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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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Samsung hits back at ISS report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
July 5, 2015
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Elliott faces credibility test
U.S. hedge fund Elliott Associates faces a new challenge in its aim to derail the proposed merger of two Samsung Group units, as the prosecution launched an investigation into allegations that Elliott fabricated information in a regulatory filing. Elliott, the third-largest shareholder of Samsung C&T with a 7.1 percent stake, has been seeking to thwart Samsung’s plan to merge Cheil Industries, the de facto holding company, with the Korean group’s construction and trading unit Samsung C&T. It has
July 5, 2015
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Samsung C&T hits back at ISS merger report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
July 5, 2015
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Manufacturers turn gloomier on outlook
South Korea's major manufacturers are more pessimistic about business conditions for the third quarter due to China's slowing growth and the fallout of the Middle East Respiratory Syndrome outbreak, a poll showed Sunday. The Korea Chamber of Commerce & Industry said its business survey index for the July-September period came to 88, down from 97 tallied in the second quarter. The result is based on a survey of 2,400 manufacturing companies nationwide. A reading of under 100 means pessimists ou
July 5, 2015
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Flight occupancy rates drop in June on MERS scare: data
The seat occupancy rates of flights sank in June as people canceled their trips in fear of the Middle East Respiratory Syndrome outbreak, while the figures are expected to recover somewhat moving forward due to the summer season, industry data showed Sunday. The total number of passengers on domestic and international flights came to 5.99 million in June, down 10 percent from a year ago, according to the data by the nation's two major airlines -- Korean Air Lines Co. and Asiana Airlines Inc.
July 5, 2015
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Future of Korea depends on first movers, not fast followers
There are so many issues going on in so many sectors of society in Korea and, yet, so little room to speak of the future. However, the best timing to prepare for a chaotic future is before a crisis. “Korea is a society moving forward, but it stands at a critical juncture. In a world of rapid change and fierce competition, Korea will lose ground unless it changes its fast-follower mindset, which worked well in an era of industrialization. Now, it needs a new model for future prosperity, led by in
July 3, 2015
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Hyosung to build W1tr polyketone plant in Ulsan
Hyosung announced Friday it would invest 1 trillion won ($893.3 million) to establish a 300,000-ton polyketone manufacturing plant and a research and development center in Korea’s southeastern industrial city of Ulsan. The industrial conglomerate and the local government of Ulsan signed a memorandum of understanding on Thursday to jointly work on the development scheduled to be completed in 2021. The 208,000-square-meter site is set at Yongyeon-dong, which is close to another Hyosung plant, and
July 3, 2015
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POSCO’s steel output tops 800m tons
Steelmaker POSCO said Friday that it has produced more than 800 million tons of steel products, about 43 years since manufacturing started in 1972. According to the company, the cumulative production amount surpassed 800 million tons as of 7 a.m. on June 25. POSCO held celebratory ceremonies at its plants in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, to encourage the field workers. “We are especially proud because the record was set amid the long-standing economic
July 3, 2015
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S. Korea to boost support for MERS-hit tourism industry
The government will increase support for the MERS-hit tourism industry to up to 1 trillion won, a senior government official said Friday. Speaking to tourism industry officials and merchants on Jeju Island, Vice Finance Minister Bang Moon-kyu said the government is assessing the economic impact of the respiratory illness on Asia's fourth-largest economy, and plans to add some 430 billion won ($383 million) to the already earmarked amount of over 500 billion won. The scenic island of Jeju, loca
July 3, 2015
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Hyundai Steel gains momentum with Hysco merger
DANGJIN, South Chungcheong Province ― Massive, red hot steel plates shot by along the rollers and back again.The heat inside Hyundai Steel’s Dangjin plant was high, but the speed and precision with which steel plates were being prepared for further processing was overwhelming. A few short decades ago, Korea was little more than a war-torn and ruined country, and its steel industry was able to get off the ground only as a result of the government’s relentless drive. Hyundai Steel’s plant faciliti
July 2, 2015
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Hyundai Steel gains momentum with Hysco merger
DANGJIN, South Chungcheong Province -- Massive, red hot steel plates shot by along the rollers and back again.The heat inside Hyundai Steel’s Dangjin plant was high, but the speed and precision with which steel plates were being prepared for further processing was overwhelming. Hyundai Steel’s plant facilities in Dangjin, South Chungcheong Province (Hyundai Steel)A few short decades ago, Korea was little more than a war-torn and ruined country, and its steel industry was able to get off the grou
July 2, 2015
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11 feed firms fined for price rigging
South Korea's antitrust watchdog said Thursday that it has slapped some 77 billion won ($68.7 million) in fines on 11 feed companies for price rigging that hurts local livestock farmers. According to the Fair Trade Commission, the feed companies that control 43 percent of the local market have colluded to rig the prices of pig, cattle and chicken feed 16 times between October 2006 and November 2010. "The companies worked together to set guidelines for marking up and lowering prices," the corp
July 2, 2015
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New KOGAS chief takes office
Lee Seung-hun was inaugurated as the 15th president and chief executive officer of the state-run Korea Gas Corp. on Thursday.Lee said in his inauguration speech that natural gas was a stable and economic resource, and emphasized that the company must provide the gas safely as its basic mission. KOGAS CEO Lee Seung-hun (KOGAS)He suggested blueprints on new energy industries using natural gas, and stressed that KOGAS should have a healthy financial structure and spoke of plans to improve them.Lee,
July 2, 2015
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Samsung C&T CEO confident of winning votes on merger deal
Samsung C&T on Wednesday expressed confidence in winning at a shareholders meeting on July 17, where its merger deal with Cheil Industries will be put to a vote.The construction unit of Samsung Group also expected limited impact of Institutional Shareholder Services‘ stance on its merger with Cheil Industries.Samsung C&T's headquarters in Seocho-dong, southern Seoul. YonhapISS is a U.S. advisory firm that evaluates corporate issues on behalf of shareholders and provides advice to vote on those i
July 1, 2015
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Court ruling boosts chances of Samsung merger
The headquarters of Samsung C&T in southern Seoul YonhapA South Korean court on Wednesday rejected an injunction request by U.S. hedge fund Elliott Associates to block a proposed merger of two Samsung Group affiliates, paving the way for the deal proceedings crucial for the group’s leadership transition. Elliott, the third-largest shareholder of Samsung C&T, the group’s construction and trading unit, filed two injunctions early this month, asking the court to stop a shareholder vote on July 17 o
July 1, 2015
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Hyundai, Kia cars rated best quality in China
Hyundai Motor Co. and Kia Motors said Sunday that seven of their car models have received the highest customer satisfaction scores in a Chinese automobile survey.According to the 2014 China Automobile Customer Satisfaction Index, Hyundai Motor’s Verna, Mistra, Tucson and Tucson ix, as well as Kia Motors’ K2, K3 and Sportage scored the highest in their respective categories.Hyundai Motor also came in first place and Kia Motors in third for car maintenance satisfaction. The Hyundai Mistra was rate
July 1, 2015
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More firms added on antitrust watch list in July
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees rose in July from a month earlier, the antitrust watchdog said Wednesday. The Fair Trade Commission said the number of firms on its watch list stood at 1,686 as of this month, up two from 1,684 on June 1. The firms all belong to the country's 61 largest business groups.A total of 12 companies were added, with 10 being removed as they were merged with other affiliates or sold off.Nine busin
July 1, 2015
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Court dismisses Elliott's injunction requests on Samsung merger
A Seoul court turned down a request on Wednesday by a U.S. hedge fund to block a proposed merger of two Samsung Group units, lifting a legal hurdle for South Korea's top conglomerate to push ahead with the deal deemed crucial for its leadership transition. Samsung C&T Corp., the construction and trading arm of Samsung Group, is facing opposition from Elliott Associates L.P. over an 8.9 trillion-won ($7.95 billion) takeover offer by Cheil Industries Inc., the group's de facto holding firm. El
July 1, 2015
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[SUPER RICH] SPC chief’s sons come to the fore
The two sons of SPC chairman Hur Young-in are assuming bigger roles in management as the Korean food giant is aggressively expanding its business at home and abroad.In what pundits view as preparations for a transfer of management, the elder son Jin-su and second son Hee-su were registered in May as non-executive board members of its flagship and only stock market-listed affiliated, Samlip Food Corp. The 4 trillion-won ($3.6 billion) food behemoth has 12 brands, including Paris Baguette and Pari
June 30, 2015
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Cheil Industries vows higher dividends amid merger dispute
Cheil Industries announced Tuesday that it will increase dividend payouts to investors in an apparent attempt to win over stakeholders’ approval of its proposed merger with Samsung C&T.In a bid to sway shareholders, Cheil Industries, the de facto holding company of Samsung Group, called an impromptu investor relations session in Seoul to announce that the payout ratio would gradually be raised to 30 percent by 2020 from 21 percent in 2014. Yoon Joo-hwa, the head of Cheil Industries’ fashion div
June 30, 2015