LG Electronics Inc., the world's third-largest maker of mobile phones, said Thursday that it expects to sell 24 million smartphones this year, 20 percent fewer than its earlier target, as competition in the lucrative handset market intensifies.The reduced sales target may complicate LG's efforts to revive its money-losing mobile business, which is expected to report a fifth straight quarterly loss

SK Telecom and STX Group have submitted letters of intent to acquire Hynix Semiconductor.Friday marked the deadline for a sale broker’s receiving LOIs for a 15 percent stake, whose value ranges between 2.34 trillion won ($2.18 billion) between 2.74 trillion won, in the world’s 2nd-largest semiconductor firm.According to industry sources, SK Telecom has the strong willingness that it “would not los

STX Group also continues to express interest to the last minute  　By Kim Ji-hyun and Choi He-suk KCC Corp., a member of Hyundai’s sprawling industrial empire, may submit its letter of intent for a stake in Hynix Semiconductor, industry sources said on Thursday. Reports of KCC’s intention to participate in the bidding came shortly after Hyundai Heavy Industries said it would not be participating in

By Cho Ji-hyunThree well-known global companies are taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As.Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-Mart’s Shanghai operations and that the players w

Korea's financial watchdog said it has decided to penalize SC First Bank for its violations of local banking laws such as the illegal handling of metal loan services to corporate customers. The Financial Supervisory Service (FSS) said it will impose fines worth 4.5 million won ($4,225) and punish 41 officials of the Korean unit of Standard Chartered Plc after the bank violated regulations on metal

Prosecutors are investigating Goldman Sachs Group on allegations that the investment bank defrauded local insurers Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance.The Seoul Central District Prosecutor’s Office said Wednesday it was taking on complaints by the two insurers that the U.S. investment bank sold a high risk, high yielding investment product known as collateralized debt obli

The nation’s financial regulator is investigating four major commercial banks on suspicion of unauthorized lending, banking sources said Wednesday.The four facing a probe are Kookmin, Woori, Shinhan and Hana, and the Financial Supervisory Service has recently completed its preliminary examination of the banks, the sources said.The unauthorized lending practice refers to banks’ demand that borrower

Korea and Indonesia will hold the first round of feasibility study talks on a bilateral free trade deal this week, the Trade Ministry in Seoul said Wednesday.In 2007, a free trade agreement between South Korea and the Association of Southeast Asian Nations, which includes Indonesia, went into effect. But Seoul has been seeking to forge higher-level separate free trade deals with Indonesia, Malaysi

Korea’s automotive exports reached a record high in the first half of the year as local automakers increased their shares in overseas markets on the back of improved quality, a trade association said Wednesday.According to the Korea Automobile Manufacturers Association, local automakers exported a total of 1.55 million units in the first six months of the year, up 15.1 percent from a year earlier.

Hyundai Heavy Industries Co., the world’s leading shipbuilder, said Wednesday it will not bid for a stake in Hynix Semiconductor Inc., raising speculation that creditors may fail again to sell the world’s second-largest computer memory chipmaker.Hyundai Heavy had been regarded as the sole potential investor for the 15 percent stake up for sale.“We decided not to submit a bid for Hynix Semiconducto