A large-scale accounting scandal has broke out in Samsung Electronics Dubai. The incident was exposed through an internal inspection, and some Samsung Electronics headquarters employees are currently staying in Dubai to go over its accounting data.The Dubai office, which had annual operating profits

Daewoo International, the trading and overseas resource affiliate of POSCO, appears to be suffering from a hangover from its internal strife and deteriorating performance.While relying heavily on its Myanmar gas field for 70 percent of its profits, Daewoo International has failed to find another pro

On July 20, in a bid to improve efficiency in the corporate rehabilitation process, the Korean Asset Management Corporation (KAMCO) signed an MOU with Seoul Central District Court. In the program, KAMCO will raise funds by purchasing assets and then liquidate those assets through sale and re-lease.T

GS Home Shopping, the retail arm of the GS Group, said on July 22 that it has teamed up with Russia’s state-run telecommunications firm Rostelecom PJSC to launch a new home shopping channel in Russia.The two companies signed a US$20 million deal in Moscow on the day to operate a joint firm Big Unive

Controversy is brewing over who should be responsible for the insolvency of Daewoo Shipbuilding & Marine Engineering (DSME). Many experts claim that the Korea Development Bank (KDB) should be responsible for its resuscitation, but the others point out this is yet another sacrifice on the part of the

On July 19 (local time), OCI Co., South Korea's leading solar power firm, signed a contract with Istanbul-based energy company Ciner Group to sell its chemical affiliate OCI Chemical Corp., which is under its U.S.-based affiliate OCI Enterprises, for US$429 million (491.8 billion won). The deal

Lotte Group Chairman Shin Dong-bin invited Hugh Trenchard, a senator of the U.K. Parliament and a viscount, to the Lotte World Tower Mall. Shin showed Trenchard around the construction site, explaining the progress and operational situation.Viscount Trenchard used be a director at Kleinwort Benson L

Pantech has located a new owner after a series of twists and turns. The number three smartphone maker in Korea is aiming at a resurgence by operating overall ICT businesses across Southeast Asia.According to an industry source on July 17, a consortium led by Optis, a local optical manufacturer, sign

KT&G (President Min Young-min) sets out on volunteer activities abroad by dispatching local volunteers comprised of university students.Of 40 volunteers dispatched by KT&G, 20 are from KT&G Welfare Foundation, 10 are students of the Police University, and 10 were recruited through an open recruitmen

Kumho Tire is to offer memory form pillows to its customers purchasing its passenger car radial (PCR) tires or truck bus radial (TBR) tires from July 16 to Aug. 15, the company said on July 15. The offer is a part of the company’s promotional event, the “Cool Summer.”The PCR tires that come with pil

Daewoo Shipbuilding & Marine Engineering is predicted to have recorded operating losses for the second consecutive quarter. The losses for the second quarter are estimated to be up to 3 trillion won (US$2.6 billion), and a restructuring program is looming large.According to the financial authorities

SK Group will expand its electric vehicle business in China.According to industry sources on July 15, SK China and SKC Korea signed a memorandum of understanding (MOU) with China’s CIAM Group Limited on July 7 to sell off SK (Chongqing) Lithium Battery Material Company Limited. Both sides expect to

Lotte Corporation announced that a total of 60 people, including 38 foreign officers assigned to the Joint Forces Military University and their families, made an official visit to Lotte World Mall and Tower on July 15.After they watched a promotional video at Lotte World Tower Promotion Center, they

On July 12, LG U+ announced that Vice Chairman Lee Sang-chul is scheduled to give a keynote speech, titled “A way toward 5G,” during MWC Shanghai 2015 from July 15 to 17. He is planning to present a new lifestyle that telecommunications services can offer after LTE.Vice Chairman Lee plans to propose

Rent Corea is a subsidiary of the Taeyoung Real Estate Group specializing in the sales and rent of luxurious apartments and villas, targeting foreign employees, researchers, and businessmen living in Seoul.The particular areas of the city that the company is focusing on are Pyeongchang-dong, Hannam-

Busan Jinhae Free Economic Zone Authority (BJFEZ Authority) Commissioner Heo Seong-gon is making every effort to directly attract investment in a bid to improve investment attraction performance and successfully push ahead with the Ungdong Global Theme Park Project.In order to achieve tangible inves

Korea’s top 10 conglomerates, or chaebol, have established 2,055 overseas subsidiaries in 91 countries, and 470 of them are located in China, accounting for 23 percent.The number of overseas affiliates in the U.S. was the second largest following China, at 14.7 percent.All of the top ten conglomerat

Samsung Electronics estimated on July 7 that its operating profits in the second quarter dropped around 4 percent from a year ago, mainly due to the weak sales of its latest newest smartphones Galaxy 6S.The company’s operating profits stood at 6.9 trillion won (US$6.13 billion) in the second quarter

Hyundai Elevator has concluded a contract to supply a semi-automated product warehouse and logistics automation system to Hankook Tire’s new factory in Clarksville, Tennessee in the U.S., Hyundai Elevator said on July 6.The value of the order is US$19,950,000.Hyundai Elevator plans to complete the d

Samsung Electronics is actively seeking to maintain its top position in the Indian smartphone market using entry-level models.Samsung is scheduled to introduce the Galaxy J series to India in Sept. at the latest, according to industry sources and market research firm Strategy Analytics on July 6.The