The race to take over eBay Korea, the third-largest e-commerce operator, is expected to come to an end this week, in a deal that will shake up the country's e-commerce retail segment, retail industry sources said Sunday. According to the sources, two retail behemoths -- Shinsegae and Lotte Shopping -- submitted their letters of intent (LOIs) for the Korean unit of eBay. EBay may decide to pick a preferred bidder this week. The bidding marks the second attempt by eBay to sell off its Korean uni

Budget carrier Eastar Jet Co. may pick a preferred bidder next week after reviewing plans from several investors to take over the financially troubled company, industry sources said Sunday. Easter Jet, currently under a court-led rehabilitation scheme, has received letters of intent from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources. Several companies have

The European Union's (EU) antitrust regulator has not yet resumed its review of the proposed merger between South Korea's two leading shipbuilders, putting its decision on hold for nearly a year. The EU Competition Commission has stopped the clock in its in-depth investigation into the $1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co. (DSME) by Hyundai Heavy Industries Holdings Co. (HHIH) since July 3, 2020. "The clock is still stopped," Maria Tsoni, a spo

Procter and Gamble Korea published two children’s books about the importance of protecting the environment, as part of its efforts to raise consumer awareness on the idea of sustainability, the company said Sunday. P&G Korea said the two books, titled “My House is Flooded” and “I’m not Buying Things That I Already Have,” had been written so that children can easily understand the importance of the environment and take actions with their families to benef

Naver Labs, the research arm of the largest internet company in South Korea, unveiled a solution on Friday at the Seoul Smart Mobility Expo that could support the digitalization of large cities. Dubbed “Alike,” the solution can be used to create “digital twins” of cities, complete with roads and buildings. A digital twin is a virtual representation of a physical object or process that serves as its real-time digital counterpart. By using aerial photography and artifi

SK Telecom, South Korea’s top-tier telecom operator, will showcase four new video games at a world-class gaming conference, in a bid to expand into the global console game industry, the company said Friday. The company will participate in “E3 2021,” the largest electronic game exhibition in the US that is set to kick off Saturday, serving as publisher for local medium-sized game companies. Hosted by Entertainment Software Association, E3 2021 will be held online to run from J

Audi Korea is launching the new RS Q8, a high-performance sports utility vehicle that combines both dynamic driving and practicality, the automaker said Friday. According to Audi Korea, it will start receiving orders for the new RS Q8 here on Tuesday. The RS Q8 is the first large SUV to be launched under the RS category, the auto brand’s high-performance lineup which stands for Racing Sport. The SUV has twin-turbocharged 4.0-liter V-8 gasoline engine and an eight-speed automatic transm

One day, Koreans might bid adieu to bulky wooden shoe closets at the entrances of their apartments. Samsung ShoeDresser, a brand new category of home appliance, could replace old closets, changing entirely the way people store and care for their shoes, and also reflecting the importance of the fashion item to millennials. After launching clothing care system AirDresser in 2018, Samsung’s engineers at the consumer electronics unit caught the growing trend of shoe-lovers, which led to t

South Korea's domestic demand is extending an improving trend as retail sales and consumer sentiment gained ground amid an economic recovery, the finance ministry said Friday. In its monthly economic assessment report, the ministry presented a positive assessment of private consumption for the second straight month. Last month, the government said domestic demand is "gradually" improving. "Exports and investment have continued to maintain solid recovery momentum, and domestic de

Hyundai Motor Co. said Friday it has resumed operations at its four domestic plants following a half-day suspension due to the disruption of parts supply caused by the COVID-19 pandemic at a key parts supplier. The carmaker restarted vehicle production at four out of its five plants in Ulsan, 414 kilometers southeast of Seoul, as health authorities completed quarantine measures at a plant of Hyundai Mobis Co., a company spokesman said. Hyundai Motor suspended the four Ulsan plants on Thursday

Samsung Group’s de facto chief Lee Jae-yong attended a court hearing on Thursday as part of an ongoing trial on alleged irregularities surrounding his ascension to the helm of the South Korean tech conglomerate. As always, the tycoon, who is serving a 2 1/2-year jail term over a previous bribery conviction, didn’t utter a single word throughout the full-day session held at the Seoul Central District Court, as his attorneys fought hard to fend off additional convictions. The charge

Genesis G80 electrified and Mercedes-Benz EQA introduced for the first time in South Korea

Leaders of four South Korean conglomerates -- Hyundai Motor, SK, Posco and Hyosung -- have agreed to launch a CEO-level consultation body for the local hydrogen economy. According to officials from the business groups on Thursday, Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, Posco Group Chairman Choi Jeong-woo and Hyosung Group Chairman Cho Hyun-joon met at a Hyundai Motor’s research and development center early Thursday morning, where they agreed to forge

Ailing carmaker makes pain-sharing decision for rehabilitation

Green is good for business, says global No. 1 offshore wind player, Korea’s beauty conglomerate