Ailing Samsung Group Chairman Lee Kun-hee retained the top spot as the wealthiest South Korean businessman with his stock assets rising by 4 trillion won ($3.4 billion) in 2019, to reach 17.6 trillion won, according to a corporate tracker Tuesday. According to CEO Score, Lee’s stock assets rose the most in the nation in 2019 and he is the only individual whose share value exceeds 10 trillion won here. The huge increase comes mainly from his holdings in Samsung Electronics, which soared in

Industry Dec. 31, 2019

Hanjin Group Chairman Cho Won-tae and his mother Lee Myung-hee have publicly apologized for a family quarrel that broke out last week. “We sincerely apologize for causing trouble at Lee’s house last Christmas,” they said in the written statement released Monday. The public apology comes after Cho visited Lee’s home on Christmas day and had a quarrel with her. The photo revealed by Lee on the day showed pieces of shattered glass scattered on the floor and a wound on h

Industry Dec. 30, 2019

South Korea’s food and entertainment conglomerate CJ Group has promoted or appointed 58 executives, including a new chief to lead major affiliate CJ Cheiljedang, the group said Monday. Vice President Kang Shin-ho, 58, was appointed as the new leader of the group’s food unit CJ Cheiljedang. Kang was credited with accelerating the spread of the company’s Korean cuisine brand Bibigo in the global market since 2018, the group said. Vice President Cha In-hyok, 53, was tapped to

Industry Dec. 30, 2019

Daewoo Engineering & Construction said Sunday it has succeeded in developing a remote drone control system, the first by a South Korean construction company.Daewoo Construction Drone Surveillance (DW-CDS) is capable of remotely and comprehensively controlling drones at a control center through an exclusive application and program. It can also monitor up to 256 sites simultaneously by transmitting video to its control platform called CDS.Live on 4G and 5G networks, the firm said The system su

Industry Dec. 29, 2019

Hyundai Electric & Energy Systems said Thursday it has appointed the former chief of Korea Hydro & Nuclear Power as president and CEO, the first outsider to take the top job.The Korean electrical power equipment provider said new CEO Cho Seok was appointed to replace former chief Chung Myung-lim, who resigned two days ago. The company is an affiliate of Hyundai Heavy Industries Group. Cho, 62, began his career at the Ministry of Knowledge Economy in 1981 after graduating from Seoul

Industry Dec. 26, 2019

Entrepreneurs in South Korea, Japan and China called for free trade and economic cooperation at a business meeting held in Chengdu, China, according to a local business association Tuesday. The business summit, jointly organized by the Korea Chamber of Commerce and Industry and its Japanese and Chinese counterparts, was held on the sidelines of the summit between leaders of the three nations. The event was attended by President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li

Industry Dec. 24, 2019

S-Oil has awarded a total of 70 million won ($60,261) to six maritime police officers at a ceremony in Songdo, Incheon, the company said Monday. At the awards ceremony, S-Oil gave a plaque and an award of 20 million won to Lt. Lee Sung-hee of Pohang Maritime Police Office, selected by the Korea Coast Guard and the Korea National Council on Social Welfare. Five other police officers received a plaque and 10 million won each. Lt. Lee Sung-hee, who was selected as the top hero of the maritime

Industry Dec. 23, 2019

GS Group said Monday it donated 4 billion won ($3.44 million) to the Community Chest of Korea to support the livelihood and education of people in need. Separately, the group’s affiliates have been supporting disadvantaged families through diverse volunteer work in line with Chairman Huh Chang-soo’s vision of corporate social responsibility. GS Caltex has been running year-end relay volunteering programs for 15 years, comprising 21 projects, including making kimchi, upcycling of

Industry Dec. 23, 2019

South Korean companies should be more vocal in the global discussion on digital tax before it becomes too late, said a partner lawyer at a local law firm. As the world faces a new paradigm where more businesses are being conducted online, the necessity to define digital tax is growing worldwide and a debate is underway in the Organization for Economic Cooperation and Development. Pressed by the US, home to many digital firms, the OECD discussion is also considering whether manufacturing companie

Industry Dec. 23, 2019

Korea Aerospace Industries has delivered two KUH-1 helicopters developed based on the Surion to the Korea Coast Guard, the company said Friday. The police helicopters will be deployed to the East Sea and the Korea Coast Guard at Jeju Island on Tuesday and will enter into service early next year. The new helicopters have added a variety of advanced mission equipment to maintain maritime security to crack down on illegal fishing, search and rescue and prevent marine accidents, KAI said. For t

Industry Dec. 20, 2019

Korea’s antitrust watchdog plans to set up a chip division early next year to focus on the abuse of market dominance by chipmakers, the chief said Thursday. During a press briefing Thursday afternoon, Fair Trade Commission chief Joh Sung-wook said, “We will closely monitor a chipmaker’s blockade of competitors’ entry into markets that may occur during the transition process into 5G network.” A chipmaker’s blockade is, for instance, to exclude competitors

Industry Dec. 20, 2019

South Korean builder GS Engineering & Construction is set to develop a 300-megawatt solar power plant in Rajasthan state, northwest India, as an independent power producer, the firm said Thursday. An IPP is an entity that builds power plants, runs them for a certain period and recoups its investment.GS E&C said the investment will be made by acquiring a stake in the ISTS-IV 300-megawatt photovoltaic project implemented by Solar Energy Corporation of India Ltd., which was founded by India

Industry Dec. 19, 2019

Posco International has completed a solar power system in Manaung Island, Myanmar, to provide electricity to around 1,000 households, the firm said Thursday. The photovoltaic system built by Posco International is a combination of 500 kilowatt power generation and 2,000 kilowatt-hours of energy storage system. It is capable of providing power to around 1,000 households in Manaung Island, Rakhine state situated on the western coast of the nation with about 60,000 inhabitants.  Through the pr

Industry Dec. 19, 2019

South Korea’s exports are forecast to rise by 3 percent in 2020 to exceed $550 billion, led by key industries including chips, automobiles and biomedicines, according to a state-run trade agency on Wednesday. This year’s exports are expected to total $540 billion, down 10.7 percent from last year, the Korea Trade Investment Promotion Agency said. This is a bit lower than the Korea International Trade Association’s prediction of $543 billion, which represented a 10.2 percent on-

Industry Dec. 18, 2019

LS Cable & System said Tuesday it is pushing ahead with the initial public offering of its electric vehicle parts unit LS EV Korea, with the aim of achieving sales of 1 trillion won ($858 million) in 2030 in the global market.The Korean cable firm plans to file for preliminary screening of the EV unit at the nation’s tech-heavy secondary Kosdaq bourse. LS EV Korea was established in November 2017 after LS Cable & System spun off its electric vehicle parts business to nurture i

Industry Dec. 17, 2019