[THE INVESTOR] Shipbuilding and construction industry labor unions announced that they will stage mass strikes on July 20.The shipbuilding industry unions’ coalition on July 13 held a press conference at the National Assembly saying that its member unions will stage an “all-out” strike to resist the ongoing restricting efforts. The coalition consists of the unions of eight shipyards. Faced with massive losses, the country’s shipbuilding industry is undergoing restructuring that includes workforc

[THE INVESTOR] Direct airline services between Korea and Iran will expand from four flights a week to 11, the Ministry of Land, Infrastructure, and Transport announced on July 12. An agreement was reached recently between Korea’s Transport Ministry and Iran’s Office of Aviation as an update to the 1998 aviation agreement leading to the weekly operation of four passenger and cargo planes. Tehran, the capital of IranLast March, the South Korean government handed exclusive flight license to Korea’s

[THE INVESTOR] Hanwha Techwin said on July 13 that the company has teamed up with GE Aviation to jointly develop engine parts for Korea’s flight-jet development project KF-X.The KF-X is aimed at locally developing the twin-engine combat jets equipped with advanced aviation electronics equipment by 2026. An artistic rendering of KF-X flight-jetHanwha Techwin, a defense unit of Hanwha Group, plans to lead the integration and installation of the engines into the KF-X jets, building the munition sup

[THE INVESTOR] Asiana Airlines has chosen CFM International as the supplier of engines for its new aircrafts, local media reported on July 13. CFM International is a joint venture between GE Aviation and Snecma of France. According to reports, Asiana Airlines signed a US$ 950 million contract with CFM International to supply LEAP-1A engines for the Airbus A320neo aircrafts the Korean carrier is set to deploy starting in 2019.The contract reportedly includes the cost of parts and repairs for the

[THE INVESTOR] The authorities summoned former celebrity designer Lee Chang-ha, 60, for a second straight day of questioning on July 12 for earning illegal profit based on his ties with Daewoo Marine Shipbuilding’s construction affiliate. During 2006 to 2009, Lee was head of Daewoo Shipbuilding & Marine Engineering Construction. In 2007, Lee set up his own company -- DSON, an interior decorating business. He allegedly pocketed 4 billion won (US$3.47 million) of illegal funds from contracts he at

[THE INVESTOR] Samsung C&T, the construction and trading unit of Samsung Group, have lost AU$1 billion on a mine construction project in Australia, Financial Times reported on July 12. According to the report, the company recently completed work on the Roy Hill iron ore mine in Western Australia. But it is still fighting court battles with contractors for AU$65 million in unpaid subcontracting work. “The Roy Hill Project was the company’s first mining construction project, and there are no other

[THE INVESTOR] Korea’s flag carriers Korean Air and Asiana Airlines are losing veteran pilots to their fast-growing Chinese rivals in recent times. According to the companies on July 12, Korean Air lost 46 pilots last year to Chinese airlines, compared to nine combined in 2013 and 2014. Its smaller rival Asiana said it also saw the number more than doubling from six in 2014 to 15 last year. Chinese air carriers are pouring resources to attract veteran pilots as they suffer from a lack of experie

[THE INVESTOR] Hyundai Heavy Industries announced on July 12 that it signed a US$ 40 million robot supply contract with the Chinese subsidiary of Taiwanese display producer Chunghwa Picture Tubes. Under the contract, Hyundai Heavy will supply about 300 robots designed for transporting LCD glass panels. Hyundai Heavy's LCD panel transporting robot. Hyundai HeavyThe robots will be deployed at CPTF Visual Display’s plant in Fuzhou, Fujian province in southeastern China, by the second half of next y

[THE INVESTOR] Doosan Heavy Industries and Construction announced on July 12 that it has established Doosan GridTech by acquiring US-based 1Energy Systems.Founded in 2011, 1Energy Systems is a developer of energy storage system software.  1Energy Systems CEO David Kaplan (left) and Doosan GridTech CEO Choi Dae-jin pose after signing the deal in San Francisco on June 30. Doosan Heavy Industries and ConstructionDoosan Heavy said that with Doosan GridTech, it has secured industry leading control so

[THE INVESTOR] Struggling Hyundai Merchant Marine will install four new gantry cranes at its container terminal based in Taiwan as part of the shipbuilder’s effort to strengthen service quality in the overseas market. HMM will complete setting up the large gantry cranes -- which are used to lift shipping container -- at Kaosiung Hyundai Terminal in Taiwan on July 12, the company said on July 11. The terminal will be able to handle 700,000 twenty-foot-equivalent-unit volume annually, an increase