South Korea's brokerages on Sunday forecast Samsung Electronics Co. will post an operating profit of more than 30 trillion won (US$27 billion) for this year on strong demand for new smartphones. For the world's largest smartphone marker by shipments, it will be the second time profits will top the 30 trillion-won mark. In 2013, the corresponding number was 36.785 trillion won, according to market research firm FnGuide.The market consensus for the company's operating income this year continued to

Aug. 14, 2016

Lotte Duty Free has reopened its store in Gimpo Airport, the firm said Friday. The company had secured its operation license in May. The duty-free operator has selected cosmetics, fragrances and accessories as major products for the store to meet travelers’ demand for Korean beauty products, it added.Despite concerns of its business feasibility due to high rental fees, Lotte expects to attract more customers, citing its store’s favorable location in the airport, near Gate 35 where many travelers

Aug. 12, 2016

Samsung BioLogics Co., a medicine-producing subsidiary of South Korea's Samsung Group, on Friday applied for preliminary approval for its planned initial public offering, the local bourse announced.The Korea Exchange is required to inform Samsung BioLogics of the results of a related panel's review within the coming 45 business days, officials said.If it's approved, the company will begin the formal process for the IPO reportedly valued at around 3 trillion won ($2.7 billion).Samsung BioLogics i

Aug. 12, 2016

CJ Group, South Korea's leading food and entertainment conglomerate, said Friday it will step up its global expansion following the release of its ailing chairman on special pardon.Lee Jay-hyun was indicted in 2013 on charges of embezzlement and tax evasion and was given two and a half years in jail last year, along with a fine of 25.2 billion won ($22.8 million). His confinement has been suspended a number of times because the 56-year-old suffers from Charcot-Marie-Tooth disease, which involves

Aug. 12, 2016

A dispute between Kumho Petrochemical and Kumho Asiana Group that also placed strain on the two brothers that run the companies has apparently come to an end after the former withdrew its legal complaint against the latter, the companies said Thursday.Kumho Petrochemical, run by young brother Park Chan-koo, said it has dropped all legal suits against Kumho Asiana Group, which is run by Park's older brother Sam-koo.The companies have been mired in a number of legal disputes.The latest suit raised

Aug. 11, 2016

Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, on Thursday said its second-quarter net profit plunged 38 percent from a year earlier, as its advertisement business suffered from falling seasonal demand and it spent big on new businesses.Net profit reached 13.2 billion won ($12 million) on a consolidated basis in the April-June period, compared with 21.4 billion won the previous year, the company said in a regulatory filing. Operating income surged 133 percent on-year

Aug. 11, 2016

South Korea's tech giant Samsung Electronics Co. on Thursday said it has signed a contract to acquire a U.S. premium kitchen appliance maker, Dacor, in a move to bolster Samsung's presence in the American luxury home-appliance market. The financial terms of the contract were not revealed, but Yoon Boo-keun, head of Samsung's consumer electronics business, said the deal allows Samsung to own a luxury brand that "gets recognition by the American people." Samsung plans to make "steady investments t

Aug. 11, 2016

Prosecutors summoned a former chief of Daehong Communications Inc., Lotte's advertisement affiliate, on Wednesday for questioning over the alleged creation of a slush fund, as they widened their probe into the country's fifth-largest conglomerate.The Seoul Central District Prosecutors' Office said it summoned Choi Jong-won over suspicions the ad firm funneled more than 1 billion won ($880,000) into a slush fund by faking deals or exaggerating unit prices.The 58-year-old is also accused of siphon

July 27, 2016

[THE INVESTOR] Many of Nexon Japan’s major shareholders were found to be offshore firms located in tax havens, according to data from conglomerate tracker Chaebul.com on July 27. In addition, a local brokerage -- Samsung Securities -- was discovered holding the third-largest stake in the gaming company through an overseas bank account. Nexon Japan is the headquarters of the South Korean gaming company Nexon Group founded by Kim Jung-ju who is currently being questioned for charges of bribery. Ki

July 27, 2016

The founder of leading online game maker Nexon Co. is South Korea's richest man among 50 self-made entrepreneurs ranging in age from the 30s to 50s, data showed Wednesday.Kim Jung-ju, the chairman of Nexon's holding firm NXC Corp., holds stock assets worth 2.87 trillion won ($2.5 billion), according to the data compiled by CEOSCORE, a website that tracks conglomerates, financial firms and state-run companies.Kim was summoned by prosecutors for the second time last week over his alleged involveme

July 27, 2016

[THE INVESTOR] Kumho Asiana Group chairman Park Sam-koo is seeking to buy back Kumho Buslines that was sold to a private equity fund in 2015 in a move to rebuild the company. Park is also said to be pushing to buy back Kumho Tire, another Kumho affiliate that is crucial for him to reclaim control of the group. He is expected to create a 1 trillion won consortium when the creditors put the company’s 42 percent stake up for sale in September. Kumho Industrial, Kumho Tire and Asiana Airlines repres

July 25, 2016

[THE INVESTOR] South Korea’s top five conglomerates have grown even bigger in terms of assets they hold and revenue they produce in the past three years, but their contribution to creating new jobs is lagging, a report showed Sunday.According to conglomerate tracking research firm Chaebul.com, the combined assets of the top five largest companies -- Samsung, Hyundai Motor, SK, LG and Lotte -- recorded about 930 trillion won ($817 billion) last year, a 15.5 percent rise from 2012. This accounted

July 24, 2016

[THE INVESTOR] Korean news outlet NewsTapa reported on July 21 that Samsung Group chairman Lee Kun-hee has been paying for sex for years.NewsTapa aired video clips showing a group of women enter a house in southern Seoul where the chairman is waiting. The dialogue between Lee and the women indicates that illegal sexual services were provided. The women are also shown accepting envelopes from Lee that allegedly contained 5 million won (US$4,400) each. Samsung Group chairman Lee Kun-hee (center).F

July 22, 2016

S-Oil, one of Korea’s top oil refiners, launched a scholarship program to help college students lacking in family support, the company said Tuesday.Chief Executive Officer Nasser Al-Mahasher visited “Seondeokwon” in northwestern Seoul to award “S-Oil Dream Scholarship” to 40 students from the orphanage.   S-Oil CEO Nasser Al-Mahasher (center) poses after delivering scholarships to support students from orphanage “Seondeokwon” in noerthwestern Seoul on Tuesday.(S-Oil)The selected students current

July 19, 2016

South Korean conglomerate CJ Group is in a deep dilemma with the ongoing court appeal by its chairman complicated by chances that he will be pardoned next month, group insiders said Friday.Lee Jay-hyun, who controls the group's businesses that sprawl from food and pharmaceuticals to entertainment and home shopping, is awaiting the Supreme Court's ruling on charges against him that include embezzlement, tax evasion and breach of trust. His confinement is currently suspended because of deteriorati

July 15, 2016

When L’Oreal acquired NYX Cosmetics for a whopping $500 million in 2014, the world’s largest cosmetics company likely had its eyes set on NYZ’s large social media following. NYX is known for its effective use of social media to connect with consumers, including Facebook, YouTube and Instagram. Toni Ko’s InstagramAs of early June, NYX has over 7.3 million followers on Instagram while L’Oreal has 2.5 million followers. When L’Oreal acquired NYX, it did not even have 10,000 followers. 　The person b

July 14, 2016

[THE INVESTOR] The great-grandchildren of GS Group(chairman Huh Chang-soo) are steadily increasing their stake in the family business. On July 13, GS announced that GS Caltex executive vice president Huh Joon-hong has purchased 52,000 shares on July 7 and 8. He had the largest stake in the holding company among the fourth generation with 1.64 percent (1,556,327 shares) as of February 2016.GS Caltex executive vice president Huh Joon-hongHe is the great-grandson of GS Group founder Huh Man-jung an

July 14, 2016

[THE INVESTOR] Cho Hyun-min, youngest daughter of Hanjin Group chairman Cho Yang-ho was promoted to executive vice president at Jin Air, the group’s flagship Korean Air’s budget airline. Cho will remain as Jin Air’s marketing chief even after the promotion. Cho Hyun-minOn July 8, Jin Air announced a modest reshuffle, elevating the status of its maintenance team to a division with aims to put more focus on aviation safety. In April, the chairman’s only son Cho Won-tae was named as new president o

July 8, 2016

Prosecutors said Friday they have put travel bans on the chairman of embattled South Korean retail giant Lotte Group and its founder as they widened their probe into allegations of corruption in the conglomerate.The Seoul Central District Prosecutors' Office has barred Chairman Shin Dong-bin and his father and Lotte founder Shin Kyuk-ho from leaving the country, according to the sources. Prosecutors have been widening their investigation into the country's fifth-largest conglomerate since early

July 8, 2016