Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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First lady’s Dior bag scandal to be at center of Assembly audit
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Lotte family feud shows no sign of easing
The Lotte founder’s nephew and Lotte Giants chief Shin Dong-in said Monday he would step down from his post in an apparent move to distance himself from a bitter dispute between the estranged siblings over the family-run conglomerate succession. “I will step down from my position by the end of August to bail out of disgrace and misunderstanding (caused by the public spat),” Shin was quoted as saying. Group officials and observers believed that the baseball team owner is siding with the founder
Aug. 10, 2015
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E-Mart faces tax probe: reports
Tax authorities are investigating allegations of a slush fund creation by E-Mart, the discount store chain of Shinsegae Group. According to reports, investigators at the Seoul Regional Tax Offices are probing whether a substantial portion of the company’s stock kept under an executive’s name actually belongs to Shinsegae chairwoman Lee Myung-hee, her son and Shinsegae vice chairman Chung Yong-jin and his younger sister Chung Yoo-kyung. The investigators are also looking into whether the vice cha
Aug. 10, 2015
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Firms willing to do business in N.K.
Eight out of 10 South Korean companies intend to do business in North Korea after unification, a recent survey found Monday, with resource development and infrastructure building cited as their key interests. The Korea Chamber of Commerce and Industry recently conducted the survey on its 500 member companies. Of them, 87.2 percent responded they were willing to carry out North Korea-related projects when the two Koreas are unified. Gaeseong and Haeju, both located near Gyeonggi Province, were p
Aug. 10, 2015
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[Newsmaker] Loss-laden DSME struggles to survive
The money-losing Daewoo Shipbuilding and Marine Engineering, the world’s biggest shipbuilder by order backlog, is desperately struggling to survive in the industry. The industry‘s continued slowdown and the shipbuilder’s record 3.07 trillion won ($2.65 billion) shortfall in its second-quarter operating profit for this year have spawned speculations that DSME is readying a full-fledged restructuring process.While the DSME management had refuted rumors about an imminent workforce cut, tension is r
Aug. 10, 2015
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Hotel Lotte IPO being considered: report
Lotte Group is reportedly considering to publicly list Hotel Lotte Co., the de facto holding company of its South Korean operations, amid rising pressure to improve its corporate transparency and circular shareholding structure. “Given the recent developments, there is a possibility that Lotte will start discussing new measures to improve its governance structure in the long run, including a public listing of Hotel Lotte,” a key group official close to the matter was quoted as saying. As the fie
Aug. 10, 2015
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[Graphic News] Number of self-employed businesspeople lowest in 20 years
The number of self-employed people are at a record low due to the Middle East respiratory syndrome and the economic recession, data showed Monday.According to Statistics Korea, the number of self-employed businesspeople for the first half of this year was 3.98 million, a decrease of 107,000 people compared to the same period last year.This is the lowest number since 1995, when there were 3.97 million self-employed businesspeople.Those who were hit the worst were owners of manufacturing and food
Aug. 10, 2015
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S. Korean financial firms beef up IT investment in 2014: report
South Korean financial companies expanded their employment of information technology experts and IT-related investments last year as part of efforts to counter a rise in financial glitches and irregularities, a report showed Monday. The country's 155 financial institutions, including banks, insurers and card companies, employed 9,136 IT professionals as of the end of last year, up 9.3 percent from the same period a year earlier, according to the annual report by the Bank of Korea. The biggest
Aug. 10, 2015
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Samsung tops all smartphone markets except N. America
South Korea's top tech giant Samsung Electronics Co. topped smartphone markets around the globe, except for in North America, in the second quarter on robust sales of low- to mid-end devices, data showed Monday. Samsung stood as the top seller of smartphones in the European, Latin American, Asia-Pacific, Middle East and African markets in the April-June period, the data compiled by industry tracker Strategy Analytics showed. Industry watchers attributed Samsung's strong presence to its lower-e
Aug. 10, 2015
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Major shipbuilders to rack up record losses this year
South Korea's major shipyards, led by Hyundai Heavy Industries Co., are expected to log record losses this year as they struggle with money-losing projects to build offshore facilities and a decline in new orders, industry sources said Monday. The country's big three shipbuilders -- Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- are forecast to rack up a combined loss of up to 6 trillion won ($5.14 billion) for the year, the sources said. Hyunda
Aug. 10, 2015
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LGE likely to benefit from China’s growing OLED activity
More Chinese TV-makers are jumping on the bandwagon to roll out organic light-emitting diode TVs, increasing their presence in the global OLED TV market.Market officials said the rise of the Chinese OLED TV makers would be more of a boon than bane for LG Electronics and LG Display, which have been striving for the past couple of years to expand the market for the display. LG Electronics’ 65-inch UHD OLED TV. LGEThe Chinese TV-makers that have thrown their hats into the ring include Skyworth, Hi
Aug. 9, 2015
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Parties, government up pressure over Lotte governance
Political parties and the government are upping pressure to revamp conglomerates’ governance structures, as Lotte’s succession dispute is fanning public antipathy toward conglomerates. Lotte World Tower in Jamsil, Seoul (Yonhap)Rep. Shin Hak-yong of the main opposition New Politics Alliance for Democracy and 12 fellow minor party members proposed a bill expanding domestic regulations on conglomerates to their overseas businesses.According to the bill, conglomerates would be prohibited from esta
Aug. 9, 2015
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Coway to be put up for auction
Korean private-equity firm MBK Partners plans to sell off its controlling stake in Korean water and air-purifier-maker Coway, which is valued at around 3 trillion won ($2.5 billion), industry sources said Sunday. MBK Partners, the biggest shareholder of Coway with a 30.9 percent stake, hired U.S. investment bank Goldman Sachs to broker the sale. “MBK is considering the sale process and other measures as many potential buyers lined up for the acquisition and it’s been nearly three years since the
Aug. 9, 2015
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Parties, government up pressure over Lotte governance
Political parties and the government are upping pressure to revamp conglomerates’ governance structures, as Lotte’s succession dispute is fanning public antipathy toward conglomerates. Lotte World Tower in Jamsil, Seoul (Yonhap)Rep. Shin Hak-yong of the main opposition New Politics Alliance for Democracy and 12 fellow minor party members proposed a bill expanding domestic regulations on conglomerates to their overseas businesses.According to the bill, conglomerates would be prohibited from esta
Aug. 9, 2015
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Hyundai, Samsung top in workers’ salary
Hyundai Motor Group employees earned the highest salaries among the nation’s 10 biggest conglomerates, data showed Sunday.According to a report released by market researcher CEO Score, the average annual wage of workers at Hyundai Motor Group affiliates was 91.7 million won ($78,700) last year. The conglomerate was followed by Samsung (87.5 million won), Hyundai Heavy Industries (75.9 million won), SK (74.8 million won) and POSCO (73.7 million).Hyundai Department Store Group among conglomerates
Aug. 9, 2015
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Saenuri urges NPS to act on Lotte feud
Ruling Saenuri Party chairman Kim Moo-sung on Friday urged Korea’s National Pension Service to exercise its shareholder rights in order to protect the public’s assets from the fallout of a founding family feud at Lotte Group. “I consider the biggest victims of founding family’s conflicts at Lotte to be not family members involved, but ordinary people who have put their retirement savings into the NPS,” Kim said in a meeting at the National Assembly.The nation’s largest investor has a stake in mo
Aug. 7, 2015
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Shilla CEO’s husband refuses to sign off divorce
The husband of Lee Boo-jin, the eldest daughter of Samsung Group chairman Lee Kun-hee, has reportedly refused to sign divorce papers after they failed to agree on custody and parental rights for their son. “Lee’s husband has no intention to divorce and nothing has changed from his stance,” his lawyer told reporters.Im has refused to give up legal guardianship and parental rights of the two’s 9-year-old son, but this is the first time for him to publicly announce that he does not want a divorce.
Aug. 7, 2015
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Samsung C&T merger clears last hurdle
Samsung C&T, the construction and trading arm of Samsung Group, is taking the final steps to complete its $8 billion merger plan with sister firm Cheil Industries by buying back shares from dissenting investors. The company said Friday shareholders who opposed the merger deal had exercised appraisal right to request Samsung C&T to repurchase 11.7 million shares, about 7.5 percent of stakes in the company. Local laws give shareholders the right to sell shares they held before a merger announcem
Aug. 7, 2015
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Chinese airlines lure Korean pilots
A growing number of experienced South Korean pilots are choosing to leave their home turf and instead work for Chinese airlines, which offer exceptionally higher wages and alluring benefits for foreign pilots. Some 50 Chinese airline companies have been stepping up efforts to recruit pilots from Korea’s major airlines, including Korean Air and Asiana Airlines, according to industry sources. Chinese companies are reportedly offering Korean pilots with about 10 years of work experience around 200
Aug. 7, 2015
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Lotte to create 24,000 new jobs by 2018
South Korean retail giant Lotte Group announced plans Friday to hire 24,000 new workers by 2018 in what is seen as efforts to allay escalating criticism over an ugly family feud for control of the country's No. 5 conglomerate. Lotte is mired in an ownership dispute involving Shin Kyuk-ho, 93, and his two sons, Dong-joo and Dong-bin, who had each controlled the company's operations in Japan and Korea until early this year. While Dong-joo was ousted from key positions at Japanese units, Dong-bin
Aug. 7, 2015
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Lotte row highlights family saga with Japanese roots
A bitter family squabble over control of retail behemoth Lotte is the latest in a series of second- and third-generation scions sparring to cement their grips on lucrative corporate empires built by their fathers or grandfathers. Lotte, the country's fifth-largest conglomerate, is mired in a leadership dispute among founder Shin Kyuk-ho, 93, and his two sons, Dong-ju and Dong-bin, who had each controlled the company's operations in Japan and Korea until early this year. While Dong-ju was ousted
Aug. 7, 2015