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Korean shipbuilder to build 2 frigates for PH navy

Hyundai Heavy Industries Co. said Monday that it won a 370 billion won ($327.1 million or P15.7 billion) deal to build two 2,600-ton frigates for the Philippine Navy. South Korea’s largest shipbuilder signed the deal in a ceremony attended by Chung Ki-sun, executive vice president of corporate planning office of Hyundai Heavy Industries, Delfin Lorenzana, Defense Secretary and Kim Jai- shin, Korean Ambassador to Manila. Under the deal, Hyundai Heavy Industries will build the 2,600-ton ships, each 107 meters long and 12 meters wide, propelled with CODAD (Combined Diesel and Diesel) propulsion system for a maximum speed of 25 knots capable of covering a 4,500-nautical-mile range at cruising speed of 15 knots. The naval vessels must be ensured with stability against volatile sea conditions of the Philippines. The frigates will be armed with missiles, …

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Foreign investors’ demand for Samsung BioLogics IPO shares is high

Samsung BioLogics Co., the biopharmaceutical business arm of South Korean conglomerate Samsung Group, has drawn more than double the estimated 2 trillion won ($1.76 billion) worth of its planned initial public offering (IPO) from foreign institutional investors during road shows, raising expectations for the success of this year’s blockbuster IPO in the main Korean bourse. According to multiple sources from the investment bank industry on Friday, Samsung BioLogics has invited overseas institutional investors to its IPO roadshows held in Hong Kong and Singapore from October 17 to present the company’s IPO plans and growth potential to attract investment funds. Over the past week, offshore institutional investors are said to have shown strong appetite for the company’s upcoming IPO, offering a total of $5 billion. Considering that more road shows are planned …

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Hyundai Motor to build CKD assembly plant in PH

South Korea’s largest automaker Hyundai Motor Co. will build its first assembly plant in the Philippines, accelerating its efforts to win hearts of consumers in Southeast Asia where its Japanese rivals have long maintained a strong foothold. According to multiple sources from the automotive industry on Friday, Hyundai Motor and its exclusive local dealer Hyundai Asia Resources, Inc. (HARI) have submitted an application to the Philippine government to build a knockdown kit assembly plant, where exported auto components from a foreign country are locally assembled as a final vehicle, in Santa Rosa, a city in the province of Laguna, Philippines. Hyundai Motor and its exclusive distributor HARI plan to first install an assembly line that is capable of assembling in between 5,000 and 6,000 vehicle units annually in a plant managed by …

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GongCha Korea to acquire 70% stake in Taiwanese headquarters

GongCha Korea Co., an operator of milk tea franchise in South Korea well known for its chewy tapioca starch, would acquire its global headquarters Royal Tea Taiwan Co., as part of its efforts to expand its presence in the world. According to the industry on Wednesday, GongCha Korea agreed with its headquarters to buy a 70 percent stake in the Taiwanese company by January next year. Royal Tea Taiwan opened its first store in Taipei, Taiwan, in 2006. Kim Yeo-jin, former CEO of GongCha Korea, acquired franchise license from the headquarters to open the nation’s first store in Hongdae, a hippy district for the young in Seoul, in 2012. In 2014, a 70 percent stake in the Korean operation was acquired by Unison Capital Inc., a private equity fund based in …

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Doosan Heavy Industries bags $850-M thermal plant order in PH

South Korea’s Doosan Heavy Industries & Construction Co. won an $850 million order to build coal-fired thermal power plants in the Philippines less than a week after it inked a 1 trillion won ($881-million) deal to construct a combined heat and power plant in Saudi Arabia.   Doosan Heavy said it won an $850-million order from Redondo Peninsula Energy Inc., a private energy firm in the Philippines, to build two 300-megawatt coal-fired thermal power. The contract is based on an engineering, procurement, and construction (EPC) agreement where it oversees full construction process from planning, materials manufacturing, installing, and trial operations. Construction of the first power plant will begin this year with completion due in December 2020 while that of the second plant will begin next year. Both thermal plants will be located in …

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Robots friends or foes? It depends says robot, AI experts at 17th WKF

Will machines be friends or foes to humans in the future? That was the question robotic and artificial intelligence engineers and researchers debated during the session of Human and Robot Coexistence at the World Knowledge Forum on Thursday. Dennis Hong, a professor of University of California, Los Angeles (UCLA) who had swept the RoboCup championships, an annual international robotics competition, from 2011 to 2015 and one of 10 young geniuses selected by U.S. science magazine Popular Science, projected humanoid robots would be rather evolved into ones that can fill in jobs in areas that humans can not accomplish or pet-like robots. Hong said he is currently conducting studies on applications for humanoids in disaster recovery and management. With current technology, it is yet impossible to develop robots that could either coexist like fellow …

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Virtual reality experiences likely be everyday life form in a few years, VR experts

  The day will arrive in a few years when you need not book a ticket to a concert you have been waiting for, overcome fears to try out bungee jump or scuba diving, or think twice about going dancing in a club because of your age and physical handicaps all thanks to the virtual reality (VR) technology, claimed top experts from the industry. The virtual reality can take a person to the site of an event, for example, a basketball game, and allow the person feel like seating at the courtside seat, closely watching the game, Brad Allen, executive chairman of NextVR Inc., U.S-based virtual reality streaming service provider, told audience at the 17th World Knowledge Forum session on the VR revolution on Tuesday in Seoul, Korea. Another key speaker to the …

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Hyundai Motor to build knockdown assembly plant in the Philippines

South Korea’s largest automaker Hyundai Motor Co. will build its first assembly plant in the Philippines, accelerating its efforts to win hearts of consumers in Southeast Asia where its Japanese rivals have long maintained a strong foothold. According to multiple sources from the automotive industry on Friday, Hyundai Motor and its exclusive local dealer Hyundai Asia Resources Inc. (HARI) have submitted an application to the Philippine government to build a knockdown kit assembly plant, where exported auto components from a foreign country are locally assembled as a final vehicle, in Santa Rosa, a city in the province of Laguna, Philippines. Hyundai Motor and its exclusive distributor HARI plan to first install an assembly line that is capable of assembling in between 5,000 and 6,000 vehicle units annually in a plant managed by …

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CJ Korea Express acquires Malaysia’s Century Logistics

CJ Korea Express Corp., South Korea’s largest courier service company, said Thursday that it has bought a leading logistics company in Malaysia to expand its footprint in the Southeast Asian logistics sector. It bought a 31.44 percent stake in Century Logistics Holdings Berhad through its Singapore-based subsidiary CJ Korea Asia Pte Ltd. for 47.1 billion won ($43.1 million), becoming the largest shareholder in the Malaysian firm and commanding the largest logistics firm in Malaysia. Founded in 1970, Century Logisitics runs eight logistics centers and a fleet of 600 delivery trucks. It recorded about $74 million in sales last year. It also has Halal certification, which is essential to do business in an Islamic community. A company official said that the merger will allow the Korean firm to be the dominant player in the …

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CJ Korea Express signs overseas delivery contract with Lazada

CJ Korea Express Corp., South Korea’s largest parcel delivery service company, said Tuesday that it inked an international delivery service contract with Southeast Asian online retailer Lazada Group SA, which operates in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Under the deal, CJ Korea Express would be in charge of delivery of goods made in Korea that customers buy in the regional markets via Lazada’s website. Those customers are estimated to reach more than 560 million. Before the deal, the Korean courier service company delivered parcels -as many as 700,000 boxes - to Lazada’s customers in Singapore, Thailand and Indonesia from China in the first half of this year. It saw high growth potential in Southeast Asia during the business, the company said. High popularity of Hallyu, or Korean wave, and …

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