Articles by 최희석
최희석
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NTS launches special tax audit on DSME
[THE INVESTOR] The National Tax Service on Oct. 20 launched a special audit on troubled shipbuilder Daewoo Shipbuilding and Marine Engineering. According to DSME, NTS investigators secured finance and accounting-related information from the company’s office in Seoul. The NTS department involved in the audit is known to specialize in special cases, prompting pundits to speculate that it may be related to DSME’s accounting fraud. DSME had initially posted profits in 2013 and 2014, but later corre
Oct. 20, 2016
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Shipbuilding industry leaders say oversupply and global issues delaying recovery
[THE INVESTOR] Stemming oversupply is key to overcoming the shipbuilding industry’s difficulties, according to global industry leaders. Speaking at the meeting of shipbuilders’ CEOs from Japan, Europe, China, Korea and the US (JECKU), industry leaders pointed to regulation and oversupply as key factors in the current difficulties, and that recovery will take some time. “In the recent few years, a much larger number of ships have been built than the increase in the volume of shipping, this overs
Oct. 20, 2016
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Ailing shipbuilders to turnaround in Q3
[THE INVESTOR] South Korea's three largest shipbuilders are expected to post positive earnings in third quarter despite their ongoing troubles. According to industry sources, the three companies -- Hyundai Heavy Industries, Samsung Heavy and Daewoo Shipbuilding and Marine Engineering -- are expected to post positive results largely due to their cost-cutting efforts. They have been carrying out restructuring including laying off workers, and selling off assets. Of the three, HHI is expected to po
Oct. 20, 2016
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Kolon Industries ordered to pay large corporate tax
[THE INVESTOR] Kolon Industries has been ordered to pay 74.3 billion won (US$66.05 million) additional corporate taxes. The order was issued following a recent audit by the Seoul branch of the National Tax Service. The company is required to pay the tax by the end of the year. Kolon Industries said that it will review the order, and will take steps according to tax regulations. Having posted sales of about 4.86 trillion won in 2015, the firm accounts for about half of Kolon Group’s annual sales
Oct. 19, 2016
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S. Korea mulling eco-friendly car supply quota
[THE INVESTOR] The government may introduce an eco-friendly car supply quota to increase the number of electric cars on the road. “As electric car supply is low, there is a need to review mandatory eco-friendly car supply system which is in place overseas,” Minister of Environment Cho Kyeung-kyu said on Oct. 19. Cho said that 2,401 electric cars have been supplied during the first three quarters of the year, when the target for the year is 10,000 units. According to the ministry, the shortfall
Oct. 19, 2016
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Lotte’s medical service plans off to smooth start
[THE INVESTOR] Hotel Lotte announced on Oct. 19 that it has been selected as the preferred bidder for Neul Proon Medical Foundation.The foundation operates Bobath Memorial Hospital, but entered rehabilitation process in September 2015. At the end of last year, the hospital’s assets stood at 101.3 billion won (US$ 90.19 million) and debt at 84.2 billion won. The cost of taking over the hospital is estimated to be over 100 billion won. Hotel Lotte is reported to have put in the largest bid. If suc
Oct. 19, 2016
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Kumho Tire sale attracts foreign tire makers
[THE INVESTOR] The bid to take controlling stake in Kumho Tire could go down to a competition between non-Korean entities. The firm’s creditors are currently looking to sell their 42 percent stake in the tire maker. The preliminary bids will be received on Nov. 9. According to finance industry sources, all strategic investors that received information on the deal are overseas entities. From within Korea, a small number of private equity funds are said to have shown interest in the deal. The boo
Oct. 19, 2016
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KNOC issues US$1b bonds
[THE INVESTOR] The Korea National Oil Corporation on Oct. 18 issued bonds worth US$1 billion. They include 5-year bonds worth US$350 million with yield of 1.094 percent, and 10-year bonds valued at US$650 million at 2.575 percent. According to finance industry officials, KNOC was able to issue the bonds with lower yields due to the recent upgrade of its S&P ratings from “AA-“ to “AA” in August. By Choi He-suk (cheesuk@heraldcorp.com)
Oct. 19, 2016
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Samsung Electronics under tax audit
[THE INVESTOR] The National Tax Service has started its regular audit on Samsung Electronics , according to reports. The Seoul office of the tax agency reportedly dispatched officers to the tech giant’s plant in Suwon, Gyeonggi Province, on Oct. 10. It is a regular audit conducted every five years and unrelated to the recent Galaxy Note 7 issue, sources said. By Choi He-suk (cheesuk@heraldcorp.com)
Oct. 18, 2016
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Renault Samsung to develop electric commercial vehicle
[THE INVESTOR] Renault Samsung Motors plans to launch a small electric commercial vehicle in 2019, according to news reports on Oct. 18. The company is reportedly planning to begin development this year with the aim of putting it on the market three years later. The vehicle is set to run for about 250 kilometers on a full battery. According to the company, the planned range will exceed the average driving range of small commercial vehicles in use in Korea. Renault Samsung chief Park Dong-hoonThe
Oct. 18, 2016
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Seoul court likely to seek sale of STX Offshore
[THE INVESTOR] STX Offshore and Shipbuilding may be sold off before its revival plans are approved, according to news reports Oct. 18. Citing unnamed sources, the reports said that the Seoul Central District Court is reviewing plans to sell STX Offshore and Shipbuilding in a package deal with STX France, and plans to make a public announcement as early as this week. The court reportedly planned to make the announcement on Oct. 18, but pushed back the date in order to take creditors’ views into a
Oct. 18, 2016
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Hyundai’s new sales chief, sales or lobbying expert?
[THE INVESTOR] Hyundai Motor, faced with increasing heat from the government, may be hoping to boost its lobbying capabilities with its new domestic sales chief. Lee Kwang-guk -- who headed Hyundai Motor’s Washington D.C. office -- was appointed as the chief of domestic sales on Oct. 14, replacing Kwak Jin. On the surface, the carmaker said that Lee was appointed for his “global sense and leadership,” which would help the company better respond to recent challenges. Hyundai is currently expected
Oct. 18, 2016
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Hyundai Capital’s European operations given approval
[THE INVESTOR] Hyundai Capital announced on Oct. 17 that the European Central Bank has approved its application to establish Hyundai Capital Bank Europe. The automobile financing arm of the Hyundai Motor Group plans to offer automobile financing programs for Hyundai Motor and Kia Motors’ vehicles in the European market. Hyundai Capital Europe is held 80 percent by Hyundai Capital and 20 percent by Kia Motors. The company is located in Germany, and plans to begin operations in December. By Choi H
Oct. 17, 2016
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Hyundai Heavy wins tanker contract
[THE INVESTOR] Hyundai Heavy Industries has won a contract for two oil tankers from a Greek shipping company. According to industry sources, HHI was signed on my Greece’s Enterprises Shipping and Trading to build two Suezmax tankers last month. The contract is reported to be worth US$ 57 million for each vessel. Local media citing unnamed sources also reported that the contract comes with an option for three more vessels. With this new order, HHI and its subsidiary Hyundai Samho Heavy Industries
Oct. 17, 2016
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State-run banks may inject over W3tr into DSME
[THE INVESTOR] State-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering from being delisted. According to finance industry sources, the Korea Development Bank and the Export-Import Bank of Korea are planning to raise funds within the 4.2 trillion won limit set in October 2015 to keep the shipbuilder listed on the local market. The two banks are reportedly planning to draw up detailed plans within the month. The funds w
Oct. 17, 2016
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