Samsung Electronics on Tuesday unveiled its new smartwatch with a rotating bezel -- the first of its kind within the industry -- before its official debut at the upcoming IFA electronics trade show in Berlin on Sept. 3. The Korean tech giant was the first to open up the global smartwatch market back in 2013. But during a yearlong hiatus, its archrival Apple has gobbled up the market over the past year.  In a renewed push for its smartwatches, Samsung has come up with the Gear S2, the company’s f

The “new” Samsung C&T kicked off on Sept. 1 as the de facto holding company of Samsung Group, the nation’s largest conglomerate. The group’s construction, trading, fashion, food and bio businesses are now reorganized under the new umbrella company, while Samsung Electronics and Samsung Life Insurance are responsible for tech and finance pillars, respectively. Head office buildings of Samsung C&T (left) and Samsung Electronics (right)          YonhapThe merger between Samsung C&T and Cheil Indust

A group of high-profile financial officials from Korea flied to the Middle East on Sunday to check foreign demand for a stake in Woori Bank, a state-run lender that has been put up for sale. The delegate, led by Financial Services Commission vice chairman Jeong Chan-woo, left the country two days after Woori Bank received a letter of intent from the Abu Dhabi Investment Council.  ADIC, launched in 2007, is one of several sovereign wealth funds managed by the United Arab Emirates with assets of a

Lotte Group chairman Shin Dong-binMore big business leaders than ever are expected to appear at the annual parliamentary audit session that starts Sept. 4, with lawmakers from both ruling and opposition parties calling for chaebol reform. It has become an annual ritual to see business tycoons subpoenaed at the National Assembly, but more high-profile business leaders are facing calls to appear this year, amid negative public sentiment toward chaebol. At the top of the list is Lotte Group chairma

U.S. software giant Oracle on Thursday pinned high hopes on Korea for the growth of its human capital management software Oracle HCM, which is widely being adopted by global companies. “Companies share similar human resources planning systems globally these days. But two countries -- Korea and Japan -- are still slow to adopt the standardized systems possibly due to their rigid corporate cultures,” said Pyun Chong-hwan, vice president of applications business at Oracle Korea during a media event

South Korean coupon app YAP said Wednesday it would expand its presence globally following launches in China and Vietnam. Launched in June 2014, the location-based app allows users to download coupons or discount information when they are within range of Bluetooth-enabled devices, or beacons. The app also works as a mobile wallet. Currently, more than 3 million people use the app and some 100,000 retailers have signed up for the service. The company aims to increase its business partners to 500,

South Korean chipmaker SK hynix unveiled Tuesday its new chip plant -- the largest of its kind globally -- in a move to strengthen its leadership in the global memory chip market. The new plant, named M14, is located on a site of 53,000 square meters at its Icheon headquarters in Gyeonggi Province. It has a maximum production capacity of 200,000 300-millimeter semiconductor wafers per month. The plant also features the world’s largest clean room, a two-story building with a combined floor space

About 12,000 Chinese troops and soldiers from more than 10 nations, including Russia, as well as 200 aircraft will take part in a huge military parade next month marking China‘s victory over Japan in World War II, Chinese organizers of the parade said Friday. The Sept. 3 event is expected to demonstrate China’s fast-growing military capabilities, while highlighting a rivalry between China and Japan. It also comes as neighboring countries of China keep a wary eye on Beijing‘s increasingly asserti

The United Nations Command has proposed having working-level talks with North Korea to discuss escalating tension on the divided Korean Peninsula, sparked by the North‘s recent firing of artillery shells across the border, a military source said Friday.The UNC sent a message to North Korea on Thursday, offering to hold dialogue with Pyongyang following the North’s firing of several shells across the heavily fortified inter-Korean border, according to the source.“The UNC has called for North Kore

North Korea‘s front-line troops have completed their preparation for military action against South Korea, Pyongyang’s state media said Friday, as the North‘s leader has declared a “quasi-state of war.”North Korean leader Kim Jong-un ordered the country’s front-line military to have full combat readiness against South Korea at an emergency meeting of the central military commission of the Workers‘ Party, following the North’s firing of artillery shells across the heavily fortified border.“The Kor

Audi, together with Korean battery makers LG Chem and Samsung SDI, aims to take on Tesla with its new full-electric sport utility vehicle that drives 500 kilometers on a single charge. The German marque is set to unveil a preview of the e-tron quattro concept at the upcoming Frankfurt auto show in September. It plans to put the car into production in 2018 as its first mainstream electric car. The car’s 500-kilometer driving range is more than triple that of other mass-market EVs on the market. E

Samsung Electronics’ new mobile payments system Samsung Pay made its Korean debut on Thursday, aiming to replace credit cards with mobile phones. Starting with the Korean service, Samsung Pay will be released in the U.S. on Sept. 28 after a monthlong beta service. Launches in other markets are set to come in phases. A customer pays with Samsung Pay at a grocery. Samsung ElectronicsKey to the service is its compatibility with existing credit card terminals, as it creates a small magnetic field th

LG Chem said Wednesday it had finished expansion work on production lines for acrylic acid and a super absorbent polymer -- two basic materials on which the company pins high hopes for market leadership.Following the expansion, its production plant in Yeosu, South Jeolla Province, has an annual production capacity of 510,000 tons of acrylic acid and 360,000 tons of SAP, the world’s fifth- and fourth-largest capacities, respectively. The company predicted an additional 300 billion won ($250 milli

For decades, the Korea-Japan rivalry has favored Korean firms and helped them secure a firm footing in global markets. In the past, they were desperate to mimic the success of big Japanese names such as Sony and Toyota. But over time, companies like Samsung and Hyundai appealed with quality products at cheaper prices, gobbling up their Japanese rivals’ market shares. Today Korean and Japanese firms compete head-on across almost all industries. And when it comes to information technology, Koreans

Samsung Group founder’s eldest son Lee Maeng-hee, father of CJ Group chairman Lee Jay-hyun, died Friday at age 84. He had been hospitalized at a Beijing hospital after his lung cancer spread to other parts of his body. The late Lee was often called the “ill-fated prince” of the Samsung empire.His father Lee Byung-chull had originally designated him as his successor in the early 1960s. However, Maeng-hee clashed with his father on issues including his aggressive management style, which led the gr

NEW YORK -- It’s clear that the success of Samsung’s latest smartphone and phablet will be a crucial test for Lee Jae-yong, the heir to Korea’s largest conglomerate and vice chairman of Samsung Electronics.And it’ll certainly be a tough challenge, given the hugely saturated nature of today’s smartphone market that has competition cropping up at every bend in the road.“Samsung definitely has a huge presence, all over the U.S. and in the world,” said one participant at last week’s Samsung Unpacked

LG Group said Wednesday it would offer 500 million won ($420,000) each to two soldiers who were injured last week in a North Korean mine blast at the Demilitarized Zone in Paju, Gyeonggi Province. “The donation is part of LG’s ongoing efforts to honor people who make sacrifices for the nation and people. All employees, including chairman Koo Bon-moo, have joined the efforts,” said an LG official. The explosions occurred on Aug. 4 as two sergeants were carrying out an inspection mission. The firs

Daum Kakao, the Korean Internet giant, is betting big on a new CEO who may be less experienced but full of enterprise for its next big leap in the burgeoning mobile era. The company said Monday it has named 35-year-old Rim Ji-hoon, founder of venture capital firm K Cube Ventures, to replace the current co-CEOs Choi Sae-hoon, 48, and Lee Sir-goo, 49. Daum Kakao’s new CEO nominee Rim Ji-hoonAlthough the average age of the employees at Daum Kakao is 34, a 30-something CEO is quite rare even within