Lotte likely to unveil governance shakeup plan next week: sources

South Korean retail conglomerate Lotte Group is likely to unveil a series of steps next week to simplify its complicated governance structure, which may include split-ups or mergers of key affiliates, industry sources said Friday.The group's two key affiliates -- Lotte Shopping Co. and Lotte Confectionery Co. -- are rumored to be rolling out the plan at their respective shareholders meeting next week to split themselves into an investment unit and a business arm, according to industry sources fa

April 21, 2017

GS to prepare for the future amid growing uncertainties

GS Group chairman Huh Chang-soo, who is also the chairman of the Federation of Korean Industries, participated in the group’s quarterly board meeting on Wednesday and emphasized on the need to prepare for the uncertain future. GS Group Chairman Huh Chang-soo (GS)Encouraging on the group’s latest achievements, including the implementation of LNG terminal in Boryeong and GS Retail’s investment in K bank, Huh urged the board members to keep improving the overall competitiveness of GS and to prepare

April 19, 2017

Samsung heir denies bribery charges at first hearing

Samsung Group's de facto leader on Friday denied bribery allegations during his first court hearing held in relation to a massive corruption scandal that brought down former President Park Geun-hye.Lee Jae-yong, vice chairman of Samsung Electronics Co., appeared at the Seoul Central District Court in a gray suit, along with four other senior executives from the business group. Samsung Electronics Co. vice chairman Lee Jae-yong and special counsel Park Young-soo (Yonhap)   He was arrested and ind

April 7, 2017

Posco celebrates 49th anniversary

Posco Chairman Kwon Oh-joon (left) shakes hands with a winner of the company’s “golden bell” quiz held to celebrate the company’s 49th anniversary at its Gwangyang steel mill on Friday. The steel giant has been shunning elaborate events to mark its anniversary ever since the inauguration of Kwon as the chief in 2014 and instead has organized “modest programs” for its employees in Seoul, Pohang and Gwangyang, company officials said. (Posco)

April 2, 2017

FKCCI hosts seminar to boost Korea‘s ties with Francophone businesses

  The French Korean Chamber of Commerce and Industry hosted the “La Francophonie Economique” seminar last Tuesday, to help boost cooperation between Korean and Francophone businesses and institutions operating in the country, the organization said Sunday.The event was held in cooperation with the French Embassy, the Korean Chamber of Commerce and Industry and Korea-Africa Center. Participants pose for a photo while attending the La Francophonie Economique seminar hosted by the French Korean Cham

April 2, 2017

Golden Blue holds scholarship ceremony

Golden Blue, South Korea’s leading whisky brand held a scholarship ceremony last Thursday in Seoul.The Master Blender project of the company aims to raise distilling professionals for the advancement of Korea’s liquor industry.The application for the project began in December last year, and two were finally chosen after screening and interview. The first recipients, Kim Bit-na and Kim Joon-min will be provided with an opportunity to study at Scotland’s Heriot-Watt University for a year. The comp

April 2, 2017

[Advertorial] SK changes up way with new ad campaign

SK Innovation, South Korea’s top oil refinery, recently hosted a unique event, inviting consumers and the press to join its pre-ad production featuring artist Garip Ay of ebru painting.Garip Ay, of Turkey, is a marbling artist who has recreated masterpieces such as Van Gogh’s Starry Night on oily water using ebru, one of the oldest Turkish arts, by sprinkling and brushing color pigments.  Turkish artist Garip Ay works on a piece during an event organized by SK Innovation on March 24. (SK Innovat

March 30, 2017

Scholars preferred as outside directors amid bribery scandal: data

South Korea's major business groups prefer scholars to retired government officials as outside directors, data showed Thursday, as local companies move to cope with alleged bribery involving former President Park Geun-hye and some conglomerates.As many as 57 out of 126 outside directors appointed by the country's 10 biggest conglomerates this year were professors, according to the data by market researcher Chaebul.com. (Yonhap)The comparable figure for last year was 45 professors, or 33.8 percen

March 30, 2017

Samsung Electronics leads top corporate taxpayers in 2015

Tech giant Samsung Electronics Co. said the largest corporate tax in South Korea in 2015, with the top 10 taxpayers accounting for about 24 percent of the total corporate tax revenue, data showed Thursday.Samsung Electronics, the flagship of South Korea's leading conglomerate Samsung Group, paid 3.2 trillion won ($2.87 billion) in taxes in 2015, taking up 7.1 percent of the total revenue, according to the data by the National Assembly Budget Office. (Yonhap)No. 1 carmaker Hyundai Motor Co. follo

March 30, 2017

Hyundai E&C eyes further expansion overseas

Korean builder Hyundai Engineering and Construction will focus on expanding and diversifying overseas businesses to maintain financial stability, the company said Monday. By focusing on foreign markets and quality construction projects, the company saw an operating profit exceeding 1 trillion won ($898 million) last year, a first among South Korean builders, bucking the trend in the sluggish overseas and domestic construction markets, the company said.Hyundai Engineering and Construction’s power

March 27, 2017

LG expresses strong confidence in safety of G6 battery

South Korean tech giant LG Electronics Inc. unveiled its test lab to the public for the first time to reassure customers of the safety of its flagship smartphone G6 and its battery, industry watchers said Sunday.The company last week took the press on a tour of its smartphone production line located in Pyeongtaek, some 70 kilometers south of Seoul, amid concerns about smartphone safety sparked by rival Samsung Electronics' Galaxy Note 7. LG Electronics Inc.'s G6 smartphone (Yonhap)Samsung suspen

March 26, 2017

LG Display to supply TV panels to Samsung: source

LG Display Co. plans to supply 700,000 units of liquid crystal display panels for TVs to Samsung Electronics Co. this year, industry tracker IHS Markit said Sunday.It will be the first such deal between the two South Korean firms, which are competing in the global tech industry.The logo of LG Display Co. (Yonhap)Samsung earlier sought to receive panels from Sharp Corp., but the Japanese player earlier announced it would end the supply after being purchased by Taiwanese Hon Hai Precision. Industr

March 26, 2017

Market cap of LG Group affiliates surpasses W80tr

The combined market capitalization of 11 affiliates of LG Group, including LG Electronics Inc., has surpassed 80 trillion won ($71.3 billion), boosted by their better-than-expected earnings, industry data showed Saturday.According to the data compiled by industry tracker FNGuide, the market value of LG's 11 affiliates stood at 80.1 trillion won as of Friday, up 13.9 percent from the end of last year. During the period, shares of LG Electronics jumped 39.9 percent to 72,200 won, buoyed by expecta

March 25, 2017

[Superich] Samsung’s first lady steps down from public posts

The lady of the Samsung family Hong Ra-hee, 72, resigned last week from her position as the director of Leeum Samsung Museum of Art for personal reasons. The decision astounded the business and art communities as the “super collector” had the discerning eyes and financial capabilities to purchase valuable art works.As of March 7, Hong ranks 10th on The Superich Team’s “Korea’s Richest 100,” and is the richest female within the country.  Director of Leeum Samsung Museum of Art, Hong Ra-hee (Yonha

March 16, 2017

Sri Lankan wins LG award for saving life

LG Foundation said it gave a humanitarian award Tuesday to a Sri Lankan worker who saved an elderly woman from a house fire last month.Katabilla Ketiye Ge-Dara Nimal Siri, 39, jumped into the burning house in Gunui, North Gyeongsang Province, on Feb. 10, after hearing that a woman in the village where he was working was trapped by a fire and could not escape.Though he saved her life, he was hospitalized for burns on his face and lung damage. Katabilla Ketiye Ge-Dara Nimal Siri (LG Foundation)In

March 15, 2017

Hyundai Motor, AmorePacific, others to hold shareholder meetings this week

Leading automaker Hyundai Motor Co., top cosmetics maker AmorePacific Corp. and other major companies will hold their respective shareholder meetings this week, industry sources said Sunday.Hyundai Motor will hold a shareholder gathering Friday, where a proposal to pick Chung Mong-koo, chairman of Hyundai Motor Group, as a board member will be put to a vote.One of the key issues at the meeting is whether the National Pension Service, the country's largest institutional investor, will vote for th

March 12, 2017

Korean Air launches Boeing 787-9 Dreamliner on domestic route

Korean Air Lines Co., South Korea's top flag carrier, said Sunday that its new Boeing 787-9 passenger jet has started service on a domestic route.Late last month, the airline introduced the Boeing 787-9 Dreamliner, the latest of its series, with 50 percent of its body made of reinforced carbon fiber that makes it lighter and thus more efficient than most conventional aircraft. The new Boeing 787-9 Dreamliner (Korean Air)The new passenger jet is 20 percent more efficient, while it produces 20 per

March 12, 2017

Kumho Asiana chief accelerating move to buy back affiliate

The chief of logistics conglomerate Kumho Asiana Group is accelerating his move to buy back a tiremaking unit from its creditors, which are set to sign a deal to sell Kumho Tire Co. to a Chinese firm, industry sources said Sunday.The creditors of the country's No. 2 tiremaker, led by the state-run Korea Development Bank, plan to sign a deal with Chinese tiremaker Qingdao Doublestar Co. on Monday to sell their combined 42.1 percent stake in Kumho Tire. (Yonhap)Qingdao Doublestar has reportedly of

March 12, 2017

LG's G6 sells over 30,000 in Korea in just 2 days

LG Electronics Inc. said Sunday that its latest high-end smartphone, the G6, has sold over 30,000 units in just two days since its debut here, heralding better-than-expected sales down the road.LG Electronics began selling the G6 in South Korea on Friday, as it seeks to revive its money-losing smartphone business. The G6, which features a 5.7-inch screen and dual 13 mega-pixel rear-facing cameras, was unveiled last month at an annual technology fair in Spain. (Yonhap)Its popularity has been wide

March 12, 2017

Creditors in dilemma over additional assistance for cash-strapped Daewoo Shipbuilding

Creditors of Daewoo Shipbuilding & Marine Engineering Co. are in a dilemma over whether to provide additional assistance to the cash-strapped shipbuilder as the company is facing a liquidity shortage amid a sharp fall in new orders, industry sources said Sunday.The creditors, led by the state-run Korea Development Bank, announced a rescue package worth 4.2 trillion won ($3.63 billion) in October 2015 for Daewoo Shipbuilding, on expectations that the shipbuilder would clinch up to $12 billion wor

March 12, 2017