Hyundai Heavy, LG may join $1 billion U.S. solar project
Matinee Energy Inc., a U.S. based renewable energy company, said it invited Hyundai Heavy Industries Co. and LG Electronics Inc. to become partners in a $1 billion solar project.
Matinee signed a preliminary agreement with the Korean companies, the solar power projects developer said in a statement on Sunday, without saying where the plant would be built.
Hyundai and LG earlier said they were named preferred bidders for a solar-power order worth $1 billion from Matinee Energy. The order is to build 240 megawatts of capacity, Kim Kwang Kook, a spokesman for Hyundai Heavy, and Lee Jin-se, a spokesman for LG Electronics, said separately by phone.
Hyundai and LG are the latest Korean companies to announce plans for overseas renewable energy markets in a bid to diversify their revenue sources. Samsung C&T Corp., the nation’s second-largest construction company, and ENCO Utility Services of the U.S. plan to build solar-power plants in California. In January, Samsung announced a $6.7 billion wind and solar power project with state-run Korea Electric Power Corp. in Ontario.
2010년 4월 19일 월요일
Korean economy to grow 5.2%: ADB
Korean economy to grow 5.2%: ADB
Asian Development Bank said yesterday that Korea’s economy will grow 5.2 percent in 2010, as corporate investment and private consumption pick up and exports remain strong.
The Manila-based institution’s projection is more optimistic than that the Korean government’s forecast for 5 percent growth. The Bank of Korea, however, raised its growth outlook to 5.2 percent earlier this month.
Consumer prices will grow around 3 percent year-on-year in 2010 and then will rise to 4.6 percent in 2011, the ADB forecast.
Korea’s economy, the fourth largest in Asia, managed to grow 0.2 percent in 2009, thanks to aggressive stimulus measures and record-low interest rates, while many advanced economies slipped into a recession
Asian Development Bank said yesterday that Korea’s economy will grow 5.2 percent in 2010, as corporate investment and private consumption pick up and exports remain strong.
The Manila-based institution’s projection is more optimistic than that the Korean government’s forecast for 5 percent growth. The Bank of Korea, however, raised its growth outlook to 5.2 percent earlier this month.
Consumer prices will grow around 3 percent year-on-year in 2010 and then will rise to 4.6 percent in 2011, the ADB forecast.
Korea’s economy, the fourth largest in Asia, managed to grow 0.2 percent in 2009, thanks to aggressive stimulus measures and record-low interest rates, while many advanced economies slipped into a recession
U.S. not ready to discuss trade issues in KORUS FTA
U.S. not ready to discuss trade issues in KORUS FTA
The United States is not yet ready to discuss key issues with South Korea that need to be addressed before the two countries ratify their free trade agreement (FTA), a senior U.S. trade official said Monday, according to Yonhap news agency.
The bilateral KORUS FTA was signed in 2007, but still awaits ratification from the legislatures of both countries.
"What we are doing in the United States is a real reviewing of the free trade agreement and looking at areas we have concerns expressed," Wendy Cutler, assistant U.S. trade representative for Japan, Korea and APEC Affairs, told Yonhap News Agency.
"One of the key areas we have concerns expressed with the free trade agreement is the automotive sector," she said.
The imbalance in auto trade and restricted shipments of U.S. beef are key hurdles to the early ratification of the free trade accord, signed in 2007.
Some U.S. officials have said in public they want to address those issues in side agreements to avoid a possible revision of the text of the deal.
The United States is not yet ready to discuss key issues with South Korea that need to be addressed before the two countries ratify their free trade agreement (FTA), a senior U.S. trade official said Monday, according to Yonhap news agency.
The bilateral KORUS FTA was signed in 2007, but still awaits ratification from the legislatures of both countries.
"What we are doing in the United States is a real reviewing of the free trade agreement and looking at areas we have concerns expressed," Wendy Cutler, assistant U.S. trade representative for Japan, Korea and APEC Affairs, told Yonhap News Agency.
"One of the key areas we have concerns expressed with the free trade agreement is the automotive sector," she said.
The imbalance in auto trade and restricted shipments of U.S. beef are key hurdles to the early ratification of the free trade accord, signed in 2007.
Some U.S. officials have said in public they want to address those issues in side agreements to avoid a possible revision of the text of the deal.
Korea to invest W20b in undersea robots
Korea to invest W20b in undersea robots
The deep sea robot will have advanced sonar equipment and multi-jointed legs. It will be capable of walking at up to 50 centimeters per second and swimming at 30 centimeters per second.
The announcement came after a recent troubled search of a sunken naval ship and its missing crew.
The project will be conducted in two stages until 2015, and the organization that will carry out the project will be selected during May, the ministry said.
In the first stage, scheduled to be conducted from this year until 2012, 9 billion won will be injected into developing a robot capable of operating at depths of up to 200 meters, the ministry said.
The robot developed in the first stage of the project will move by means of multi-jointed legs on the seabed to overcome the fast tidal currents prevalent in Korea’s coastal waters, the ministry said.
It will also be fitted with advanced sonar equipment to allow it to operate in murky waters.
The ministry said that the robot developed for shallow sea operations is scheduled to be deployed in a range of activities such as monitoring underwater environmental conditions, exploring and salvaging sunken ships, in 2013.
The second stage of the project, which will take place from 2013 to 2015, will see an investment of 11 billion won for developing robots for operating at depths of up to 6,000 meters.
Once complete, the deep sea robot will be used to explore underwater volcanoes, undersea hydrothermal vents and other underwater features that are difficult to explore with existing equipment, the ministry said.
According to the ministry’s projections, the local market for such robots between 2016 and 2020 will grow to be worth 150 billion won including maintenance and operation.
The government will invest 20 billion won ($18 million) into developing robots for marine exploration until 2015, the Ministry of Land, Transport and Maritime Affairs said yesterday.
The deep sea robot will have advanced sonar equipment and multi-jointed legs. It will be capable of walking at up to 50 centimeters per second and swimming at 30 centimeters per second.
The announcement came after a recent troubled search of a sunken naval ship and its missing crew.
The project will be conducted in two stages until 2015, and the organization that will carry out the project will be selected during May, the ministry said.
In the first stage, scheduled to be conducted from this year until 2012, 9 billion won will be injected into developing a robot capable of operating at depths of up to 200 meters, the ministry said.
The robot developed in the first stage of the project will move by means of multi-jointed legs on the seabed to overcome the fast tidal currents prevalent in Korea’s coastal waters, the ministry said.
The second stage of the project, which will take place from 2013 to 2015, will see an investment of 11 billion won for developing robots for operating at depths of up to 6,000 meters.
Once complete, the deep sea robot will be used to explore underwater volcanoes, undersea hydrothermal vents and other underwater features that are difficult to explore with existing equipment, the ministry said.
2010년 4월 18일 일요일
STX wins ship orders worth $250m in April
STX Offshore & Shipbuilding Co., the nation‘s fourth-largest shipbuilder, announced yesterday that it won contracts for four ships worth a total of $250 million this month.
STX said that the company closed two deals with a Greek and a Singaporean company, respectively, to build one bulk carrier each. The other two contracts are with an unidentified Asian company to deliver two large-scale special purpose ships.
So far this year, the company said that it has secured contracts for 19 commercial ships worth $710 million
STX said that the company closed two deals with a Greek and a Singaporean company, respectively, to build one bulk carrier each. The other two contracts are with an unidentified Asian company to deliver two large-scale special purpose ships.
So far this year, the company said that it has secured contracts for 19 commercial ships worth $710 million
I30 hatchback tows Hyundai Europe sales
More than 500,000 units of Hyundai Motor Co.’s compact hatchback i30 have been sold since its launch in July 2007, the company said on Friday.
The i30 is the company’s first vehicle designed specifically for overseas markets to break cumulative sales figure of 500,000.
The car is designed to target European markets, and is currently being produced in Korea, China and the Czech Republic. Of the about 510,000 units of the vehicle sold worldwide, more than 86 percent were sold outside of Korea.
Hyundai Europe vice president Allan Rushforth said in a statement that the company will keep making improvements to the i30 in order to further increase the vehicle’s sales in the European market.
With the i30, Hyundai appears to have hit the right chord with European motorists.
According to Hyundai, the i30 came out on top in the customer satisfaction survey conducted by the U.K.-based automotive publication Auto Express. The survey asked 23,000 U.K. motorists questions on a number of categories including reliability, quality and fuel economy to rank vehicles.
The i30, the first Korean vehicle to top the list, was followed by the Jaguar XF and the Skoda Octovia in this year’s survey.
Aided by the popularity of the i30 and the other i-series vehicles -- the i10 and i20 – Hyundai’s monthly sales in the United Kingdom rose to a record high of 15,429 units in March, the company said.
In addition to the U.K. market, Hyundai has been performing well in the wider European market so far this year.
According to the European Automobile Manufacturers’ Association, Hyundai’s first quarter sales in the European Union and in the countries belonging to the European Free Trade Association increased by 24.2 percent from the same period last year.
With the increase, the carmaker sold about 100,800 units in that market, raising its market share to 2.7 percent from the 2.4 percent recorded for the same period last year.
Along with Hyundai, its sister carmaker Kia Motors Corp. saw its sales for the first three months of the year increase by a slightly higher rate of 25.9 percent over the same period.
The sales increase rates recorded by Hyundai and Kia are respectively the sixth and the fifth highest they have recorded.
Renault Group’s Dacia brand took the top spot in terms of sales increase rate, 59.1 percent, followed by Land Rover, the first quarter sales of which rose by 42.3 percent from a year earlier.
The i30 is the company’s first vehicle designed specifically for overseas markets to break cumulative sales figure of 500,000.
The car is designed to target European markets, and is currently being produced in Korea, China and the Czech Republic. Of the about 510,000 units of the vehicle sold worldwide, more than 86 percent were sold outside of Korea.
Hyundai Europe vice president Allan Rushforth said in a statement that the company will keep making improvements to the i30 in order to further increase the vehicle’s sales in the European market.
With the i30, Hyundai appears to have hit the right chord with European motorists.
According to Hyundai, the i30 came out on top in the customer satisfaction survey conducted by the U.K.-based automotive publication Auto Express. The survey asked 23,000 U.K. motorists questions on a number of categories including reliability, quality and fuel economy to rank vehicles.
The i30, the first Korean vehicle to top the list, was followed by the Jaguar XF and the Skoda Octovia in this year’s survey.
Aided by the popularity of the i30 and the other i-series vehicles -- the i10 and i20 – Hyundai’s monthly sales in the United Kingdom rose to a record high of 15,429 units in March, the company said.
In addition to the U.K. market, Hyundai has been performing well in the wider European market so far this year.
According to the European Automobile Manufacturers’ Association, Hyundai’s first quarter sales in the European Union and in the countries belonging to the European Free Trade Association increased by 24.2 percent from the same period last year.
With the increase, the carmaker sold about 100,800 units in that market, raising its market share to 2.7 percent from the 2.4 percent recorded for the same period last year.
Along with Hyundai, its sister carmaker Kia Motors Corp. saw its sales for the first three months of the year increase by a slightly higher rate of 25.9 percent over the same period.
The sales increase rates recorded by Hyundai and Kia are respectively the sixth and the fifth highest they have recorded.
Renault Group’s Dacia brand took the top spot in terms of sales increase rate, 59.1 percent, followed by Land Rover, the first quarter sales of which rose by 42.3 percent from a year earlier.
Doosan Heavy flexes muscle in global atomic power market
Korea stunned the global nuclear power industry when the newcomer to the world market fetched a $20 billion deal to build reactors in the United Arab Emirates late last year.
One of the firms behind the achievement is Doosan Heavy Industries Co., a leader in the technology required to manufacture nuclear reactors and other key equipment.
“We could proudly say Doosan has the global competitiveness in supplying nuclear power facilities since it is among the rare companies to be equipped with the ability to make the material supplies and one that has the technologies,” said company vice president Kim Tae-woo.
Inside of Doosan Heavy Industries Co.’s factory in Changwon, South Gyeongsang Province.
The company aims to win global orders worth $18 billion by 2015 as the demand for atomic power generation is expected to surge as an alternative to fossil fuel based energies.
Doosan is already a global leading player in power generation and desalination facilities.
The company claims to be one of the few firms across the world that has an integrated productivity system which could control all execution stages from material selection to final product development.
In the past two decades it has supplied about 20 nuclear reactors in Korea. It has also provided nuclear power facilities for 12 different nuclear plants in the United States, China and Japan from 1997-2008.
According to the World Nuclear Association, some 430 more nuclear reactors are projected to be built by 2030. Currently, about 430 nuclear reactors are in operation in 31 countries.
A nuclear reactor produced by Doosan Doosan Heavy Industries Co.
Doosan said the firm expects the additional nuclear reactors to create a $1.08 trillion market in the next 20 years.
“Although many nuclear power facility manufacturing companies have experienced downturns due to the sluggish market which has continued for the past three decades, Doosan has accumulated its technology and experience by continuously building domestic nuclear power plants,” Kim said.
The country’s mid-sized conglomerate focusing on heavy equipment was part of a consortium led by Korea Electric Power Corp. which signed a $20 billion deal to construct four 1.4 million-kilowatt nuclear power reactors in the United Arab Emirates by 2020.
Seoul officials project the deal to generate an additional $20 billion contract for operation and maintenance for 60 years.
The government estimates that the contract will create direct exports amounting to $20 billion -- equivalent to a 1 million-unit shipment of Hyundai NF Sonata sedans -- and that the deal will offer 110,000 new jobs.
Korea is a relative newcomer to the international nuclear market; however, it is recognized for its cost-effectiveness, safety, technological know-how and quick construction.
The country also has the world’s sixth largest atomic generation capacity. It stood at 93.3 percent as of 2008, 14 percentage point higher than the global average of 79.4 percent.
Park Gee-won, president of Doosan Heavy, has previously said that the firm aims to win $18 billion worth of global orders and reach sales of 17 trillion won with an operating profit margin of 10 percent by 2015.
Doosan has also built and delivered a nuclear reactor to a power plant in China for the first time in February last year, marking its first sale of a nuclear reactor overseas.
Since then, the company has won a $240 million deal last September to supply power plant equipment to Saudi Arabia and a landmark nuclear deal in UAE late last year to build the nuclear power plants within the next 10 years.
The firm then moved on to sign a $350 million deal to provide equipment for a power facility in Egypt in February and won a $120 million power plant order in New Caledonia.
Being the only company in Korea which specializes in power plants, it also focuses on making conventional power plants more environmentally friendly.
It is directing the development of a next-generation power plant technology called the Integrated Gasification Combined Cycle -- creating gas from coal.
Doosan officials celebrate the completion of new nuclear reactor equipment.
As part of the effort, Doosan Heavy’s subsidiary Doosan Babcock is taking charge of a government-funded project called OxyCoal U.K. in the United Kingdom to develop competitive oxyfuel technology suitable for full-scale plant applications.
Another deal with Korea South East Power Co. asks Doosan to design and install a fuel-saving boiler facility at the power plant in Yeosu, South Jeolla Province, by 2011.
The firm is also in the process of making fuel cells, a type called the molten carbonate fuel cell, which has the capacity of producing electricity for 200 households. It aims to commercialize it by 2012.
Proving to be an outcome of the company’s ongoing efforts, it has been ranked fourth on the list of world’s top 40 firms in 2009, according to A.T. Kearney’s 2009 Global Champions Report, released by Business Week magazine.
Doosan was noted for its foresight and agility in buying new technologies and for maintaining a consistent corporate culture that focuses on high performance.
One of the firms behind the achievement is Doosan Heavy Industries Co., a leader in the technology required to manufacture nuclear reactors and other key equipment.
“We could proudly say Doosan has the global competitiveness in supplying nuclear power facilities since it is among the rare companies to be equipped with the ability to make the material supplies and one that has the technologies,” said company vice president Kim Tae-woo.
Inside of Doosan Heavy Industries Co.’s factory in Changwon, South Gyeongsang Province.
The company aims to win global orders worth $18 billion by 2015 as the demand for atomic power generation is expected to surge as an alternative to fossil fuel based energies.
Doosan is already a global leading player in power generation and desalination facilities.
The company claims to be one of the few firms across the world that has an integrated productivity system which could control all execution stages from material selection to final product development.
In the past two decades it has supplied about 20 nuclear reactors in Korea. It has also provided nuclear power facilities for 12 different nuclear plants in the United States, China and Japan from 1997-2008.
According to the World Nuclear Association, some 430 more nuclear reactors are projected to be built by 2030. Currently, about 430 nuclear reactors are in operation in 31 countries.
A nuclear reactor produced by Doosan Doosan Heavy Industries Co.
Doosan said the firm expects the additional nuclear reactors to create a $1.08 trillion market in the next 20 years.
“Although many nuclear power facility manufacturing companies have experienced downturns due to the sluggish market which has continued for the past three decades, Doosan has accumulated its technology and experience by continuously building domestic nuclear power plants,” Kim said.
The country’s mid-sized conglomerate focusing on heavy equipment was part of a consortium led by Korea Electric Power Corp. which signed a $20 billion deal to construct four 1.4 million-kilowatt nuclear power reactors in the United Arab Emirates by 2020.
Seoul officials project the deal to generate an additional $20 billion contract for operation and maintenance for 60 years.
The government estimates that the contract will create direct exports amounting to $20 billion -- equivalent to a 1 million-unit shipment of Hyundai NF Sonata sedans -- and that the deal will offer 110,000 new jobs.
Korea is a relative newcomer to the international nuclear market; however, it is recognized for its cost-effectiveness, safety, technological know-how and quick construction.
The country also has the world’s sixth largest atomic generation capacity. It stood at 93.3 percent as of 2008, 14 percentage point higher than the global average of 79.4 percent.
Park Gee-won, president of Doosan Heavy, has previously said that the firm aims to win $18 billion worth of global orders and reach sales of 17 trillion won with an operating profit margin of 10 percent by 2015.
Doosan has also built and delivered a nuclear reactor to a power plant in China for the first time in February last year, marking its first sale of a nuclear reactor overseas.
Since then, the company has won a $240 million deal last September to supply power plant equipment to Saudi Arabia and a landmark nuclear deal in UAE late last year to build the nuclear power plants within the next 10 years.
The firm then moved on to sign a $350 million deal to provide equipment for a power facility in Egypt in February and won a $120 million power plant order in New Caledonia.
Being the only company in Korea which specializes in power plants, it also focuses on making conventional power plants more environmentally friendly.
It is directing the development of a next-generation power plant technology called the Integrated Gasification Combined Cycle -- creating gas from coal.
Doosan officials celebrate the completion of new nuclear reactor equipment.
As part of the effort, Doosan Heavy’s subsidiary Doosan Babcock is taking charge of a government-funded project called OxyCoal U.K. in the United Kingdom to develop competitive oxyfuel technology suitable for full-scale plant applications.
Another deal with Korea South East Power Co. asks Doosan to design and install a fuel-saving boiler facility at the power plant in Yeosu, South Jeolla Province, by 2011.
The firm is also in the process of making fuel cells, a type called the molten carbonate fuel cell, which has the capacity of producing electricity for 200 households. It aims to commercialize it by 2012.
Proving to be an outcome of the company’s ongoing efforts, it has been ranked fourth on the list of world’s top 40 firms in 2009, according to A.T. Kearney’s 2009 Global Champions Report, released by Business Week magazine.
Doosan was noted for its foresight and agility in buying new technologies and for maintaining a consistent corporate culture that focuses on high performance.
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