Samsung Electronics Co., which is currently an official partner of the International Olympic Committee, is undecided on whether to extend its contract that runs through the 2020 Tokyo Summer Olympics, industry sources said Thursday.South Koreans have been paying attention to the possibility that the South Korean tech giant may choose to remain as the official Olympic partner as Seoul and Pyongyang recently agreed to put together a joint bid for the 2032 Summer Olympics amid considerable progress

South Korean manufacturers have been shifting the focus of their overseas direct investment to Vietnam from China thanks to tax benefits, cheaper labor and other favorable conditions, a report said Thursday.Vietnam accounted for 17.7 percent of South Korean manufacturing companies' total direct overseas investment in 2017, up sharply from 3.7 percent in 1990, according to the report by the Federation of Korean Industries. (Yonhap)In contrast, the comparable figure for China tumbled to 27.6 perce

South Korean tech manufacturers expanded their presence in the global TV market in the third quarter, data showed Thursday, by solidifying their control over large premium models.According to the data compiled by IHS Markit, Samsung Electronics Co. took up 28.4 percent of the global TV market in terms of shipments in the July-September period, followed by LG Electronics Inc. with 15.4 percent. Samsung topped the list for the 49th consecutive quarter since 2006. (Yonhap)Japan's Sony Corp. followe

Samsung Electronics Co. plans to release the Galaxy A9 smartphone in the Indian market next week, industry sources said Thursday, seeking to catch up with its Chinese rival, Xiaomi Corp.The Galaxy A9, whose release date for South Korea has not been confirmed, is the tech giant's first mid-range smartphone to come with a whopping four cameras on the back. The device will be released in India on Wednesday. (Yonhap)This year, Samsung Electronics released a variety of smartphones in India, including

Mirae Asset Global Investments has become the first South Korean asset management company to qualify as a private equity fund operator in China, officials said Wednesday. Mirae Asset Global Investments websiteMirae Asset Overseas Investment Fund Management Shanghai, the Chinese office of Mirae Asset Global Investment, has registered with the Asset Management Association of China as a private fund management wholly foreign-owned enterprise.The Korean company became the 16th overseas financial com

The chairman of Kumho Asiana Group, a South Korean conglomerate with businesses in the logistics and airline industries, is slated to be reported to prosecutors by the nation’s antitrust watchdog over the alleged arrangement of unfair internal transactions with affiliates, according to local media outlets on Wednesday.According to the reports, the Fair Trade Commission is preparing to report Chairman Park Sam-koo and several executives to prosecutors over alleged violations of the fair trade law

General Motors has nominated Roberto Rempel, executive chief engineer for small SUVs and mini vehicles, as the head of its R&D unit that it plans to spin off despite opposition from unionized workers and the state-run Korea Development Bank, the second-largest shareholder of the US carmaker’s South Korean unit.Rempel has been stationed in Korea since 2015. Roberto Rempe (GM Korea)“Roberto Rempel’s experience and deep knowledge of GM’s global engineering and the engineering capability in Korea wi

The Seoul government said Wednesday that it has started the pilot operation of fuel-cell electric bus for a regular route, in an effort to test the viability of hydrogen-powered vehicles as public transportation in the city. The zero-emission bus developed by Hyundai Motor will travel from Yeomgok-dong, southern Seoul, to City Hall, four to five times a day. Five other major cities will also have a combined 30 hydrogen buses for pilot operations next year, said officials at the trade and environ

South Korean e-commerce company Coupang said Wednesday that it has secured a $2 billion investment from SoftBank’s Vision Fund, which will be injected into consumer-first technology including its logistics network.SoftBank’s latest investment is the largest investment amount ever received by a South Korean online retailer, according to Coupang. It comes three years after SoftBank invested $1 billion in Coupang in 2015.  Coupang CEO Kim Bom (right) poses with SoftBank founder and CEO Masayoshi So

The financial regulator said Wednesday it will allow financial institutions to use non-financial information for their credit evaluation of an individual who applies for a loan. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks as the ruling Democratic Party and the government announced a set of measures to promote the financial technology sector that uses big data analytics. Choi Jong-ku (C), chairman of the Financial Services Commission, speaks at a government-rulin

LG Display Co., a display panel maker under LG Group, said Wednesday it has installed electronic kiosks in its facilities across the country, helping employees make donations easily.The company said employees can swipe their identity cards on the kiosks and make donations ranging from 1,000 won ($0.88) to 10,000 won, which will be automatically deducted from their paychecks.LG Display said the project was designed to encourage employees to participate in making contributions to the community. (Y

Samsung Electronics Co. on Wednesday showcased a new lineup of horticulture light-emitting diode solutions optimized for greenhouses and vertical farming, which can help farmers improve produce quality. The South Korean tech giant said the new products, including white full-spectrum packages and modules, as well as color LEDs, provide farmers with a broader spectrum of light that leads to healthier plant growth, along with reduced lighting system costs. "Samsung's full-spectrum-based horticultur

Large companies in South Korea have invested more than 1 trillion won ($890 million) in startups engaging in the so-called fourth industrial revolution over the past three years, a corporate tracker said Wednesday.A total of 53 large firms invested a combined 1.06 trillion won in 210 venture companies engaging in artificial intelligence, big data and the Internet of Things between 2015 and the third quarter of this year, according to CEO Score, which tracks corporate management. (Yonhap)The amou

South Korean budget carrier Jeju Air has ordered 40 airplanes from US manufacturer Boeing for $4.4 billion, the airline said on Tuesday, one of the country's largest-ever aircraft purchases.  Jeju Air is placing firm orders for 40 B737-MAX 8 models, with deliveries running from 2022 to 2026, with options for 10 more, it said in a regulatory filing. (Yonhap)The firm was spending $4.4 billion to buy the planes, it said, describing the deal as the biggest contract by a South Korean carrier for a si

Negotiations for free trade deal with the UK may begin as early as next year