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Tue, June 19, 2018 | 06:10

Biz & Tech > Heavy industries >

LS fined W26 bil. for illegal inter-subsidiary trading

Affiliates of LS Group have been fined nearly 26 billion won ($23.5 million) combined for illegal inter-affiliate trading, the Fair Trade Commission (FTC) said Monday. The nation's antitrust agency also referred the group's owner family members and executives to the prosecution.

Heavy industries | 2018-06-19 01:23

Increasing foreign-owned shares in POSCO raises alarm

Concerns are growing over foreign shareholders possibly interfering in POSCO's management, since their shares in the country's leading steelmaker have reached almost 60 percent. As of Monday, foreigners held 50.56 million shares in POSCO, 58 percent of the company's entire listed stocks. Considering foreign investors held 43.17 million shares in POSCO in June 2016, 49.51 perc...

Heavy industries | 2018-06-18 16:22

New Daewoo E&C CEO emphasizes financial soundness

New Daewoo Engineering & Construction (E&C) CEO Kim Hyung emphasized the company's financial soundness and profitability during his inauguration ceremony.

Heavy industries | 2018-06-14 16:24

POSCO in trouble over naming new chairman

POSCO's process of appointing its new chairman appears to be in trouble, as the steelmaker's attempt to keep the process untouched from political influence has adversely drawn criticism over its transparency.

Heavy industries | 2018-06-13 19:04

Companies preparing for biz with North Korea

With the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un having happened in Singapore, companies in South Korea are busy readying themselves to grab business opportunities expected to be coming from economic cooperation between the two Koreas.

Heavy industries | 2018-06-12 17:57

SK Innovation donates $50,000 for disaster prevention in Texas

SK Innovation said Monday it donated $50,000 for fire and rescue services in Texas in part of its corporate social responsibility (CSR) program.

Heavy industries | 2018-06-11 17:12

Hyundai Heavy's Iran deal in trouble

Hyundai Heavy Industries (HHI) has come under pressure from the renewed U.S. sanctions against Iran. The world's largest shipyard was supposed to deliver container ships to an Iranian shipping company starting April, but has yet to deliver a single vessel.

Heavy industries | 2018-06-08 17:58

Korea to host global aviation events

Korea will host a series of international aviation events, which will help boost the nation's recognition in the industry. According to the International Air Transport Association (IATA), Wednesday, its 75th annual general meeting (AGM) will be held in Seoul next year, June 2 to 4, and Korean Air, the nation's largest airline, will host it. The airline industry group, founded...

Heavy industries | 2018-06-06 16:22

Otis faces lawsuit for faulty lift in Lotte World Tower

Lotte Property & Development is considering filing a lawsuit against Otis Elevator for the malfunction of a U.S. company-made elevator to an observatory of Lotte World Tower, the operator of Korea's tallest skyscraper said Wednesday. Lotte has closed one of two elevators to the world's third-highest observatory, since it found flaws in the elevator's cables last month, follow...

Heavy industries | 2018-06-06 14:11

Doosan Bobcat to open India plant next year

Last month, Doosan Bobcat completed the process of acquiring a backhoe loader production facility in India from John Deere, a U.S. heavy equipment company. The 8,000-unit-a-year plant had been idled before it was taken over by the Korean company, a company spokesman said over the phone.

Heavy industries | 2018-06-05 14:05

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