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joongangdaily.joins.com (joongangdaily.joins.com) has great GM Daewoo news, photos, videos and more
Friday, Jul 31
Investment offsets Daewoo profit dip
Daewoo Engineering and Construction Co., Korea's third-largest builder, said yesterday that its second-quarter earnings rose nearly 2.5 times from a year ... Hyundai Engineering ranks 1st in construction capacityTrading Markets (press release)
Tuesday, Jul 28
Government outlines KDB privatization blueprint
Korea Development Bank and its three current subsidiaries - Daewoo Securities, KDB Asset Management and KDB Capital - will be put under a new holding group, ... KDB to Be Split Into Two Units in Oct.Korea Times S.Korea to split KDB into holding, policy entitiesReuters India
Monday, Jun 15
Firms sell off to restructure
South Korea But other big-ticket shopping items like Hynix Semiconductors, Hyundai Corp. and Daewoo Marine and Shipbuilding, which were sold in the wake of 1997-98 Asian financial crisis, are also awaiting new owners. Min Euoo-sung, the head of KDB, recently said ...
Sunday, Jun 14
Gear up for coming vehicle releases
South Korea Also in September, GM Daewoo will launch the follow-up to its popular compact vehicle the Matiz, which will be sold as the Chevrolet Spark outside of Korea. GM Daewoo has high hopes that the vehicle will boost sales here and abroad. ...
Thursday, Jun 11
Pricey oil mixed bag
South Korea Shares of Daewoo International, a Seoul-based energy company that has explored several oil and natural gas fields overseas, have risen by over 40 percent in the past three months, while oil refineries Hanwha Chemical and Kolon Industries have surged by ...
Wednesday, Jun 10
Stocks rise across the board, Kospi up 3%
South Korea days of decline,” said Lee Seung-woo, an analyst at Daewoo Securities. Market heavyweights led the bullish trading, with Samsung Electronics gaining 3.9 percent to 587000 won. LG Chem, Korea's biggest chemical maker, rose 2.4 percent to 147500 won. ...
Year-on-year employment numbers slip yet again
South Korea “It is worse than we thought,” Go You-sun, an economist at Daewoo Securities, said the job market will have a turnaround in the fourth quarter at the earliest. “Seasonally adjusted figures in May show that we still have a way to go before seeing the ...
Sunday, Jun 7
Daewoo bids to build subs for Jakarta
Korea Herald South Korea A Korean company said yesterday that it will submit a bid to win the right to construct two submarines for Indonesia that could be worth $1.2 billion. Daewoo International Corporation said that it will submit specifications to supply two 1400-ton ...
China's shift to consumer goods
South Korea But not all Korean companies have found China's streets paved with yuan. Korean retail giants like Shinsegae, Lotte Shopping and GS Home Shopping have not yet been able to post profits there. Seon Seung-soo, analyst at Daewoo Securities, ...
Friday, Jun 5
[Viewpoint] GM's down, but not yet out
South Korea A similar approach was used when GM took over Daewoo Motors in 2002. At the time, GM spent $400 million on the acquisition of Daewoo Motors' high-grade assets and successfully turned the motor company around. The auto industry is often a nation's key ...
Thursday, Jun 4
KDB pitches projects to Abu Dhabi high rollers
South Korea KDB explained its current investment plans, including the formation of a so-called corporate restructuring fund; upcoming sales of major Korean enterprises, including Daewoo Shipbuilding & Marine, and other real estate and infrastructure projects. ...
Tuesday, Jun 2
Kumho must secure cash
South Korea Kumho Asiana Group won two more months Monday from its main creditor, the state-owned Korea Development Bank, to find new investors for its subsidiary Daewoo Engineering and Construction, the group announced yesterday. If Kumho is unable to secure ...
Monday, Jun 1
GM Daewoo may survive despite parent's trouble
South Korea Exports of vehicles in May alone fell 50 percent to 71845 units year-on-year. Domestic sales failed to pick up the slack, retreating 42.7 percent from the previous year. GM Daewoo's Grimaldi is planning to hold a press conference later today where the ...
Sunday, May 31
Strike leads Ssangyong to close down its factory
South Korea Meanwhile, the parent company of GM Daewoo Auto and Technology is on the verge of bankruptcy in the United States. General Motors, the ailing American auto giant with the No.1 market share in the US, has a June 1 deadline for unveiling restructuring ...
Friday, May 29
KDB still resists aid to GM Daewoo
South Korea With it growing more likely the US automaker General Motors will file for bankruptcy protection, the two major stakeholders in GM Daewoo, its local subsidiary, are at a stalemate. GM owns 51 percent of its subsidiary, while the Korea Development Bank ...
Wednesday, May 27
End to cease-fire eats up early stock gains
South Korea Hyundai Heavy Industries gained 1.2 percent to 218000 won after it said its April sales grew 15 percent on-year to 1.8 trillion won. Other shipbuilders finished sharply lower on bleak investor confidence. Daewoo Shipbuilding and Marine Engineering slid ...
Majestic mountains and rich desserts
South Korea The latest development in economic cooperation between the two countries came at the end of last month when Pakistani authorities and a Korean consortium consisting of K-Water, Sambu Construction and Daewoo E&C signed a $331 million deal for ...
Tuesday, May 26
Corporate bond sales soar to $19 billion as of April
South Korea Stung by plummeting orders, the world's top three shipbuilders - Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding and Marine Engineering Co. - have been forced to sell bonds. Samsung Heavy, the No. ...
Friday, May 22
Tech, industry down as sell-off continues
South Korea “Shares started lower as investor sentiment was hurt by overnight setbacks in US markets and moved up and down throughout the day,” said Han Chi-hwan, an analyst at Daewoo Securities. “Later sell-offs by institutions drove the index lower. ...
Thursday, May 21
Growing reserves reflect sputtering investment
South Korea “Steel, automobiles, ships and technology are all suffering from industry gluts of varying degrees, so it may be hard for them to aggressively increase investment,” said Cho Jae-hoon, an analyst at Daewoo Securities. “But if they continue to shy away ...
Market turns south on ill Wall Street winds
South Korea “Affected by overnight setbacks in the US, local shares started lower and the losses were extended as investors dumped shares,” said Han Chi-hwan, an analyst at Daewoo Securities. On Wednesday, the US Federal Reserve trimmed the United States' 2009 ...
Another M&A for Posco?
South Korea Posco, Korea's largest steelmaker, said yesterday it is considering buying a local shipping company as part of efforts to secure stable shipments of raw materials and steel products. “We are reviewing a plan to buy Daewoo Logistics Corp.,” said a Posco ...
Wednesday, May 20
Tax break brings sales for local automakers
South Korea “Through mid May, delivery volume was not only higher compared to the previous month but almost twice what it was last year,” said Ahn Seok-soo at Daewoo Motor Sales. Hyundai Motor and Kia Motors, which have a combined market share of 80 percent in the ...
Monday, May 18
Fears over flu boost shares for vaccine, drugmakers
South Korea “Green Cross is at the forefront of developing vaccines for the new flu and drugs to treat it,” said Kwon Jae-hyun, an analyst at Daewoo Securities. “Since the government earmarked a supplementary budget of 18.2 billion won ($14.4 million) to produce ...
Parachutes smother reform
South Korea According to reports, the heads of Daewoo Securities and Woori Investment Securities, two state financial companies, and the Korea Banking Institute have parachuted in. The person nominated for the top Daewoo job worked for President Lee Myung-bak ...
Sunday, May 17
Convertibles make a cool comeback
South Korea Sadly, none of the five Korean automakers currently make convertibles. Once upon a time in 1996 Kia had the Elan. Until last year, GM Daewoo sold GM's two-seat roadster the G2X. But low sales have kept both cars out of the market. ...
Friday, May 15
FTA negotiators say they seek a quick ratification
South Korea cars] into Korea” while Korean auto companies are sending “hundreds and thousands of cars” to the US Kim has responded by saying that auto trade between the two countries is not as skewed as Washington says, considering the sales of GM Daewoo, ...
Short selling could return, says financial watchdog
South Korea KDB is currently in talks with troubled US carmaker General Motors Corp. over easing the liquidity squeeze facing GM Daewoo Auto & Technology Co. KDB has said it would consider raising its stake in GM Daewoo if its US parent promises to provide aid. ...
Wednesday, May 13
6 months of job losses end in April
South Korea Go You-sun, a macroeconomist at Daewoo Securities, said the report could indicate the worst was behind the the Korean economy, but not more than that. “Companies sharply cutting down on operations earlier in the year amid deteriorating global demand ...
Monday, May 11
Tech stocks gain as recovery hopes climb
South Korea “Expectations are growing that the economy is nearing bottom with more favorable signs coming from the US financial sector,” said Lee Seung-woo, an analyst at Daewoo Securities. Tech exporters benefited most on expectations that a global economic ...
Thursday, May 7
Kospi tops 1400 on bank, shipping shares
South Korea Hyundai Hysco, a maker of cold-rolled steel sheets, climbed 1.8 percent to 10050 won, the highest since Oct. 2. Daewoo Securities Co. raised its recommendation to “buy” from “hold” in a report, saying the company's earnings will turn around starting in ...
Wednesday, May 6
Stock market fluctuates on profit taking
South Korea Daewoo Engineering and Construction climbed 10 percent to 12550 won, while GS Engineering and Construction Corp. gained 4.6 percent to 75300 won. STX Pan Ocean Co., Korea's biggest bulk carrier, rose 1.7 percent to 12300 won. Korea Line Corp. ...
GM set to increase its Korean parts purchases
Anderson said that the US automaker will purchase roughly $2.1 billion in parts from Korea, excluding those from GM Daewoo. Last year GM bought $9.1 billion in parts from Korea related to GM Daewoo. Other international companies purchased $1.4 billion ...
Foreign firms mull listing on Korean stock markets
And M-Biz Global, a British mobile phone solution provider, also selected Daewoo Securities as an arranger of its upcoming stock listing in Seoul. If its IPO plan materializes as planned in the second half of this year, M-Biz Global is also expected to ...
Tuesday, May 5
Used vehicle exports rise
“Small or midsize vehicles like the Avante or Lacetti are popular,” said Kim Hyung-woo, a department manager at the secondhand vehicle auction house managed by Daewoo Motor Sales Corp. “So are midsize LPG-fueled vehicles.” Currently the major buyers of ...
Monday, May 4
Stronger won is mixed blessing
South Korea “If the won heads toward 1200 territory, where it stayed in early 2008, the stock markets may take a more cautious stance because of the pressure of the strong won,” said Lee Seung-woo, researcher at Daewoo Securities. Many institutional investors in ...
Sunday, May 3
[Letters] Give credit where it's due
Korea Times South Korea Saturday's commentary on GM Daewoo, “Korea's child needs to come home,” [Viewpoint, May 2] left out some key perspective. Let's be clear: Daewoo Motor's luck never ran out. The delusions of grandeur on the part of its chairman led the company to ...
Friday, May 1
GM could sell KDB a bigger stake in Daewoo unit
South Korea General Motors Corp., running on $15.4 billion in US federal loans, said it may sell part of its stake in GM Daewoo Auto and Technology Co. to Korea Development Bank to boost its Korean unit's cash holdings. “GM is willing to consider various measures ...
Wednesday, Apr 29
Daewoo International enjoys gains on equity
South Korea Daewoo International Corp., Korea's second-largest trading company, said yesterday its first-quarter earnings rose 45 percent on-year on gains from equity investments. Net income reached 32.7 billion won ($24.4 million) in January-March, ...
Tuesday, Apr 28
GM threatens to dump Korea unit
South Korea Korea Development Bank, which owns 28 percent of GM Daewoo, said it would provide financial aid to the struggling Korean affiliate only when GM, which holds 51 percent, makes the first investment move. The main creditor of GM Daewoo, Korea Development ...
Jobs, economy hot topics ahead of by-elections
South Korea both for the survival of GM Daewoo and for the health of the domestic economy. The Democratic Party also dispatched its chairman, Chung Sye-kyun, and other leaders to Bupyeong yesterday, with backing from minority opposition Creative Korea Party. ...
Wednesday, Apr 22
Stocks spike as tech firms report earnings
South Korea “Humax may benefit as more people watch TV amid the economic recession,” wrote Park Won-jae, a Daewoo analyst. Growing supplies to the US's DirecTV Group Inc. will also boost earnings, the analyst said. Kia Motors, the second-biggest Korean automaker, ...
Tech, games, oil are firms to watch
South Korea “The game makers have a regular income source [thanks to monthly fees for their online businesses], including the loyalty they get from China's game service providers,” said Kim Chang-kwon, an analyst at Daewoo Securities. “So game makers are likely to ...
Low rates drive investors to snap up riskier bonds
South Korea And next week, Dongbu Metal, Daewoo Motor Sales and Hanjin Corp., rated BBB+, BBB and BBB+, respectively, will issue corporate bonds worth 140 billion won total. “I don't even know how many calls I get these days from clients asking, ‘Call me right ...
Tuesday, Apr 21
Rich investors back on the prowl
South Korea And those new accounts are being used to apply for bonds with warrant from Daewoo Motor Sales Corp., which the broker is scheduled to offer today and tomorrow. “The competition will likely be much fiercer than for the BWs of Kia Motors, ...
Monday, Apr 20
Banks may roll over debt at GM Daewoo
South Korea Korean banks are considering rolling over the maturity of currency forward contracts agreed upon with GM Daewoo Auto and Technology Co. as part of efforts to alleviate its cash problems, sources said yesterday. GM Daewoo, the Korean unit of beleaguered ...
Sunday, Apr 19
GNP focuses on jobs, DP talks of national ‘revival'
South Korea GNP candidate Lee Jae-hoon, former deputy minister of finance and DP candidate, is going up against Hong Young-pyo, who once worked at GM Daewoo Auto and Technology and later became a high-ranking government official. Buypeong-B is the sole electoral ...
Wednesday, Apr 15
Riskier corporate bonds are reviving
South Korea Hyundai Securities Co. said yesterday it had received 40 billion won ($30 million) in applications for corporate bonds rated A- from Daewoo Engineering and Construction Co., or 10 billion won over the brokerage’s expectations. ...
Sunday, Apr 12
SUVs expected to bounce back based on drop in gas prices
South Korea In particular, GM Daewoo sold 452 units of its SUV Windstorm last month, a 10.8 percent jump from the previous month. Even sales of Ssangyong Motor’s SUV lineups have been showing healthy growth. The company’s SUV-heavy lineup was previously considered ...
Derivatives drained GM Daewoo
Korea Times South Korea The contracts mature between September 2009 and August 2011, and if the Korean won depreciates further against foreign currencies, particularly the US greenback, they could inflict another 1 trillion won in losses on the company. GM Daewoo originally ...
