Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News
SEOUL, South Korea (AFP) — South Korea’s Hyundai Heavy Industries has received the green light for a near 3.0 billion restructuring program — including asset sales and job cuts — to keep the world’s largest shipbuilder afloat. A spokesman for KEB Hana Bank, one of the company’s chief creditors, confirmed Wednesday that it had approved the 3.5 trillion won ($2.94 billion) plan, to be implemented over the next three years. Hyundai Heavy, along with Daewoo […]
by Jung Ha-Won SEOUL , South Korea (AFP) — After more than a decade of global dominance, South Korea’s shipbuilders face an unprecedented crisis that threatens the very survival of one of the flagship industries of Asia’s fourth largest economy. South Korea’s “Big Three” shipbuilders were once considered the holy trinity of Korea Inc. — controlling nearly 70 percent of the global market after seeing off their European and Japanese rivals in the 1980s and […]
