Fears of a massive restructuring are again lingering in the local construction industry as leading contractors are known to have logged steep losses in the first quarter amid a protracted industry downturn, data showed Sunday.    The combined operating profit of eight listed construction companies here is estimated at 197.7 billion won (US$174.9 million) for the January-March quarter, down 75.2 percent from a year ago, according to the data compiled by local corporate information tracker FnGuid

HANOI (Yonhap News) ― Asian countries have emerged as the largest market for South Korean builders in recent months, data showed Tuesday, a sign that their efforts to diversify their businesses are paying off.South Korean builders bagged a combined $6.36 billion worth of new orders in Asia in the first three months of this year, compared with $1.58 billion a year earlier.The latest orders accounted for 68 percent of a combined $9.36 billion worth of overseas orders in the first quarter, accordin

Many still remember the black-and-white Gold Star televisions manufactured in the 1960s.It was a symbol of wealth, since a large portion of middle- and lower-class families did not have the funds to buy such a costly television at the time. Instead they stuck to their old-fashioned radios ― which were also first introduced in the country by Gold Star, now LG, in 1959.LG Group was founded as Lucky Chemical Industrial Corp., now LG Chem, in Busan, South Gyeongsang Province, in 1947.Earning profits

South Korean stocks retreated 0.6 percent on Monday as investors sat on the sidelines while keeping a wary eye on stalled spending cut talks in the United States. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 11.98 points to close at 1,983.06. Trading volume was moderate at 360.4 million shares worth 4.19 trillion won ($3.90 billion) with decliners outpacing gainers 497 to 309. “Investors felt more pressure as the deadline for an agreement

The Fair Trade Commission has levied fines on enterprises totaling 913.8 billion won ($846.1 million) so far this year, an all-time high on a yearly basis.The collective figure for this year far surpasses the antitrust regulator’s fines of 347.3 billion won on rule-violators in 2011 and 507.4 billion won in 2010.During the first and second year of the Lee Myung-bak administration, the figure was 131.1 billion won and 110.8 billion won, respectively, under the president’s business-friendly polici

Pakistani President Asif Ali Zardari has been active in meeting with Korean heads of banking, energy and construction businesses to secure more investment to Pakistan during his stay here.The Pakistani president had meetings on Wednesday with leaders of GS Engineering & Construction Corp., Doosan Group, Daelim Industrial Co., KCC Corp. and Sambu Construction Industrial Co. to encourage them to participate in major projects in Pakistan, industry sources said. In a meeting with Doosan Group chairm

The Korea International Cooperation Agency forged an agreement with eight local businesses on Wednesday to assist their social contribution projects in developing countries. The eight are POSCO, Hyundai Motor, Asiana Airlines, Korea Midland Power, Munhwa Broadcasting Corp., Samick Musical Instrument, Sunjin Engineering & Architecture and Kyung An Cable. Under the deal, the state-run aid agency and the companies will finance youth education, anti-poverty and other social programs for one year in

GS Engineering & Construction Corp., South Korea’s fourth-largest builder, said Thursday that it has won a $14 million order to build a power line and a substation in Tanzania.Under the deal with Tanzania Electric Supply Company, GS E&C will build a 70 kilometer-long power line that links Kilimanjaro to Arusha, the two regions in northern Tanzania.The South Korean company will also set up a 132 kV substation in Kyungi as part of the contract designed to provide a stable supply of power to the el

Government-led consortium will join race to participate in Thailand’s water management projectA government-led consortium plans to jump into an international bidding war to participate in a large-scale water management project in Thailand, which Seoul officials say could become the first case of exporting Korea’s own four-river restoration project. The Ministry of Land, Transportation and Maritime Affairs said Wednesday the consortium, named “Dream Team,” will join the first-round bidding to par

The antitrust regulator is set to take disciplinary action against a group of major builders for cartel activities during their participation in the Lee Myung-bak administration-led project to refurbish the country’s four major rivers.The Fair Trade Commission is considering fines for about 20 construction companies and filing a complaint with the prosecution against some executives of several large firms.It is alleged that some of the 20 companies took the initiative in bidding-price rigging or

GS Engineering and Construction Corp. has became the sole company to sign a $500 million contact with Singapore Ministry of Health to build three additional hospital wards in the outskirts of Jurong, Singapore. The order is the company’s second and largest project in Singapore, following its construction project for Fusionopolis, a research and development complex, in 2011. The country’s leading construction company said that the expected construction period is 32 months. Slated to open in early

Five more companies rated at bottom on shared-growth indexSeven big enterprises paid relatively little attention to “shared growth” with subcontractors, according an index released on Thursday by the presidential panel on shared growth.They were Dongbu Corp., Hanjin Heavy Industries & Construction, Hyundai Mipo Dockyard, Homeplus, Hyosung, LG Uplus Corp. and STX Offshore & Shipbuilding, according to the Commission of Shared Growth for Large and Small Companies.In the commission’s first unveiling

KNOC pushing to build another  oil storage  facility in UlsanThe Korea National Oil Corporation’s ambitious scheme to develop Yeosu, South Jeolla Province into an oil hub of Northeast Asia comparable to Europe’s ARA (Amsterdam, Rotterdam and Antwerp) and Singapore’s Jurong Island has finally begun to proceed smoothly.An oil tank terminal with a capacity to store 8.2 million barrels of crude oil and petroleum products is under construction in Yeosu. Oil Hub Korea Yeosu, a subsidiary of the KNOC,

GS Group chairman Huh Chang-soo on Friday stressed smart grids as key to the future growth and climate efforts of Korea’s fifth-largest industrial group.Huh called on company officials to develop new technologies and boost commercialization capabilities for the conglomerate’s signature energy business during his tour to smart grid test-bed facilities on Jeju Island.The nascent technology enables transferring electricity loads to off-peak hours via a two-way, real-time communication between power

The Nuclear Security Summit which opens Monday is providing prime business opportunities to Korean conglomerates as foreign leaders are scheduled to attend various investment forums and visit companies this week. About 100 Korean business chiefs are meeting with Chilean President Sebastian Pinera in downtown Seoul on Monday for a luncheon event to seek the expansion of economic ties between the two nations.The event, organized by the Korea Chamber of Commerce and Industry, will be attended by KC