Hyundai Heavy Industries’ stock price started off weak Thursday, a day after it announced its marine plant project worth 2.1 trillion won ($1.78 billion) was canceled, having been pending for more than three years.The stock price opened at 150,500 won on the Seoul bourse on Thursday, down 1.95 percent from the previous session, and continued to drop in the afternoon. The shipbuilder said Chevron North Sea had notified that it would withdraw the order to build a floating production storage offloa

Industry Dec. 15, 2016

The US interest rate hike will likely pose more burden on Korea’s export-based economy as it will affect the emerging markets which Korea heavily depends on, a report said Thursday.According to a report by the Korea International Trade Association, the strengthening dollar may lower material costs and cause capital outflow, triggering an impact on emerging markets such as China, Central and South America, which could affect the Korean economy. From January to October this year, emerging countrie

Dec. 15, 2016

Korea’s oil refiner S-Oil gave awards to dozens of citizens and bereaved families for risking or sacrificing their lives to save others, the company said Thursday.S-Oil presented a total of 140 million won ($118,600) to 34 citizen heroes at its annual Hero Neighbors Award event held at its headquarters in Seoul.  S-Oil CEO Othman al-Ghamdi poses for a photo with award recipients at the S-Oil headquarters, Seoul, Thursday. (S-Oil)The recipients included 29-year-old job seeker Ahn Chi-beom, who pa

Industry Dec. 15, 2016

Hanjin Shipping, once the world’s seventh-largest shipping company, is on the verge of collapse and fading into history, despite its strenuous efforts to revive itself while under court receivership. According to the Seoul Central District Court in charge of the court receivership, accounting firm Samil PricewaterhouseCoopers has concluded that liquidation of the cash-strapped shipper is “more economical” rather than continuing with rehabilitation. The accounting firm estimated the liquidation v

Industry Dec. 14, 2016

Creditors will inject capital of nearly 3 trillion won ($2.6 billion) into Daewoo Shipbuilding and Marine Engineering by this month to rescue the cash-strapped company from delisting risk, industry insiders said Tuesday. Last month, the creditors, including the Korea Development Bank, decided to provide financial aid in the form of a debt-for-equity swap to the company. On Monday, the embattled shipbuilder’s board decided to sell stocks to the KDB to have its 1.8 trillion won debt swapped with s

Industry Dec. 13, 2016

Hyundai Merchant Marine has vowed to take 5 percent of global market share by 2021 through various measures including its latest deal to join 2M, the company said Monday. The Korean shipping company said it would concentrate on boosting cost competitiveness by focusing on the Asia-US route and raising wet bulk carriers rather than dry bulk carriers.The company currently controls 2.2 percent of global container capacity.  HMM CEO Yoo Chang-keun heads to his seat after delivering remarks at a pres

Industry Dec. 12, 2016

A sudden blackout hit the COEX mall in Gangnam, Seoul, causing an evacuation of visitors and office workers on Friday afternoon. No cases of damage have been reported, according to the Korea International Trade Association, the operator of Coex mall. A shop in the COEX mall temporarily shut down due to power outage on Friday afternoon. (Yonhap)The power was knocked out at 1:50 p.m. at the COEX mall and Korea City Air Terminal and retuned at 2:10 p.m. In a 20-minute-blackout, visitors rushed to e

Industry Dec. 2, 2016

Dongbu Daewoo Electronics on Friday was mired in an alleged gender and racial discrimination controversy at its UK branch after a female manger claimed that she was demoted for failing to bow to her boss. Dongbu Daewoo Electronics headquarters in KoreaMisook McDonald, a 43-year-old in Reading, Berkshire, sued the electronics sales company for discriminating her based on age, race and gender, the UK news outlets reported Thursday. The company’s head office in Seoul said Friday that it was aware o

Industry Dec. 2, 2016

Hyundai Merchant Marine on Thursday denied reports that it had failed to join the 2M Alliance.“The concrete negotiation for the 2M partnership is still in progress and will be finalized after the meeting slated next week in Europe,” said HMM officials. The Wall Street Journal reported Wednesday that the 2M Alliance decided not to allow HMM to join it, amid backlash from customers. It said the alliance was looking for other “looser forms of cooperation” with the Korean shipping company. In July,

Industry Dec. 1, 2016

Korea’s top oil refiner SK Innovation will scrap its plan to enter into a joint venture with China’s state-run Sinopec Group, citing the slump in the global market, officials said Thursday.In 2013, the company said it would establish a venture with SSVW, a subsidiary of Sinopec Group, to build a butanediol plant in Chongqing, Sichuan province in China. The two parties had agreed to open a plant with an annual capacity of 200,000 tons through a 680 billion won ($580 million) joint venture. The pl

Industry Dec. 1, 2016

Amid tightening energy efficiency regulations for buildings around the globe, it is essential for institutional investors to consider the level of sustainability of their real estate portfolios, said the Asia-Pacific head of a global real estate assessment agency.“More and more countries are strengthening the sustainability rules for real estate. And it is impossible to ignore the sustainability aspect of the buildings when thinking of the future value of the buildings,” Ruben Langbroek, head of

Industry Nov. 30, 2016

The Korea Forest Service is striving to boost exports of forest products through various support programs amid the sluggish global economy As of August this year, exports of forest products reached $260 million, showing little on-year improvement. Exports of wood and stone products rose by 4.5 percent and 32.4 percent, respectively, while short-term forest products such as mushrooms and potted plants dropped by nearly 20 percent. The drought during summer had led to a drop of production and a ri

Industry Nov. 29, 2016

Korea’s oil refiner S-Oil has provided research grants totaling 275 million won ($235,000) for promising scientists as part of its annual programs to support basic science, the company said Tuesday.  S-Oil CEO Othman Al-Ghamdi (left) awards prizes to the recipients at the 6th Dissertation of the Year Awards held in Seoul, Tuesday. (S-Oil)S-Oil Science Prodigy and Culture Foundation, a non-profit organization established by the refiner, offered the scholarships to 10 young scientists in its 6th D

Industry Nov. 29, 2016

Korean oil refiner S-Oil said Monday it would hand out heating oil worth 200 million won ($171 million) as part of its regular community service efforts to support people in need.  (S-Oil)Under the “Hope to You” campaign, S-Oil CEO Othman Al-Ghamdi donated 200 million won to the Korea National Council on Social Welfare. The fund will be used to provide fuel vouchers for low-income families and senior citizens living alone, with each household getting vouchers worth 1 million won. “I was quite he

Industry Nov. 28, 2016