The Korea Herald

Korea Western Power to build US$450m solar power plant in Vietnam

Jun 28, 2016

[THE INVESTOR] Korea Western Power and Shinsung Solar Energy will jointly undertake a US$450 million solar power project in Vietnam. According to the memorandum of understanding the two companies signed on June 28, Korea Western Power and Shinsung Solar Energy will build a 300-megawatt solar power station in Dak Nong province in southern Vietnam. Korea Western Power said that it will use this project to expand further into overseas renewable energy markets. By Choi He-suk (cheesuk@heraldcorp.com
Sulfuric acid leak at Korea Zinc halts maintenance work

Jun 28, 2016

[THE INVESTOR] A sulfuric acid leak at Korea Zinc’s plant in Ulsan on June 28 injured six workers from a subcontractor. Korea Zinc is the global number one nonferrus metal smelting company in terms of scale, productivity, and technology.According to the authorities, about 1,000 liters of sulfuric acid leaked during maintenance work, injuring six workers from a subcontractor. Three of them are reported to have sustained serious injuries. The leak was contained within the facility, and atmospheric
Minimum wage agreement in deadlock

Jun 28, 2016

[THE INVESTOR] A June 28 deadline for deciding next year’s minimum wage is unlikely to be met as labor groups and business representatives have failed to reach a consensus. The Minimum Wage Council -- consisting of business and labor representatives and government officials -- has held plenary sessions for three months since March 30 to set next year’s minimum wage. However, the parties were unable to narrow down their differences even at their last session on June 27, local news reported. Labor
Dongbu Daewoo Electronics to display K-pop contents on TVs for sale

Jun 28, 2016

[THE INVESTOR] Dongbu Daewoo Electronics will collaborate with Korean entertainment companies to boost its TV sales overseas, the company said on June 28. Joining hands with entertainment firms including DSP Media, home to girl groups Rainbow and April, the Seoul-based electronics firm will showcase K-pop music videos on its TVs in global markets, including Central and South America, Southeast Asia and Europe. “Dongbu Daewoo Electronics’ TVs displaying K-pop content will help create a favorable
Hanjin Shipping to return 38 ships by 2017

Jun 28, 2016

[THE INVESTOR] Ailing Hanjin Shipping has decided to return a total of 38 chartered ships to owners by 2017 as a part of its cost-cutting efforts.The company, which was put under a creditor-led restructuring program, will return 18 chartered bulk carriers and 20 container vessels which have been a major drag on its balance sheet. “We hope to save significant costs from the return. We will put our utmost efforts to stabilize the financial health at the earliest,” an official at the firm said. Of
Asiana Airlines under fire for flying repaired jet

Jun 28, 2016

[THE INVESTOR] Asiana Airlines is under fire for allowing passengers to board a repaired jet that caught on fire earlier, local news reported on June 28. Asiana Airlines flight OZ222 from JFK Airport in New York City to Seoul was getting ready to take-off in two hours when its engine caught on fire at 11:30 a.m. on June 24 (local time). The air carrier immediately called the fire station to extinguish the flames. It investigated the cause and repaired the craft with officials of Airbus, the manu
[H2 ECONOMIC POLICY] Gov’t offers tax-breaks for middling firms returning home

Jun 28, 2016

[THE INVESTOR] Middling companies that replace overseas production facilities with those based in Korea will be given a three-year exemption from corporate and income taxes, the Ministry of Strategy and Finance announced on June 27. In addition, the two taxes will be cut by half for additional two years after the initial exemption period. Any foreign worker from concerned companies’ overseas facilities hired to work in Korea will be provided with the E-7 visa, the ministry said. Middling compani
Dayou Winia eyes Chinese electric cooker market

Jun 28, 2016

[THE INVESTOR ] Dayou Winia, a Korean electronics firm, has joined hands with Haier, one of China’s leading electronics makers, to jump into the Chinese market,The Korean firm, well known for its electric rice cooker and kimchi refrigerator brand Dimchae, said it has signed a memorandum of understanding with the Qingdao-headquartered electronics firm for a partnership to sell its electronic cookers in China. Executives of Dayou Winia and Haier participate in an event to sign a sales partnership
Prosecution takes Ex-DSME chief into custody

Jun 28, 2016

[THE INVESTOR] Former Daewoo Shipbuilding and Marine Engineering CEO Nam Sang-tae was taken into custody in the early hours of June 28.The prosecution is said to have gained evidence of additional wrongdoing on part of Nam during questioning on June 27.Former Daewoo Shipbuilding & Marine Engineering CEO Nam Sang-tae. Park Hyun-koo/The InvestorBefore he was taken into custody, Nam had been summoned for questioning over allegations of corruption.“In light of the circumstances and suspected crimina
Profitability fell, but labor costs rose at top 30 industrial groups

Jun 27, 2016

[THE INVESTOR] Over the past five years, the listed affiliates of South Korea’s top 30 industrial groups saw their profitability decline, while their labor costs increased.The Federation of Korean Industries on June 27 said that between 2011 and 2015, sales per employee at the affiliates fell an annual 2.7 percent to 968 million won (US$ 822,996) from 1.07 billion won. Operating profit per employee also fell an annual 7.1 percent to 53.17 million won from 71.32 million won.At the same time, labo