LS Group discusses business with Gulf Cooperation Council ambassadors

LS Group said its Chairman Koo Ja-eun discussed business cooperation on Tuesday with the ambassadors of Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- five of the six member countries of the Gulf Cooperation Council. The GCC is a regional, intergovernmental, political and economic union of the above countries plus Bahrain, which does not have an embassy in South Korea. Set up in 1981 for economic and security cooperation, the GCC is seeking to expand business beyond crude oil

Oct. 11, 2022

Blind: App that has everyone in the workplace talking

Blind, a workplace community app, has been a source of some of the biggest company news stories and viral social media posts globally. They range from the Korean Air “nut rage” incident and the 2017 sexual harassment allegations at Uber to the controversy at US food delivery platform DoorDash over an initiative that requires all employees to make one food delivery every month, to name a few. One of the latest corporate news stories to come out of the anonymous user-based platform for

Oct. 11, 2022

PK Valve develops Korea’s first valve for liquified hydrogen

PK Valve & Engineering, a subsidiary of STX, which specializes in industrial valves, said it has developed the country’s first valves for liquefied hydrogen after three years of research and development. The “3-inch Globe valve for liquefied hydrogen,” made of 316L stainless steel, can be directly applied to containers that store liquefied hydrogen at minus 253 degrees Celsius. Hydrogen liquefies at the extremely low temperature of minus 253 degrees, and constantly gasifies

Oct. 6, 2022

KT&G promotes business in global tax-free exhibit

KT&G said it is taking part in an annual exhibition hosted by the Tax Free World Association in Cannes, France, from Oct. 3 through 6 as part of efforts to expand its duty-free business to Europe, the Middle East and Central and South Americas. The South Korean tobacco company is displaying premium products from Esse, Raison and Bohem brands at its booth. It is also holding meetings with global distributors and tax-free businesses at the TFWA World Exhibition and Conference. It is the 13th

Oct. 5, 2022

[Advertorial] KT&G continues support programs to help young job seekers

Korea’s largest tobacco producer KT&G pledged to continue its job training programs to help young job seekers here, as the country suffers from a record-breaking rate of youth unemployment, the company said Wednesday. As of June this year, the youth unemployment rate reached 10.5 percent, marking the highest level since 1999, when the nation was struggling to recover from the Asian financial crisis. A mentor listens to a young job seeker at KT&G’s career camp. (KT&G)The company annually runs a f

Aug. 30, 2017

Homeplus releases Italian fine wines at local branches

Homeplus has introduced Italian quality wines at its local branches as a part of the company’s campaign promoting premium wines sold at reasonable prices in the Korean market, the company said Tuesday.Last year, Homeplus launched its Superstar project, bringing in quality wines from outside the country and offering them at lower prices to expand the nation’s wine market base. Italy’s Tuscany-based Banfi wines are displayed at a Homeplus branch in Gangseo-gu, Seoul, Tuesday. (Homeplus)This year,

Aug. 29, 2017

Hyundai Oilbank to start periodic refinery maintenance

Hyundai Oilbank, one of the top refiners in Korea, said Wednesday that the company would conduct maintenance activities at Hyundai Oilbank Daesan Plant, starting Tuesday. A week ahead of the scheduled project, Hyundai Oilbank CEO Moon Jong-bak held an event to encourage field workers that will be responsible for the refinery maintenance. “Safety is the most important value at a refinery site,” Moon said.  Hyundai Oilbank CEO Moon Jong-bak (left) helps a worker put on safety boots during an event

Aug. 16, 2017

Amorepacific steps up with wider R&D efforts

South Korea’s leading cosmetics firm Amorepacific aims to beef up its presence in the global market through wider investment in research, the firm said Monday.Between 1997 and 2016, the firm increased its research and development spending from 17.9 billion won ($15.7 million) to 119 billion won.“The R&D spending of the company is expected to increase again in 2017 as it did in previous years,” Amorepacific’s spokesperson said.Amorepacific was the first cosmetics firm to open a R&D office here in

Aug. 14, 2017

Booyong Group chairman to represent senior citizens

Booyoung Group Chairman Lee Joong-keun was inaugurated as the 17th chairman of the Korean Senior Citizens Association. On Wednesday, the KSCA held an event in Seoul to celebrate the designation, with around 400 participants in attendance, including government officials and lawmakers.  Booyoung Group Chairman Lee Joong-keun delivers his speech at an inauguration ceremony held in Seoul on Wednesday. (Shim Woo-hyun/The Korea Herald)Upon his inauguration, Lee pledged to speak for the 7 million senio

Aug. 9, 2017

Lotte founder loses last remaining board seat from affiliate

The founder of South Korean retail giant Lotte lost his last remaining board member seat at the affiliate of the conglomerate, effectively leaving the management scene, the business group said Wednesday.The board of directors of Lotte Aluminum Co., a packaging material firm, decided not to extend the term of Shin Kyuk-ho on the decision-making body. The move by the affiliate marks the complete departure of Shin from the running of the company that he started with the founding of Dongbang Alumi I

Aug. 9, 2017

[Ask a Lawyer] Can I dissmiss poor performers?

Q: Can I fire employees who constantly show poor performance? What steps should I take? A: Article 23 of the Labor Standards Act stipulates that an employer shall not, without justifiable cause, dismiss or suspend a worker, reduce wages, or take other disciplinary action against a worker. It goes without saying that dismissal of a poor performer should also be based on a justifiable cause. Yet, no consistent legal principle has been established in regard to what constitutes justifiable cause for

Aug. 9, 2017

Hanwha to turn 850 temporary workers into permanent employees

Hanwha Group said Tuesday it will turn 850 temporary workers into permanent employees by the first half of next year, a decision that will mostly benefit young workers at its services affiliates.Group officials said each affiliate will begin work evaluations of each temporary worker from next month for a phased transfer to permanent positions. About 660 of these workers are in the services sector of the group, including duty-free shop operator Hanwha Galleria and leisure affiliate Hanwha Hotels

Aug. 1, 2017

Lotte Duty Free withdraws from Jakarta airport

Lotte Duty Free, South Korea's top duty-free operator, said Tuesday it has pulled out of an airport in the capital city of Indonesia last month, after an unsuccessful bid to extend the contract.Lotte's duty-free store in Jakarta International Airport closed Monday after its contract expired, the company said. Opened in January 2012, it was the firm's first overseas store. The closure comes at a time when local duty-free stores are struggling to cope with the diplomatic row between Seoul and Beij

Aug. 1, 2017

Korean convenience store chain taps Vietnam

GS Retail Co., a major convenience store chain operator, said Monday it has signed an agreement with a Vietnamese company to make inroads into the Southeast Asian market.The Korean firm said it signed a deal with SonKim Group in Ho Chi Minh City on Thursday to set up a joint venture with a plan to open the first GS25 store in the Vietnamese city within the year.The announcement came as the competition in South Korea's convenience store business, dominated by three chains -- CU, GS25 and 7-Eleven

July 31, 2017

T'way partners with Sky Angkor Airlines to develop routes

T'way Air Co., one of South Korea's six budget carriers, has formed business ties with Sky Angkor Airlines in Cambodia to develop new routes and cooperate in flight operations, the company said Monday. On Friday in Phnom Penh, the two airlines signed a memorandum of understanding to jointly develop new routes and operate their existing routes, T'way Air said in a statement.  (Yonhap)Through the partnership, T'way Air expects to strengthen its services on routes to Vietnam and Cambodia, popular d

July 31, 2017

Kogas completes safety checks for LNG facilities

The Korea Gas Corporation said Thursday that the company conducted safety inspections at its two local liquefied natural gas facilities from July 11-12. The safety checks were conducted as a part of the government’s summer electricity supply plan, it added.  A Kogas gas supply facility in Busan (Kogas)With Kogas Senior Executive Vice President Kim Young-do in charge, the nation’s largest gas buyer checked the storage and supply equipment at its facilities.“With thorough safety inspections, Kogas

July 27, 2017

LG Display to focus capital spending on OLED

LG Display Co. said Thursday it will suspend making investments in liquid-crystal display panels for TVs, and instead focus its efforts on developing the next-generation organic light-emitting diode panels."There will be no additional investment on LCD TVs," said Han Sang-beom, the head of LG Display. "There still will be investment for LCD products in the IT sector as there is demand for high-end monitors and laptops," Han said. LG Display said Tuesday it will invest 7.8 trillion won ($6.9 bill

July 27, 2017

SK Innovation to pay out 1st interim dividends

SK Innovation Co., South Korea's top oil refiner, said Wednesday that it has decided to pay out its first-ever interim dividends worth 149 billion won ($133 million) to boost shareholder value.In a regulatory filing, SK Innovation said it will pay out 1,600 won per one common and preferred share each.Last year, the refiner paid out 6,400 won per share following 4,800 won per stock each in 2015. (Yonhap)"After reviewing a variety of options for shareholder-friendly management, we decided to pay o

July 26, 2017

LG Display considering various options to raise fund for investment

LG Display Co. said Wednesday it is considering various options, including loans, to fund its major investment plan announced earlier this week aimed at beefing up its competitiveness in the organic light-emitting diode panels."While funds for investment, in principle, should be raised from businesses, they should also come in a timely manner," the company said during a conference call with investors.The remark came after LG Display said it will invest 7.8 trillion won ($6.9 billion) to build fa

July 26, 2017

CJ Cheiljedang to build production base in Vietnam

CJ Cheiljedang Corp., South Korea's leading processed foods maker, said Tuesday it will spend 70 billion won ($63 million) on building a new production complex in Vietnam to expand its presence in the Southeast Asian market.The Korean firm said it held a groundbreaking ceremony Monday for the 66,000 square meter base in Ho Chi Minh City.When the construction is complete by July next year, the new base is expected to produce up to 60,000 tons of foodstuffs, including both refrigerated and frozen

July 25, 2017