South Korean retail giant Lotte Group's Chinese retail operations may face protracted business suspension as Chinese authorities are set to extend such a measure by one month in an apparent retaliation against Seoul's decision to deploy a US missile defense system, industry sources said Sunday.According to Lotte, 90 Lotte Mart stores operating in China, Lotte's hypermarket chain, have been placed under suspension due to their failure to meet fire or other regulations or on voluntary suspension s

Industry April 2, 2017

South Korea's commerce ministry said Sunday that it has raised trade concerns at a WTO committee over China's apparent retaliatory steps against Seoul's decision to deploy a US missile defense system within the year.The Ministry of Trade, Industry and Energy said it has raised "specific trade concerns" in the WTO's Technical Barriers to Trade (TBT) committee meeting held in Geneva from April 28-30, over three cases of what it claims are Chinese trade barriers. (Yonhap)In October last year, China

April 2, 2017

LG Electronics Inc., a major home appliance and smartphone maker, said Sunday that it has launched 25,000 hands-on events across the United States to promote its latest G6 flagship smartphone.The company that launched the premium device in late February said the promotional events take place just ahead of the phones reaching the world's largest consumer market. (Yonhap)In the US, the tech company said people who preorder the G6 will be able to get Google's artificial intelligence speaker Google

Technology April 2, 2017

Samsung Electronics Co. said Sunday that it has kicked off an all-out promotional drive to allow as many consumers as possible to check out its newest Galaxy S8 smartphone. The world's leading smartphone manufacturer said it has opened some 3,000 special stores all across South Korea where people can actually hold and experience the various cutting-edge features of its flagship device. (Yonhap)The S8 has gotten mostly positive initial reviews for its panel-centric form factor that has done away

Technology April 2, 2017

South Koreans spent a record high overseas last year as more people opted to go on overseas trips, data from the central bank showed Sunday.According to the data compiled by the Bank of Korea, South Koreans spent 28.93 trillion won ($25.9 billion) overseas last year, up 8.3 percent, or 2.23 trillion won, from the previous year. (Yonhap)The 2016 tally marks the highest since the central bank began to compile related data in 1970.South Koreans' overseas spending has been on a sharp rise, reaching

April 2, 2017

South Korea's financial regulator said Sunday that it has eased guidelines on policy loans for low-income earners, allowing them to benefit from the government-backed micro-financing programs. Details of the eased guidelines were finalized at a meeting between Jeong Eun-bo, vice chairman of the Financial Services Commission and representatives from private banks on Friday, the FSC said in a statement.  (Yonhap)The move is aimed at helping owners of mom-and-pop stores and college graduates, who a

April 2, 2017

South Korea’s science ministry said Sunday that it will spend 41.2 billion won ($37 million) this year to develop core 3D printing expertise to nurture the fledging industry.The 2017 budget will be spent on various 3D printing businesses to spur demand and strengthen national competitiveness, the Ministry of Science, ICT and Future Planning said. (Yonhap)The ministry aims to assist the military and industries to produce components through the 3D printing technology, as well as help the medical s

Technology April 2, 2017

Samsung Electronics Co.'s global market share in DRAMs and TVs rose in 2016, while it lost ground in mobile phones and displays, the company's business report showed Sunday.The report based on data collected by various market researchers said the tech giant controlled 21.6 percent of the TV market last year, up from 21 percent in 2015. The gain comes despite very stiff challenges from rivals that saw sharp drops in demand in places like Latin America. (Yonhap)The company churned out 47.42 millio

Technology April 2, 2017

Creditors of cash-hungry Daewoo Shipbuilding & Marine Engineering Co. are ratcheting up pressure on commercial lenders to accept a massive debt-for-equity swap, a three-year grace period on remaining debt and other debt rescheduling measures to keep the shipyard afloat, industry sources said Sunday.According to the sources, the creditors, led by the state-run Korea Development Bank, are also pressing the labor union of Daewoo Shipbuilding to accept a pay cut and job cuts as well. (Yonhap)Late la

April 2, 2017

Samsung Electronics Co., the world's largest manufacturer of smartphones, slightly reduced its expenditures on research and development (R&D) projects last year, data showed Wednesday, as it sought to acquire key technologies through mergers and acquisitions, data showed Sunday.Samsung Electronics Co. spent 14.79 trillion won ($13.2 billion) on R&D last year, which accounted for 7.3 percent of its revenue. (Yonhap)Last year's R&D spending compares with 14.85 trillion won in 2015 and 15.32 trilli

Technology April 2, 2017

A leading German car magazine recently tapped Hyundai Motor Co.‘s i30 hatchback as the second-best car in the compact passenger vehicle segment based on its economy and environmental impact, sources said Sunday.Auto Zeitung, a highly respected auto magazine, compared the Hyundai i30 to similar offerings from Volkswagen (VW), Audi, BMW, Mercedes-Benz, Opel, Ford, Renault and Peugeot. (Yonhap)It said the i30 only trailed VW’s very popular Golf in overall points.The Hyundai i30 received 3,040 point

Mobility April 2, 2017

South Korea‘s top automotive parts supplier Hyundai Mobis Co. said Sunday it will develop technologies for highway driving capable autonomous cars by 2020, with an aim to commercialize them two years later.The company plans to develop the autonomous driving technologies mainly to help two affiliates -- Hyundai Motor Co. and Kia Motors Corp. -- add next-generation smart cars to their lineups, it said in a statement. (Yonhap)“We will ramp up our efforts to develop the Highway Driving Assist (HDA)

Mobility April 2, 2017

South Korean retail giant Lotte Group saw its brand value rise in the first quarter of this year despite China's retaliation against the conglomerate over a controversial missile defense system, a poll showed Sunday.Brandstock, a South Korean market research firm that determines the rankings of local brands, said in its latest survey that most Lotte units saw their brand rankings improve in the January-March period from three months earlier. (Yonhap)Lotte World Adventure and Lotte Department Sto

Industry April 2, 2017

The number of patents registered by Samsung Electronics Co. in the United States last year increased some 9 percent as the tech giant battles for an upper hand in the ongoing global patent war.The world‘s No. 1 maker of smartphones said it registered 5,518 patents in the US last year, compared with 5,072 in 2015, 4,952 in 2014, 4,676 in 2013 and 5,081 in 2012, according to the data shown in its annual business report. (Yonhap)Since 2006, Samsung Electronics has been maintaining its status as fil

Industry April 2, 2017

The average earnings forecast for Samsung Electronics Co., one of the world’s largest makers of smartphones and computer chips, rose 20 percent in the past three months on strong global demand for its semiconductors and prospects of sustained growth, industry sources said Sunday. According to data collected by market researcher FN Guide, local brokerages on average expect the tech giant‘s operating income to have reached 9.21 trillion won ($8.23 billion) in the first quarter, with sales and net

Industry April 2, 2017