SK Group has selected alternative energy as a new business area to lead its future growth, eyeing forthcoming changes to sweep the global business landscape in an era of global warming.　Officially announcing “new energy” as its next growth engine Wednesday, SK said it has drawn up a special committee, led by the chief executive of SK E&S, to lead its foray into the emerging segment.　New energy refers to alternative forms and sources of energy other than conventional fossil fuels. Alternative ene

Industry Jan. 27, 2016

Despite global economic woes last year, LG Chem saw its operating profit increase by 39.1 percent to 1.82 trillion won, compared to the preceding year, according to the firm’s annual earnings report released Tuesday.　　The company’s annual revenue, however, decreased to 20.21 trillion won, down 10.5 percent from the year before.　The chemical and battery business affiliate of LG Group said in the earnings report that “Overall sales have decreased due to slow recovery of the global economy and oil

Technology Jan. 26, 2016

In response to the launch of video-streaming service Netflix in the Korean market earlier this month, SK Broadband, an Internet and pay TV services provider, has introduced a new mobile media platform. Called Oksusu, which is the Korean word for corn, it combines the firm’s on-demand mobile TV service Btv and video-streaming service Hoppin.　The wholly owned subsidiary of SK Telecom said it would focus on making a wide range of video content available on the new platform.　Oksusu will feature the

Technology Jan. 26, 2016

Yamaha Music Korea announced Tuesday that it has appointed Hideo Kaneda, former head of Yamaha's Taiwanese operations, as its new chief executive.　　The company expects its new CEO “to work not only for the expansion of Yamaha’s instrument business, which is its main focus, but also to nurture its burgeoning audio device segment” in Korea.  Hideo Kaneda (Yamaha Music Korea)　Hideo Kaneda first joined Yamaha in 1986. He later served as the sales director of the company’s Chinese operations from 200

Industry Jan. 26, 2016

Samsung Group’s biosimilars unit is likely to delay its public listing on the Nasdaq, originally scheduled for the first half of this year, industry sources said Tuesday. 　Samsung Bioepis, which develops biosimilars -- cheaper near-replicas of brand-name biologic drugs -- had sought to raise up to 2 trillion won ($1.7 billion) through the initial public offering to pour more resources into research and development activities.　According to news reports and sources, however, the company is unlikel

Industry Jan. 26, 2016

The sale of Dongbu Steel, the faltering steelmaking affiliate of South Korea’s Dongbu Group, is expected to be delayed as no visible candidates have emerged for the takeover deal.　Both POSCO and Hyundai Steel -- who were widely expected to bid -- have recently backed out, and its main creditor Korea Development Bank is facing difficulties in finding a suitable buyer.　KDB, in charge of the sale alongside Nomura Securities, has reportedly contacted companies overseas, including in China, without v

Industry Jan. 25, 2016

Hanwha Galleria, the retail business arm of Hanwha Group, has ramped up its online marketing efforts to lure more Chinese tourists to its new urban duty-free store located in the iconic 63 building of Yeouido, southwestern Seoul. 　The Galleria Duty Free 63, Hanwha’s first duty-free store, opened on Dec. 28. 　Hanwha said Sunday it invited 20 Chinese SNS stars, so-called “content creators” whose online videos are shared across Chinese social media and online networking platforms, to its duty-free

Industry Jan. 24, 2016

Two members of Big Bang, one of South Korea’s most popular K-pop boy groups, are set to become shareholders of two subsidiaries of their agency YG Entertainment by investing around 3.6 billion won ($3 million).　YG Plus, a YG affiliate listed on Korea’s secondary bourse KOSDAQ, revealed in a regulatory filing last Friday that it will issue 845,588 shares to G-Dragon and 110,294 shares to Taeyang -- for 2,720 won per share -- as part of its capital raising efforts. 　YG Plus announced the same day

Industry Jan. 24, 2016

LOTTE SPONSORSHIP FOR WINTER OLYMPICS -- Lotte Group chairman Shin Dong-bin (right), who also leads the Korea Ski Association, talks with the South Korean Olympics alpine skiing team during the opening ceremony of the Jeongson Alpine Center in Gangwon Province on Saturday. Lotte plans to give 5 billion won ($4.17 million) in sponsorship to a set of test events scheduled to kick off at the center starting with the International Ski Federation’s Alpine World Ski Championships on Feb. 6. (Lotte Gro

Industry Jan. 24, 2016

SK CHEM’S BLOOD DONATION — SK Chemical holds a blood donation event at the company’s Eco Lab in Seongnam, Gyeonggi Province, on Sunday. Some 140 employees at SK Chemical and its affiliates reportedly took part in the event. The collected blood will be delivered to the Korean Red Cross. (SK Chemical)

Industry Jan. 24, 2016

Local drugmakers have begun a competition to secure their portion of South Korea’s prostatic hyperplasia and hair loss medication market, as the last of GlaxoSmithKline’s Korean patents on Avodart (dutasteride) expired Thursday.　Avodart is a drug able to treat both enlarged prostate gland symptoms as well as hair loss. GSK had held a separate patent for each of the drug’s two therapeutic effects, veering off competition.　GSK’s local patent on the drug’s ability to treat the former symptom expire

Industry Jan. 22, 2016

Along with a new year, January heralds a new nuisance – end-of-year tax settlements.　The Korean tax year is the same as the calendar year, and for most employees, tax is deducted from monthly pay based on estimates, and the end-of-year settlement is used to make corrections to that estimate.　However, some deductions are not available to foreign taxpayers, and what counts and does not is not always obvious to expats. (123RF)　Exemptions are available for recorded cash and card spending, dependents

Expat Living Jan. 20, 2016