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Jeju Air on Feb. 12 announced that it has become the first low-cost carrier in Korea to cross the 1 trillion won (US$891.18 million) milestone in annual sales last year. The leading budget carrier said in a regulatory filing that its revenue in 2018 amounted to 1.26 trillion won, a sharp 26.4 perc...
Korean light-emitting diode maker Seoul Semiconductor said on Feb. 12 that it has supplied its LEDs for horticulture lighting products developed by Rofianda B.V, a Dutch lighting solution company. LED lighting is often used by farmers in cultivating crops, to overcome difficulties in plants receiv...
Following faulty investment decisions that led to an outstanding debt of 17.39 trillion won (US$15.45 billion) with a debt-equity ratio of 940 percent in the first half of 2018, state-run Korea National Oil Corp. faces a looming financial crisis. Created in 1979 to ensure the country’s energy sec...
The labor union at Hyundai Heavy Industries, the world’s largest shipyard by sales, demanded on Feb. 11 that the company provide job guarantees to its employees if it wants to proceed with its push to buy a smaller local rival. Last month, state-run Korea Development Bank signed a temporary memor...
Samsung Heavy Industries is mulling taking over troubled Daewoo Shipbuilding & Marine Engineering, the company said on Feb. 8. “The management is considering the idea after receiving an investment proposal from the Korea Development Bank,” said a company official. “But it’s too early to tell i...
Korean Air’s family-controlled management is facing a challenge, as a key shareholder has demanded more outside managers. Private equity firm Korea Corporate Governance Improvement which acquired a significant stake in Hanjin Group, the airline’s parent company, has become its second-largest sha...
[THE INVESTOR] Korea’s state pension operator on Feb. 1 decided to actively exercise its shareholders’ right over Hanjin KAL, holding firm of the country’s largest airline Korean Air. The fund management committee -- the highest decision-making body of the National Pension Service -- howeve...
[THE INVESTOR] The state-led Korea Development Bank on Jan. 31 announced that it has inked a temporary deal with Korea’s largest shipbuilder Hyundai Heavy Industries to sell off debt-ridden Daewoo Shipbuilding & Marine Engineering amid signs of turnaround. Related: DSME set to complete debt...
[THE INVESTOR] SK Corp., the investment holding company of energy and telecom conglomerate SK Group, said on Jan. 30 that it has decided to invest US$100 million in a US-based smart-tinting glass maker. In a statement, SK said it would take over 4.66 percent of Kinestral Technologies, a develo...
[THE INVESTOR] Saudi Aramco’s plan to buy into Hyundai Oilbank, a major Korean refiner, seems to be Saudi Arabia’s strategic push to keep the Asian market from the United States and other competitors, a report showed on Jan. 30. In a regulatory filing, Hyundai Heavy Industries Holdings said ...
[THE INVESTOR] The heir to Hite Jinro and two other company executives including the CEO will stand trial on charges of arbitrarily making contracts with an affiliate tied to the scion to help boost its sales, prosecutors said on Jan. 29. Park Tae-young, head of Hite Jinro’s management strate...
[THE INVESTOR] S-Oil said on Jan. 28 it shifted to a net loss for the October-December period due to inventory-related losses. For the three months that ended in December, the company’s net loss stood at 247.85 billion won (US$222 million) from a net profit of 386.94 billion won a year earlie...
[THE INVESTOR] Samsung SDI announced on Jan. 25 its fourth-quarter net earnings increased 10.8 percent on-year on strong demand for its lithium-ion batteries used in cordless devices and electric vehicles. In a regulatory briefing, the battery-making unit of Samsung Electronics said its income s...
[THE INVESTOR] Pan Ocean said on Jan. 25 that it has clinched a shipping contract worth 127 billion won (US$113 million) to transport iron ore from Brazil to China. Under the deal with Brazilian mining company Vale, Pan Ocean will ship iron ore for five years starting in October 2020, the comp...
[THE INVESTOR] A Seoul court on Jan. 25 sentenced the head of major food maker Samyang to three years in prison for embezzling 5 billion won (US$44.30 million) of company funds. The Seoul Northern District Court handed down the verdict to Chun In-chang, chairman of Samyang Foods. It also sente...
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