Samsung Electronics News

The U.S. Transportation Department (USDOT) said on Wednesday a supply chain pilot data-sharing project aimed at easing bottlenecks at congested U.S. ports has begun exchanging data and doubled in size.USDOT announced the planned project in March with truckers, shippers, wholesalers, retailers and ports "to develop a digital tool that gives companies information on the condition of a node or region in the supply chain."The effort known as the Freight Logistics Optimization Works (FLOW) program included 18 initial participants including FedEx…

A U.S. judge said on Friday he will grant Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. South Korea's Hanjin asked U.S. Bankruptcy Judge John Sherwood to issue an order that would prevent creditors from seizing Hanjin ships or property, and allow cargo owners to make arrangements to retrieve goods stranded in warehouses. Sherwood said he would sign the order later on Friday. Earlier, the company received authority to spend the money needed to dock at U.S.

South Korea’s second-largest container line Hyundai Merchant Marine Co Ltd is in talks with South Korean firms such as home appliance makers Samsung and LG to carry their cargo, Reuters reported quoting the chairman of South Korea's Financial Services Commission.   Hanjin Shipping Co Ltd was handling cargo of Samsung Electronics Co Ltd and LG Electronics.   Hyundai plans to deploy 13 more vessels to the U.S. and Europe to help ease cargo disruptions after its bigger rival Hanjin's collapse, according to a report in Bloomberg.   HMM could acquire some of the distressed assets from Hanjin, including vessels and protecting some jobs, Bloomberg has reported. HMM said it would work with authorities to come up with possible measures, but elaborated no further.

South Korean shipbuilder Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue. Samsung Heavy, part of the Samsung Group conglomerate, has been planning a rights issue to weather a drop in orders for new vessels at South Korea's three largest shipbuilders, while the country expects a 20 percent drop in major shipbuilders' capacity by 2018 from 2015. Separately, a person with direct knowledge of the matter told Reuters that Samsung Electronics Co Ltd Vice Chairman Jay Y. Lee - the de facto head of Samsung Group - does not plan to buy any of the new Samsung Heavy shares. A Samsung Group spokeswoman declined to comment.   Reporting by Joyce Lee and Se Young Lee

The restructuring issue of Samsung Heavy Industries (SHI) will spread to the entire Samsung Group as its main creditor Korea Development Bank(KDB)  and the financial authorities are putting pressure on the group, reports Business Korea. SHI has submitted its self-rescue plan to its main creditor, the state-run KDB, the Korea Herald reports citing a company official as saying on Tuesday. The plan, aimed at restoring the company’s liquidity, reportedly includes up to 1,500 job cuts, selling of KRW 200 billion worth (USD 169 million) of real estate assets and disposing of stakes in Doosan Engine. SHI’s move is in line with the three-track plan revealed by the country’s financial regulator…

Officials from POSCO, the Ports of Indiana and community leaders gathered to break ground today on POSCO's new wire rod processing center at the Port of Indiana-Jeffersonville. POSCO is a multinational company headquartered in Pohang, South Korea, and the fifth-largest steel producer in the world. The new $19 million facility is expected to begin operations in 2017 and create up to 60 high-wage jobs by 2018. POSCO is South Korea's fourth largest company, behind Samsung Electronics, SK Holdings and Hyundai Motors, and is ranked No. 162 in Fortune's Global 500. "When a global company like POSCO selects Indiana for its newest plant, it is a strong endorsement of our state's pro-business environment and talented workforce," said Governor Mike Pence.

POSCO, a multinational company headquartered in Pohang, South Korea, and the fifth-largest steel producer in the world, has announced plans to build a wire rod processing center at the Port of Indiana-Jeffersonville, creating up to 60 high-wage jobs by 2018. POSCO is South Korea's fourth largest company, behind Samsung Electronics, SK Holdings and Hyundai Motors, and is ranked No. 162 in Fortune's Global 500. "Although we are located on different continents, South Korea and Indiana both share a reputation of excellence when it comes to advanced manufacturing," said Governor Mike Pence. "Having a globally-focused company like POSCO select Indiana to grow its business is a strong endorsement of our state's low-cost…

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make an offer for Greece's rail network after becoming the sole bidder for the country's largest port, two people familiar with the matter said, as the state owned shipping giant forges ahead with a plan to build a European transhipment hub. Buying TRAINOSE and Piraeus Port would give COSCO maritime connections to the Suez Canal and rail links to the Balkans and central and Eastern Europe. Bolstered by December's merger with China Shipping Group , COSCO's focus on Greece is about building market share at a time of anguish in a bruised and oversupplied shipping sector, industry sources said.

General Dynamics C4 Systems recently received the Defense Mobile Classified Capability (DMCC) contract from the National Security Agency (NSA). As part of the contract, General Dynamics will deliver up to 1,000 Samsung KNOX™-enabled Galaxy S® 4 smartphones provisioned with added GD Protected® software for the U.S. government. With these new smartphones, authorized government personnel will be able to make secure phone calls and access classified email. The GD Protected Samsung KNOX smartphones represent an important step toward the government’s Commercial Solutions for Classified initiative. “Mobile government workers now have the freedom to read classified emails and talk securely anywhere, every time,” said Chris Marzilli, president of General Dynamics C4 Systems.

According to a report from Reuters, Seoul shares edged up in volatile trade on March 8 lifted by shipbuilders and financials, but memory chip manufacturers like Samsung Electronics (005930.KS) and steelmakers underperformed.   (Source: Reuters)

's most powerful businessman said he is stepping down after 20 years at the helm of the Samsung group, following his indictment for tax evasion and breach of trust. A sombre Lee Kun-Hee made the shock announcement at a press conference called to announce reforms to the scandal-tainted group, which employs 200,000 people and accounted for more than 20 percent of the nation's exports last year. Special prosecutors charged Lee last Thursday following a three-month investigation into corruption allegations against the multinational. They cleared him of bribery and said he would remain free pending trial. In a statement Samsung said four other executives, including vice chairman Lee Hak-Soo, would step down by the end of June. The chairman's resignation is effective immediately.

South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226. Shipbuilders led the gain with top shipyard Hyundai Heavy Industries rising 6.53 percent to 285,500 won. Steel shares gained ground. No. 2 steelmaker Hyundai Steel advanced 2.45 percent to 48,150 won after a local brokerage raised its price estimate for the shares. Tech blue chips traded in negative territory.

AP has reported that the Samsung Group, South Korea's biggest industrial conglomerate with interests ranging from semiconductors to shipbuilding, said Tuesday it plans to double sales by 2010, matching the goals set last week for its huge electronics unit. • Samsung also said it will spend 47 trillion won, or $45 billion, on research and development and recruit 30,000 new researchers over the next five years. The majority of the spending plan includes goals announced more than a month ago by Samsung Electronics Co., which accounts for about 60 percent of total sales and is the group's largest member. Samsung Heavy Industries Co., another pillar of the group, is one of the world's largest shipbuilders.