Articles by Suk Gee-hyun
Suk Gee-hyun
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Mobile network operators fail to keep up with policy
The nation’s telecom industry is once again failing to keep in step with the regulatory authority’s attempts to provide consumers with convenience.In April, the Korea Communications Commission announced that measures would be implemented to allow mobile phones on corporate contracts to be used in confirming the identity of the user.Although the KCC said that the new service would be made available from May, local carriers are far from ready for the move. In Korea, online financial and commercial
Industry May 18, 2015
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Shinsegae hoards cash for duty-free bid
South Korean retail giant Shinsegae Group has raised more than 650 billion won ($598 million) by selling its Samsung Life Insurance shares in a stock block deal.According to finance industry sources, the two Shinsegae arms ― Shinsegae Department Store and Emart ― each sold 3 million shares of Samsung Life Insurance, at 109,200 won per share. The sale price was 6.27 percent lower than the 116,500 won at which the shares closed trading on Thursday. Foreign investors bought 74 percent of the sold s
Industry May 15, 2015
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Hanwha E&C hit by local and overseas sales dip
Hanwha Engineering and Construction saw its sales drop about 650 billion won ($594 million) last year, due to slowing overseas and domestic performance, data showed Thursday. According to the corporate analysis service CEO Score, Hanwha E&C’s overall sales dipped 17.2 percent compared to 2013 to come in at 3.12 trillion won. The fall was fueled by both overseas and domestic sales dropping respectively by 14.4 percent and 19.1 percent. The company’s domestic decline has been attributed to its dec
Industry May 14, 2015
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DSME mulls acquisition of STX cruise ship builder
Daewoo Shipbuilding and Marine Engineering is reviewing plans to acquire the defunct STX Group’s French cruise-ship maker. According to news reports, DSME was planning to acquire a two-thirds stake in STX France.The company, however, downplayed the reports, saying that the plans were in their early stages. “The company has received a proposal regarding the acquisition of STX France, (but) so far nothing has been decided,” the company said in the statement. STX France is a subsidiary of STX Offsh
Industry May 13, 2015
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Hyosung Group’s cash cow running on shaky legs
Hyosung Corp., the flagship firm and cash cow of Hyosung Group, is suffering from a continued profit slump, data suggested. Hyosung’s net profit for 2014 came in at 184.9 billion won ($169.3 million), down 31.9 percent compared to 2010, according to data released Monday by the corporate assessment website CEO Score.Analysts attributed Hyosung’s profit decline to the slowdown experienced across the company’s portfolio with the exception of its textiles business. The data said Hyosung’s industrial
Industry May 11, 2015
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POSCO revs up asset sales, restructuring
POSCO, the nation’s top steelmaker, is accelerating the disposal of nonessential real estate assets as it seeks to tidy up its balance sheet and restructure for a slimmer organization.The steelmaker on Sunday announced it sold a Lotte Mart building and its 5,920 square meter plot of land in Pohang, North Gyeongsang Province, to Lotte Shopping, the operator of Lotte Duty Free. The portfolio, worth about 20 billion won, includes idle residential sites nearby and a plot of land where an apartment w
Industry May 10, 2015
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Coex aims to lead MICE industry
The CEO of Coex Mall in southern Seoul has announced plans to make Coex and the adjacent Korea World Trade Center a hub for meetings, incentives, conferences and exhibitions, otherwise known as the MICE industry. This will show the evolution of shopping malls from a collection of shops to an industry hub that goes beyond retail, said Byun Bo-kyung, president and CEO of Coex. “Korea needs to develop a MICE cluster. While the government has chosen MICE as (one of) the new growth engines, the truth
Industry May 8, 2015
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[Photo News] Paris Baguette in Manhattan
Industry May 6, 2015
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Dongkuk Steel considers closing another plate mill
Dongkuk Steel Mill, the country’s third-largest steelmaker, is considering closing down a shipbuilding plate factory as part of its restructuring efforts, the company said Tuesday.According to its regulatory filing, Dongkuk is reviewing a plan to stop its factory operation in Pohang, North Gyeongsang Province. The line has an annual production capacity of 1.9 million tons.If the factory closes, it will follow the first plate mill’s closure in 2012, and only one plate mill with a 1.5 million-ton
Industry May 5, 2015
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POSCO subsidiary applies for court receivership
Pos-HiaL, an alumina supplier in which POSCO has a 51 percent stake, filed for court receivership last week, company officials said. It is the first time in the steelmaker’s 47-year history that one of its affiliates has been put under court supervision.Pos-HiaL was established in 2012 as a joint venture between POSCO M-Tech, POSCO’s raw materials arm, and alumina manufacturer KC Corporation. The company, however, has faced continued losses due to low demand and oversupply in the LED market.Acco
Industry May 4, 2015
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[Herald Interview] ‘Korea is ready for McLarens’
Buying a McLaren vehicle is buying “technology and craftsmanship,” according to David Mclntyre, the newly appointed Asia-Pacific director of the British supercar maker.The “small” U.K.-based supercar maker is finally making inroads in the Korean market, having launched its first showroom in southern Seoul on Wednesday. McIntyre has long experience in Korea’s high-end auto import market. Until recently he headed the local branch of Jaguar Land Rover, and the brands saw massive sales rises under h
Industry May 3, 2015
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Chiefs of top 3 shipbuilders to gather in U.S. conference
The heads of the three major South Korean shipbuilders will attend the Offshore Technology Conference opening in Houston, Texas, from May 4-7, the companies said Thursday.Daewoo Shipbuilding & Marine Engineering Jung Sung-leep, Hyundai Heavy Industries chairman Choi Kil-seon and Samsung Heavy Industries president Park Dae-young are expected to hold meetings there for overseas market expansion and participate in sideline events.Most notable is Jung’s appearance, which will mark his first public e
Industry April 30, 2015
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[Photo News] British supercar
A model poses next to McLaren’s 650S Spider supercar at the carmaker’s first South Korean showroom, which opened in Seoul on Wednesday. (McLaren Korea)
Industry April 29, 2015
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Daewoo Shipbuilding releases patents to small companies
Daewoo Shipbuilding and Marine Engineering will make more than 100 shipbuilding-related patents available to small and medium-sized enterprises, company officials said Wednesday.Under the plans, DSME will open up 105 patented technologies related to vessels powered with liquefied natural gas to SMEs. The shipbuilder invested about 50 billion won ($47 million) into developing the technologies. The shipbuilder will sign a business contract with the South Gyeongsang Province branches of the Creativ
Industry April 29, 2015
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[SUPER RICH] Chaebol battle it out in duty-free market
The battle for opening a single downtown duty-free shop is heating up under the watchful eyes of the chiefs of some of the nation’s largest conglomerates. The new duty-free store in central Seoul, whose license will be granted in July, is seen as a golden opportunity for local retail giants to open up a new revenue stream. While the domestic retail market is nearing saturation, the duty-free market has expanded rapidly in recent years, recording double-digit growth since 2010. Between 2010 and 2
Industry April 28, 2015
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