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CJ Group-slush fund probe

SEOUL, May 22 (Yonhap) -- Prosecutors are tracing the origin and use of a massive slush fund allegedly amassed by CJ Group, the food and entertainment conglomerate, officials said Wednesday. The prosecution has been looking into suspicions that the country's 14th largest conglomerate had stashed away about 7 billion won (US$6.3 million) in overseas slush funds and recently brought the money into the country. The group also allegedly committed other illegal acts such as tax evasion.

major builders-heavy losses

SEOUL, May 20 (Yonhap) -- South Korea's nine major construction companies suffered heavy losses in the first three months of this year, data showed Monday, sparking concerns that some builders could face restructuring amid the country's protracted property market slump. The combined operating losses of Hyundai Engineering

POSCO sees steel industry remaining in doldrums in second half

SEOUL (Reuters) - South Korea's POSCO <005490.KS>, the world's fourth-biggest steelmaker, expects the steel industry to remain lacklustre in the second half of this year because of China's weak demand and the weaker Japanese yen that is hurting South Korean exporters. "We face an uphill battle in raising product prices," Kim, Jae-yeol, senior vice president, said during an earnings conference.

Posco's Q1 profit plunges 54% on weak demand

South Korean steel giant Posco said Thursday it had suffered a 54 percent drop in its first-quarter net profit because of weakening global demand and lower prices. Consolidated net profit in the January-March period fell to 292 billion won ($260 million) from 636 billion won a year earlier, the company said in a statement. "Fewer orders from shipbuilders and construction companies dented the bottom line amid a prolonged slump," a Posco spokesman told Dow Jones Newswires. "Slower-than-expected recovery in China's steel market also weighed on the outcome."

South Korean builders brace for losses as overseas projects go sour

By Hyunjoo Jin and Joyce Lee SEOUL (Reuters) - South Korean construction stocks <.KRXCNST> have lost almost 20 percent of their value this month, falling to levels last seen four years ago, after huge losses at two firms sparked widespread fears of overseas projects going sour. After the 2008 financial crisis, South Korean builders such as Samsung Engineering Co Ltd <028050.KS> and GS Engineering & Construction Corp <006360.KS> won a raft of foreign orders, particularly in the Middle East.

Samsung Heavy bags 462 bln won LNG ship order

Samsung Heavy Industries Co., a South Korean shipbuilder, said Monday that it has clinched a 462 billion won (US$ 410 million) deal to build two liquefied natural gas (LNG) carriers. Under the deal with a joint venture between SK Shipping Co.

Taiwan probes allegations of Samsung wrongdoing

Taiwanese authorities said Monday they had launched an investigation into allegations that South Korean tech giant Samsung hired students to post malicious comments about local rival HTC online. "The case was set up last week after we received complaints," Fair Trade Commission spokesman Sun Lih-chyun told AFP. He said the probe would look into allegations that Samsung engaged in false advertising and that if the allegations were upheld, Samsung and its local advertising agent could face a fine of up to Tw$25 million ($835,000).

POSCO head gets award

The POSCO Chairman and CEO Chung Joon Yang has been honoured with ‘Steelmaker of the Year’ award at AISTech 2013 - The Iron & Steel Technology Conference and Exposition, managed by Association for Iron & Steel Technology (AIST). Chung is recognised as a visionary for global steel industry for his knowledge of steel operations, dedication to safety, awareness to secure raw materials, enthusiasm to incorporate new technologies, foresight to expand POSCO’s foreign presence and prudent strategy to promote mutual growth with steel-consuming industries. AISTech 2013 will take

Refiners cut R

South Korean refiners scaled back their research and development expenditures last year due to sluggish earnings, industry data showed Tuesday. According to the data, SK Innovation Co., the holding company of South Korea's biggest refiner SK Energy Co., spent 149.4 billion won (US$ 130.8 million) in research and development in 2012, down 2.8 percent from 153.8 billion won a year ago. Last year's sluggish earnings dampened the investment sentiment of SK Innovation, which had, until 2011, increased its R&D expenditure by an annual average of more than 20 percent since 2008 wh

Samsung C

Samsung C&T, the construction and trading arm of Samsung Group, is experiencing a decline in its prestige among the Group’s affiliates due to rapid changes in the global business environment and steadily becoming a burden to the conglomerate. According to industry sources, the group’s top management, in the long run, is seeking to redefine the role and function of Samsung C&T headed by CEO Jung Yeon-joo. To this end, it recently decided to transfer a significant number of the firm’s experienced personnel to better performing affiliates, as the company weakens in its fun
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