SEOUL, July 13 (Korea Bizwire) – The National Pension Service (NPS) announced on July 12 that it may file a damages suit against Daewoo Shipbuilding & Marine Engineering Co. (DSME), the country’s third-largest shipyard, due to its suspected accounting fraud. According to a prosecutorial investigation, DSME allegedly committed accounting fraud exceeding 5 trillion won ($4.36 billion) over [...]
SEOUL, July 13 (Korea Bizwire) – The Hyundai Solaris compact passenger vehicle from Hyundai Motor Co. became the best selling car among all vehicles sold in Russia in the first half of the year, the automaker said Wednesday. According to the leading South Korean automaker, the Solaris had accumulated sales of 45,930 units in the [...]
SEOUL, July 7 (Korea Bizwire) – Samsung Electronics Co., the world’s largest memory chip maker, on Thursday rolled out the industry’s first removable data storage card that is five times faster than that of the conventional micro SD card. The Universal Flash Storage (UFS) card with 250 gigabytes (GB) of storage can be used in [...]
SEOUL, July 7 (Korea Bizwire) – Consumers are banding together for civil and criminal suits against Coway, South Korea’s leading maker of water purifiers, after nickel was discovered mixed in the water when using certain company models, industry officials said Thursday. Some consumers are claiming the same defect in products from other companies, raising the [...]
SEOUL, July 7 (Korea Bizwire) – South Korea’s top tech firm Samsung Electronics Co. estimated Thursday that its second-quarter operating income increased more than 17 percent from a year earlier on the back of robust sales of its flagship smartphones such as the Galaxy S7 series. Operating profit is estimated at 8.1 trillion won (US$6.98 [...]
GEOJE, South Korea, June 28 (Korea Bizwire) – A group of workers at Samsung Heavy Industries Co., a financially troubled South Korean shipbuilder, voted Tuesday to go on a strike in protest of the management’s restructuring plan. Among a total of 5,396 members of the “labor council,” 4,768 participated in the ballot and 4,382, or [...]
GEOJE, South Korea, June 23 (Korea Bizwire) – The prolonged struggles of Korea’s shipbuilding industry are affecting the housing market in Geoje, a city in South Gyeongsang Province. Geoje is made up of a number of islands just off the coast of Busan, and it is also the main hub for the two major shipbuilding [...]
SEJONG, June 21 (Korea Bizwire) – South Korea and Israel have agreed to jointly develop an amphibious drone as part of their cooperation in financing research and development projects, the trade ministry here said Monday. The Ministry of Trade, Industry and Energy, and the Israeli Ministry of Economy held a meeting on industrial development in [...]
SEOUL, June 17 (Korea Bizwire) – The first Korean radio, which was manufactured 57 years ago, is heading to auction. Kobay, an auction company for cultural arts, revealed Thursday that a 1959 radio, model A-501 developed by Goldstar, was submitted for an upcoming auction on June 22, which will take place at 3 p.m. at [...]
SEOUL, June 17 (Korea Bizwire) – The Oxy toxic humidifier sterilizer scandal has made Korean consumers highly alert to potential toxic substances included in other daily products. These concerns expanded to odor eliminators, and now to air purifiers. As part of steps being taken to address rising concerns, air purifier manufacturers are offering free filter [...]