Samsung Electronics Co.'s Vice Chairman Lee Jae-yong headed to China this week, apparently to inspect the construction site of the tech giant's new chip production facility, industry sources said on Feb. 6, 2019.The de facto head of the world's No. 1 semiconductor and smartphone producer
South Korean beer that had ranked No. 1 in terms of alcoholic beverages sold at large discount stores have lost ground to foreign rivals and wine, market data showed on Feb. 6, 2019.Figures released by E-Mart Inc., one of the largest hypermarket chains in Asia's fourth-largest economy, showed th
Traffic congestion will likely peak at around noon on Monday as millions of South Koreans head to their hometowns to celebrate the Lunar New Year's holiday, highway officials said.It is estimated to take around six and a half hours from Seoul to the southeastern port city of Busan. It will take
Hyundai Heavy Industries Co., the world's largest shipbuilder by sales, said Thursday that it posted a net loss last year due to higher thick steel plate prices and less work.In a regulatory filing, the shipyard said it posted a net loss of 633 billion won (US$569 million), compared with 93.4 bi
Pernod Ricard Korea’s conflict with their labor union is intensifying as the company is selling-off its whisky brand ‘IMPERIAL’ and carry out restructuring.Global wine and spirits company Pernod Ricard Korea announced on Jan. 22, plans to sell off its domestic whisky brand ‘IMPERIAL’ and carry out r
SK Corp., the investment holding company of energy and telecom conglomerate SK Group, said on Jan. 30, 2019 that it has decided to invest US$100 million in a U.S.-based smart-tinting glass maker.In a statement, SK said it would take over 4.66 percent of Kinestral Technologies, Inc., a developer and
South Korea's industry minister said on Jan. 31, 2019 the government will make all-out efforts to keep the country's export growth going amid potential hurdles going forward."All related governmental bodies are focused on supporting the country's exports," Industry Minister Sung Yun-mo
Korean Air Lines Co. said on Jan. 29, 2019 it swung to a net loss in 2018 from a year earlier due to hefty foreign-exchange losses.The South Korean flag carrier posted a net loss of 167.59 billion won (US$150 million), after a net profit of 801.9 billion won a year earlier, the company said in a sta
Hyundai Heavy Industries Co., the world's top shipbuilder by sales, said on Jan. 30, 2019 that it has clinched a 320 billion won (US$286 million) deal to build three very large crude carriers (VLCCs).Under the deal with a European shipping firm, Hyundai Heavy will deliver the vessels, 330 meters
Based on 40 years of accumulated technical skills of automotive parts, Dae-il Corp (DIC, CEO Kim Sung-moon) is releasing Calmato, Korea's first 1-ton electric cargo truck, through Zein Motors, affiliated company of DIC.Calmato is an Italian musical term that means, “play quietly and serenely.” C
Two companies seek comprehensive cooperation, including joint marketing of 1-ton electric cargo trucks, expansion of the lineup of various electric vehicles, and offering of comprehensive solutions for electric commercial vehicles.Zein Motors, a subsidiary of Dae-il Corp. (DIC, CEO Kim Sung-moon), a
South Korea's industry ministry said Tuesday it plans to provide more incentives to overseas companies operating in the country and induce them to carry out more foreign direct investment (FDI). The Ministry of Industry, Trade, and Energy, which hosted meetings with officials from foreign compan
By Lee Sam-sun with Ms. Kim Jung-miChief Executive Officer Signora Dominique of Renault Samsung Motors (RSM) in Korea probably owes a citation to some of his hard-working employees at the company’s maintenance shops, namely the people at the RSM workshop in Seongdong-gu, Seoul.The maintenance people
South Korea's major shipyard Samsung Heavy Industries Co. said Friday that its net losses for 2018 grew 13.9 percent from a year earlier mainly due to fewer orders.Its net loss came to 388.2 billion won (US$346 million) last year, compared to a loss of 340.7 billion won a year earlier, the compa
Hyundai Heavy Industries Co., the world's largest shipbuilder by sales, said Friday that it has bagged a US$130 million deal to build two oil carriers. Under the deal with a European shipper, Hyundai Heavy will deliver the 158,000-ton, 274-meter-long and 48-meter-wide vessels from
By Reporters Kim Jung-mi with Sua Kim, Son Da-somThis is the third installment in a series articles on the leading business conglomerates in Korea and around the world published in the interest of building a bridge between the business leaders of Korea and various countries around the world.—E
Samsung Electronics Co., the world's largest producer of semiconductors and smartphones, maintained its No. 1 sales ranking among South Korean companies for the 17th straight year in 2018, a local market researcher said Sunday.According to the Korea CXO Institute, the company accounted for some
The global semiconductor industry is expected to expand 2.6 percent on-year in 2018 on steady demand, despite an end to a super boom in the memory chip segment, a report showed Monday.According to the recent report from market researcher Gartner, sales of the world chip industry are projected to rea