SEOUL, Oct. 27 (Korea Bizwire) – Shareholders of Samsung Electronics Co. on Thursday approved the nomination of Vice Chairman Lee Jae-yong to the electronics giant’s board of directors. The approval enables the 48-year-old Lee, the only son of the ailing Samsung Electronics Chairman Lee Kun-hee, to more actively participate and take formal responsibility in the [...]
SEOUL, Oct. 27 (Korea Bizwire) – Samsung Electronics Co. said Thursday its third-quarter operating profit slipped 29.6 percent from a year earlier, mainly hit by the discontinuation of the Galaxy Note 7 smartphone over safety concerns. The world’s largest maker of smartphones said its operating profit for the July-September quarter stood at 5.2 trillion won [...]
SEOUL, Oct. 25 (Korea Bizwire) – The Chinese government has been moving to tighten regulations on cheap tour packages, raising concerns among South Korean businesses relying on the biggest source of travel income, industry officials said Tuesday. Earlier this month, the China National Tourism Administration (CNTA) said it will closely look into “irrationally” cheap travel [...]
SEOUL, Oct. 25 (Korea Bizwire) – The chief of Oxy Reckitt Benckiser attended a court hearing Tuesday, apologizing to the victims of the company’s toxic humidifier sterilizer products. Ata Safdar appeared at the Seoul Central District Court as the representing director of the Korean unit of the British firm, which is standing trial as a [...]
SEOUL, Oct. 25 (Korea Bizwire) – South Korean home appliance maker LG Electronics Inc. has demanded that Miele stop using the technology it created for steam washing machines, claiming that the German appliance maker allegedly infringed on LG’s patents. LG sent a letter to Miele last week, urging the company to take amicable action to [...]
SEOUL, Oct. 24 (Korea Bizwire) – Samsung Electronics Co. said Monday it is offering a special upgrade program for owners of the Galaxy Note 7 smartphone in South Korea who swap the fire-prone device for the Galaxy S7 or the S7 Edge smartphone. The program allows South Korean owners of the Note 7 who exchange [...]
SEOUL, Oct. 24 (Korea Bizwire) – Hyundai Department Store launched Sunday a ‘Mont Blanc VR Store’, available on its e-commerce platform thehyundai.com. As the title suggests, the VR store allows users to virtually experience and shop from the Mont Blanc outlet located in Hyundai’s Pangyo franchise. It’s a step forward from conventional online shopping platforms [...]
SEOUL, Oct. 24 (Korea Bizwire) – Golf is considered as a “luxury sport” in Korea, as fees at most courses are beyond the means of the average Korean. And for this reason, it is also closely associated with political and business socializing. But this may no longer be so with Korea’s new anti-graft law changing [...]
SEOUL, Oct. 21 (Korea Bizwire) – China is experiencing another baby boom generation after repealing its infamous one-child policy, and the change is proving to be a boon for Korean firms hoping to make inroads in the Chinese market for baby food products. The Korea Agro-Fisheries & Food Trade Corporation (aT) recently launched an online [...]
SEOUL, Oct. 20 (Korea Bizwire) – The number of single-person households is rising quickly in Korea. They accounted for 27.2 percent of all households (5.2 million out of 19.1 million) in 2015, and officials expect to see a continued increase to at least 35 percent. Along with the changing social structure, the market for goods [...]