General Motors (GM) said that the automaker will make the final decision about its business in South Korea following the closure of Gunsan Plant at the end of February. The end of February is near at hand.It is expected that the ongoing collective bargaining between the labor and management of GM Ko
A high-ranking South Korean government official said on February 19 that the ongoing issues regarding GM Korea cannot be resolved overnight and the government cannot provide any support for GM Korea without detailed information and data on the current state of its business.The Korea Development Bank
On February 19, Daewoo Engineering & Construction (E&C) announced that the company signed a contract on the EPC-1 package of the Duqm Oil Refinery project amounting to a total of US$2.78 billion on February 15 through a joint venture with global EPC company Técnicas Reunidas of Spain.Daewoo E&C will
As the headquarters of GM will shut down GM Korea's Gunsan Plant in Korea, the Korean government has decided to conduct a due diligence inspection of GM Korea. But some experts are skeptical about whether or not the due diligence inspection will produce appropriate and credible results. The due dili
GM Korea, which requested financial support from the Korean government, picked the "Gunsan Factory Closure" card on February 13. This move came only a day after the Ministry of Trade, Industry and Energy which GM Korea is using as a window for negotiating financial support asked for mid- to long-ter
A tug of war between the General Motors headquarters and the South Korean government over GM Korea’s survival has been resumed in nine years. GM is claiming that it has no choice but to withdraw from the South Korean market without the government’s support or unionized GM Korea worker’s concession.
According to industry sources on February 8, GM recently told the South Korean government and Korea Development Bank (KDB) that it would increase its capital. Specifically, GM’s target is at least 4 trillion won (US$3.6 billion) and GM is hoping that the GM headquarters and KDB will make an investme
The New York State Department of Financial Services (DFS) asked six South Korean banks and their New York branches to report on the current conditions of digital currency transactions in South Korea and their measures to prevent money laundering. It is very rare for the U.S. to make a request for bu
Hoban Construction Co. was chosen as a preferred bidder for the stake in Daewoo Engineering & Construction Co. on January 23 on the condition of providing interest and security to the Korea Development Bank (KDB) when separately acquiring the stake. Under the terms, the company will acquire 40 out o
AFC Korea, a unit of Chinese private equity fund (PEF) AFC, will complete a due diligence to acquire STX Corp by the end of this week. Since the company and creditors seem to be in agreement, the deal is most likely to be closed in February. When AFC Korea takes over STX Corp., it will be the first
As the sale of Daewoo Engineering & Construction Co. has been struggling due to a fall in share prices, the Korea Development Bank (KDB) will hold an urgent meeting to set the lower limit on the sale value of Daewoo E&C on January 12. The bank is taking a strong measure of drawing the Maginot line o
The sale of Daewoo E&C whose stock price has plunged every day is being delayed as its labor union went on a strike.A recent drop in the company’s stock price further has been fouling up the sale of Daewoo E&C expected to be sold off to a new owner soon. On December 27, its stock price closed at 5,8
The Korea Development Bank (KDB) notified AFC Korea Co., a subsidiary of Chinese private equity fund (PEF) AFC, that it was selected as the preferred bidder for STX Corporation, according to investment banking industry sources on December 27. AFC is a PEF which has offices in Beijing, Hong Kong and
The number of overseas contracts won by South Korean construction firms, which was on the decrease, has shown a rebound for the first time in three years. The industry believes that the worst situation is done. However, it will be unable to see a dramatic increase as Middle Eastern countries, which
Chinese investment firm Elion Holdings, which is headquartered in Hong Kong, has participated in the competition to acquire Daewoo Engineering & Construction on December 20. Elion Holdings is highly likely to join hands with strong candidate China State Construction Engineering Corp (CSCEC), the lar
The Korea Development Bank (KDB) will stop all the businesses related to cryptocurrency transactions, including bitcoin, from January next year.According to the KDB on December 12, the bank will not only stop opening new virtual accounts for digital currency exchanges but also close virtual accounts
The Korea Development Bank (KDB) will sign a US$200 million (219 billion won) currency swap agreement with the Industrial and Commercial Bank of China (ICBC), the world’s largest commercial bank in terms of capital.According to the KDB on December 10, chairman Lee Dong-geol plans to visit China this
Kumho Asiana Group Chairman Park Sam-koo officially declared that he has no intention to reacquire Kumho Tire. He seemed to hold an unscheduled press conference in order to settle a conflict with the Korea Development Bank (KDB) as soon as possible. As Kumho Tire's main creditor KDB has had a confli
According to investment banking industry sources on November 13, about 10 firms at home and abroad, such as local construction firm Hoban Construction and US-based Aecom, submitted their preliminary bids to buy a controlling stake in Daewoo Engineering & Construction from the state-run Korea Develop
It has been found that Daewoo Shipbuilding & Marine Engineering (DSME) is not going to be in a hurry to deliver its drillships to Sonangol in Angola, based on the recent funding and turnaround, although an oil price of US$65 per barrel is almost met as a precondition of the previous negotiations bet