Finance
Posco eligible for fresh re-bidding for DSME sale
Another new situation is developing concerning the Daewoo Shipbuilding & Marine Engineering (DSME) sale promoted by Korea Development Bank (KDB). KDB internally examined whether POSCO would be able to bid again in case the current DSME sale is not...
2008-10-23 07:05:38
Shipbuilders out of accounting illusion
South Korean shipbuilding companies, of which appraisal losses have soared owing to their foreign exchange hedging, now can avoid the risk of capital encroachment. Financial Services Commission (FSC) of the country announced Wednesday that it appr...
2008-10-22 15:57:23
Hanwha wins the bidding race for DSME?
As POSCO got ‘disqualified’ in the bidding battle for Daewoo Shipbuilding & Marine Engineering (DSME), the battle became a two-sided contest between Hanwha and Hyundai Heavy Industries (HHI). With the final decision a couple of days ahead, exp...
2008-10-20 07:05:50
Stena gets financial support from KEIC
1.5 trillion won ($1.13 billion) of export insurance will be offered for drillship ordered by Sweden’s Stena, to be constructed at Samsung Heavy Industries. Korea Export Insurance Corporation (KEIC) said October 16 it had decided to provide expo...
2008-10-17 10:54:00
POSCO disqualified for Daewoo buyer
State-run Korea Development Bank decided on Thursday to disqualify POSCO as a potential buyer for Daewoo Shipbuilding. "In order to ensure a fair and transparent auction, we came to a conclusion that POSCO is not eligible for the bid," the state-r...
2008-10-17 08:52:26
Accounting issue to be identified formally
Kwang-Woo Jun, Chairman of Financial Services Commission of South Korea, said Thursday the commission would positively examine the plan to change the accounting standard for foreign exchange hedge derivatives. On the day, at the inspection of the ...
2008-10-16 16:38:41
GS pullout? DSME employees keeping a close watch on it
Employees at Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering (DSME) wonder why GS announced to withdraw after participating in the bidding competition for DSME as well as submitting final bid in consortium with POSCO before the deadline Oct...
2008-10-15 18:02:11
Shipbuilding prices turn down
Woori Investment & Securities said shipbuilding sector is getting worse as Clarkson Index made a reverse turn downward. “Clarkson Index which represents international newbuilding prices started to decrease in the end, and world shipbuilding mark...
2008-10-14 08:37:54
GS to retreat from DSME bidding
Hours after submitting its regular bid to acquire Daewoo Shipbuilding & Marine Engineering (DSME) in cooperation with POSCO, GS Group has pulled out late afternoon on October 13. It is said “the differences” in DSME acquisition prices and the ...
2008-10-14 08:07:51
Hosco raising funds for VLCCs
Overseas report says, Hosco Group, China’s shipping company, recently raised its capital of USD160 million for the construction of two VLCCs from several banking facilities by having syndicated loan. It can cover the 60% of the construction pric...
2008-10-13 09:25:25
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