South Korea’s conglomerate LS Group is in negotiations with US investment behemoth KKR over the sale of LS Automotive, the group’s automotive electric parts-making unit, according to news reports Wednesday.To buy out the 100 percent stake of LS Automotive, KKR is expected to pay the market capitalization of around 1 trillion won ($0.88 billion), said the reports. LS Mtron currently owns a 100 percent stake in LS Automotive.  (LS)LS Automotive is the nation’s top domestic automotive switch and re

Industry May 3, 2017

Starting in July, the maximum parental leave subsidy for a second child will rise to 2 million won ($1,753) a month for the first three months, the Welfare Ministry said Sunday.In November 2014, the government started to provide a 1.5 million won monthly financial incentive when a second parent takes parental leave to care for their second child. The move was an effort to encourage more fathers to participate in child care and help couples to have a second child.The government will raise the amo

Economy April 30, 2017

Faced with tightened government regulations on the environment and increased competition from cheap imports under a number of free trade pacts, livestock farmers have been struggling to support their businesses. Demand for livestock products, on the other hand, has been growing, as more people in developing countries become able to afford meat. According to recent market data, meat production capacity is expected to double by 2050, reaching 465 million metric tons a year from 229 million metric

Industry April 27, 2017

South Korean air carrier Asiana Airlines received its first A350-900 aircraft and held a welcoming ceremony at Incheon Airport on Wednesday.Asiana Airlines has now become the world’s 12th and the nation’s first carrier to operate the world’s newest wide-body airliner. 　Asiana Airlines’ President Kim Soo-cheon attended the event after departing from Toulouse, France, via the company’s first A350. Kumho Asiana Group Chairman Park Sam-koo (left) and Asiana Airlines President Kim Soo-cheon have a ha

Industry April 26, 2017

South Korea’s leading oil refiner SK Innovation said Tuesday that its operating profit increased 19 percent to surpass 1 trillion won ($887 million) in the first quarter. (Yonhap)The firm’s sales also reached 11.3 trillion won during the same period, up 20 percent from the same period last year.SK Innovation said the increases in sales and profit are largely contributed to the success of non-refining businesses, including its chemical and lubricating oil businesses.The operating profit in non-re

Industry April 25, 2017

Economy April 24, 2017

Despite its recovery in the first quarter, South Korea’s Consumer Confidence Index ranked near the bottom among member countries of the Organization for Economic Cooperation and Development, according to OECD data Monday. The Consumer Confidence Index is an indicator designed to measure consumers’ perception of their economic situation. A reading below 100 indicates that pessimistic consumers outnumber optimists.In March, Korea’s index reached 99.06, increasing for the sec

Economy April 24, 2017

South Korea‘s leading chemical company LG Chem withdrew its suit against British investment bank Barclays for allegedly failing to identify a fraudulent account, the Seoul Central District Court said Friday. (Yonhap)LG had sought 24 billion won ($21 million) in damages from Barclays, claiming that the bank failed to fulfill its duty of preventing an erroneous remittance of money by matching the beneficiary and the account owner.In March last year, upon receiving an email from what the company be

Industry April 21, 2017

The South Korean government on Thursday laid out the bidding process for constructing a new airport in Gimhae.The Ministry of Land, Infrastructure and Transport said the bidding will be conducted through international competitive bidding procedures. After reviewing bidders’ project proposals, the ministry will go through the qualification and evaluation processes and choose a winner in June.(Yonhap)The selected operator will carry out an extended feasibility study and devise a general plan over

Industry April 20, 2017

GS Group chairman Huh Chang-soo, who is also the chairman of the Federation of Korean Industries, participated in the group’s quarterly board meeting on Wednesday and emphasized on the need to prepare for the uncertain future. GS Group Chairman Huh Chang-soo (GS)Encouraging on the group’s latest achievements, including the implementation of LNG terminal in Boryeong and GS Retail’s investment in K bank, Huh urged the board members to keep improving the overall competitiveness of GS and to prepare

Companies April 19, 2017

Started as mobile messaging app characters, the characters of Kakao Friends have now been named the most popular in South Korea, beating out the former No. 1, the eponymous character from “Pororo the Little Penguin,” the Korea Creative Content Agency said Wednesday.The Kakao Friends are eight characters introduced on KakaoTalk in 2012. They remained outside of KOCCA‘s top 10 list until 2014, but moved up quickly, seizing the second spot in 2015.A view inside the Kakao Friends flagship store in G

Industry April 19, 2017

CHAMISUL SETS RECORD -- Sales of Hite Jinro’s Chamisul crossed the 1 trillion won ($87 billion) mark last year, the first time for the country’s soju brand. Chamisul was first introduced in the market in 1998. Since its debut, about 1.7 billion bottles have been sold, the company said. (Yonhap)

Industry April 18, 2017

Workers in their 20s and 30s spend an average of 14,800 won ($12.9) daily, with unmarried workers spending more than those who are married, according to a survey conducted by JobKorea Tuesday. The job search portal recently surveyed 2,427 workers, who are in their 20s and 30s, and asked nine questions regarding their daily expenses during work hours. Of the total 2,427 workers, 1,320 people were married and 1,107 were unmarried. The survey found that the average daily spending of unmarried

Economy April 18, 2017

KT CEO Hwang Chang-gyu attended the Beijing Ktoon Showcase at the Korea Content Beijing Business Center Friday. The showcase promoted KT’s webtoon platform KTooN, as well as its cartoons and related products. The third-largest webtoon platform in the country began in 2015 in Korea and now aims to commercialize in the Chinese market.  (KT)Around 50 firms, including Chinese online streaming platform Sohu and popular Chinese online comic artwork platform Kuaikan, participated in the showcase. Kauik

Business April 16, 2017

Starting his second term at the telecom operator, KT CEO Hwang Chang-gyu said the company is seeking opportunities to expand abroad, not only as an internet service provider but also as a platform provider. Hwang visited Harvard Business School in Cambridge, Massachusetts, Saturday to deliver lectures in front of some 120 students and professors, including Shane Greenstein, the Martin Marshall professor of business administration.  KT CEO Hwang Chang-gyu (KT)It was the engineer-turned-chairman’s

Technology April 16, 2017