The Electronics and Telecommunications Research Institute (ETRI) announced on June 26 that its Standard Research Center head Kim Hyung-jun was elected as vice chairman of the study group for the Internet of Things (IoT) and Smart City and chairman of the IoT section of the International Telecommunic

Samsung Electromechanics will pull out of the hard disk drive (HDD) business to concentrate on core businesses, because the HDD business has suffered chronic deficits.The company announced on June 26 that it has decided to stop manufacturing and selling HDD motors, explaining that the decision was m

On June 26 the shareholders of SK Holdings and SK C&C approved the proposed merger between the two SK affiliates, giving the green light to launch a new entity retaining the name SK Holdings on Aug. 1.The swap ratio between SK Holdings and SK C&C was set at 0.75:1. The asset value of the merged comp

The Mando Corporation has employed foreign professionals in the auto parts sector to strengthen its R&D ability.The company announced on June 24 that it has recently scouted Josef Knechtges, former director of brake system development at German auto parts supplier ZF-TRW, as its head of research and

Samsung Electronics and Intel are fiercely competing in the market of solid state drives (SSDs), which are an essential component of modern laptops and desktop computers.According to industry sources on June 24, Intel reveled its new technology and strategy to target the global SSD market at Compute

Lee Jae-yong, Samsung Electronics' vice chairman and heir apparent of the Samsung Group, apologized on June 22 for the failure of the group's affiliated hospital Samsung Medical Center (SMC) to stop the spread of Middle East Respiratory Syndrome (MERS).The SMC has been blamed as a major sour

Hyundai Motor Group chairman Chung Mong-koo ranked 334th in the Bloomberg Billionaires Index released on June 22.The chairman used to rank 170th to 200th until mid-September last year, when the stock price of his company moved between 220,000 and 250,000 won (US$100 and $226) per share, and he took

Hana Financial Group (Chairman Kim Jung-tai) announced that it has opened the International Private Banking Center (IPC) focusing on Chinese customers in Yeoksam-dong, southern Seoul. It is the first bank in the nation to do so.The IPC offers a full line of personal and business banking products and

The Incheon International Airport Corp. (IIAC) said on June 18 that it signed a contract to provide consulting services to operate an airport currently under construction in Istanbul with the Istanbul Grand Airport (IGA) on June 17 (local time).The consulting project is valued at 10.8 million euros

Dongbu Daewoo Electronics ranked first in the refrigerator market share in Mexico. This is largely due to its global platform refrigerator, which was released in Feb.The company said on June 16 that it sold 160,000 units by April this year in Mexico, one of its main markets, recording a 31 percent m

China's 8th-largest game developer, Giant Interactive, is actively looking for a Korean mobile gaming company.According to industry sources on June 15, Giant reportedly decided to buy and make an investment in a Korean small or medium-sized gaming company with the capability to develop RPG games

South Korea's largest steelmaker POSCO said on June 16 that Chairman Kwon Oh-joon signed a deal with the gulf state’s Public Investment Fund (PIF) secretary-general Abdulrahman al Mofadhi, selling the 38 percent stake of POSCO Engineering and Construction (E&C) for 1.24 trillion won (US$1.12 bil

SK Telecom Senior Manager Kim Chang-young (left) receives an award in “Excellence in commercial deployment (Urban)” category from Rethink Technology Research Director Caroline Gabriel at the Small Cell Industry Awards being held in London on June 10.Being recognized for its technology related to com

Doosan Infracore’s attempt to grow together with its partner companies is now the talk of the town.The company announced on June 10 that Doosan Infracore CEO Son Dong-yeon visited Woojin, one of its partner companies located in Seosan, South Chungcheong Province, to listen to its difficulties and di

POSCO has been named the world’s most competitive steelmaker again this year.Global steel information service provider World Steel Dynamics (WSD) announced the World-Class Steelmaker Rankings during the 30th Steel Success Strategies (SSS) forum on Tuesday, June 9 New York Time. POSCO has topped the

The current administration's Creative Economy policy is two years in the making now. BusinesKorea sat down with Lee Yong-sung, chairman of the Korea Venture Capital Association (KVCA), to ask how the policy is playing out in the real world. He spoke about the changes that are being seen in the small

Smaller businesses and ventures are considered by many to be the future of the Korean economy, as it will make a break from large conglomerates in the next few years. BusinessKorea sat down with Han Jung-hwa, administrator of the Small and Medium Business Administration, to talk about the advantages

Samsung Electronics' share of the global SSD market is estimated to be twice that of Intel. The weight of solid state drives (SSDs) used in laptops and PCs is predicted to be 30 percent in 2015 and over 50 percent in 2017.SSDs are storage devices that replace hard disc drives (HDDs) using NAND f

Due to Gwangju Metropolitan City's efforts to attract investment, global commercial vehicle brand Iveco has established its headquarters and plant in the city. CNH Industrial Korea LLC., a subsidiary of Iveco in Korea, held the inauguration ceremony of its subsidiary and plant in Korea at its he

Delivering a keynote address in the 2015 SK Global Form held in Silicon Valley on June 5 (local time), SK C&C CEO Park Jung-ho presented the ICT sector growth strategy and direction of the SK Group and made efforts to attract global talent.The SK Global Form, which began in 2012, is a joint activity