The operator of Incheon International Airport, South Korea's main gateway, said Thursday it has signed a deal to provide operations consulting to the world's largest airport currently under construction in Turkey.Incheon International Airport Corp. said it has been chosen alongside Denmark's Copenhagen Airport for the 10.8 million euro ($12.3 million) project to provide consulting services to IGA, the operator of Istanbul New Airport, for the next five years. IIAC will take the lion share at a 5

South Korean tech giant Samsung Electronics Co. said Thursday it has struck a deal with U.S. broadcasting companies to work together for the adoption of the next-generation broadcasting standard for digital TVs. It signed a memorandum of understanding with Pearl LLC and Sinclair Broadcast Group in Washington on Wednesday (U.S. time) to promote the Advanced Television System Committee 3.0, the company said in a statement. The ATSC 3.0 refers to a set of standards developed by the committee for di

A U.S. activist hedge fund on Thursday stepped up its offensive on Samsung Group's move to merge two key units, demanding the merger be carried out in such a way to properly reflect the interests of relevant shareholders.Elliott Management has challenged the 8.9 trillion-won ($7.95 billion) takeover bid by Cheil Industries Inc., the de facto holding company of Samsung, to buy construction arm Samsung C&T Corp., claiming that the deal undervalues the builder and is against shareholders' interests

The battle between a U.S. hedge fund and Samsung Group over a proposed merger may not be the only such case as several other corporate giants have large foreign ownership that could also get in the way of managerial decisions, data showed Wednesday.Elliott Management is trying to block the proposed merger between Samsung C&T Co. and Cheil Industries Inc. via stake acquisition and legal action, saying the move does not serve in the best interest of shareholders.Samsung, which is preparing a third

A court decision that gave approval to a local consortium's bid to acquire Pantech Co. will likely give the embattled handset maker an opportunity to rebuild its business after its recent sale attempts fell through due to lack of interest, market watchers said Wednesday.The Seoul Central District Court on Tuesday announced that the consortium led by Optis, a South Korean optical manufacturer, has signed a memorandum of understanding with Pantech, with the two sides set to complete the deal by Ju

Police said Tuesday that they have raided SK Engineering & Construction Co. and its construction site on a U.S. base in central South Korea over slush fund allegations involving a U.S. military official.The National Police Agency confiscated materials including account books and computer hard disks from the head office of SK E&C in Seoul and its work site at the U.S. Forces Korea base in Pyeongtaek, Gyeonggi Province, a police official said on condition of anonymity.An SK E&C subcontractor alleg

The state tax office on Tuesday started an audit into Daum Kakao Corp., one of South Korea's leading Internet service companies, industry sources said.Some 50 investigators from the Seoul Regional Tax Office descended on Daum Kakao's office in Pangyo, south of Seoul, to conduct an on-site inspection, according to the sources. Daum Kakao operates South Korea's top mobile messenger, KakaoTalk, which has more than 35 million local users. It was unclear whether the latest audit is a regular one, whi

Analysts are divided over the feasibility of Samsung Group's plan to merge its two key units, as the proposed merger deal faces a legal battle with a U.S. hedge fund trying to stop the move citing fairness of the deal and could entail huge costs, reports showed Tuesday. Elliott Management has opposed the 8.9 trillion won ($7.96 billion) offer announced late last month by Cheil Industries Inc., the de facto holding company of Samsung Group, to buy construction arm Samsung C&T Corp. in an all-stoc

Apple Inc.'s new smartwatch is gaining popularity in South Korea with local customers purchasing the devices directly from overseas even before its official debut here slated for later this month, data showed Sunday.The number of foreign direct purchases of the Apple Watch Sport came to 181 in the May 26-June 12 period, according to the data compiled by the Korea Customs Service. The device is scheduled to be released here on June 26. Overseas direct shopping, or "jikgu" in Korean, refers to sho

POSCO Co., South Korea's largest steelmaker, will sign a deal with Saudi Arabia's sovereign wealth fund early this week to sell its stake in its main construction unit, an industry source said Sunday.The deal with Saudi Arabia's  Public Investment Fund calls for POSCO to sell a 38 percent stake in POSCO Engineering and Construction Co. for 1.2 trillion won ($1.08 billion), the source said."A stock purchase agreement will be inked between the two parties early this week," the source close to the

South Korean poultry processor Harim Corp. is set to wrap up its purchase of Pan Ocean Co. after creditors and shareholders on Friday approved a rescue plan for the country's biggest bulk carrier.  Harim, which sources most of its grain demand through imports, had been selected as the preferred bidder of the deal, which it anticipates will cut shipping costs. The food firm submitted 1.08 trillion won ($9.7 billion) for the acquisition earlier this week.  Pan Ocean, formerly known as STX Pan Ocea

Samsung C&T Co., a construction and trading arm of Samsung Group, said Friday that it is seeking to delist its depositary receipts traded on the British stock market in order to stem a possible lawsuit there by a U.S. hedge fund over its attempt to merge with its sister firm.  Samsung C&T said it will report its plan to the Financial Conduct Authority, which oversees the London Stock Exchange to delist its DRs, or certificates of stock ownership that are traded overseas.  Samsung C&T and its sis

An incumbent executive at a Samsung Group unit has been found to hold a secret Swiss bank account opened under the address of the group's old headquarters in Seoul, an independent online news outlet reported Thursday.  Kim Hyung-do, an executive at Samsung Heavy Industries Co., has held an account with HSBC in Switzerland since 1993, with some $190,000 deposited between 2006 and 2007, according to Newstapa, which is run by the Korea Center for Investigative Journalism.   Newstapa said the addres

Samsung C&T Co., the construction arm of Samsung Group, said Wednesday its plan to merge with the group's de facto holding firm doesn't hurt shareholders' interests, refuting a U.S. hedge fund's claim that the builder is undervalued.  In late May, Samsung C&T unveiled the plan to merge with Cheil Industries Inc. in a move widely seen as aimed at paving the way for a leadership change at South Korea's top family-controlled conglomerate. The plan calls for Cheil Industries to offer 0.35 new share