COMPLETION OF WORLD’S FIRST FLOATING FACILITY — Daewoo Shipbuilding and Marine Engineering hold a naming ceremony last week after completing the building of the world’s first floating LNG facility at its Okpo shipyard, South Gyeongsang Province. The shipbuilder will deliver the offshore LNG plant “PFLNG SATU” to Petronas, Malaysia’s state-run petroleum company, next month. DSME　　

Business March 6, 2016

The Fair Trade Commission, the nation’s fair trade watchdog, is reviewing a recent stock deal made between Hyundai Motor Group and NH Investment and Securities to see if there was any irregularity involved in transferring the automakers’ stock ownership in Hyundai Steel, local news reports said. Forced by the revised Korean fair trade act to ban a Korean big business group from creating a new cross-shareholding structure among its affiliates, the two automakers -- Hyundai and Kia -- sold their s

Mobility Feb. 24, 2016

GM Korea said Thursday it has signed an agreement with six organizations of Incheon City, including the city government and the Incheon Chamber of Commerce and Industry, to jointly promote the economic growth of the nation’s third largest city. The Korean unit of the U.S. automaker that runs a production line in Incheon is one of the major businesses contributing to the local economy. The key role of GM Korea in the partnership is to strengthen its support of the city’s automotive industry by in

Mobility Feb. 18, 2016

Hankook Tire, the nation’s largest tire-maker, said Tuesday the company has started supplying ultrahigh-performance tires to the new Audi A4, A4 Avant and Audi S4 sport sedans. The Ventus S1 evo2, Hankook Tire’s flagship ultrahigh-performance tire, is being fitted on Audi’s best-selling small car family models, the company added in a press release.  The all-new A4, fitted with Ventus S1 evo2 premium tires (Hankook Tire)The Korean tire-maker has worked with Audi to supply its top product for the

Mobility Feb. 16, 2016

The won-dollar exchange rate has shown sharp fluctuations in recent months, raising concerns over the possible negative impact of such volatility on the country’s economy, which is struggling with deteriorating conditions both at home and abroad.Last week saw it rise by 18.8 won in the first three trading days to reach 1,219.3 won per dollar -- the highest level in five years and eight months -- before falling by 21.9 won over the following two days to close at 1,197.4 won on Friday. The foreign

Feb. 10, 2016

JUMPING INTO RACE FOR LUXURY SEDANS -- Ssangyong Motor joined the competition in the luxury sedan market by launching its upgraded flagship Chairman sedan with the new name of Chairman W “Kaiser” on Tuesday. The price tag of Ssangyong’s facelifted chauffeur-driven luxury sedan with four trims ranges from 56 million won ($46,550) to 112 million won. (Ssangyong Motor)

Mobility Feb. 2, 2016

  POSCO is in talks with Iranian steelmaker PKP to export its FINEX technology, a next-generation and eco-friendly steelmaking technology, according to a government source. “POSCO is one of the Korean firms, which are poised to sign an agreement with their Iranian counterparts for a business deal, during the upcoming minister-level Korea-Iran Business Committee meeting next month,” said a high-level official from the Ministry of Trade, Industry and Energy on Tuesday.A Korean business delegation

Industry Jan. 27, 2016

Ssangyong Engineering & Construction said Tuesday the builder-led joint venture has won a 305 billion won ($252 million) contract to build a subway line from Singapore’s Land Transport Authority. An aerial view of the Marine Terrace MRT to be build by Ssangyong E&C-led joint venture (Ssangyong E&C)Together with Hyundai E&C, Ssangyong E&C will construct the Marine Terrace MRT station by 2023, part of the east coast stretch of the upcoming Thomson-East Coast Line.“The contactor chose the Ssangyong

Industry Jan. 26, 2016

SM3 dCi, the diesel version of the subcompact sedan that Renault Samsung Motors rolled out in Korea on Jan. 4, is expected to fuel competition in a segment dominated by Hyundai Motor Group, industry sources said on Sunday. SM3 dCi, the diesel version of RSM’s subcompact sedan SM3 (RSM)“The new player, armed with European style, advanced fuel efficiency and convenient infotainment system, will offer more choices to customers, who are considering buying a compact sedan,’’ the sources said. RSM rev

Mobility Jan. 24, 2016

Kumho Tire, one of the nation’s top three tire makers, has sets its sights on the growing demand for ultrahigh-performance tires in line with the growth of luxury and super cars.  The booth of Kumho Tire at Tokyo Auto Salon 2016 displays a car fitted with the firm’s high-performance tires and various tire solutions. (Kumho Tire)“Word-of-mouth publicity among luxury and super car owners in Korea has lifted sales of the company’s UHP tire brand ‘Ecsta,’’’ said Kim Sang-woo, the public relations te

Mobility Jan. 24, 2016

SK Gas said Tuesday it has attracted $100 million from Petrochemical Industries Company, a subsidiary of Kuwait National Petroleum Company, through its subsidiary company, SK Advanced to push for its ongoing propane dehydrogenation (PDH) project.It is the second foreign direct investment for the PDH project, following a $135 million investment from Advanced Petrochemical Company, a Saudi Arabian Joint Stock Company, on September 2014. The capital raised from PIC will be used to build the PDH pla

Industry Jan. 19, 2016

Atlanta-based Novelis, a global leader in aluminum rolled products, announced Tuesday it is supplying its high-strength and lightweight aluminum solutions for Hyundai Motor’s Ioniq hybrid. Ioniq is Korea’s first car developed on an exclusively eco-friendly platform. According to Novelis, Hyundai’s new Compact hybrid vehicle has adopted Novelis’ lightweight aluminum for the hood and tailgate, providing approximately 40 percent weight savings versus steel for these parts. The lighter weight reduce

Mobility Jan. 19, 2016