Lotte Group founder Shin Kyuk-ho often used to say he dreamt of building a landmark skyscraper that represented the country’s dramatic economic achievement and cultural prosperity -- his vision behind the construction of the tallest building in Korea. However, according to industry insiders, the 123-story Lotte World Tower was actually built to glorify his own success story -- a self-made man who turned himself into a tycoon of a 90-trillion-won ($74.5 billion) business empire.Putting his legacy

Industry March 8, 2016

The nation’s stock exchange operator said Friday it has launched a probe into suspicions that shares of Doosan Group and its affiliates were unfairly traded on the day the conglomerate announced a leadership succession plan.Doosan Group chairman Park Yong-maan said he would hand over his top position to his nephew Park Jeong-won at around 2:40 p.m. on Wednesday. But the share prices of the group and its affiliates started to surge earlier in the day -- even hours before the announcement was made

March 4, 2016

Doosan Group chairman Park Yong-maan’s announcement he would hand over his top position to his nephew Park Jeong-won surprised the corporate world here this week, not just because of the peaceful power transfer he sought, but also because of the timing and significance the decision carried.The 54-year-old heir has always been first in the succession line, according to a unique tradition of the family-owned business, similar to the leadership of Muslim dynasties that has tended to pass between br

Industry March 3, 2016

South Korea will spend a total of 746.4 billion won ($603 million) on its space program this year, as part of efforts to realize its long-cherished goal of reaching the moon. The Ministry of Science, ICT and Future Planning said Sunday that it has also agreed with relevant ministries to allocate 200 billion won for the next three years to launch its first lunar exploration.An artistic rendering of a landing vessel and a lunar-rover planned to be sent to the moon by 2020. (Korea Aerospace Researc

Technology Feb. 28, 2016

POSCO, the world’s fifth-largest steelmaker, has begun work on a lithium extraction plant in Argentina as part of its strategy to prioritize its business in the metal.Upon the completion of the plant by the end of this year, the steelmaker plans to produce 2,500 tons of high-purity lithium a year. The metal is a key raw material in electric car batteries. POSCO’s production goal is equivalent to manufacture more than 60,000 electric car batteries, as it takes about 40 kilograms of lithium to pro

Industry Feb. 23, 2016

Concerns are mounting over the South Korean economy, which has already been dented by the global economic slowdown and falling oil prices, as it faces increasing geopolitical tensions over North Korea’s missile tests.Most experts are offering a pessimistic outlook, saying the local economy would be stifled by greater uncertainty in a Cold War-like situation with Seoul and Washington taking bolder actions against Pyongyang, despite protests by Beijing and Moscow. Market reactions to the ongoing i

Feb. 19, 2016

 Jill Stuart releases new beauty productsJill Stuart is set to release a new beauty line, consisting of body washes and shampoos with aromatic fragrances, in mid-February, the company said specifying on an exact date. Inspired by floral scents, Jill Stuart’s Relax Line uses a combination of lily and jasmine fragrances, as well as other natural aromatic oils. The products include shower gel, body milk, shampoo, hair conditioner and oil, and are offered in two types: “Aromatic White Floral Bouquet

Industry Feb. 19, 2016

Lotteria, a major Korean fast food chain, plans to release the Majjam Burger, a new burger line that maximizes on the flavor of jjamppong, starting Friday. Jjamppong refers to a Chinese-style spicy noodle dish, which has recently gained popularity in the instant noodle market.The new product consists of a jjamppong-flavored patty made of seafood and two sets of compressed noodles that hold the patty like a bun, with onions and cabbage inside the burger. Lotteria plans to sell 500,000 burgers pri

Industry Feb. 19, 2016

Like other chaebol daughters in South Korea, Chung Yu-kyung has stayed under the shadow of her elder brother Chung Yong-jin, heir apparent of the Shinsegae Group. Leading trendy but smaller units like hotel and bakery businesses for years, the only daughter of group chairwoman Lee Myung-hee has been standing out in the succession race for a long time. A recent promotion that placed her on the top of Shinsegae’s department store business, however, has quickly turned around this traditional idea.

Industry Feb. 17, 2016

Controversy mounted over a rare demand for dividends by a U.S. hedge fund to GS Home Shopping on Tuesday as the Korean multimedia retailer vowed to defend such moves legally.An official at GS Home Shopping told local media that SC Fundamental’s request to increase cash dividends for shareholders was “excessive” and it would undermine the company’s efforts to survive deteriorating market conditions. “To meet SC Fundamental’s demand, we have to spend 80 percent of net profit for dividends which is

Industry Feb. 16, 2016

Despite growing global fears over economic uncertainty, cross-border direct real estate investments in major cities around the world are expected to increase this year, drawing a comparison with shaky stock and bond markets, according to experts.Explaining the attractive nature of direct real estate investment, Alistair Meadows, Asia-Pacific head of International Capital Group within global real estate service firm Jones Lang LaSalle, and David Green-Morgan, director of Global Capital Markets Re

Companies Feb. 15, 2016

Driving Kia’s all-new K7 for the 162-kilometer round-trip between Seoul and Chuncheon was like taking a bath in hot and cold tubs in rotation.The new generation of the 3.3-liter gasoline K7 excelled in power along with its adrenaline-pumping front-exterior, but also offered a sense of comfort and elegance at the same time while speeding up and down the highway. Engine vibration and wind noises were hardly felt between the speed range of 150-170 kilometers per hour, with the pleasure of driving m

Mobility Feb. 4, 2016

Shin Kyuk-ho, founder of Korean retail giant Lotte Group, testified at a Seoul court Wednesday to demonstrate his mental status, marking a new twist in the bitter feud over control of the group. Shin Kyuk-ho, founder of Korean retail giant Lotte Group, walks into a court room at Seoul Family Court on Wednesday. (Yonhap)The 93-year-old Lotte founder walked into a court room at the Seoul Family Court and told judges that his ability to make judgement is the same as in his 50s, his lawyer told repo

Industry Feb. 3, 2016

POSCO has cut its number of executives by 30 percent as part of restructuring efforts to tackle the prolonged slump in its core steel business, the group said in a statement Monday.The steelmaker has reduced the number of senior staff from 369 last year to 259 and cut down the number of offices within the group by 22 percent to improve efficiency.The decision was released less than a week after the steelmaker logged its first-ever net loss of 96 billion won in 2015, due to weak global demand for

Industry Feb. 1, 2016

South Korea’s exports plummeted 18.5 percent in January from a year ago, recording the largest year-on-year fall since August 2009 when the country was reeling from the global financial crisis. (Yonhap)Exports from Korea had been on a downward path for 13 months straight, along with a continuous drop in oil prices and slowing demand from emerging countries, sparking red alert in Asia’s fourth-largest economy, which heavily relies on exports for growth.Overall outbound shipments reached $36.7 bil

Feb. 1, 2016