South Korea's top tech giant, Samsung Electronics Co., said Tuesday it plans to inject US$100 million into funding start-ups and developers of the Internet-of-Things (IoT) technologies, adding all Samsung products will be connected to the IoT network by 2020."The IoT is the source of infinite potential that can enrich livelihoods and protect people depending on their needs and situations, further changing society and the economy," said Yoon Boo-keun, who heads Samsung Electronics' consumer produ

Hyundai Motor Group, the world's fifth-largest automaker, said Tuesday it will invest about 81 trillion won (US$73 billion) over the next four years as it seeks to become a global leader by improving facilities and securing core technologies. Hyundai Motor Group said it will spend 49.1 trillion won in building new plants and expanding facilities by 2018, and invest 31.6 trillion won on research and development. The large-scale investment is aimed at obtaining key technologies needed to produce e

South Korean builder Taeyoung Engineering & Construction Co. said Monday it has clinched a 55.28 billion won (US$49.76 million) order to build a water treatment plant in Bangladesh. Under the deal with Chittagong Water Supply and Sewerage Authority, a semi-autonomous municipal utility that provides water supply and sanitation services in Bangladesh, Taeyoung will construct a water treatment facility in the southeastern port region of Modunaghat in the South Asian country, the company said in a r

South Korea's top mobile messenger operator Daum Kakao Corp. said Monday it has purchased a whole stake in Kids Note Inc., a local childcare solutions provider, in line with its efforts to expand its "online to offline (O2O)" business portfolio.Under the move, Daum Kakao plans to offer childcare application services to 14,000 local kindergarten, private institutions, and other childcare-related institutions in South Korea. The companies did not reveal the size of the deal.Kids Note allows instit

Doosan Heavy Industries & Construction Co., South Korea's leading power equipment maker, said Sunday that it has clinched a 340 billion won (US$308 million) deal to build a power plant in Kazakhstan.Under the deal with Karabatan Utility Solutions, Doosan Heavy will build the coal-fired power plant with a 310-megawatt capacity in Atyrau on the northern banks of the Caspian Sea.The construction of the power plant will be completed by February 2018, according to Doosan Heavy.South Korean companies

South Korea’s transportation ministry launched an internal inspection Thursday into how it conducted its investigation into Korean Air’s “nut rage,” pressured by mounting criticism that it intended to acquit the airline and its troubled former vice president.“We will thoroughly review all proceedings of the investigation to see if there were any flaws,” an official from the Ministry of Land, Infrastructure and Transport said, asking not to be identified.The chief steward of a Dec. 5 Korean Air f

ULSAN, July 31 (Yonhap) -- Union leaders of South Korea's top automaker on Thursday declared a breakdown in wage talks before workers take time off for summer break.  The announcement, which followed the 14th wage and collective bargaining agreement negotiation at the carmaker's main production plant in this industrial city 414 kilometers southeast of Seoul, claimed workers have reached the end of their patience and laid the blame for the lack of progress on prevarication by the management.Manag

Samsung Electro-Mechanics Co., an affiliate of South Korea's biggest conglomerate Samsung Group, said Friday that its board has decided to sell its entire stake in Samsung Card Co. to improve its financial health and resources.Samsung Electro-Mechanics plans to sell its 4.42 million shares to Samsung Life Insurance Co., another Samsung Group affiliate, for 157.6 billion won (US$149.7 million), the company said in a regulatory filing.The stake sale was to be made through a block deal after the cl

Prosecutors said Friday they are seeking an arrest warrant for the head of family-run conglomerate Hyosung Group on suspicions that he created large amounts of slushfunds and evaded taxes.Chairman Cho Suck-rai, who was summoned by prosecutors twice earlier this week for questioning, is facing multiple charges including embezzlement, tax fraud and breach of trust, prosecutors said."Senior prosecutors at the Seoul Central District Prosecutors' Office have decided to seek the warrant for (Cho) afte