Samsung Electronics ushered in the New Year with the absence of Vice Chairman Lee Jae-yong. As Vice Chairman Kwon Oh-hyun, who had led Samsung, and President Yoon Boo-keun and Shin Jong-kyun stepped down from management, the younger management, such as President Kim Ki-nam, Kim Hyun-suk and Koh Dong
As the “Bill on the Establishment of the Korea Maritime Corporation (KMC),” which was proposed by Rep. Lee Gae-ho of the ruling Minjoo Party of Korea, passed the Legislation and Judiciary Committee on December 20, South Korean flag carrying ocean-going shipping company Hyundai Merchant Marine (HMM)
SM Line is planning to open routes to the east and west coasts of the US in the first half of next year."We are proposing various cooperation measures including joint operations with Hyundai Merchant Marine (HMM), a Korean flag carrying ocean-going shipping company, for this purpose," SM Line said i
The “Samsung Heavy Industries shock” made nearly 4 trillion won (US$3.65 billion) of major shipbuilding stock market caps disappear in the last three days. Some express concerns over poor performance while others take precautions against excessive concerns. However, it is not enough to prevent the b
Total investment by South Korea's top 30 business groups surged more than 40 percent on-year to about 58 trillion won (US$52.87 billion) this year. Samsung Group, which has Samsung Electronics as an affiliate, accounted for over one third of the total investment, driven by the global super boom in s
Hyundai Merchant Marine (HMM) aims to become a top 10 global shipping company by ordering 20 super large containerships. HMM is expected to have a capacity of 800,000 TEUs and rank sixth in the world when the company secures a super large containership fleet. According to the investment bank (IB) in
This year, Busan Port is expected to chalk up 20 million containers for the first time in its history but its transshipment cargo trend is unusual. According to logistics network data by the Busan Port Authority on November 7, until September of this year, Busan Port handled a total of 15,537,000 co
The 29th annual U.S.-Korea Business Council Meeting took place in Washington D.C. on October 10 (local time). The atmosphere of the meeting was quite different from those of the previous ones with Qualcomm Chairman Paul Jacobs, who is the representative of the U.S. side, absent along with U.S. gover
A controversy was stirred up over the quality of LG Electronics’s V30 launched on September 21. This happened less than a week after its release. Some consumers have argued that screen brightness and color are uneven.On September 25, there were a lot of complaints of consumers about the so-called 'H
Hanjin Group chairman Cha Yang-ho, suspected of having spent his money on his home’s interior decorations, visited the police headquarters on September 19.“I will cooperate with investigators,” chairman Cho said when he was asked “"Did you know that some corporate funds were misused as construction
There is growing concern that the restructuring of the shipbuilding and shipping industry has been transformed into deals among companies controlled by state-run banks as Hyundai Merchant Marine recently decided to buy very large crude oil carriers (VLCCs) and an 11,000 TEUs (one TEU: one six-meter
The South Korean government is about to intervene in the restructuring of Kumho Tire and GM Korea. To this end, the Financial Services Commission (FSC) recently transferred the management of companies invested by Korea Development Bank (KDB) from the Industrial Finance Division of the Financial Poli
Korea Maritime Promotion Corporation, a dedicated support organization for the shipping industry, will be established in Busan in June of next year with capital of 5 trillion won (US$4.5 billion).The Ministry of Oceans and Fisheries announced a plan to establish Korea Maritime Promotion Corporation
The Incheon Port Authority (IPA) announced on August 3 that the total volume of container cargo transported via Incheon Port in the first half of this year will reach 1.61 million TEUs.According to a report titled “2017 First Half Cargo Volume Analysis & Second Half Forecasts” released by the IPA, c
Hyundai Merchant Marine (HMM) said on August 3 that its expected load rate between Asia and the Americas since the end of July was staying over 100%. Despite a long-awaited boom in its shipping business, a lack of vessels is compelling HMM to rack its brain to adjust routes and consider chartering v
According to industry sources including Hyundai Merchant Marine (HMM) on July 25, HMM recently submitted consulting firm AT Kearney’s report about HMM to the Korea Development Bank (KDB). The report says that HMM should receive a total of 9.9 trillion won (US$8.9 billion) in funds to grow into the 8
The Korea Chamber of Commerce & Industry and the U.S. Chamber of Commerce held a business summit in Washington D.C. on June 28 (local time). There, South Korean entrepreneurs decided to invest US$12.8 billion in the United States for five years to come. In addition, they decided to purchase U.S. ene
About 50 business people including chairmen of big Korean business groups will accompany President Moon Jae-in’s official visit to the United States as an economic delegation at the end of this month, according to the Korea Chamber of Commerce and Industry (KCCI) on June 23.The list includes Park Yo
South Korea’s service trade deficit with the United States increased to its record level in 2016.According to "the international balance of payments by region (provisional) in 2016" released by the Bank of Korea (BOK) on June 20, Korea’s service account deficit with the US reached US$14.28 billion l
It has been found that the Federation of Korea Industries (FKI) is indirectly participating in the organization of the economic mission of President Moon Jae-in to visit the United States. This was unexpected in that the FKI was expected to be ruled out of the Moon Jae-in government’s external econo