Articles by 최희석
최희석
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POSCO cautious on merger with Hyundai Steel
[THE INVESTOR] The merger of POSCO and Hyundai Steel could be possible should the global steel industry continue its sluggish growth, a POSCO official said on Oct. 26.Speaking at the investor relations event, a POSCO official said that the trend in the global industry is to bulk up, and that Chinese and Japanese firms are already making moves. However, the official said that there has been no official discussions on the issue, and that whether a merger would improve the company’s competitiveness
Oct. 26, 2016
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Hyundai Motor to boost domestic output in Q4
[THE INVESTOR] Hyundai Motor said on Oct. 26 that output at its South Korean plants will be increased to compensate for production lost due to recent strikes.The company’s labor union staged 24 strikes in this year’s wages negotiations, costing the company more than 140,000 units in lost production.At an investor relations event the company said that overtime will be introduced at its local facilities to boost output. Hyundai Motor officials also said that it will push up domestic sales with the
Oct. 26, 2016
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[URGENT] POSCO Q3 operating jumps 58.7% on year
Oct. 26, 2016
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Hyundai Motor projects difficulties in meeting sales target
[THE INVESTOR] Hyundai Motor said on Oct. 26 that meeting the 2016 sales target will be difficult. At the investor relations event, Hyundai officials said that the target is unlikely to be met citing slowing sales in advanced and emerging markets, and the recently concluded labor dispute here.The company estimates that this year’s labor dispute cost more than 140,000 units in lost production and trillions of won in lost sales. Hyundai Motor Group’s automobile sales target for this year, includin
Oct. 26, 2016
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[URGENT] Hyundai Motor’s Q3 operating profit drops 29% on year
Oct. 26, 2016
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FTC to conclude VW review on Nov. 30
[THE INVESTOR] The Fair Trade Commission’s review of the Volkswagen emmissions-rigging case will be concluded by end-November, according to industry and government sources. They noted that the FTC is expected to review the report on the case on Nov. 30, and decide the amount of fines, and whether to refer current and former Volkswagen Korea officials to the investigative authorities. At present, filing criminal complaints against former chief of Volkswagen’s Korean operations Park Dong-hoon, Joh
Oct. 26, 2016
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Hyundai Motor stresses defect free engine in new sedan
[THE INVESTOR] Hyundai Motor on Oct. 25 stressed that there will be no problems with the Theta II engine fitted in the latest version of the Grandeur sedan. The Theta II engine produced in the US were found to have developed faults, leading to a large-scale recall of Sonata sedans in the US. The company, however, has maintained that the same engine model produced at its South Korean facilities would not develop same faults. A teaser rendering of Hyundai's new Grandeur sedan. Hyundai MotorThe car
Oct. 25, 2016
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Samsung Life raises stake in securities affiliate
[THE INVESTOR] Samsung Life Insurance disclosed on Oct. 24 that it has purchased more than 6.13 million shares of Samsung Securities.The purchase was made outside of trading hours for 38,200 won (US$33.58) per share. Samsung Securities closed at 35,800 won Oct. 24. With the latest purchase, Samsung Life’s stake in its affiliate rose to 19.16 percent from 11.14 percent. Samsung Life has explained the move as part of plans for creating more synergy with its affiliates, market watchers say that it
Oct. 25, 2016
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KG Group, NHN Entertainment drop bid for McDonald’s
[THE INVESTOR] KG Group and NHN Entertainment have dropped out of the race for acquiring McDonald’s South Korean operations. On Oct. 25, KG Group said in a regulatory filing that it is dropping its bid due to differences with McDonald’s.NHN Entertainment, which partnered with KG Group in the bid, also confirmed the development, saying that related procedures cannot be taken further. Industry sources say a consortium formed by Maeil Dairies and Carlyle Group is most likely to be named preferred b
Oct. 25, 2016
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Top 10 biz groups’ asset growth outpaces employment
[THE INVESTOR] South Korea’s top 10 conglomerates’ contribution to employment has shrunken although their assets reached a record high, data showed on Oct. 23.According to Chaebul.com that specializes in information regarding family-led conglomerates, the 10 largest conglomerates’ employees accounted for 3.59 percent of the country’s working population at the end of last year. In comparison, the figure stood at 3.63 percent at the end of 2014.In contrast, the value of their assets rose to over 1
Oct. 24, 2016
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Daewoo E&C likely to be put on market early next year
[THE INVESTOR] The controlling stake in Daewoo Engineering and Construction could be put on the market early next year, according to local news reports citing unnamed finance industry sources on Oct. 24The Korea Development Bank reportedly plans to put the issue to the board of directors this week, and sound out potential buyers by the end of the year. The state-run bank owns 50.75 percent of the construction firm through its private equity fund KDB Value Private Equity Fund VI, and the price is
Oct. 24, 2016
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Hyundai recalls Sonata in US, Korea over sunroof issue
[THE INVESTOR] Hyundai Motor will recall midsized Sonata sedans fitted with panorama sunroofs in South Korea and the US. According to reports, Hyundai has begun the recall of 2015 and 2016 Sonata fitted with the panorama sunroof in the US, and about 63,000 units will be affected by the recall. The panorama sunroof in some vehicles have come loose, resulting in the recall. However, there have been no reports of accidents or injuries due to the issue, the company said. Hyundai Motor has also repor
Oct. 21, 2016
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STX Offshore seeks bankruptcy protection in US
[THE INVESTOR] STX Offshore and Shipbuilding has filed for bankruptcy protection in the US, the Wall Street Journal reported on Oct. 20. According to the report, STX Offshore filed for bankruptcy protection saying that it would sustain unrecoverable damage should creditors seize its assets. The report also said that the bankruptcy court granted a temporary restraining order to prevent STX Offshore’s creditors from seizing assets. By Choi He-suk (cheesuk@heraldcorp.com)
Oct. 21, 2016
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Kia to roll out first sports coupe
[THE INVESTOR] Kia Motors’ first sports car is to be named K8, and will hit the roads during the first half of next year.According to reports, Kia Motors has registered a number of names including K8, K8 GT and K8 GT-Line with the Korean Intellectual Property Office, but plans to name the vehicle K8. Kia GT concept carThe vehicle is currently in development under the project name CK. The vehicle is Kia Motor’s first sports coupe based on the GT concept car unveiled at the Frankfurt Motor Show in
Oct. 21, 2016
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KEPCO bags contract to operate UAE nuclear reactors
[THE INVESTOR] Korea Electric Power Corperation has won a contract to operate a nuclear power plant in Barakah, United Arab Emirates.South Korea’s state-run power provider said that the contract was signed with the Emirates Nuclear Energy Corporation. Under the contract, KEPCO will operate the four APR1400 nuclear reactors in cooperation with ENEC for 60 years. It is estimated to generate revenues of US$49.4 billion for the South Korea firm. KEPCO headquartersThe reactors are being built by KEP
Oct. 20, 2016