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Korea Report - June, 2016.
No Korean yard matters the
monthly order received or order backlog in its hand. Their marketing activities
are absolutely restricted on the principle ¡®no order on no profit¡¯. It is very much concerning. Shipbuilding industry
had been through even tougher era in the deep recession in 80s, but they had
never stopped their marketing like now. They had continued ship sales
activities on the basis of certain level of loss for the essential projects.
That made it possible for them to survive at the bottom and reach the top when
market comes back.
TOPICS.
SKorea¡¯s Foreign Minister visited
Cuba to normalize diplomatic relations (p.2)
Government reviews the energy
source system to control fine dust in the air (p.4)
World No.
2 Park In-bee joined the LPGA Hall of Fame (p.4)
NK fired its intermediate-range
ballistic missile for 400 kms for the first time (p.5)
NK called
on the nation to secure self-sufficiency in food (p.6)
Russia and China agreed they
will not accept NK's nuclear and missile strategy (p.6)
BOK lowered its base rate to
record low of 1.25% (p.8)
Seoul¡¯s financial markets took
a heavy blow from Brexit, but soon calmed down (p.8)
Mirae Asset Financial Group acquired
control of KDB Daewoo Securities (p.10)
KDB said it would exit from its ownership of
46 companies this year (p.11)
Samsung took up 24.1% of world's smartphone
market in the 1Q (p.12)
The prosecution raided the head office of
Lotte Group (p.13)
KOSPI plunged 38.57 points to 1,979.06 and
KWon soared 30 won to 1,173 on Brexit (p.15)
Korean yard stopped sale activities (p.18)
Korea¡¯s
Big3 will cut 6,000 jobs this year, according to self-rescue plans (p.18)
DSME is to
reduce volume of its ship construction facilities by 30% (p.20)
KDB has decided to sell DSME by 2018 (p.20)
3 major investors in HMM are to lose $372
mil as part of it¡¯s restructuring (p.22)
Glovis once again turned down proposals by US
govt to use US flag ships (p.23)
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