, and they are now proving themselves again in Central Asia. Although Central Asian nations are rich in natural resources and manpower, they are only now focusing on establishing basic infrastructure, presenting a huge market for those with the construction cap

South Korean stocks closed marginally lower Friday as foreigners shunned risky assets on growing geographical tension in the Middle East feared to stir problems with the crude oil supply, analysts said. The local currency rose against the U.S. dollar. The Korea Composite Stock Price Index lost 2.76 points, or 0.14 percent, to close at 2,019.80. Trading volume was moderate at 442.6 million shares worth 5.04 trillion won ($4.56 billion) with decliners outstripping gainers 445 to 368. Analysts said

Prosecutors said Tuesday they have indicted 14 builders and their executives concerned on charges of engaging in collusive bidding for the construction of a high-speed railroad connecting Seoul and the southwestern part of the country.   The Seoul Central District Prosecutors Office said the indicted companies include Daewoo Engineering & Construction Co., Daelim Industrial Co. and GS Engineering & Construction Corp.   Prosecutors also summarily indicted six other builders, including Samsung Hea

GS Group, one of the top 10 conglomerates in Korea focusing on energy, construction and retail businesses, said Thursday it has finished hosting its fourth overseas CEO meeting in Indonesia on Wednesday and Thursday.“During the CEO meeting, attendants visited business sites of the group’s affiliates in the emerging Indonesian market to better understand the market and to search for new business opportunities,” the group said in a press release. High-ranking officials of the group who joined the

South Korea’s antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won ($23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets. Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission. The 221.7 billion won project is for building tida

South Korea's antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won ($23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets.    Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission. The 221.7 billion won project is for building t

South Korean stocks closed higher Friday amid abated geopolitical uncertainties in Europe, as voters in Scotland chose to stay part of the United Kingdom, analysts said. The benchmark Korea Composite Stock Price Index gained 6.08 points, or 0.3 percent, to 2,053.82. Trading volume was moderate at 391 million shares worth 5.02 trillion won ($4.81 billion), with gainers outpacing losers, 529 to 269.Analysts said Friday’s rebound came after Scotland voted against splitting from Britain in its refer

A number of South Korean construction and energy companies have expressed interest in buying Dongbu Power Dangjin Corp. after talks to sell it to steelmaker POSCO fell through, industry sources said Friday.According to market watchers, Daewoo Engineering and Construction, one of the country’s largest builders, Daelim Industrial, GS Electric Power & Services and SK Gas have all submitted letters of intent to buy Dongbu Power or acquire stakes in the company.The power plant located in Dangjin, som

South Korea’s antitrust watchdog said Monday it has fined six local builders a combined 10.6 billion won ($10.4 million) for conspiring in bidding for the construction of waste incineration facilities. The six are GS Engineering and Construction, Kolon Global Corp., Daewoo Engineering and Construction, Dongbu Corp., Hyosung Ebara Engineering, and Halla Energy and Environment, according to the Fair Trade Commission.They are accused of collusion in bidding for the construction of “clean centers” i

The state-run Korea Water Resources Corp., or K-water, expressed concerns that its combined 6.2 trillion won ($6.1 billion) water management projects in Thailand may slip through its fingers following a recent mandate by the National Council for Peace and Order, Thailand’s highest military organization, to halt the plans. The South Korean consortium led by K-water is responsible for two of the 10 projects, the A-3 and A-5, worth about 380 billion won and 5.9 trillion won, respectively. The 10 pr

South Korea‘s leading builders said Monday they sealed a $12 billion package deal to upgrade and set up the latest oil refinery and petrochemical facilities in Kuwait.The Clean Fuel Project, ordered by the Kuwait National Petroleum Co., calls for revamping eco-friendly production systems at the existing Mina Al Ahmadhi (MAA) and Mina Abdullah (MAB) facilities so that sulfur content of petroleum products will fall under 5 percent. The project also includes expanding combined oil refining capabili

The Fair Trade Commission on Thursday imposed collective fines totaling 99 billion won ($90 million) on 11 major builders for their cartel during the bidding process for the Ara Waterway between 2008 and 2009.Further, the antitrust regulator said it would file a complaint with the prosecution against five incumbent and former executives of the six biggest players out of the 11 firms.The six firms were Hyundai Engineering & Construction, Samsung C&T Corp., Daewoo Engineering & Construction, SK En

About half of Asia’s listed companies are family-run businesses, according to an analysis performed by Credit Suisse last year. And these companies were found to have been quite lucrative, as the family-owned corporations from 10 major Asian countries accounted for 32 percent of the total market value of the region.Korea was included on the list, and out of the current market leaders, all but POSCO were founded in the early stages of industrialization and thrived in the hands of their heirs.The