South Korean conglomerate Dongbu Group said Sunday it plans to sell two of its affiliates and other assets in a bid to tide over a crisis and improve its financial health. Dongbu Group said it plans to sell stakes in its electronics unit Dongbu HiTek Co. and Dongbu Metal Co. by 2015, and also have its other affiliates sell assets to secure a combined 3 trillion won ($2.82 billion). The conglome...

In a desperate bid to overcome the liquidity crisis, Tong Yang Group said Tuesday it intends to sell off the entire stake in its thermal power arm, after the embattled conglomerate failed to get help from creditor banks and its ex-affiliate. The family-run company said it is willing to sell a 100-percent stake in Tongyang Power Inc., which is valued at about 1 trillion won (US$931.1 million), ac...

The head of Kumho Tire Co. has said his company is seeking to complete construction of its suspended plant in the United States, a move that could give South Korea's second-biggest tire maker a foothold in the world's second-largest auto market. Kumho Tire broke ground for its first plant in the U.S. state of Georgia in 2009, but the construction has since been stalled as creditors placed the ke...

Naver, which runs the nation’s biggest Internet portal, announced on Thursday it will set up the “Naver Partner Center” next month to better cooperate with smaller businesses. The move came a month after the company announced it would take a flurry of measures to seek coprosperity with small enterprises amid intensifying public criticism over its monopolistic practices. Naver controls a wide...

Samsung Electronics Co., the world’s largest flat-screen TV maker, said Tuesday that it plans to roll out its first 55-inch curved OLED TV with full HD capabilities in Europe with a price tag of 7,999 euros. In June, Samsung introduced the TV set on its home turf, joining the race for the next-generation TV market. Early this month, Samsung also rolled out the TV in the U.S. Samsung said the TV...

A consortium led by POSCO Energy Co., a unit of South Korea‘s leading steelmaker POSCO, has been named as the preferred bidder for a 1.5-trillion-won ($1.34 billion) power plant project in Mongolia, the company said Tuesday. The consortium will build and operate the 450-megawatt coal-powered power plant for 25 years, and then transfer it to the Mongolian government, according to POSCO Energy. T...

South Korea’s leading steelmaker POSCO said Sunday it is moving to develop a new type of clean energy in resource-rich Mongolia together with a local company there. POSCO said it has joined hands with MCS Group, one of the largest private companies in Mongolia, to start a coal-to-liquid business in the country and is in the process of obtaining approval from Ulan Bator. To that end, the steel g...

Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A., said Friday that it has signed a memorandum of understanding with the country’s Environment Ministry and six other companies to promote the use of electric cars. Under the deal, Renault Samsung will develop an electric car and sell it below 45 million won. The Environment Ministry, in return, will provide subsidi...

LG Chem Ltd., the world’s largest battery maker, said Thursday weak demand for vehicle batteries has led to a delay in the start of its American lithium-ion battery plant’s commercial operation, denying U.S. media reports that the factory is not run effectively. Citing the U.S. Department of Energy Special Report, The Washington Post and other U.S. media reported Wednesday that the factory in Ho...

South Korea’s tech giant Samsung Electronics Co. has increased its presence in the local stock market with its value reaching nearly 20 percent of the total market capitalization, data showed Tuesday. The market cap of Samsung Electronics reached 223.8 trillion won ($210.5 billion) as of Monday, or 19.26 percent of the market total and up 4.3 percentage points from end-2011, according to data co...