Topic / South Korea

Samsung announces restructure – consolidates operations in two divisions

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Samsung Electronics has said that it will plan a restructure that would consolidate several of its business operations into two divisions, because of the slowing global economy. The new restructuring plan was announced during a personnel announcement at the company, and the broader Samsung Group. The two will be titled the “Device Solution” division and the “Digital Media and Communications” division. The Device Solutions division will be headed by current […]

Ex-Samsung boss fined $109 million for tax evasion, gets out of jail term

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The ex-chairman and the son of the founder of South Korean-based company Samsung, Lee Kun-hee has been found guilty of tax evasion by the Seoul Central District Court; however, he will not serve three years at prison after the court handed down a suspended sentence. He was charged for not paying about 47 billion won (or US$46 million) in taxes, and fined him 110 billion won (US$109 million). Prosecutors wanted […]

MySpace expands in Korea

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MySpace has just expanded to Korea, trying to penetrate in a highly competitive market which is dominated by local social sites. The service owned by News Corporation, will have exclusive features that will not be seen on the US or any other international markets; like “minilogs”, a type of online notebook which users can make entries. The US-based site will face strong competition from the market leader Cyworld, which has […]