Korean shipbuilders are pulling out all the stops to land more orders as the year nears its end.Hyundai Heavy Industries Group announced on Dec. 22 that it has signed a US$376 million contract for two 174,000-cubic-meter LNG carriers with an overseas shipping company.The vessels ordered this time ar

POSCO International announced on Dec. 19 that it has completed a photovoltaic power generation system on Manaung Island near the Myanmar Gas Field.Manaung Island is home to more than 60,000 residents, but its power infrastructure is poor with only three small generators. This time, POSCO Internation

Lotte Group’s retail business suffered the worst-ever slump this year as it lost the control of the domestic distribution market to e-commerce players. Announcing an annual executive reshuffle on Dec. 19, the group also disclosed a sweeping reorganization plan for its distribution business unit (BU)

SsangYong Motor’s labor and management agreed to reduce labor cost on Dec. 19. The ailing automaker’s labor and management have been implementing voluntary cost-cutting measures since September in their bid to draw support from Korea Development Bank, its main creditor bank, and India’s Mahindra Gro

SK Holdings Co., the holding company of SK Group, and global pharmaceutical company AstraZeneca will beef up cooperation including the expansion of drug material production.SK Holdings president Jang Dong-hyun and AstraZeneca chairman Leif Johansson exchanged commemorative plaques to celebrate their

Hyundai Motor Co., the flag bearer of the Korean automotive industry, has come close to 100 percent utilization of its Korean plants in four years. The company’s assembly plants have been running powerfully throughout the year thanks successful launches of new models and no labor dispute.However, ap

Hyundai Motor Co. and Kia Motors Corp. has introduced a state-of-the-art virtual reality (VR) system to the development of new cars. The new system is intended to verify new automobile designs and maximize their completeness, thus helping the two companies shorten the development period and minimize

Skandinaviska Enskilda Banken (SEB) chairman Marcus Wallenberg attended the Sweden-Korea Business summit in Seoul on Dec. 18. The summit was co-hosted by the Korea International Trade Association and Business Sweden, which is a Swedish trade representative.The chairman delivered a keynote address on

The European Commission (EC) has launched an in-depth review of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering (DSME).The European Commission's Fair Competition Subcommittee said on Dec. 17 (local time) that it will carefully assess whether the proposed transac

Korea Gas Corp. (KOGAS) announced on Dec. 18 that it received 93.3 billion won in dividends from KOGAS Iraq B.V, a KOGAS subsidiary established to carry out Iraq's Zubair Crude Oil Project, on Dec. 17.The Zubair project achieved daily oil production of 500,000 barrels, the goal for the first pha

South Korea’s instant noodle makers are forecast to strengthen their overseas marketing. In the domestic market, they have reached the limits to growth and are facing a drop in population. However, there is a growing demand for Korean food in foreign markets.The country’s top ramen maker Nongshim ex

The Kia Motors labor union is set to stage a strike after a tentative agreement with management on collective bargaining and wage was voted down on Dec. 13.The labor union said on Dec. 17 that it will hold a partial strike from Dec. 18. On Dec. 18, the day shift and night shift groups will walk away

South Korean companies are aiming to increase their share in the collaborative robot market, which has been led by European companies.Collaborative robots are characterized by working together with workers without safety fences unlike large industrial robots. In addition, collaborative robots can be

Oil-producing countries such as Qatar and Saudi Arabia are expected to order about 100 LNG ships next year. South Korean shipbuilders, which have had a hard time this year, are preparing to turn the tables with the new orders next year.Daewoo Shipbuilding & Marine Engineering announced on Dec. 17 th

Hyundai Heavy Industries Group is seeking to strengthen its cooperation with Saudi Arabia’s Aramco, the company with the world’s largest market capitalization. It plans to solidify its position as a major business partner for Saudi Arabia’s Vision 2030 Project.Hyundai Heavy Industries Holdings annou

LS Cable and System is promoting an initial public offering for LS EV Korea, an electric vehicle (EV) parts subsidiary. The company announced on Dec. 17 that it will apply for a preliminary screening for listing of LS EV Korea on the KOSDAQ market.LS Cable and System established LS EV Korea in Novem

Hyundai Heavy Industries (HHI) Group is strengthening cooperation with KT Corp. to speed up the transformation of its dockyard into a 5G-based smart shipyard. The group is seeking to make a leap forward by integrating 5G mobile communications into shipbuilding.The two sides agreed in May this year t

Hyosung Heavy Industries announced on Dec. 16 that it will take over the high voltage transformer plant of Mitsubishi Electric Power Products, Inc. (MEPPI) in Tennessee, the United States, for US$46 million.The Tennessee plant will begin to produce core-type ultra-high voltage transformers, which ar

Korea Water Resources Corp. (K-Water) announced on Dec. 16 that it has started to execute the Tina River Hydropower Project in the Solomon Islands after wrapping up the financial close process with the local government and financial institutions in Honiara, the capital of the country in the South Pa

Hyundai Motor has decided to produce cars in Indonesia with auto parts supplied by local partners. It is the first time since the Korean automaker began to produce cars overseas in 2000 that it does not use auto parts from Hyundai Mobis, the parts manufacturing arm of Hyundai Motor Group.Hyundai Mot