Hyundai Heavy Industries decided to stop operations of its Gunsan Shipyard starting from the latter half of this year, due to lack of workload. Although the shipbuilder disclosed its intention to resume the operation of the shipyard if the economy recovers, the regional communities are criticizing the decision, claiming that Hyundai's latest decision is no more than a step to close the shipyard permanently.
In their populist move, Korea's leading presidential candidates are rushing to Gunsan to appease the voters, insisting that the company sustain the operation of the Gunsan shipyard.
The shipyard that Hyundai Heavy Industries built in 2010 by investing 1.46 trillion won has assembled as many as 13 ultra-large ships per year, accounting for 9 percent of North Jeolla Province's exports and 24 percent of the Gunsan economy.
Despite being in a desperate need to accelerate its business restructuring pace to survive in an unprecedented slump of the shipbuilding market, Hyundai Heavy is now in a dilemma due to strong opposition from major presidential candidates.
The Gunsan shipyard is a dock dedicated mainly to the construction of very large crude carriers. Without acquiring consent from shipowners, it is not possible for the company to assign some of the workload from its shipyard in Ulsan to Gunsan.
South Korea’s Government Employees Pension Service (GEPS) will select two global private debt fund managers employing opportunistic strategies to invest up to $160 million in a range of debts and fixed-income securities, according to the pension fund. GEPS will commit&hellip
About 300 firms from 20 countries, including the United States and China, will take part in the Cityscape Korea 2017, set for August 17 to 19, 2017 in Seoul, where 400-plus new real estate projects will be on display. Under&hellip
Hyundai Marine & Fire Insurance Co. Ltd., South Korea’s second-largest non-life insurer by assets, is considering investing in one or two additional buyout funds this year after committing $90 million to two overseas buyout funds, and it is studying makig co-investments in overseas companies around&hellip