The Korea Herald

CJ head again seeks custody suspension for hospital treatment

The chairman of food and entertainment conglomerate CJ Group, who is currently under retrial, has requested a suspension of execution of his three-year jail term, citing the need for medical treatment, officials said Wednesday. Lee Jay-hyun has asked the Seoul High Court for another extension of custody suspension. His confinement has been suspended since August 2013 for several times until Nov. 21.Lee was indicted in 2013 on suspicions of misappropriating some160 billion won ($130 million) in c

Nov. 12, 2015

Korean office culture negative: survey

A recent survey showed that many Korean workers hold negative views about the local office culture.Job Korea, a Seoul-based job-hunting portal, said today that 48.7 percent of the 604 employees it surveyed said they considered the Korean corporate culture to be negative. Out of the 48.7 percent, 36.6 percent said the culture is “exceedingly negative,” while another 12.4 percent said it was “generally negative.” Of the respondents, 36.6 percent responded with “neither negative nor positive,” whi

Nov. 10, 2015

10-year jail term sought for Hyosung chairman over tax evasion, embezzlement

Prosecutors sought a 10-year jail term on Monday for a business tycoon accused of creating slush funds and evading taxes of over 800 billion won ($690 million) in total.Prosecutors demanded the sentence at a trial at the Seoul Central District Court against Cho Suck-rai, chairman of conglomerate Hyosung Group, saying that the group's accounting fraud amounts to 890 billion won over a decade from 1999.Prosecutors also demanded 300 billion won in fines. "While he degraded the company as if it's a

Nov. 10, 2015

Lotte founder's first son wants compromise in sibling rivalry

Shin Dong-joo, the Lotte Group founder's oldest son, said Wednesday that he wants things to return to how they were before the sibling squabble erupted over control of the conglomerate, proposing a compromise with his younger brother to end the nasty power struggle.Lotte, the country's fifth-largest conglomerate, is mired in a leadership dispute between group founder Shin Kyuk-ho's two sons -- Dong-joo and Dong-bin -- who had each controlled the company's operations in Japan and Korea until earl

Oct. 21, 2015

Conglomerates' wealth transfer to younger generations accelerating: data

Wealth transfers to succeeding generations in South Korea's family-controlled conglomerates have increased sharply on the back of accelerating management transfers, data showed Wednesday.The younger generations in the country's top 25 business groups took up 41.7 percent of stock assets held by controlling families as of end-August, up 6.5 percentage points from the end of September 2014, according to data compiled by industry tracker CEO Score.The sons and daughters of such families held 32.5 t

Sept. 9, 2015

Korea Forest Service adds to urban greenery

By cities, the area of urban living forest per capita stood at only 4.35 square meters for Seoul, 5.29 square meters for Gyeonggi Province and 5.95 square meters for Incheon. This is far lower than London’s 27 square meters, New York’s 23 square meters and Paris’ 13 square meters.“With the rising interest in well-being and healthy leisure, the nationwide demand for sustainable green services has been on the increase,” a KFS official said.According to the KFS data, about 85.8 percent of Korean ci

Aug. 27, 2015

Korea Forest Service adds to urban greenery

Prosecutors raid defense firm, research center over alleged corruption

Prosecutors said Tuesday they have raided the offices of a defense company and a state defense agency suspected of making illegal deals in the trade of defense equipment.The Seoul Central District Prosecutors' Office said LIG Nex1 provided defective equipment used to assess the performance of anti-tank guided missiles to the Agency for Defense Development between 2012 and 2014, which cost more than 8 billion won ($6.7 million) in total.The agency is suspected of overlooking faulty parts.Out of t

Aug. 25, 2015

S. Korean women face glass ceiling in C-suite: data

More than seven out of 10 major South Korean firms have no female executives, data showed Wednesday, indicating that women here face a glass ceiling in the C-suite.As of the end of March, 73.9 percent of the 284 affiliates under the country's top 30 business groups said they have no female workers at the executive level, according to the data compiled by market tracker CEO Score. Likewise, the proportion of high-level corporate officials among each of the sexes also showed a stark contrast. Only

July 29, 2015

Standard Chartered Korea taps 1st Korean chief

The local unit of Standard Chartered said Tuesday it has appointed the head of its retail sector as the bank president, the first Korean to take the post at the British banking group.Park Jong-bok, who oversaw retail clients at Standard Chartered Bank Korea, will be promoted to bank president as well as group chief executive on Jan. 8, the company said in a press release.The 59-year-old is the first Korean to take the top post since Standard Chartered acquired local lender Korea First Bank in 20

Dec. 23, 2014

SK to build ecosystem for coprosperity with SMEs

SK Group, the nation’s third-largest conglomerate, announced the detailed plans to support the government’s “creative economy” initiative. “SK will create a task force for the creative economy under the wing of the SUPEX Council committee, the top decision-making body of SK. The group also plans to open innovation centers nationwide in an effort to drive the creative economy,” the conglomerate said in a press release Sunday.SK Telecom CEO Ha Sung-min will head the new task force.SK Telecom’s hea

Nov. 9, 2014

SK to build ecosystem for coprosperity with SMEs

[SUPER RICH] Daewoo’s global business legacy lives on

The stories of Daewoo Group and its founder Kim Woo-choong have been kept low-key in Korea for more than a decade since the group fell apart in August 1999. The demise of Daewoo Group, the nation’s second-biggest conglomerate in 1998 with 76.7 trillion won ($75.6 billion) in assets, rattled the nation as the biggest failure in the corporate world. Shin Jang-sup, an economics professor at the National University of Singapore, broke the taboo last week, bringing the 78-year-old former business mog

Sept. 1, 2014

[SUPER RICH] Daewoo’s global business legacy lives on

[SUPER RICH] Knowing your roots

Every business empire has a success story. Many of them started as a very small business, weathering ups and downs to grow into a global company. Some remain living legends and others struggle to be remembered. Here are some South Korean business magnates who are striving to return to their roots.Kumho AsianaThe management and labor union of Kumho Asiana Group, the country’s 14th-largest business conglomerate by assets, recently released a statement denouncing the private equity funds trying to

Sept. 1, 2014

Coca-Cola celebrates 10th year of supporting youth health

The Coca-Cola Korea Youth Foundation marked its 10th anniversary this year and celebrated its decadelong dedication to helping teenagers find motivation to work out and pay attention to their health. By providing physical training, sports opportunities and nutrition consulting, the foundation, established by Coca-Cola Korea, the local unit of the world’s largest soft drink maker, has been working on improving teenagers’ lives here.The most popular program is the health class, in which teenagers

Aug. 26, 2014

Coca-Cola celebrates 10th year of supporting youth health

Young Toys dreams big with Biclonz

Toymaker Young Toys last week announced that it would go global with its latest product Biclonz, a robot-themed line of figurines. Encouraged by the phenomenal success of its predecessor Tobot, the new motorbike-transformable-robot figurines will target the global market from the start, said Han Chan-hee, CEO of the 34-year-old company. “We believe Biclonz has all it takes to be a global star: The kids thought the story was interesting and found the figurines a bit challenging and intriguing to

Aug. 26, 2014

[SUPER RICH] Koo hits jackpot with rice cooker innovation

Cuckoo Electronics CEO Koo Bon-hak. (Yonhap)Koo Bon-hak, chief executive of Cuckoo Electronics, the nation’s largest electric rice cooker maker, has become a rising star in the corporate world after his wealth jumped on a recent stock listing.On Aug. 6, Cuckoo Electronics listed 9.8 million shares on the nation’s main stock bourse. During the ensuing 20 days, share prices skyrocketed 60 percent from the initially offered price of 104,000 won. On Friday, it closed at 186,000 won ($182). On that d

Aug. 25, 2014

[SUPER RICH] Koo hits jackpot with rice cooker innovation

Korea’s high street retail market booming

A refreshing change has set in on the retail streetscape of South Korean cities that sets them apart from the shopping center-dominated streets of China. In 2014, Seoul, one of the top 10 biggest metropolitan cities in the world, seems finally to have put the financial crisis behind it and there are signs of development activity once more. In contrast to the huge volumes of new supply we see in China, the Seoul retail property scene looks remarkably healthy.There is a vibrant cafe and restaurant

Aug. 19, 2014

Korea’s high street retail market booming

[Herald Interview] No way out of labor strife for Hyundai Motor?

Hyundai Motor Group has notched up a number of achievements in its carmaking business over the past decade, becoming the world’s fifth-largest automaker in 2009.However, one area in which it has failed to make progress is labor relations. The automotive group is poised to set a national record, as its union prepares for its 24th annual strike this month ― the most strikes for a single company in Korea. The group’s unionized workers, most of whom are production workers, have taken industrial acti

Aug. 19, 2014

[Herald Interview] No way out of labor strife for Hyundai Motor?

InterBeer Korea launches Praga Premium Pils

InterBeer Korea launched Praga Premium Pils, a high-end beer brewed in traditional Czech style.Praga is one of many names of the Czech Republic’s capital city, Praha. Using the famous Saaz hop and water pumped from 300 meters underground the Pivovar Samson Brewery in the Czech Republic, the beer is brewed for 55-65 days, which is about 30 days longer than other beers. This process makes the beer easy to swallow and full of floral aromas, the company said.“Praga Premium Pils has been sold in Euro

Aug. 19, 2014

InterBeer Korea launches Praga Premium Pils

ABC Design introduces stroller for two

Premium German stroller brand ABC Design has launched Zoom, the smallest double/twin buggy on the German market. The two seat attachments supplied with the product can be turned to face in either direction, so that the parents can adjust the seats to face front or back. Children can sit one behind the other or face each other. The angle of recline on the backrest is optimized for the health of the infant spine, the company said. The telescopic handlebar is also height-adjustable. The stroller is

Aug. 19, 2014

Etude House opens flagship store in Shanghai

AmorePacific’s affordable makeup brand Etude House opened its Shanghai flagship store on Aug. 8. Under the theme “Princess Palace,” the store has added a touch of fantasy to the interior that is mostly painted in pink and white.Upon arrival, visitors walk down the “pink carpet,” then look into the “Princess Mirror” after trying on products stacked on the “Pink Castle” shelves. A “Pink Pumpkin Coach” loaded with make-up tools is also installed in a corner. Those who want to experience the latest

Aug. 19, 2014

Etude House opens flagship store in Shanghai