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Reporter : Lee Hyo-sik
Tue, February 27, 2024 | 09:15
Tire makers rushing to hike prices
Hankook Tire has increased product prices by up to 4 percent because of higher rubber and other raw material costs. Kumho Tire and Nexen Tire will likely follow suit, placing a heavier burden on motorists.
ST Unitas acquires The Princeton Review
ST Unitas has acquired The Princeton Review, a major U.S. education service firm, as its first major step toward becoming a global powerhouse in the rapidly expanding online-based exam preparation market.
KEPCO builds wind farm in Jordan
Korea Electric Power Corp. (KEPCO) has begun the construction of an 89.1MW wind power plant in Amman, Jordan, solidifying its status as a leading utility firm in the Middle Eastern country. The state-run utility firm already operates two coal-powered plants there, accounting for 24 percent of the nation’s power demand.
Carmakers pressed to pay more for steel plates
POSCO and Hyundai Steel have been pressing carmakers here to pay more for automotive steel plates, citing higher prices of iron ore, coal and other raw materials. However, Hyundai, Kia, Renault Samsung and Ssangyong have been reluctant to accept steelmakers’ demands, saying they cannot pay more than they currently do because of increasingly unfavorable business conditions. The carmakers also say higher steel plate prices will add upward pressure to retail prices, making it harder for them to sell vehicles.
Brokerages cut targets for Kangwon Land
Brokerage firms are slashing their target prices for Kangwon Land, saying the country’s only casino for Koreans could likely have underperformed in the final quarter of 2016. They also painted a downbeat outlook for the casino operator, projecting it would also fail to meet market expectations this year.
Communication in digital age
The way we communicate has gone through dramatic transformations. From delivering handwritten letters to emails and now to simple text messages or mobile messengers, what we could not have imagined decades or even a few years ago is now possible and continues to evolve. At a time when everything is disruptive, making the leap from conventionality is no longer a choice but a r...
Daewoo E&C logs W503 bil. loss in 2016
Daewoo Engineering & Construction (E&C) logged a 503 billion won ($437 million) operating loss in 2016 as it wrote off all potential losses from its unprofitable overseas construction projects, the company said Thursday. Daewoo E&C appears to have written off all possible losses in the fourth quarter of last year to make its financial statements more transparent after the builder received a disclaimer of opinion from Deloitte Anjin.
Kumho chairman secures W1 tril. to buy back tire unit
Kumho Asiana Group Chairman Park Sam-koo is moving closer to rebuilding his fallen empire after raising nearly a trillion won ($870 million) to buy back a controlling stake in the group’s former tire unit. Kumho officials said Thursday that Park has secured the funds from several financial investors and business associates to buy a 42.1 percent stake in Kumho Tire held by the...
Low-cost carriers soaring
Low-cost carriers are thriving on a surge in the number of Korean and foreign passengers. When low-cost airlines first began flying in the mid-2000s, they served mostly local travelers flying on domestic routes. But they have expanded their reach outside the country, taking many passengers away from the nation’s two flagship carriers: Korean Air and Asiana Airlines. The six b...
Lotte theme park suspended amid THAAD row
Lotte Group has been forced to suspend the construction of its theme park in northeastern China, the latest in a series of retaliatory steps against Korea’s decision to deploy a U.S. anti-missile defense system. Korea’s fifth-largest conglomerate has been the main target of the reprisal for its decision to provide a golf course as the site for a U.S. Terminal High Altitude Area Defense (THAAD) battery. The Chinese government ordered Lotte last December to stop building the Lotte World Theme Park near its department store and cinema in Shenyang, Liaoning Province, according to Lotte officials...