Samsung to freeze executives' wages amid challenges

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Samsung to freeze executives' wages amid challenges

South Korea's top conglomerate Samsung Group said Friday it has decided to freeze wages for its executives next year, a move apparently reflecting attempts to recoup falling returns from primary businesses.   Paychecks for around 2,000 executives at the business group, including Samsung...

Updated : 2014.12.19 09:34

Samsung heirs pocket 6 tln won in Cheil Industries IPO

Samsung Group's three heirs reaped nearly 6 trillion won as the group's de facto holding company, Cheil Industries Inc., more than doubled its initial public offering (IPO) price in its market debut, data showed Thursday.Samsung chairman Lee Kun-hee's three children -- Jay-yong, Boo-jin an...

Updated : 2014.12.18 21:52

Korean Air to pay heavily for ‘nut rage’

Korean Air will have to pay a much higher price than expected for the misconduct of its executive Heather Cho that set off an intense public backlash, industry sources said Thursday.They noted that Korean Air and its holding company Hanjin-Kal lost almost 240 billion won ($217 million) in ...

Updated : 2014.12.18 21:22

Aekyung forays into hotel business

Aekyung Group, a midsize retailer and household goods manufacturer, on Thursday opened its Novotel Ambassador Suwon in Gyeonggi Province ― its first foray into the hospitality industry. The five-star...

Updated : 2014.12.18 21:03

POSCO to open center for creative economy

POSCO, the nation’s top steelmaker, said Wednesday it would open a center for creative economy and innovation in Pohang, a major port city in North Gyeongsang Province, early next year. The steelmake...

Updated : 2014.12.18 21:03

Hyundai Motor’s China sales up 7.6 % in November

Hyundai Motor Co., South Korea’s largest carmaker, said Thursday that its auto sales in China grew 7.6 percent in November, driven by brisk demand for its Avante compact model.Hyundai Motor said that it sold a total of 99,045 vehicles in China last month, compared with 92,008 tallied duri...

Updated : 2014.12.18 21:01

Cheil Industries roars in market debut

Cheil Industries Inc., the de facto holding firm of South Korea’s top conglomerate Samsung, more than doubled its initial public offering price on its first trading day Thursday after raising 1.5 trillion won ($1.35 billion), the country’s largest IPO in four years.Stocks of Cheil Indust...

Updated : 2014.12.18 21:00

Four public corporations fined 15.4b won for unfair trading

South Korea’s antitrust watchdog on Thursday slapped 15.4 billion won ($13.9 million) in fines on four public corporations and their affiliates for unfair trade practices.The Fair Trade Commission said Korea Electric Power Corp., Korea Expressway Corp., Korea Railroad Corp. and Korea Gas ...

Updated : 2014.12.18 21:00

S-Oil awards firefighters

S-Oil, a leading refinery in Korea, conferred the 2014 Hero Firefighters Award to eight Korean firefighters on Wednesday to recognize their contribution and to help improve their working and living co...

Updated : 2014.12.18 20:59

Uber, Seoul headed for collision course

(Yonhap)A rift between taxi hailing service operator Uber Technologies and the Seoul Metropolitan Government is expected to deepen on the city government’s decision to push ahead with an ordinance re...

Updated : 2014.12.18 19:27

Ministry launches internal inspection on how it handled Korean Air's 'nut rage'

South Korea's transportation ministry launched an internal inspection Thursday into how it conducted its investigation into Korean Air's "nut rage," pressured by mounting criticism that it intended to acquit the airline and its troubled former vice president.   "We will thoroughly revie...

Updated : 2014.12.18 10:28

Cheil Industries doubles IPO price on market debut

Cheil Industries Inc., the de facto holding firm of South Korea's top conglomerate Samsung, doubled in price on its market debut on Thursday after raising 1.5 trillion won (US$1.35 billion), the country's largest initial public offering (IPO) in four years.   Stocks of Cheil Industries ...

Updated : 2014.12.18 09:42

Prosecutors seek arrest warrant against KOGAS chief

Prosecutors said Wednesday they have sought an arrest warrant against the chief of state-run Korea Gas Corp. on suspicion of bribery and breach of trust.   Jang Seok-hyo, the chief executive officer of KOGAS, is suspected of embezzling billions of won (millions of U.S. dollars) from a t...

Updated : 2014.12.18 09:41

Prosecution questions Korean Air’s Cho

Heather Cho, a former executive of Korean Air, appeared before prosecutors Wednesday to face questioning over charges that she may have violated aviation laws by causing a delay in a commercial flight...

Updated : 2014.12.17 21:33

Korea’s labor system needs change: KDI

The Korea Development Institute has called for more flexibility in Korea’s labor structure in terms of its wage system and working hours. “With unemployment and the working poor becoming serious social issues in Korea, companies should no longer stick to their old-fashioned labor system,...

Updated : 2014.12.17 20:56