Most Popular
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Can Jennie break the K-pop solo artist slump?
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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CJ Group sets breeding company
Food-and-culture enterprise CJ Group on Thursday established CJ Breeding, a seed company, in order to improve domestic farm products. The company will focus on the research and development of the seeds of rice, beans, mung beans, red pepper, Chinese cabbage, sesame, seaweeds and others, and will provide the outcomes to farms. The farmers will sell back the harvested products to CJ CheilJedang, which will be manufactured into processed foods for sales, the company spokesman said. CJ plans to secu
March 26, 2015
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Busan Bank innovating for financial tech era
Busan Bank will focus on expanding non-face-to-face transaction channels and smart finance strategies, bank officials said Thursday.The bank said the efforts were part of a bid to gain competitiveness in the emerging fintech era. Fintech, a relatively new term combining finance and technology, broadly refers to technology and software that is used to facilitate financial analysis and transactions.The bank is currently working on creating mobile-based bankbooks, a credit card transaction system b
March 26, 2015
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SK Networks to sell American Eagle, Canali
SK Networks, the trading arm of SK Group, said it would introduce American Eagle, a U.S. casual apparel brand, and Canali, an Italian luxury menswear brand, to the local market in June and August, respectively. “The firm’s fashion division has completed a deal with each brand for exclusive domestic sales,” the company said in a press release. Cho Joon-hang (right), head of SK Networks’ fashion division, poses with Kareem Gahed, vice president of American Eagle Outfitters, Thursday. (SK Networks
March 26, 2015
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[Graphic News] Conglomerates acquire 203 firms in 5 years
Korea’s 30 largest conglomerates acquired 203 companies at a total price surpassing 29 trillion won ($26.3 billion) in the past five years, according to data compiled on mergers and acquisitions released Wednesday. CJ Group led the pack in the number of deals with 36 acquisitions while Hyundai Motor Group topped spending on M&As, tallying nearly 5.2 trillion won, the business performance analysis site CEO Score said.The most expensive acquisition by far was Hyundai Engineering and Construction,
March 25, 2015
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Korean Air announces codeshare with Jin Air
Korean Air, South Korea’s largest airline, said Wednesday that it would strengthen cooperation with its budget unit Jin Air by adding six codesharing routes to Japan and other Southeast Asian countries. Starting March 29, codesharing will be applicable on routes that the low-cost carrier currently operates from Incheon to Nagasaki, Okinawa, Macau, Guam, Kota Kinabalu and Vientiane.“Korean Air will have a chance to enter new markets where it has not operated, while Jin Air can strengthen its sale
March 25, 2015
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Schindler slams Hyundai Elevator share plan
Schindler Holdings AG, the second-largest shareholder of Hyundai Elevator, on Wednesday said the company will boycott the Korean lift-maker’s attempt to seek a paid-in capital increase, for the sake of shareholders’ interest. Its stringent opposition is likely to ignite a heated debate at Hyundai’s annual shareholders meeting on Friday, where the company will seek approval to triple its total shares to 60 million. “Schindler will vote against the proposal in order to best protect the company and
March 25, 2015
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DSME to share LNG-fueled ship technology with Changwon
Daewoo Shipbuilding and Marine Engineering and Changwon City in South Gyeongsang Province announced Tuesday that they signed a memorandum of understanding to share and transfer patented technology.The MOU was a follow-up measure to a visit by DSME to Changwon in January at the request of Changwon’s Future Strategy Committee, when the two parties first agreed on a transfer of technology regarding liquefied natural gas-fueled ships, or LFS.DSME will transfer technology to shipbuilding material sup
March 25, 2015
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Hyundai Heavy speeds up business consolidation
Hyundai Heavy Industries Group, the country’s top shipbuilding conglomerate, is speeding up consolidation of the business management units of its three shipbuilding-related subsidiaries in an effort to streamline operations.The group said Tuesday that Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard will come under a single management system for finance, accounting, information technology and public relations. “We hope to lower the cost and burden of overlapping
March 25, 2015
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Shinhan Financial vows to remain top banking group
Shinhan Financial Group vowed to retain its No. 1 spot in the nation’s banking industry under the leadership of its chairman Han Dong-woo.The banking group maintained the top position last year by earning a net profit of 2 trillion won.Financial analysts said the result was meaningful in that the financial group achieved this at a time when the banking sector was seeing a decline in interest margins due to continued low interest rates. Shinhan Financial Group chairman Han Dong-wooShinhan has kep
March 25, 2015
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Korea seeks FTAs with emerging markets
Korea will seek free trade agreements with emerging markets this year, including Latin American and Middle Eastern countries, in an effort to expand its export markets, a high-ranking government official said Wednesday.“One of three key FTA policy directions this year is to push for FTA talks with emerging markets, whose trade with Korea has increased or will further increase,” Vice Trade Minister Moon Jae-do said in a meeting with business leaders in Seoul. The emerging markets to be targeted f
March 25, 2015
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Who are the oldest superrich in Korea?
As people’s life expectancies are becoming longer and longer, there are expected to be more superrich who live to 100.The Superrich Team found six billionaires in South Korea who in their 90s.The oldest living entrepreneur in Korea is KISWIRE founder and honorary chairman Hong Jong-ryul, who is 97 years old. Hong, born in 1918, has since stepped away from business management, but is still registered as a company executive.Lotte Group founder and general chairman Shin Kyuk-ho is 93 years old this
March 24, 2015
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[SUPER RICH] AmorePacific chief dreams big for beauty empire
Last Friday, AmorePacific chairman Suh Kyung-bae was revealed to be the second-richest stockholder in South Korea. According to Chaebul.com, a website dedicated to investigating the wealth of Korea’s superrich, Suh’s shares ― 49.34 percent of AmorePacific Group ― were estimated at 8.1 trillion won ($8 billion). The amount is 39 percent up from 5.8 trillion won estimated in end-2014. Suh is just 362 billion won short of the frontrunner, Samsung Electronics vice chairman Lee Jay-yong. But he has a
March 24, 2015
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[Graphic News] Top 3 retailers remain unchallenged
Lotte Department Store soared past the other big five local department stores in sales reported on Monday, while Galleria Department Store gave up its fourth-place slot to AK Plaza.Lotte reported sales of 14.2 trillion won ($12.8 billion) last year, followed by Hyundai Department Store with 6.98 trillion won ($6.3 billion) and Shinsegae Department Store with 6.3 trillion won ($5.7 billion).AK Plaza unseated Galleria Department Store for fourth place with 2.15 trillion won ($1.94 billion) in sale
March 24, 2015
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Hyundai Motor chairman visits U.S. for on-site inspections
Hyundai Motor Group chairman Chung Mong-koo flew to the U.S. on Tuesday to pay on-site visits to production lines in the United States and Mexico and to boost the morale of employees overseas, the automaker said. During his first overseas business trip, lasting four days, he is scheduled to visit the production sites of both Hyundai Motor and Kia Motors, and the construction site of Kia’s new production plant in Monterrey, Mexico.“His visit to the U.S. reflects the significance of the market for
March 24, 2015
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McDonald’s in conflict with part-timers union
McDonald’s Korea and the nation’s union of part-time workers are at odds over the company’s hourly wage and workplace environment.The union said it would hold a rally in Seoul this weekend to protest “McDonald’s low wages and poor working environment.”But the Korean unit of the fast-food chain Tuesday denied the allegations that its hourly pay is not more than the legally set minimum wage of 5,580 won ($5.05). The company said it has paid workers 7,000 won to 9,000 won an hour. “Under our philo
March 24, 2015
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SM Entertainment to relaunch dining business
SM Entertainment, Korea’s largest showbiz agency, will launch a global dining brand to make the most of the Korean pop culture wave sweeping across Asia. According to reports, SM will open a five-level restaurant around August in the affluent area of Cheongdam-dong in southern Seoul. Each floor will serve different styles of food such as tapas, Korean, Chinese and Japanese. SM F&B, an SM affiliate, will look after the operations management. “‘K-pop road’ and ‘Hallyu Star Road’ will be created ne
March 24, 2015
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Shinhan leads banks in customer satisfaction
Shinhan Bank topped the bank category in the 2014 National Customer Satisfaction Index ― a record it has held for two years in a row. The bank was also placed first in four other customer satisfaction surveys in 2014.The accomplishment is significant as all the surveys were conducted by customers who have received service from the bank. Shinhan Bank said it was able to become a leading bank in customer service as it has emphasized “Customer First” as one of its core values since its foundation,
March 24, 2015
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S. Korean steel, chemicals hit most by trade restrictions in 2014: report
South Korean steel and chemical products were hit most by trade restrictions abroad last year, as countries continue to raise their guards to protect their industries, a report by a state-run trade promotion agency said Tuesday. A total of 158 South Korea-made products faced import regulations in 26 countries in 2014, according to the report by Korea Trade-Investment Promotion Agency. Of these, 47 cases were safeguard measures that primarily aim to shield companies from outside competition, whil
March 24, 2015
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Hallyu content channel launches in China
“The-K,” a hallyu channel with Korean dramas, movies, games and shopping will start broadcasting in China from March 28, said media content firm Apollo P&C on Tuesday.The channel -- to be accessible on smart TVs and smartphones -- was jointly produced by Apollo P&C and Chinese companies. The involved parties plan to hold a presentation on its establishment and smart media cultural content for Korea and China in Beijing on March 25.Apollo P&C is a new content company created in September 2013, bu
March 24, 2015
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Gov't to foster new growth engine in key emerging biz
South Korea's ICT and industry ministries said Tuesday they will make an investment of 5.6 trillion won ($5.05 billion) by 2020 on key emerging business areas such as the Internet of Things in a bid to seek new growth sources. The move came after the Ministry of Science, ICT and Future Planning and the Ministry of Trade, Industry and Energy jointly picked 19 areas of focus after combining their respective investment plans. "The government will make headway in making investment on growth engines
March 24, 2015