The prosecution said Sunday the death of Lotte Group’s vice chairman would not affect the ongoing investigation on the retail giant. Lee In-won, group Chairman Shin Dong-bin’s longtime and closest aide, was found dead in an apparent suicide Friday morning. He was scheduled to be questioned by prosecutors on the day as part of the ongoing probe into Lotte. The group is suspected of evading taxes amounting to 600 billion won ($533 million) and creating slush funds of some 50 billion won. The death

Industry Aug. 28, 2016

The prosecution said Sunday the death of Lotte Group’s vice chairman would not affect the ongoing investigation on the retail giant. Lee In-won, the group chairman Shin Dong-bin’s long-time and closest aide, was found hanged on Friday morning. He was scheduled to be questioned by prosecutors on the day as part of the ongoing probe into Lotte. The group is suspected of evading taxes amounting to 600 billion won ($530 million) and creating slush funds worth 50 billion won. The Lotte key man’s deat

Industry Aug. 28, 2016

HANOI, Vietnam -- LS Cable & System aims to double the sales of LS C&S Asia, which is to be listed in September, the company’s chief said last week. LS C&S Asia, the holding firm of the Korean cable-maker’s two Vietnamese units LS-VINA and LSCV, is slated to float its shares on South Korea’s main bourse KOSPI in September.“(Through the listing), LS C&S Asia aims to generate 1 trillion won ($890 million) in sales by 2021,” Myung Roe-hyun, the company’s head, said at a press briefing held in Hanoi

Industry Aug. 28, 2016

Samsung Electronics is slated to hold a foundry forum in China later this month to attract Chinese fabless firms amid its growing idle foundry lines, industry experts said on Tuesday. The world’s largest memory chip maker confirmed that it would hold the forum in Shanghai on Aug. 30 with the aim of diversifying its fabless clients that design chips and outsource the manufacturing to foundry firms.At the event, around 100 Chinese firms including HiSilicon, Spreadtrum, Datang, ZTE and Rockchip and

Technology Aug. 23, 2016

Kim Hyung-suk, vice president of Samsung Electronics’ multimedia R&D group, presents the development process and application areas of Galaxy Note 7’s iris recognition at the company’s headquarters in Seoul on Tuesday. (Yonhap)

Technology Aug. 23, 2016

Samsung Electronics is predicted to launch its new Tizen-powered smartphone Z2 in India this week, despite continued lackluster sales of the budget mobile products, according to analysts said on Monday. The South Korean electronics giant sent out invitations to the Indian press for a product launch event slated for Tuesday.Source: GSM ArenaThe invitations did not specify the product to be unveiled, but industry insiders say that the event will be about Samsung releasing its new Tizen-based phone

Technology Aug. 22, 2016

Infiniti, the luxury division of Japanese automaker Nissan, is slated to unveil its new luxury crossover QX60 later this month in the South Korean auto market, the company’s official said. Already having been a great crossover vehicle, the new QX60 is to offer some upgrades. “We aim to attract Korean consumers with QX60’s unique design, advanced safety systems and a reasonable price this autumn,” the company‘s official said.  Infiniti QX60The company said its new QX60, a key model of Infiniti’s

Mobility Aug. 21, 2016

Amid reports that Apple is in talks with a small Korean firm to make batteries for a secretive car project, local experts said that it would take more than 10 years to be mass produced.A local news media recently reported that Apple is working with an unidentified Korean firm comprised of around 20 battery experts. The small Korean battery firm Orange Power is considered a strong candidate as it is the first and only Korean firm to have a patent on such technologies. An Apple store in Santa Moni

Mobility Aug. 21, 2016

Samsung Electronics’ Galaxy Note 7, which was launched Friday globally, is the most expensive in Europe and cheapest in South Korea, according to the tech firms’ online stores Friday. The new phablet costs around 1.06 million won ($948) in Germany, 1.07 million won in France and Spain and 1.09 million won in the UK, according to Samsung’s online stores.  Korean consumers queue up to attend the Galaxy Note 7’s launch event in Seoul, Friday. (Yonhap)The prices set for European consumers are around

Technology Aug. 19, 2016

More than 5,700 employees left Samsung Group in the first half after its five affiliates -- Samsung SDI, Samsung Electro-mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T Corporation -- launched voluntary retirement schemes. According to their semi-annual reports released on Thursday, the number of total employees of the five firms has reduced around 10 percent from 54,988 in December to 49,259 in June, this year. By affiliate, Samsung SDI, which has recently separated its

Industry Aug. 18, 2016

The Korean government is relooking all documents submitted by foreign automakers, as there might be more carmakers like Audi and Volkswagen, which manipulated documents to move up release dates. The Environment Ministry said Thursday it requested the state-run National Institute of Environmental Research to review again all documents provided by 23 foreign brands including BMW and Mercedes-Benz. At a briefing session by the Environment Ministry last month, Volkswagen had reportedly said most of

Mobility Aug. 18, 2016

A senior researcher at Samsung Electronics said automotive is the next big thing in the information technology sector, at a tech seminar in Seoul on Wednesday.“Automotive will ultimately be the next big thing in the information technology sector and it‘s just a matter of time,” said Kim Do-kyun, a senior researcher at Samsung Electronics’ memory business division, at the Mobile & IoT Forum held in Yangjae, southern Seoul. Automotive has a vast array of electronic components, which include system

Technology Aug. 17, 2016

South Korea’s second-largest tire-maker Kumho Tire is riding the wave of strong demand for sport utility vehicles led by growing popularity of family leisure and outdoor camping activities here. SUVs accounted for 34 percent of the total auto market last year, with steady growth since 2011. In line with the trend, tire companies are also shifting their sales strategy to meet growing demand for SUVs. Kumho Tire’s product sales for SUVs have grown 24 percent over the last three years. Among them,

Mobility Aug. 17, 2016

The world’s biggest drone maker DJI is slated to open its first indoor drone arena on Thursday in South Korea. The 1,395-square-meter arena is to open in Yongin, a city in the south of Seoul’s greater metropolitan area, the company said. “We hope this place would be a venue where anyone can enjoy their drones with safety and ease,” said Moon Tae-hyun, DJI‘s manager in South Korea, at the media briefing held on Tuesday. “The diverse programs of DJI arena will help expand the base of drone and est

Technology Aug. 17, 2016

The chairman of the refinery and retail conglomerate GS Group, Huh Chang-soo, has emerged as the highest-paid executive in South Korea for the first six months of this year, according to statements disclosed on Tuesday. Huh received a pay package worth 5.2 billion won (US$4.7 million) during the January-June period, followed by Chung Mong-koo, chairman of Hyundai Motor Group, with 4.2 billion won.Cho Yang-ho, chairman of the Hanjin Group, which has Korean Air under its wing, came third with 4.1

Industry Aug. 16, 2016