Daewoo Shipbuilding & Marine Engineering said Tuesday that its restructuring will focus on selling noncore properties and stock assets, dismissing news reports of workforce reduction.Rumors about DSME’s possible job cuts emerged after company CEO Jung Sung-leep announced over the weekend that the shipbuilder would launch a restructuring program aimed at cutting costs, including relocating manpower and job rotation.The CEO fanned speculation of massive layoffs when he said at the company’s worksh

Industry July 21, 2015

 WASHINGTON -- The Cuban flag has flown proudly over Havana's newly restored embassy as the US and Cuba relaunched diplomatic ties but swiftly cautioned that sharp differences lingered after five decades of enmity.Some seven months after President Barack Obama and his Cuban counterpart Raul Castro agreed to restore ties snapped in 1961 during the Cold War, Havana and Washington reopened full embassies in the two capitals Monday.The Cuban flag flies in front of the country's embassy for the first

World News July 21, 2015

Outside the headquarters of Daum Kakao in Bundang, Gyeonggi Province, on Monday, two groups clashed over the Korean search giant’s hot-selling taxi-hailing service, KakaoTaxi. One group, representing chauffeur service companies nationwide, protested against the company’s possible entry into a market that is crowded with smaller players, while the other group, representing their drivers, urged it to enter and solve the industry’s unfair treatment of drivers. “It is true that we are working on the

Technology July 20, 2015

Samsung Group’s leadership transfer to the next generation is speeding up on the heels of Friday’s shareholder approval of the crucial merger of Samsung C&T and Cheil Industries. The merged entity, set to be launched on Sept. 1 as Samsung C&T, will become the de facto holding company of South Korea’s largest conglomerate. The merger marks a watershed moment for Samsung’s restructuring that started in 2013 to increase the influence of Samsung Electronics vice chairman Lee Jay-yong, the heir appar

Technology July 19, 2015

Technology July 19, 2015

Samsung Group’s top executives on Wednesday expressed confidence in winning the upcoming crucial vote on the merger deal between Samsung C&T and Cheil Industries. “We are confident about the merger approval. We want to win big,” said Samsung C&T co-CEO Kim Shin before attending a weekly executive meeting of Samsung affiliates at the group’s Seoul headquarters. “There are also several foreign shareholders who support the deal. We are making all-out efforts to attract favorable votes.”Cheil Indust

Industry July 15, 2015

Tesla, the U.S. electric sports car maker, is turning its eyes to Korea in its latest push for the all-important Asian market amid lukewarm Chinese sales. According to a job posting on its Japanese website on Tuesday, the carmaker is searching for a vice president who will lead its Japanese and Korean sales teams. “Our Japan-Korea sales vice president will be focused on all of Tesla’s direct sales activities in the Japanese and Korean markets, ensuring the attainment of both short- and long-term

Technology July 14, 2015

SK hynix, South Korea’s leading chip maker, said Thursday it would start rolling out its first ultrafast Universal Flash Storage, or UFS chips, in its recent push for the soaring mobile device market this year. The company said talks were already ongoing with global handset makers to supply its 64-gigabyte embedded memory based on the UFS 2.0, which is the next-generation NAND flash-based memory standard. The company currently provides NAND flash chips for Apple’s iPhone 6. SK hynix said its UFS

Technology July 9, 2015

LG Group on Wednesday unveiled a set of new measures to boost the sluggish economy amid unfavorable conditions such as the Middle East respiratory syndrome outbreak, a prolonged drought and the latest Greek financial crisis. The measures come as the nation’s fourth-largest conglomerate joins other big business groups, including Samsung and Hyundai Motor, in spurring the dull domestic consumption. As part of the efforts, LG said it plans to purchase gift cards worth 7 billion won ($6.2 million) f

Industry July 8, 2015

Samsung Electronics on Tuesday estimated second-quarter profits would reach 6.9 trillion won ($6.1 billion), continuing their upward trend after its operating income plunged in the third quarter of last year. Samsung’s profits fell 4.03 percent in the three months ending June compared to a year earlier, but the figure was up 15.38 percent from the previous quarter this year, the Korean tech giant said in a regulatory filing.Sales were 48 trillion won in the quarter, a slight 1.87 percent increas

Technology July 7, 2015