The Korea Herald

[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

[Herald Interview] ‘Korea is ready for McLarens’

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

[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

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

[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

[SUPER RICH] Chaebol battle it out in duty-free market

POSCO, Indian state at odds over mill building site payment

POSCO’s troubled $12 billion steel mill project in India appears to have hit a snag as the steelmaker and an Indian local government are in dispute over payment for its construction site.According to Indian news reports, a high-ranking government official said POSCO had shown unclear intentions about the project that has remained idle for 10 years.“POSCO must clarify its intention whether it wants to set up the plant or not,” Indian Steel and Mines Minister Prafull Kumar Mallick was quoted as sa

Industry April 27, 2015

[Newsmaker] Gaffes, abuse shame Doosan Heavy chairman

“It is not good manners to not strike one’s neck when one has asked for it. I will strike in the most bloody and painful way possible.”The graphic comments are not threats by IS terrorists on YouTube videos. Instead, they are from Doosan Heavy Industries and Construction chairman Park Yong-sung, a business tycoon, in an email he sent to professors at Chung-Ang University in Seoul where he was serving as the board chairman. Park on Tuesday stepped down from all three posts after sparking controve

Industry April 22, 2015

[Newsmaker] Gaffes, abuse shame Doosan Heavy chairman

Hanwha makes progress in solar biz

Hanwha Q Cells, a solar panel unit of Hanwha Group, has signed a 1 trillion won ($923.7 million) deal with Florida-based light company NextEra Energy to supply 1.5 gigawatts of solar panels, a record for a single contract in the domestic industry.The company will supply solar modules to NexEra’s solar plants under construction from the fourth quarter through the same period next year, the company said in a statement Monday. NextEra currently aims to build solar power plants with a capacity of 1.

Industry April 21, 2015

Hyundai E&C’s earnings likely to surge in Q1

Hyundai Engineering and Construction Co., Hyundai Motor Group’s main construction arm, is expected to post a significant increase in its earnings in the first quarter this year. According to Shinyoung Securities, Hyundai E&C will likely post first-quarter sales of nearly 3.84 trillion won ($3.54 billion) and operating profit of 228.1 billion won. The figures are respectively 16.7 percent and 21.6 percent higher than the same period last year. Buoyed by the expectations, a number of local trading

Industry April 20, 2015

Hyundai Heavy may liquidate German wind energy units

Hyundai Heavy Industries, the world’s largest shipbuilder, said Wednesday that its German wind energy affiliates may be liquidated due to their prolonged losses.The Germany-based subsidiaries in question ― Jahnel-Kestermann Getriebewerke GmbH and JaKe Service GmbH ― have posted deficits ever since they were acquired by the Korean shipbuilder in 2011.“Many options, including liquidation, are being considered,” said Hyundai Heavy spokesman Ryu Geun-chan.“As our company is also experiencing difficu

Industry April 15, 2015

Hanwha clinches $200m medical deal with Iraq

Hanwha Group, the nation’s 10th-largest conglomerate, has won a $200 million project to establish hospital facilities and provide medical assistance in Bismayah, Iraq. Under the agreement, Hanwha Engineering and Construction will build the hospital on a 77,000 square meter plot of land. The group’s trade and commerce team will assign medical staff and manage the operation, Hanwha officials said Tuesday. The group is said to be in talks with Soon Chun Hyang University Hospital in Seoul for a par

Industry April 14, 2015

Hanwha clinches $200m medical deal with Iraq

(Photo News) Power deal in Vietnam

Doosan Heavy Industries & Construction vice chairman Jung Ji-taek (front, left) and Lilama president Le Van Tuan (front, right) shake hands on Friday in Hanoi, Vietnam, after signing a deal to build a coal-fired power plant in Hau Giang, about 200 kilometers southwest of Ho Chi Minh City, by October 2019. (Doosan Heavy Industries& Construction)

Industry April 13, 2015

Hyundai Heavy targets early retirement objectors

Concerns over labor conflicts are rising again at Hyundai Heavy Industries as the shipbuilder reportedly tried to penalize those who refused to take the latest early retirement program, the firm’s voluntary workforce cut plan.The HHI branch of the Korean Metal Workers’ Union, the nation’s biggest umbrella union, claimed that a number of its members working for the shipbuilder were subjected to unreasonable demands by the management since they rejected the voluntary retirement scheme, which it be

Industry April 13, 2015

KDB dismisses rumors on DSME-STX merger

The largest shareholder of Daewoo Shipbuilding and Marine Engineering has denied speculation about the shipbuilder’s takeover of its debt-ridden rival, STX Offshore and Shipbuilding.The state-run Korea Development Bank, the main creditor of DSME, said Sunday that speculation about DSME’s takeover was “unrealistic.”“Merging KOSPI-listed DSME and STX, which is under a restructuring program, would most definitely anger shareholders,” a KDB official said on condition of anonymity. “The rumor is simp

Industry April 12, 2015

[Weekender] Big businesses dig for ‘blue gold’ market

South Korean conglomerates are cashing in on the promising global water market, with the water shortage emerging as a global agenda. According to Global Water Intelligence, a U.K.-based water industry research firm, the size of the world’s water treatment market is forecast to expand up to $1 trillion by the end of 2015. Betting on the industry’s high growth potential, Korean players have sharpened their competitiveness in the “blue gold’’ sector, where European water giants like Veolia and Suez

Industry April 10, 2015

[Weekender] Big businesses dig for ‘blue gold’ market

Articles by Suk Gee-hyun