Most Popular
-
1
Can Jennie break the K-pop solo artist slump?
-
2
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
3
'Culinary Class Wars' producers deny trying to spice up results
-
4
Ex-president's daughter investigated for drunk driving accident
-
5
[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
-
6
Seoulites celebrate coexistence at Wellness Seoul 2024
-
7
First lady’s Dior bag scandal to be at center of Assembly audit
-
8
Yoon honors veterans of Korean War in trip to Philippines
-
9
20 minors registered as CEOs making over 100 million won
-
10
Netflix, streaming platforms come under fire for loose ratings
-
LG’s cosmetics unit bets big on Chinese market
LG Household & Health Care, a cosmetics-maker, is targeting China this year by preparing to release new products in the market soon. The company’s move is in line with the reinforcement of marketing by South Korean cosmetics-makers including AmorePacific, which are enjoying a sales upsurge owing to high demand from Chinese visitors.Last week, LG Household & Health Care vice chairman Cha Suk-yong said China was their No. 1 target market this year for growth. LG Household & Health Care vice chairm
March 16, 2015
-
Hyundai Motor conducts most internal trade: report
Hyundai Motor Group was found to have conducted the most internal trades among major business groups this year, according to data released on Monday. CEO Score Daily’s analysis of 49 conglomerates’ agendas for shareholders’ meetings in March showed that Hyundai raised a total of 26 issues related to internal trade. This accounts for 29.9 percent of the total 87 cases raised by conglomerates. Hyundai’s business empire spans from cars, parts and steel manufacturing to finance, tourism, marketing,
March 16, 2015
-
Hyundai E&C to thrive in Middle East, new markets
Hyundai Engineering & Construction, one of Korea’s largest builders, will reinforce its presence in the Middle East with an aim to expand into new markets, the company said.The move came as the company attempted to diversify its business portfolio in the Middle East while launching new businesses in emerging markets such as Europe, Africa and South America, according to a company statement. “We are committed to expanding the share of overseas business while continuously pushing for diversifying
March 16, 2015
-
Top biz groups to expand investment but cut hiring this year: survey
South Korea's 30 leading business groups will expand investment, but decrease new employment this year compared to last year, amid worries of increasing labor costs, a survey showed Monday. According to the survey by the Federation of Korean Industries of the top 30 conglomerates in terms of assets except financial companies, they plan to invest a combined 136.4 trillion won ($120 billion) this year, up 16.5 percent from a year earlier. The survey showed that investment in facilities will amo
March 16, 2015
-
Listed firms suffer declines in sales, operating income in 2014
South Korea's leading listed companies saw their sales and operating profits decline in 2014, as the country's top conglomerate firms, such as Samsung Electronics Co. and Hyundai Motor Co., reported weaker than expected bottom lines, a report showed Monday. The combined operating profit of 1,103 non-financial firms traded on the country's main and secondary stock exchanges plunged 17.9 percent on-year during the first three quarters of last year, according to the report by the Federation of Ko
March 16, 2015
-
S. Korean companies with higher foreign ownership pay bigger dividends
South Korean companies with a higher ratio of foreign shares showed bigger growth in dividend payouts last year, data showed Monday, raising doubts as to whether the extra income from stock investments is going where the government intended. Out of 1,719 listed companies, 885 offered cash returns worth 15.72 trillion won ($13.84 billion) for the fiscal year 2014, up 18.9 percent from the year prior, according to data compiled by market research firm WiseFN. Dividends for 39 companies that are
March 16, 2015
-
Lotte seen forging ahead with succession plan
Lotte Group appears to be bringing forward its succession plans as the conglomerate named one of the founder’s sons to the board of its holding company last week. The group appointed its chairman Shin Dong-bin to the board of Hotel Lotte, the de facto holding company of the conglomerate, whose businesses range from construction to shopping malls and snack production. The appointment is widely seen as another sign of the controlling family’s succession plans, amid rampant rumors that Shin is aggr
March 15, 2015
-
Hyundai Motor eyes governance reforms
South Korean auto giant Hyundai Motor’s CEO Kim Choong-ho said Friday that the company would consider how to improve its governance. “It is too early to say what we will do, but we will take the matter seriously and reflect it on our future management according to our conditions,” Kim said at the 47th Annual General Meeting of Shareholders of Hyundai Motor at the carmaker’s headquarters in southern Seoul.Kim’s comment came as shareholders asked the management to establish a committee and improve
March 13, 2015
-
LIG Nex1 partners with Cotecmar for patrol ships
LIG Nex1, a South Korean defense manufacturer, said Friday that it would collaborate with Cotecmar, a Colombian shipbuilder, to develop weapon systems for Cotecmar’s coastal patrol boats. LIG Nex1 CEO Lee Hyo-koo (left) poses with Rear Adm. Jorge Enrique Carreno Moreno, president of Colombia’s Cotecmar corporation, after agreeing to develop and provide LIG’s weapon systems for Cotecmar’s coastal patrol boats. (Yonhap)The Korean company signed the agreement with Cotecmar on Thursday as part of it
March 13, 2015
-
Choi urges business chiefs to raise wages
South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan called on the country’s major business group leaders Friday to raise wages and increase investment to boost consumption and help revitalize the economy.“Conglomerates need to pay the optimum level of cash to their subcontractors in a bid to improve cash flows of small and medium enterprises,” Choi said during a lunch meeting with business group leaders in Seoul.Companies are facing increasing pressure from the government, w
March 13, 2015
-
Ailing CJ chairman relinquishes more board memberships
CJ Group chairman Lee Jae-hyun has decided to quit from the boards of two officiates after taking similar steps last year, sources said Thursday.Lee, who was convicted of embezzlement and tax evasion, will quit his posts at its delivery unit CJ Korea Express and retail arm CJ OliveNetworks this month, the sources said.The move is expected to weigh heavily on the entertainment and retail conglomerate, which has been struggling to deal with a leadership vacuum and failed investment plans. Lee Jae-
March 12, 2015
-
Charmzone to sue airport over duty-free store failure
Cosmetics company Charmzone said Thursday it was considering suing Incheon International Airport Corp. for a refund on a 10.2 billion won ($9 million) deposit it paid to run a duty-free store there. The Maeil Business Newspaper quoted Charmzone chairman Kim Kwang-seok as saying, “We are seeking legal countermeasures rather than sit and watch our money disappearing.”Kim was referring to the removal of Charmzone’s operational rights on Feb. 23 after the cosmetics-maker failed to pay a 27.7 billion
March 12, 2015
-
Shareholders keep eye on qualification of board members
Shareholders of Korean conglomerates, in particular institutional investors, are becoming vocal about their voting rights in an effort to raise the bar on the qualification of board members at firms they have invested in. “They are the most interested in getting advice on whether to vote for or against appointment of board members in the 2015 annual shareholders’ meetings,’’ said Kim Sang-yoon, an analyst of Sustinvest, an advisory firm for shareholder votes.The trend is finally gathering steam
March 12, 2015
-
Refiners diversify sources of crude, seek new markets
South Korean refiners, who suffered their worst ever performance last year, are diversifying from their traditional crude suppliers in the Middle East while seeking new export markets for their oil products. GS Caltex, the country’s No. 2 refiner, started importing crude oil from Mexico for the first time in 24 years this month as part of efforts to reduce its dependence on Middle East oil and inventory loss. “Finding sources for cheaper crude oil is the urgent priority amid a high level of unce
March 12, 2015
-
Daesung Group CEO named World Water Forum co-chair
The 2015 World Water Forum National Committee selected Daesung Group CEO Kim Young-hoon as its new co-chair, the committee said Tuesday.Kim was selected due to his experience of hosting the 22nd World Energy Congress 2013 in Daegu as well as his leadership skills as cochair of the World Energy Council, committee officials said. Daesung Group CEO Kim Young-hoonKim will be in charge of inviting senior-level officials and managing the external business of the forum.The World Water Forum, a triennia
March 12, 2015
-
Lotte buys car rental firm for 1.02 tln won
South Korean retail giant Lotte Group said Thursday it has signed a 1.02 trillion won ($906 million) contract to buy a car rental service firm, seeking to diversify its business portfolio.Lotte said it will fund the purchase of KT Rental Co. by May. Lotte was selected in mid-February as the best fit to buy the country's largest car rental firm, an affiliate of KT Corp., the nation's No. 2 mobile operator.The group, whose businesses stretch from retail and finance to tourism and hospitality, has
March 12, 2015
-
‘Nut rage’ victim files civil suit in U.S.
A Korean Air flight attendant involved in the “nut rage” incident has filed a civil lawsuit against Heather Cho, the former vice president of the airliner, with a court in the United States on Monday, saying she was subjected to verbal and physical abuse and humiliation. The suit was filed on Monday in the Supreme Court of the State of New York, Queens County, according to U.S.-based law firms representing Kim Do-hee on Wednesday. (Yonhap)Kim, a female cabin crew member who served macadamia nut
March 11, 2015
-
POSCO to supply metal for Porsche 911
POSCO, South Korea’s leading steelmaker, said Wednesday it will be supplying lightweight magnesium sheets to Porsche for the German sports carmaker’s highest-performance model, the 911 GT3 RS. POSCO said the material will be used for the roof of the new GT3 RS, the first body adoption of the material that has been used for a limited number of smaller car parts. “We expect the demand for auto parts using magnesium will continue to grow at a fast pace,” POSCO said in a statement. Body work for Por
March 11, 2015
-
Korean builders expected to win $11b refinery plant project in Kuwait
Global consortiums consisting of three Korean leading builders are expected to win an $11 billion order to build a refinery plant in Kuwait. According to sources, the consortiums, formed by Hanwha Engineering and Construction, Daewoo Engineering and Construction, and Hyundai Heavy Industries, offered the lowest bids for three projects at the Al-Zour refinery tendered by state-owned Kuwaiti National Petroleum Co. “We have a good chance of securing the project as we offered the lowest price,” a Hy
March 11, 2015
-
KTX Seoul-Honam route to launch next month
Korea will launch a new high-speed KTX service linking Seoul and the nation’s southwestern region including Gwangju amid hopes that it will greatly contribute to boosting the local economy, officials said Wednesday.Transport Ministry officials said the Honam KTX trains would link Seoul and Gwangju in 93 minutes, cutting more than an hour and a half from trips by express buses or slower trains. For the faster railroad service, the government has built new tracks in the Jeolla provinces. So far, K
March 11, 2015