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SKT, STX bid for Hynix

Jul 7, 2011

SK Telecom and STX Group have submitted letters of intent to acquire Hynix Semiconductor. Friday marked the deadline for a sale broker’s receiving LOIs for a 15 percent stake, whose value ranges between 2.34 trillion won ($2.18 billion) between 2.74 trillion won, in the world’s 2nd-largest semiconductor firm. According to industry sources, SK Telecom has the strong willingness that it “would no...
Three global firms bid for E-Mart Chinese operations

Jul 7, 2011

By Cho Ji-hyun Three well-known global companies are taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As. Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-Mart’s Shanghai operations and that the play...
Corporate Korea efforts for PyeongChang paid off

Jul 7, 2011

The collective effort from the local corporate sector played a pivotal role in giving PyeongChang its long-coveted wish of hosting the 2018 Winter Olympics. Led by Hanjin Group chairman Cho Yang-ho, head of the hosting committee, companies all across South Korea had cheered on PyeongChang right up until the last minute. Cho had even attended the wedding of Monaco’s Prince Albert just days ahead...
SK Group’s Chey family hit by series of scandals

Jul 6, 2011

A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate. In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amo...
KT expands campaign for mutual growth with vendors

Jul 6, 2011

KT Corp., the nation’s largest fixed-line carrier, on Wednesday offered support and encouragement for its vendors at a forum it held for IT sector executives. KT said it would provide up to 1,000 free patents to its partner firms to help them offer better quality services and products to consumers. Those who receive licenses or other technological support from KT would be given more opportuniti...
Hyundai Steel bets on excavator parts

Jul 6, 2011

Hyundai Steel is upping the ante in its earth-moving equipment parts business as it seeks to meet surging demand for excavators in emerging markets. Korea’s second-largest steel mill said Wednesday it plans to pour 94.4 billion won ($88.6 million) this year alongside its suppliers into a project to establish facilities for components such as continuous tracks, track links and track shoes. Under...
Twitter said to be valued at $7 billion

Jul 6, 2011

Twitter Inc., the microblogging site that lets users post 140-character messages, is raising funding that values the startup at about $7 billion, said a person with knowledge of the matter. The San Francisco-based company is in talks with investors to receive hundreds of millions of dollars, said the person, who asked not to be named because the discussions were private. Twitter’s worth has alm...
3 global firms eye E-Mart’s units in China

Jul 6, 2011

Wal-Mart, Tesco, Ren Ren Le to be likely bidders: source Three well-known global companies have been taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As. Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take ove...
Hyundai Heavy says it will not bid for Hynix

Jul 6, 2011

Hyundai Heavy Industries Co., the world's leading shipbuilder, said Wednesday it will not bid for a stake in Hynix Semiconductor Inc., raising speculation that creditors may fail again to sell the world's second-largest computer memory chipmaker. Hyundai Heavy had been regarded as the sole potential investor for the 15 percent stake up for sale. Shares of Hyundai Heavy were trading at 478,500 w...
Incheon Airport Corp. buys 10% stake in Russian airport

Jul 5, 2011

Incheon International Airport Corp. announced Tuesday it has acquired a 10-percent stake in Khabarovsk Airport in Russia’s Far East, stepping up its charges into the development of the Russian partner. This makes the IIAC the first foreign airport operator to step into management of a Russian airport, which has been safeguarded by the government there as a national strategic industry. As the th...
End of fuel discount raises tension among refiners

Jul 5, 2011

Tension among refiners is flaring up again with the government pressuring them to bring fuel prices back to normal rates in stages. Under pressure from the government, local refiners lowered the pump price of motor fuel by 100 won (9 cents) on April 7. Although the refiners have set the deadline to end the discount prices for July 7 from the outset, hard pressed to control inflation, the govern...
LG Uplus on 4G fast track

Jul 5, 2011

Mobile carrier aims for 10 million subscribers to take first place by 2014 LG Uplus is out to grab the No. 1 slot in the nation’s telecommunications market with its launch of fourth-generation network services early this month. “This is the new beginning. It will mark the beginning of a new world that will be completely different from yesterday’s world,” Lee Sang-chul, vice chairman and CEO of ...
Airlines positioned for big gains in efficiency

Jul 5, 2011

Planes are being built out of the same lightweight materials used for Formula 1 race cars. Their engines are being redesigned to squeeze more thrust out of every gallon of fuel. And governments are developing air-traffic systems that will allow airlines to fly shorter routes. Those and other advances have positioned airlines for the biggest gains in fuel efficiency since the dawn of the jet age ...
SK Telecom’s union leader attempts suicide

Jul 4, 2011

The head of SK Telecom’s union on Monday attempted suicide in what appeared to be a protest of the company’s decision to spin off its platform business. The union leader, identified only by his surname Kim, was found in the office of SK Telecom’s headquarters in downtown Seoul at around 4:00 p.m. after attempting to hang himself. Kim was rushed to a nearby hospital to receive treatment. His con...
Korea’s full-size car sales surge in H1

Jul 4, 2011

Korea’s full-size car sales surged in the first half of this year thanks to the popularity of the fifth-generation Grandeur sedan made by top automaker Hyundai Motor Co., industry data showed Monday. Domestic sales of full or large luxury sedans jumped 39.6 percent on-year to 112,927 units in the January-June period. The increase far outstrips overall car sales in the country that grew 4.1 perce...

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