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

Korea Water Resources Corporation (K-water) and Hyundai Asan Corp. announced on July 3 that they have signed an agreement to cooperate in the water sector in North Korea in order to prepare for unification at the K-water Seoul Metropolitan Water Supply Regional Headquarters in Gwacheon-si, Gyeonggi-

Samsung Electronics appears to have a cautious attitude toward its investment in production facilities of mobile phone parts.According to industry sources on July 5, Samsung is adjusting its mobile phone component facilities in Vietnam after expanding its production capacity until the first quarter

Samsung Electronics and LG Electronics clashed in the Seoul District Court on July 3 over the latter’s alleged vandalism of washing machines.Samsung Electronics had filed complaints with the prosecution office against LG executives last year, arguing that they obstructed business operations by break

SK Planet announced on July 2 that its patent of High Efficiency Video Coding (HEVC) has been registered in the HEVC international standard patent sector of international patent pool licensing corporation MPEG LA.The company said that it can now expect stable royalties for the next ten years with th

SKC announced that that Mitsui Chemicals & SKC Polyurethanes Inc. (MCNS), a joint venture of the two companies, started operations on July 1.The MCNS is equally owned by both companies with a 50 percent stake each, and SKC will have a co-chairman. The company has US$1.1 billion (1.23 trillion won) o

According to data about the “2014 Shared Growth Index Evaluation” published by the Commission on Shared Growth on June 30, LG Household & Health Care received the top rating.The shared growth index evaluations are the indicators of the level of shared growth published by the Commission of Shared Gro

Samsung is preparing to list its bio affiliate Samsung BioEpis on the U.S. NASDAQ as early as the first half of next year.According to industry sources on June 29, Samsung BioEpis is known to have prepared the listing internally to secure money more than 1 trillion won necessary for developing biosi

Shinhan Bank unveiled on June 29 that it has acquired a controlling stake in Centratama Nasional Bank, following the acquisition of a 40 percent stake in Jakarta-based Bank Metro Express in April.Shinhan bought 75 percent stakes in the Indonesian bank, which was founded in 1992 and have 41 sales cha

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