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Korea Report - June, 2017.

SKorea's major shipyards, led by HHI are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders. According to the data compiled by Yonhap Infomax, HHI is expected to log an operating income of KW142 bil ($124 mil) during the second quarter of 2017, but the estimate marks a drop from the previous quarter's operating earnings of KW164 bil. HHI's sales are also expected to slip to KW4.43 tril from KW4.81 tril. HHI and its two affiliates have received new orders worth $3.8 bil through May, achieving around half of its annual order target of $7.5 bil. SHI is expected to have achieved an operating income of KW51 bil compared to previous quarter’s operating income of KW27.4 bil. Its sales are expected to have dropped to KW2.02 tril from previous quarter’s KW2.44 tril. SHI has secured a series of deals valued at some $5.2 bil this year. The shipyard set its annual order target at $6.5 bil. DSME is also projected to be in positive territory. In the Jan-March period, the shipyard chalked up an operating income of KW292 bil.

TOPICS.

President Moon visited USA for a four-day visit from 28th (p.2)

Chinese government blacklisted 24 SKorean manufacturers and exporters on THAAD (p.2)

Kori No 1, SKorea’s oldest nuclear reactor, ceased operation after four decades (p.3)

NK fired multiple anti-ship cruise missiles (p.6)

SKorea's defense ministry requested record budget of $38.7 bil for next year (p.7)

Seoul allowed an international aid group to ship humanitarian aid to NK (p.7)

Finance Ministry unveiled $10 bil supplementary budget plan (p.9)

SKorea's trade surplus came to $11.4 bil in June (p.10)

SEC took 13% of world‘s smartphone industry in the first quarter of 2017 (p.13)

LG Display maintains No 1 spot in global large display panel market since 2009 (p.14)

CJ CheilJedang acquired Russian frozen food company Ravioli (p.14)

Posco was ranked the most competitive steelmaker among 37 global steelmakers (p.14)

Toshiba chose SK Hynix consortium as preferred bidder in sale of its memory chip unit (p.15)

SKorea ranks 14th worldwide in terms of stock market value (p.16)

KOSPI climbed near to 2,400 on foreign investors buying rally (p.17)

SKorea's major shipyards are to earn solid profit during the second quarter (p.18)

HHI won orders for 62 ships worth $3.8 bil during Jan-May (p.20)

SHI secured deal worth $2.5 bil to build FLNG facility off the coast of Mozambique (p.21)

HMM teams up for a new boxship service between north-west China and west India (p.23)

KOGAS signed a deal with Cheniere Energy to import US shale gas for 20 years (p.23)

Cido changes order from PCTC to tankers (p.23) 

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