SEOUL, Oct. 13 (Korea Bizwire) – A recent report by McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME. DSME, Hyundai Heavy Industries, and Samsung Heavy Industries retained McKinsey as a consultant back in June, to [...]
BANGKOK, Thailand, Oct. 13 (Korea Bizwire) – The recent Samsung troubles have weighed heavily on Vietnam’s exports, as the country serves as one of the major production hubs for the smartphone giant. According to a local source, Vietnam’s September exports amounted to $15 billion, a 6.8 percent decline from August, while exports specific to smartphone [...]
SEOUL, Oct. 13 (Korea Bizwire) – Owners of the Galaxy Note 7 in South Korea on Thursday started getting a refund or swapping their phones for another smartphone, two days after Samsung Electronics Co. decided to discontinue the device over safety concerns. Consumers who have a Note 7 in their possession must visit stores where [...]
SEOUL, Oct. 12 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it plans to cut its workforce by about 20 percent before the end of the year in a bid to tide over a deepening industrywide slump. According to the shipyard, it plans to cut its workforce [...]
SEOUL, Oct. 12 (Korea Bizwire) – Samsung Electronics Co. said Wednesday it has revised its operating profit estimate for the third quarter down to 5.2 trillion won (US$4.6 billion), hit by the permanent end of the Galaxy Note 7 smartphone. Samsung had previously estimated that its operating profit for the July-September period may stand at [...]
SEOUL, Oct. 12 (Korea Bizwire) – Samsung’s decision to stop selling and producing its Galaxy Note 7 phablet might have been a smart move, as it showed the company wasn’t afraid to take big steps to correct its mistakes, and can now move on to focus on the success of future projects. But what is [...]
SEOUL, Oct. 12 (Korea Bizwire) – CEO-level executives of Samsung Group companies, including Samsung Electronics Co., held their weekly meeting in Seoul on Wednesday, but they refused to comment on the permanent halt of production of the Galaxy Note 7. The meeting came a day after Samsung announced that it scrapped the flagship Note 7 [...]
WASHINGTON, Oct. 12 (Korea Bizwire) – The U.S. Supreme Court heard a rare design patent case Tuesday in one of the last-remaining legal battles between Samsung and Apple that could reimburse the South Korean smartphone giant up to nearly $400 million in damages it already paid Apple. Samsung paid Apple US$548 million in damages awarded [...]
SEOUL, Oct. 11 (Korea Bizwire) – The recent announcement that Samsung would suspend the production of its flagship Galaxy Note 7 is likely good news for other premium smartphone manufacturers. In an announcement on Tuesday, the tech giant advised customers with either an original Galaxy Note 7 or a replacement model to power down and [...]
SEOUL, Oct. 11 (Korea Bizwire) – Sonokong, one of Korea’s oldest toymakers, has sold a majority stake in its operations to Mattel, an American toy manufacturer best known for its Barbie dolls. Sonokong Chairman Choi Sin-gyu sold 11.99 percent of his shares to a Mattel affiliate, Mattel Marketing Holdings, for 13.9 billion won ($12.9 million), [...]