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 [...]
SEOUL, Oct. 11 (Korea Bizwire) – Korean manufacturers of children’s products are rapidly expanding their operations in China, targeting the fast-growing market in a country that recently ended its infamous one-child policy. Zero to Seven is among the companies making a pivot to China with its business centered on children’s clothing brands such as allo [...]
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), [...]
SEOUL, Oct. 11 (Korea Bizwire) – Around 15 convenience stores were newly opened in South Korea everyday on average last year, a ruling lawmaker said Tuesday, urging the fair trade watchdog to seek measures to avoid excessive competition in the market. According to the data compiled by Rep. Yoo Ui-dong of the Saenuri Party, 5,508 [...]
SEOUL, Oct. 10 (Korea Bizwire) – South Korean cosmetics have seen a dramatic surge in demand in overseas markets as their innovative makeup and skincare products are attracting a global audience, the Korea Trade-Investment Promotion Agency (KOTRA) said Monday. According to KOTRA’s survey on overseas buyers in 55 nations, cosmetics were the most popular item [...]
SEOUL, Oct. 10 (Korea Bizwire) – Sales at major South Korean department stores increased during this fall’s nationwide shopping festival compared with a similar event last year as more retailers and manufacturers offered wider options for customers, industry officials said Monday. The “Korea Sale Festa” is the government-led sales event held from Sept. 29 [...]
SEOUL, Oct. 10 (Korea Bizwire) – Samsung Electronics Co. has temporarily suspended production of the Galaxy Note 7 smartphone, an official at a supplier for Samsung said Monday, amid a series of media reports that some Note 7 replacements have caught fire. The halt is in cooperation with consumer safety regulators from South Korea, the [...]
SEOUL, Oct. 7 (Korea Bizwire) – Owners of Samsung smartphones are still anxious despite the company’s quick recall measures as two additional phablets were found to have caught on fire. One of the incidents took place in Korea on October 1 at a home in Seoul, the same day that Samsung resumed sales of its [...]
SEOUL, Oct. 7 (Korea Bizwire) – South Korea will invest more than 400 billion won (US$358 million) over the next five years in developing new virtual reality (VR) products and narrow its technology gap with global leaders, the government said Friday. The plan will focus on developing new and indigenous VR technologies and fostering the [...]
SEOUL, Oct. 7 (Korea Bizwire) – Samsung Electronics Co. predicted Friday that its third-quarter operating profit may rise 5.55 percent on year, despite a global recall of the Galaxy Note 7 smartphones. Operating profit is estimated at 7.8 trillion won (US$6.98 billion) in the July-September period, compared with 7.39 trillion won for the same quarter [...]