[INVESTOR] Hwang Gak-kyu, a close aide to Lotte Group chairman Shin Dong-bin, is under the spotlight amid the widening probe by prosecutors into Korea’s retail giant over alleged creation of slush funds and embezzlement. Hwang is the president in charge of policy coordination of the group, which is regarded as the control tower of the retail giant. The team is responsible for various mergers and acquisition deals of the conglomerate and was also in charge of constructing Seoul’s 123-story skyscr

Mobility June 15, 2016

[THE INVESTOR] European countries are on alert after the Korean government decided to curb diesel-fueled cars as part of measures to counter fine dust in the country. The European Commission, the executive body of the European Union, has put Korea’s diesel-related measures as one of the agendas to discuss during its regular meeting next week, according to a report by local media Herald Business, which cited a government official. The move indicates that the countermeasure will be a serious hit t

Business June 15, 2016

[THE INVESTOR] Prosecutors believe Hwang Gak-kyu, a close aide to Lotte chairman Shin Dong-bin, is a key figure behind Lotte Group’s massive slush fund creation, local news reported on June 15. Hwang, who is the head of the operation team and president of the group, is reportedly suspected to have transferred slush funds by overstating the import price of raw materials. Lee Sang-sub/babtong@heraldcorp.comSeoul Central Prosecutor’s Office has secured testimony and evidence that Hwang, a petrochem

Mobility June 15, 2016

[THE INVESTOR] The widening probe into Lotte Group over alleged embezzlement and the creation of a slush fund is shedding light on the South Korean retail giant’s vast real estate, the scale of which is thought to be the largest among conglomerates here if both listed and unlisted units are combined. The value of property owned by Lotte’s eight listed units is estimated to be 10.7 trillion won ($9.08 billion) as of 2015, the third largest in the nation, following Hyundai Motor Group with propert

Mobility June 14, 2016

 [THE INVESTOR] English online business news service The Investor (www.theinvestor.co.kr) kicked off on June 14 with the aim of providing global investors with timely, accurate and influential information on Korea’s dynamic business landscape.Korean media and lifestyle company Herald Corp. unveiled The Investor at a launching event held at Four Seasons Hotel Seoul. More than 130 senior officials from major Korean companies and banks, including Samsung Group, Hyundai Motor Group, SK Group, LG Cor

June 14, 2016

[THE INVESTOR] July’s stock debut of Tokyo-based Line Corp., the mobile messenger platform owned by Korean portal Naver Corp., could be a burden for the tech giant initially, market watchers say, but it would likely benefit Naver’s share price down the road. Line on Friday announced that it is seeking to sell 35 million new shares through its initial public offering, raising as much as 113 billion yen ($1.06 billion). The new shares, which will be offered at 2,800 yen per share, will begin tradi

Technology June 13, 2016

English online business news service The Investor opened Monday, with the aim of providing investors with timely, accurate and influential information on Korea’s business scene. Founded by Korean media and lifestyle company Herald Corp., The Investor delivers expert analysis, breaking stories and in-depth market coverage in English for people who make decisions around the globe. 　Foreign investments currently make up around 50 percent of ownership in major conglomerates in Korea. Despite signifi

June 13, 2016

Asia News Network, the regional media alliance of 21 leading newspapers, has launched its new website (www.asianews.network), which can also be accessed on mobile devices. The network, of which The Korea Herald is an active member, also unveiled a new logo. 　The new website, launched during the network’s annual board meeting in Beijing last week, will provide selected top stories from member papers on a daily basis. The new site boasts a reader-friendly interface. ANN also plans to launch a dail

Industry June 7, 2016

Hyundai Merchant Marine Co., South Korea's second-biggest container carrier, is aiming to cut a deal that will set new rates on chartered ships this week, sources said Monday.   Hyundai Merchant is expected to sign an initial deal with the owners of chartered ships that can lower rates as early as Tuesday, government officials and industry insiders familiar with ongoing negotiations predicted.    The company has been in talks with 22 shipowners. It paid 976 billion won (US$823 million) in charte

Industry June 6, 2016

Samsung Electronics Co. Chairman Lee Kun-hee claimed the top spot among 23 holders of listed stocks worth more than 1 trillion won (US$843 million) as of last week, a local market research company said Monday.    According to Chaebul.com, a total of 23 people held domestically traded stocks worth over 1 trillion won and their combined stock value reached 65.42 trillion won as of June 3, slightly down 1.1 percent from early this year.    Chairman Lee maintained the No. 1 position with the value o

Industry June 6, 2016

Cumulative vehicle sales by Hyundai Motor Group exceeded 30 million in 54 years after it entered the car-making business, the automotive conglomerate said Monday.   Since entering the market in 1962, Hyundai Motor Co. and Kia Motors Corp. sold a combined 30.03 million units -- 18.46 million by Hyundai and 11.57 million for Kia. The sister companies together form the fifth-biggest car-making group in the world.   Their collective sales hit 10 million in 1996 and 20 million in 2007, and finally hi

Industry June 6, 2016

South Korean households' overseas spending jumped 12.9 percent in the first quarter from a year earlier on increased outbound travel to neighboring countries, the central bank said Monday.    Korean households spent 6.95 trillion won (US$5.9 billion) overseas in the January-March quarter, up from 6.16 trillion a year ago, showed data from the Bank of Korea (BOK).    The quarterly data does not include local households' purchases through "direct buying" channels such as Aamazon.com and their expe

June 6, 2016