Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News
GEOJE, South Korea (Reuters) – At least five people were killed in Geoje, South Korea on Monday (May 1) after a crane collapsed and fell onto a construction site, fire station authorities said. Samsung Heavy Industries’ 32-tonne crane toppled at around 2:50 p.m. (0550 GMT) injured 20 people. Six of them are in serious condition, authorities added. Geoje is a coastal city located about 400 km (250 miles) southeast of Seoul South Korea’s Samsung Heavy Industries […]
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 […]
