Samsung Electronics and Posco are the only South Korean companies to record an operating profit of 1 trillion won ($858 million) for more than 20 years, latest data showed Wednesday. A new study by the Sustainable Growth Institute surveyed changes in operating profit of Korean companies between 1998 and 2018. The number of companies with an operating profit exceeding 1 trillion won stood at 18 in 2018, up from four in 1998, the survey found. The growth, however, has halted since 2010 when

Industry Jan. 22, 2020

The demise of Lotte Group founder and Honorary Chairman Shin Kyuk-ho on Sunday has put the spotlight on the distribution of his assets amongst his kin, reportedly worth over 1 trillion won ($864 million).However, market watchers are of the opinion that it will not affect the current leadership structure of Lotte Group, led by his second son and Chairman Shin Dong-bin. The inheritance is expected to be finalized through family counseling under the guidance of a legal representative. The late Shin

Industry Jan. 20, 2020

 Lotte Group founder and Honorary Chairman Shin Kyuk-ho passed away Sunday at age 97, leaving as his legacy a self-made business empire, although his later years were marred by a family feud.He was the last of the first-generation founders of the major conglomerates -- the other four being Samsung, Hyundai, LG and SK. Shin was a self-made entrepreneur who started Lotte as a maker of chewing gum and grew the business into the nation’s fifth-largest conglomerate, operating in the food,

Industry Jan. 19, 2020

Eight out of 10 listed Korean companies with assets of more than 2 trillion won ($1.7 billion) were found to have no women on their boards of directors, showing that the invisible barrier to top management is still strong, data showed Sunday.Local corporate tracker Chaebol.com found that 114 of the 143 listed companies with total assets of more than 2 trillion won had no female directors based on the lists of executives submitted at general shareholders meetings last year. Hyundai Motor, SK

Industry Jan. 19, 2020

GS Group Chairman Huh Tae-soo presented “innovation” as his first management keyword since taking office last month, with the aim of expanding an open innovation culture in the conglomerate, officials said Tuesday. He took the baton to lead the group from his brother Huh Chang-soo last month. “We can increase the sustainability of our business and society by building partnerships with various other enterprises, including startups, and exchange healthy influences,” Hu

Industry Jan. 14, 2020

The number of South Korean companies with revenue of more than 1 trillion won ($867 million) has doubled over the last two decades, although the growth has slowed in recent years, latest data showed Tuesday. The findings were disclosed in a study by Sustainable Growth Institute which surveyed large domestic companies between 1998 and 2018 to gauge the health of Korea’s economy. According to the report, the number of firms with sales of more than 1 trillion won increased from 83 to 197

Industry Jan. 14, 2020

Top executives of Samsung Electronics have vowed to abide by the law ahead of the launch of an in-house anti-corruption committee, officials said Monday. The firm’s three chief executives -- Kim Ki-nam, Kim Hyun-seok and Koh Dong-jin -- signed a compliance pledge at an event held in Samsung Digital City, Suwon. Other top executives also joined the pledge with their digital signature.They pledged to comply with local and foreign laws and company regulations, not to tolerate any violation of

Industry Jan. 13, 2020

KT&G Welfare Foundation has sent a total of 60 college student volunteers to Cambodia and Myanmar to improve the educational environment in the countries, the tobacco company said Monday. KT&G said the volunteering activities will be done for nearly two weeks at Siem Reap, a town in northwestern Cambodia, and the suburbs of Yangon in Myanmar, which have poor educational environments. Since 2005, the foundation has dispatched 1,390 international volunteer groups to improve the educat

Industry Jan. 13, 2020

A South Korean business association has welcomed on Friday the passage of three revised bills that ease regulations on the use of personal information. A day earlier, the National Assembly passed the revisions of three bills related to the promotion of information and communication networks, personal information protection and credit information protection in a plenary session. They were proposed in November 2018. “Data is like crude oil in the fourth industrial revolution. The amendm

Industry Jan. 10, 2020

The head of Samsung’s anti-corruption committee said Thursday that the panel would look closely into a broad range of issues affecting the group, including management succession, corruption and labor issues, with independence and autonomy.“The basic principles of the committee’s operation will be independence and autonomy,” said Kim Ji-hyung, the former Supreme Court justice who was named to head the compliance committee, in a press briefing on the day. Kim said he had re

Industry Jan. 9, 2020

LG Electronics said Wednesday its fourth-quarter operating profit is expected to have increased by more than 30 percent from a year earlier, but the performance was below analyst expectations. The annual sales, however, are expected to reach an annual record high of 62.31 trillion won ($53.22 billion), up 1.6 percent from a year earlier. The operating profit will be around 2.4 trillion won for the whole of last year, a year-over-year decline of 10 percent, in the firm’s regulatory fil

Technology Jan. 8, 2020

Lotte Group Chairman Shin Dong-bin stepped down as an executive director of the group’s construction unit last month, according to the firm’s regulatory filing on Tuesday. Shin resigned from his post at Lotte Engineering & Construction after two years and nine months to take responsibility following the Supreme Court’s decision on his involvement in a bribery scandal and to strengthen responsible management, the group said. In October, the nation’s top court conf

Industry Jan. 7, 2020

Heightened tensions between the US and Iran may force South Korea to further lower its oil import reliance on the Middle East, according to industry watchers. As hostilities between the two nations escalated over the weekend, international oil prices have soared, stocks have fallen and prices for safe assets have soared. International benchmark Brent crude closed at $68.60 a barrel on Friday, up 3.55 percent, the highest level in six months. Gold rose 1.3 percent to $1,549 an ounce, the highest

Industry Jan. 6, 2020

Samsung Electronics will release the sequel to the Galaxy S10 at an event next month. In an invitation sent to media on Sunday, the Korean tech giant said it “will unveil new, innovative devices that will shape the next decade of mobile experiences. The reveal will take place at the Samsung Galaxy Unpacked Event in San Francisco at 11 a.m. on February 11.” Samsung is expected to unveil Galaxy S20, the next iteration in the Galaxy S series, and Galaxy Fold 2, the successor to the

Technology Jan. 5, 2020

Although Korean conglomerates faced a rough time in 2019 amid growing geopolitical uncertainties and trade tensions topped by Japan’s export controls, the US-China trade war, rising protectionism and a global economic slowdown, most of the top business chiefs here hope for better prospects this year. Leaders from large corporate groups -- including Samsung, LG, Hyundai Motor, Posco, KT, CJ, Hanwha and Shinsegae -- have stressed the need to prepare for future business, customer-centered man

Industry Jan. 2, 2020