Finance
New accounting for shipyards being prepared
South Korean financial authorities seem to be changing accounting standards for shipbuilding industry to prevent shipbuilders, facing crisis of entire capital encroachment due to appraisal loss caused by foreign exchange hedge, from getting out of st...
2008-10-10 18:59:17
Foreign exchange hedge causing different results
South Korean shipbuilding enterprises’ officials in charge of foreign exchange are frowning at plummeting won to the level of 1400 against the US dollar. South Korean shipbuilding industry has earned more than $50bn of foreign currency this year...
2008-10-10 14:55:02
POSCO and GS’ cooperation in DSME bidding
With the regular bidding for Daewoo Shipbuilding & Marine Engineering (DSME) four days ahead, two leading acquisition candidates POSCO and GS Group formed a consortium to bid for the world’s third-largest shipyard. It seems they joined hands wi...
2008-10-10 12:46:36
Consortium for bidding of DSME confirmed
The consortium for bidding candidates for Daewoo Shipbuilding & Marine Engineering (DSME) and strategic and financial investors is confirmed, as the regular bidding date approaches. Bidding candidates should submit the final proposal for the conso...
2008-10-09 15:32:25
DSME Merger will be named soon
The regular bidding for Daewoo Shipbuilding & Marine Engineering (DSME) will take place on Oct 13 as scheduled and priority negotiator is expected to be named on 25 at the earliest. According to industry sources, DSME acquisition candidate compani...
2008-10-08 14:35:54
Special committee for shipbuilding business
Politics started to help with financial problem of the medium-sized shipyards in South Jeolla province, South Korea, which stopped some of their operation of factory due to their cash flow problem. A Democrat, Dong-Cheol Kim said, “A special com...
2008-10-03 23:54:10
Bidding war for DSME going into mist
National Pension Service (NPS) declared they will not participate in the bidding competition for Daewoo Shipbuilding & Marine Engineering (DSME). On May 2, NPS was going to choose a consortium to attend by opening a committee meeting, however, it...
2008-10-03 22:33:24
Vietnam approves loans for Vinashin
Vietnam News Agency reported that Mr Nguyen Sinh Hung deputy prime minister of Vietnam has allowed the Vietnam Shipbuilding Industry Group to access financial resources totaling more than USD 1.18 billion to realize its key projects. Of the funds,...
2008-10-03 13:33:44
C&HI withdrew the plan to sell its steel business
South Korea’s C& Heavy Industries, known to be having cash problems recently, failed in the plan to sell its steel business department, which was aimed to secure liquidity. C&HI announced September 30, “We had decided to sell our steel busines...
2008-10-02 23:06:14
STX consider Ship Financing Business
STX group is known to reconsider undertaking shares of a European financial firm specialized in shipping and shipbuilding. According to the TV Korea’s Economy, the executives of STX group are reconsidering undertaking a European financial firm ...
2008-10-01 16:23:08
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