Korean Air signs on as corporate sponsor for PyeongChang Winter Olympics

Korean Air Lines Co., the country's flagship carrier, has become a corporate sponsor for the 2018 Olympic Winter Games in PyeongChang, South Korea, the event organizers said Wednesday.  The signing ceremony took place at Lakai Sandpine Resort in Gangneung, east of PyeongChang in Gangwon Province. The International Olympic Committee's Coordination Commission on PyeongChang is visiting the area this week to check preparations for the Olympics. Gangneung will host curling, hockey and skating events

March 18, 2015

Jeju Air in talks to sell stake to Singapore Airlines

Jeju Air Co., South Korea's No. 1 budget airliner, said Tuesday its parent firm is in talks with Singapore Airlines Ltd. to sell part of its stake in the low-cost airline.  "It is true that our holding firm AK Holdings Inc. is in talks with Singapore Airlines for a possible sale of its stake in Jeju Air," a spokesperson for the local carrier said.   "Neither when the two are likely to reach an agreement nor the size and price of the stake sale has yet been decided," he added.   The move comes am

March 17, 2015

Dessert cafe chain Sulbing enters Thai market

South Korean dessert cafe franchise Sulbing said Monday it plans to open 50 branches in Thailand by next year in its latest efforts to expand abroad to secure new growth engines.  Sulbing has signed a deal with International World Ettia Thai to open two branches in Thailand's capital of Bangkok by June and have 50 branches across the country by 2016, the company said in a press release.  The Thailand deal comes a month after the dessert franchise inked a deal with China's Shanghai Yabin Food Stu

March 16, 2015

No. of corporate rating downgrades hits 15-yr high in 2014

The number of credit rating downgrades for South Korean companies rose to a 15-year high last year amid weakening earnings and a protracted economic slump, data showed Monday.   According to data compiled by the Korea Investors Service Inc., ratings for 41 of the 373 companies appraised were downgraded last year, the largest amount since 1999.  Fifteen companies were graded up last year, also the lowest number in 15 years, the data showed.  "Since 2010, more companies have faced a decline in the

March 16, 2015

Cheil Industries to invest over 400 bln won in 2015

Cheil Industries Inc., the de facto holding company of South Korea's top conglomerate, Samsung Group, decided Friday to make an investment of more than 400 billion won ($356.2 million) this year instead of paying out a dividend. The decision came during the shareholders meeting earlier in the day, which was held in private. The company, whose mainstay businesses include fashion and resort management, got approval from shareholders to use its earnings as this year's capital expenditure, it said i

March 13, 2015

Hyundai Motor mulls measures to improve governance structure, shareholder value

Hyundai Motor Co., South Korea's largest automaker, will actively consider launching a committee tasked with improving the company's governance structure and increasing communication with shareholders, its head said Friday.The remarks by Hyundai Motor CEO Kim Choong-ho came in response to a foreign investor's proposal during an annual general meeting of shareholders to launch such a committee inside the board of directors."We are actively considering it," Kim told shareholders. "In particular, w

March 13, 2015

LG to jack up R&D spending for 2015

LG Group, South Korea's fourth-largest conglomerate, said Thursday it will spend 6.3 trillion won ($5.59 billion) on research and development (R&D) activities this year, up by 400 billion won, or some 7 percent from a year ago, focusing on enhancing its two core areas - the handset-making and chemical businesses. It is the first time for LG, whose key business portfolio covers making electronic devices and chemical materials to offering telecommunication service, to invest more than 6 trillion w

March 12, 2015

Samsung pushes low-end smartphones to keep global reign

Samsung Electronics Co., the world's top smartphone maker, is bolstering the global sales of low-end handsets to maintain its leading market presence, with the latest release of its high-end Galaxy S6 series, industry sources said Thursday. The South Korean tech giant has recently decided to roll out the new budget smartphone model Galaxy J1 in the Netherlands and Germany, expanding its target countries to Europe from emerging markets including India and Malaysia, according to industry sources.

March 12, 2015

Hyundai Motor planning to build 2nd U.S. factory

Hyundai Motor Co., South Korea's top carmaker, is considering setting up a second plant in the United States in an effort to up its production of full-size vehicles in line with rising demand in the world's No. 1 economy, industry sources said Wednesday.The new factory, set to be built near the carmaker's current Alabama plant, would have an annual production capacity of 300,000 units and used mostly to manufacture SUVs, according to the sources. Although the sources said construction is set to

March 11, 2015

Daum Kakao's 2014 net more than doubles

Daum Kakao Corp., the operator of South Korea's top mobile messenger, said Monday its 2014 net profit more than doubled from a year earlier, aided by robust sales from e-commerce platforms and mobile advertising.Net profit amounted to 149.8 billion won (US$135.1 million) last year, up 126.7 percent from the previous year, the company said in a regulatory filing.Daum Kakao's operating profit jumped 115.7 percent on-year to 176.4 billion won while its sales inched down 6 percent to 498.9 billion w

March 10, 2015

LG Display to keep 2015 investment at last year's level: CEO

LG Display Co., South Korea's flat panel giant, will make an investment this year comparable to last year's in order to vie with rivals such as Samsung Electronics Co., its chief executive said Monday."We'll go with a similar level (of amount) to last year's, within the threshold of the EBITDA," LG Display CEO Han Sang-beom told reporters after a regular meeting held by the Korea Display Industry Association, for which Han has been named the new chairman.LG Display's EBITDA, or earnings before i

March 9, 2015

Pantech put up for open bidding after latest deal ruptures

Pantech Co., a defaulted South Korean smartphone maker currently under court protection, will be put up for an opening bidding again after the latest attempt to sell the firm to a U.S. consortium fell through, a Seoul court said Monday.  The Seoul Central District Court has sought to sell the nation's No. 3 smartphone maker through an open bidding following the botched public tender in November that ended without a would-be buyer due to lack of interest.Pantech was almost sold to a U.S.-based co

March 9, 2015

Samsung Electronics' domestic net sales hit 8-year low in 2014

Samsung Electronics Co., the world's top smartphone maker that recorded a three-year-low bottom line last year, posted the worst net sales on its home soil in eight years in that period, weakened by its sluggish handset business, an audit report showed Monday. Net sales of the South Korean tech powerhouse reached 20.7 trillion won ($18.8 billion) in Asia's fourth-largest economy in 2014, down 9 percent from a year earlier, according to the accountant's report on the company. Net sales refer to a

March 9, 2015

Samsung Electronics to let go 10 pct of TV sector workers: source

Samsung Electronics Co. is set to cut 10 percent of its development staff in the visual display division, a company source said Thursday.According to a source with knowledge of the matter, the firm is conducting one-on-one talks with the division's employees to discuss leaving the company.  The source, who spoke on condition of anonymity because the step has yet to be made public, said the company has already decided on some of the workers who have agreed to leave by end-March.A spokesman for th

March 5, 2015

Samsung 2nd-most valuable brand around globe

South Korea's top conglomerate Samsung, which holds one of the leading smartphone makers Samsung Electronics Co. under its wing, was declared as the second-most valuable brand in the globe, data showed Thursday.The price tag on the Samsung brand was estimated at $81.7 billion in 2015, up 4 percent from a year earlier, according to the data released by market researcher Brand Finance. The top throne was taken by its bigger rival, Apple, whose brand value was estimated at $128.3 billion.The brand

March 5, 2015

Asiana agrees to compensate 72 passengers from San Francisco crash

Asiana Airlines Co., South Korea's No. 2 carrier, said Wednesday it has agreed on a settlement with some of the passengers on its 2013 flight that crash-landed in San Francisco, leaving three people dead."It is true that a settlement has been reached in the U.S. federal court with 72 passengers who suffered from the accident two years ago," a company official told Yonhap News Agency. "The financial terms of the agreement, however, is confidential."The official declined to comment further on the

March 4, 2015

Samsung heir discusses ties with U.S. card firms for new mobile wallet

The heir apparent of South Korea's top conglomerate, Samsung Group, has met with U.S. credit card company executives during his recent visit to the country, seeking possible tie-ups for its new mobile payment platform, Samsung Pay, the group's chief spokesman said Wednesday. Lee Jay-yong, the only son of the group owner Lee Kun-hee, held a meeting with a few chief executives of U.S. credit card firms over the course of his weeklong stay there, said Lee June, the head of Samsung's communications

March 4, 2015

Samsung carrying out group-wide restructuring: official

South Korea's top family-controlled business giant, Samsung Group, is reorganizing staff at its affiliates, the chief spokesman said Wednesday."As far as I know, each affiliate is conducting (reshuffles of their workforces)," Lee Jun, Samsung Group's top communications official, told reporters. He said the decisions would be based on the judgments of each company and not on orders from the headquarters.Lee also implied that the group may reduce new hirings this year, saying recruitment would dep

March 4, 2015

Samsung files trademarks for OLED TV in S. Korea

Samsung Electronics Co., South Korea's tech powerhouse, has applied for an exclusive right to the names of its organic light-emitting diode TVs, local patent office sources said Wednesday, in what seems to be a pre-emptive move against a battle over similar brands with home rival LG Electronics Inc. in the premium lineup. Samsung submitted a trademark application for the five names -- Super UHD OLED, Ultra Super OLED, Samsung Super Ultra OLED, Ultra OLED and Super UHD -- in Seoul on Jan. 26, acc

March 4, 2015

Samsung lags behind competitors R&D spending for chips

South Korea's Samsung Electronics Co. ranks behind its competitors in investing in research and development for chips, a business segment that the tech firm has set out to expand to pick up the slack from weakening handset sales.According to market tracker IC Insights Inc., Samsung came in third after Intel Corp. and Qualcomm Inc. of the United States in R&D spending last year.Samsung allocated $2.96 billion in 2014, compared with Intel's $11.5 billion and Qualcomm's $5.5 billion, the report sai

March 4, 2015