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Korea Report - August, 2016.
McKinsey Korea, which is due
to publish an assessment report on Korea¡¯s Big 3, concluded that the trio can stay afloat without merging into one
another, according to local newspaper, as it is the best to maintain the three
shipyards¡¯ operations separately because DSME¡¯s competitiveness is not
lagging behind those of HHI and SHI, while many industry watchers have believed DSME should be merged into either of
the other two shipbuilders. Big 3 should halve
their production capacity by 2020 as global orders for ships are likely to drop
sharply, according to McKinsey¡¯s analysis. It is also said
to recommend DSME to carry out the sales of its defense unit in the report.
TOPICS.
Improper Solicitation and Graft Act is
to take effect on Sept 28th (p.2)
SKorea has been experiencing
abnormally hot weather since July (p.3)
Cultural
ministers of SKorea, China and Japan agreed to push for joint cultural events (p.4)
SKorea finished in eighth place with
9 gold medals at Rio de Janeiro Olympics (p.4)
Top diplomats of SKorea, China and
Japan vowed joint efforts against NK¡¯s nuclear armament (p.5)
NK's deputy ambassador in London has
defected with his family to SKorea (p.6)
SKorean national budget is to exceed
KW400 tril the first time (p.8)
SKorea ranked 11th worldwide in GDP
in 2015 (p.8)
S&P raised Korea¡¯s sovereign
rating to ¡°AA¡± from ¡°AA-¡±, higher than China and Japan (p.9)
SKorea and Japan agreed to resume
currency swap deal (p.9)
FSS warned 32 SKorean businesses are
in need of corporate rehabilitation (p.12)
Samsung Electronic¡¯s PE ratio
outpaced its archrival Apple for the first time (p.13)
Lotte Group fell further into crisis
after its second man committed suicide (p.14)
CJ Group chosen as one of this
year¡®s 7 World-Changing Companies by Fortune (p.15)
USA is to impose anti-dumping and
countervailing duties for Korean steel products (p.16)
Hyundai Rotem won $994 mil train
supply deal in Australia (p.17)
SKorea plans to sell KW1 tril ($900
mil) worth of Treasury bills (p.17)
KWon gained ground against the
greenback by 7% over the past month (p.18)
McKinsey Korea concluded that BIG3
can stay afloat without merging into one another (p.19)
HHI settled amicably the dispute with Fred
Olsen Energy (p.20)
SHI plans
to raise $983 mil through a rights offering to cover losses and to stay afloat
(p.21)
DSME is receiving $600 mil early
payment from its traditional customers (p.21)
HMM
will be off to a fresh start as a subsidiary of the KDB (p.23)
Hanjin Shipping filed for court
receivership on 31st, entering path to bankruptcy (p.23)
Sinokor owns an LNGC fleet
comprising 9 vessels (age between 27-39) (p.24)
KOGAS is to place an order for 2 x
3,500 tons gas transport ships to local yards (p.24)
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