STX Heavy Industries announced on January 6 that the company and KOGAS AKKAS B.V., a subsidiary of Korea’s state-run Korea Gas Corp., signed a contract worth a US$449 million (500 billion won) in Dubai on January 3 (local time) for a gas pipeline project in Iraq.The project is aimed at building and

Samsung is reportedly planning to unveil its secret weapon, the V1 Bomb, a high-definition TV called Quantum-dot LED TV (QLED TV) at the 2014 International CES, the world’s biggest electronics show in Las Vegas in January.According to an industry source on January 3, Samsung Electronics is consideri

According to sources in the semiconductor industry on January 1, Samsung is expected to release the Galaxy 5 in the first half of this year. It will be equipped with a 64-bit application processor (AP), tentatively named the “Exynos S,” based on ARM technology. It is going to be the first 64-bit And

Samsung’s latest move is receiving a lot of attention in the industry.According to industry sources on January 1, Samsung Display is selling its stake in Intellectual Keystone Technology (IKT) to subsidiaries and businesses overseas, including Cheil Industries and Samsung SDI. IKT was established in

Many of the New Year’s addresses of major business groups for this year revolved around the awareness of crises and determination to beat them, reflecting the harsh business conditions of last year. They focused on their goals to further globalize themselves as well, while declaring the pursuit of b

Hyundai Motor Group Chairman Chung Mong-koo declared the preparation for future growth as his group’s business goal for this year.“In spite of the harsh business environment, we could accomplish a satisfactory result last year, but the competition is sure to be more intense this year as the low grow

Samsung Group Chairman Lee Kun-hee asked his executive members to change the group once again, including business strategies, hardware processes, and corporate culture. The Chairman asked something similar 21 years ago. His remarks this time are to better cope with the rapid change in the business e

The expansion of the production of paraxylene by the SK and GS Groups is expected to be accelerated thanks to the revised Foreign Investment Promotion Act that passed the National Assembly on January 1. The global demand for the chemical substance is forecast to increase approximately 7% each year i

Korea’s set-top box industry is receiving a lot of attention, since the digital television switchover has been accelerating. However, its expected effects have been muted, as major producers such as Samsung and LG Electronics have moved their production lines overseas. According to industry sources

Hyundai Engineering and Construction (Hyundai E&C) announced on December 2 that it has developed an “atypical engineering automation” technology called Building Information Modeling (BMI), enabling quick, automatic design of atypical architecture.Atypical structure is an architectural term that refe

Samsung C&T reported on December 2 that it received an order to build the Ravik Power Generation Plant by Saudi Arabia’s Power Authority (SEC), a project estimated to be worth 1.3 trillion won (US$1.2 billion).The Ravik project is to build a private power generation plant that will be constructed at

Hyundai Engineering & Construction (Hyundai E&C) unveiled on December 3 that its consortium with a Japanese firm has won a US$128 million order to build a bridge in Uganda. It is the first time that Hyundai E&C has made inroads into the African country.Hyundai E&C said that it plans to build the 525

The Korea Southern Power Company (KOSPO) announced on December 1 that a KOSPO and Samsung C&T consortium obtained and signed a contract to develop a BHP Billiton natural gas plant worth US$580 million in Chile.The Kelar complex will be a 517 megawatt gas-fired combined cycle power plant in Chile’s m

According to industry sources on December 26, Ericsson-LG has recently started to implement a major restructuring with early retirement incentive programs and a reduction in sales personnel. The phenomenon is largely attributable to its failure to obtain an order from LGU+ to provide equipment for t

Hebei Iron & Steel Group Chairman Yu Yong extolled POSCO as a leading example of energy conservation and eco-friendly steel production, and a future role model for Chinese steelmakers. The Hebei Iron & Steel Group is the largest steelmaker in China, and the second-largest in the world, following Arc

On December 27, Daewoo Shipbuilding & Marine Engineering signed a new contract with MOL, a Japanese shipper, to build a liquefied natural gas floating storage and re-gasification unit (LNG-FSRU). The total capacity of the unit is 263,000m3. Although the contract amount has not been disclosed, the ve

Hyundai Motor Company is mulling over entering the high-end car market of India, as the competition in its compact car market is getting intensified and the average level of income is driving up the demand for luxury cars.It is expected that Hyundai will release the flagship sedan Equus, the New Gen

It has been found that Korea’s steel exports decreased this year, for the first time in four years, along with the domestic demand. The Korea Iron & Steel Association announced on December 25 that this year’s steel exports are estimated to have decreased 4.3% year on year to 29.2 million tons. The e

The Korea Fair Trade Commission (FTC), the country’s anti-trust regulator, announced on December 23 that it imposed fines worth 114.6 billion won (US$108.0 million) on local units of Japan’s Denso Corp., Germany’s Continental AG and Bosch, and will bring charges against five companies including Dens

This year’s marked increase of import automobiles has been fueled by the strong won and price cuts resulting from the FTA, and sales are rising rapidly at 20 percent.   According to the Korea Automobile Importers and Distributors Association’s sales figures released at the end of November, BMM 520D,