Samsung Electronics’ first foldable smartphone Galaxy Fold will go on sale in the United States on Sept. 27. The phone was initially set to debut in April, but the launch was delayed after early tests showed it could easily break. Now, all eyes are on whether the company will be able to restore its
Woori Bank, a major South Korean commercial lender, will sell a 4 percent stake in its parent Woori Financial Group Inc. to a strategic investor. The bank acquired a 5.8 percent stake in Woori Financial earlier this month in exchange for handing over its stake in Woori Card to the parent company.Woo
The price of bitcoin, the number one cryptocurrency by market cap, has crashed.Bitcoin was traded for 10.37 million won (US$8,645.61) as of 6:20 a.m. on Sept. 25, down a whopping 10.87 percent from a day ago, according to Seoul-based cryptocurrency exchange Bithumb. The figure dropped as much as 1.2
South Korea will come up with pan-governmental measures to retrieve the 650 billion won (US$542.12 million) locked in a new city development project in Cambodia.The loans were extended to a South Korean entrepreneur by now bankrupt Busan Savings Bank. The project, dubbed Camco City project, failed i
The new head of South Korea's antitrust watchdog is zeroing in on Apple, which is alleged to have abused its market power against Korean telecom carriers.Fair Trade Commission (FTC) Chairwoman Cho Sung-wook, who assumed office recently, held her first commissioners' meeting on Sept. 25.The m
Federation of Korean Industries (FKI) Chairman Huh Chang-soo delivered an opening speech at the 8th Korea-China CEO Roundtable held in Seoul on Sep. 25.“At present, China accounts for 16 percent of the total GDP of the world, is the second-largest country in the world in terms of R&D investment, and
With procedures for the impeachment of U.S. President Donald Trump started, South Korean enterprises are paying much attention to how their investment in the United States and export to the United States and China will be affected. There is a possibility that he will urge foreign companies to invest
South Korea and Russia have agreed to work together to conclude a free trade agreement in the service and investment sectors next year, raise a joint fund of US$1 billion for investment in Russia’s original technologies, and combine the technologies with South Korea’s commercial technologies for mat
The Korea-Japan Economic Association and the Japan-Korea Economic Association finished their 51st conference and released a joint statement in Seoul on Sept. 24. The meeting was attended by 203 South Korean and 106 Japanese entrepreneurs.“We express serious concerns over the fact that the reciprocal
South Korean Trade, Industry and Energy Minister Sung Yun-mo met with U.S. Commerce Secretary Wilbur Ross in New York on Sept. 24 and requested support for the removal of Japan’s export restrictions against South Korea. The secretary of commerce said that the restrictions are affecting American comp
Samsung Display will announce plans to invest in large organic light emitting diode (OLED) panels in October. The display giant is speeding up the development of next-generation displays after shrinking its LCD business, which has lost profitability in a chicken game ignited by Chinese display maker
Samsung Display Co. is set to invest 13 trillion won (US$10.86 billion) to turn around its slumping large organic light emitting diode (OLED) business. It is the single largest investment in the domestic display industry.The company will announce a new investment plan in the middle of next month at
With the implementation of the IMO 2020 three months away, shipbuilders, refiners and steelmakers are scrambling to benefit from the regulatory change in vessel fuel. The International Maritime Organization (IMO) will lower the sulfur cap for vessel fuel from the present 3.5 percent to 0.5 percent f
Lotte Group is selling its financial subsidiary, Lotte Capital, to its Japan-based subsidiary. Accordingly, the group has sold all of its financial subsidiaries to meet the regulatory requirements of the Monopoly Regulation and Fair Trade Act.Lotte Corp., the holding company of Lotte Group, said on
Orion Corp.’s overseas business is showing obvious signs of recovery.A consensus estimate of the company’s consolidated operating profits in the third quarter is 85 billion won (US$71.13 million), up 8.02 percent from a year earlier, according to financial market tracker FnGuide on Sept. 23. A conse
The Korea Customs Service announced on Sept. 23 that South Korea’s exports totaled US$28.5 billion for the first 20 days of this month, down 21.8 percent from a year ago. Previously, the country’s exports fell for nine months in a row until last month mainly due to sluggish semiconductor exports and
Doosan Heavy Industries & Construction announced on Sep. 22 that the Bintan 4 Thermoelectric Power Plant completion ceremony took place in Binh Thuan, Vietnam on Sep. 21. The ceremony was attended by Vietnamese Deputy Prime Minister Truong Hoa Binh, Electricity of Vietnam (EVN) Chairman Duong Quang
Broadcasting Industry Promotion Week 2019 kicked off on Sept. 23 at the Seoul Dragon City Hotel located in Yongsan. At the opening ceremony of the event, the Ministry of Science and ICT declared the commencement of pilot terrestrial UHD services for pre-disaster warning. Receivers for the purpose we
An increasing number of South Korean pharmaceutical companies are setting up R&D centers in Boston, one of the largest biotech hubs in the world, to accelerate new drug development based on more open innovation with American companies.For instance, Green Cross Corporation’s Boston office is schedule
The battle over “8K TV resolution” between Samsung Electronics Co. and LG Electronics Inc. is escalating. LG Electronics has filed a complaint against Samsung Electronics with South Korea's corporate watchdog for violating the Act on Fair Labeling and Advertising.LG Electronics argued that Samsu