SEOUL, June 16 (Korea Bizwire) – Oxy Reckitt Benckiser, which has been boycotted by many Korean consumers for selling toxic humidifier sterilizers, has dismissed most of its employees at production facilities, blaming financial difficulties. Enraged workers claim that they lost their jobs overnight through no fault of their own. Oxy Reckitt Benckiser, which operates under British [...]
SEOUL, June 15 (Korea Bizwire) – South Korea’s state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won (US$1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm. South Korea’s Board of Audit and Inspection (BAI) [...]
SEOUL, June 15 (Korea Bizwire) – Samsung Heavy Industries Co., a local shipyard, on Wednesday unveiled its detailed self-restructuring program which centers on a cut in workforce and having executives return part of their salaries. Earlier, the shipyard has said it will conduct a self-rehabilitation scheme worth 1.5 trillion won (US$1.27 billion), including asset sales [...]
SEOUL, June 10 (Korea Bizwire) – Large retail and distribution companies are rapidly expanding their presence in the manufacturing industry through M&A or Private Brands (PB). The rationale behind this phenomenon is that integrated management from planning and manufacturing to distribution of products saves costs and exerts greater influence in the market. Lotte Department Store launched [...]
SEOUL, June 9 (Korea Bizwire) – Bodyfriend, a Korean wellness and healthcare product manufacturer, plans to launch new products inspired by ideas submitted by students from Korea and overseas. The company revealed Wednesday the results of an international competition for young students and professionals that it co-hosted with iF. iF International Forum Design GmbH is [...]
SEOUL, June 9 (Korea Bizwire) – South Korea’s No. 1 tech firm Samsung Electronics Co. is forecast to see the combined sales of the Galaxy S7 and the Galaxy S7 Edge reach 15 million in the second quarter of this year, industry sources said Thursday. The sources estimate that Samsung’s combined shipments of the Galaxy [...]
SEOUL, June 8 (Korea Bizwire) – Prosecutors raided Daewoo Shipbuilding & Marine Engineering Co. (DSME), one of the country’s top three shipbuilders, on Wednesday over alleged accounting fraud and poor management amid an industrywide slump. The Supreme Prosecutors’ Office said it dispatched some 150 investigators to raid the company’s headquarters in central Seoul and its Okpo [...]
SEJONG, Jun. 7 (Korea Bizwire) — South Korea’s environment ministry said Tuesday it has again rejected Volkswagen’s plan to recall its vehicles that fabricated emissions results, saying the local unit of the German carmaker did not admit to using a defeat device to trick vehicle testing. The Ministry of Environment disapproved the plan submitted by [...]
SEOUL, May 30 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) recently developed a new mobile phone application called ‘Glassdoor’ as part of efforts to strengthen company morale in light of recent financial difficulties. The new app, released on May 16, boasts a registry of 2,300 employees out of the 12,000 [...]
SEOUL, May 30 (Korea Bizwire) – The accumulated debt for Korea’s top 9 shipbuilding companies – companies with more than 1 trillion won in revenue – has exceeded 100 trillion won. According to chaebul.com Sunday, the top 9 companies’ debt exceeded 102.6 trillion won in 2015. The figure tallies up all debt from the 9 [...]