Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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[SUPER RICH] Hyundai Dept. Store chief diversifies portfolio
Hyundai Department Store is fast moving to expand its presence and diversify its portfolio, signing two real estate deals in succession.As the company eyes the tightly contested market, Hyundai Department Store Group chairman Chung Ji-sun is also increasing his public presence. While Chung is a member of the famous Chung Ju-yung family, he has for the large part kept a low profile.While a department store opening new branches is nothing new, Hyundai Department Store has taken on the unusual stra
March 17, 2015
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[SUPER RICH] Young Korean superrich transcend borders
Samsung Electronics vice chairman Lee Jay-yong and Daum Kakao chairman Kim Beom-su are two notable Korean billionaires with striking similarities.Both operate world-class companies, hold considerable wealth and status, and suggest that they are keen to rapidly expand their businesses by transcending borders. Lee Jay-yong and Kim Beom-suLee Jay-yongForbes selected Samsung Electronics vice chairman Lee Jay-yong as the most influential person in Korea in 2014. Bloomberg estimates his total assets a
March 17, 2015
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GS Energy bids for stake in Abu Dhabi oil fields
GS Energy, an energy business arm of GS Group, joined a bid to secure a stake in the Abu Dhabi Company for Onshore Oil Operations, which operates 15 oil fields in the United Arab Emirates, to expand its crude oil production business in January, the company said in a recent filing to financial authorities.“GS Energy is seeking to buy a 5 percent stake in ADCO, which is estimated at 1.25 trillion won ($1.11 billion),” industry sources said.“When GS Energy wins the deal this month, it will secure 4
March 17, 2015
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SK chairman to fund social enterprises
SK Group said Tuesday its imprisoned chairman Chey Tae-won will support social enterprises by funding related start-ups through his own investment company.The chairman, who is serving out a four-year prison sentence after being convicted for embezzlement in January 2013, injected his personal money worth 10 billion won ($8.8 million) into the company last year with an aim to nurture social enterprises whose profits are spent for social good. SK said five start-ups have been picked for the first
March 17, 2015
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SK E&C faces probe over collusion
SK Engineering & Construction is facing an investigation by the prosecution regarding its alleged price rigging in a huge local project.The probe was launched into the builder as the nation’s antitrust watchdog was criticized for slapping it with only a fine earlier this month for the alleged malpractice. According to the prosecution, Prosecutor General Kim Jin-tae requested the Fair Trade Commission to file a criminal complaint against SK E&C for its collusion in the Saemangeum reclamation proj
March 17, 2015
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Conglomerates to invest more, hire less this year
South Korea’s top 30 business conglomerates will invest a total of 136.4 trillion won ($135 billion) into their business this year, up 16.5 percent from 2014, the nation’s largest business lobby group said Monday.The employment by such businesses will slide but the total number of employees will still rise, the Federation of Korean Industries said in a report on its annual survey on forecasting the year’s economic climate.According to the report, a total of 136.4 trillion won will be allocated t
March 16, 2015
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[Graphic News] Korea’s growth lags behind G20 average
South Korea’s economic growth rate has fallen behind the G20 average for the fourth straight year, according to data released Sunday.Korea’s gross domestic product grew by 3.3 percent in 2014, lower than the G20 average of 3.4 percent, according to the Organization for Economic Cooperation and Development. Korea’s economic growth surpassed the G20 average from 1999 to 2010 ― even during the global financial crisis of 2006-2010 ― with the exception of 2003 and 2005.The nation’s unprecedented four
March 16, 2015
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Hankook Tire to enter car parts business
Hankook Tire, the nation’s largest tiremaker, will soon participate in the management of Halla Visteon Climate Control Corp., having acquired a 19.49 stake for 1.08 trillion won ($983.84 million) in December, to diversify its business domain into the car parts sector. HVCC is a global supplier of automotive thermal management solutions and partners with car manufacturers worldwide, most of which are clients of Hakook Tire. Hankook Tire recorded solid growth last year, posting about $6.3 billion
March 16, 2015
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LG’s cosmetics unit bets big on Chinese market
LG Household & Health Care, a cosmetics-maker, is targeting China this year by preparing to release new products in the market soon. The company’s move is in line with the reinforcement of marketing by South Korean cosmetics-makers including AmorePacific, which are enjoying a sales upsurge owing to high demand from Chinese visitors.Last week, LG Household & Health Care vice chairman Cha Suk-yong said China was their No. 1 target market this year for growth. LG Household & Health Care vice chairm
March 16, 2015
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Hyundai Motor conducts most internal trade: report
Hyundai Motor Group was found to have conducted the most internal trades among major business groups this year, according to data released on Monday. CEO Score Daily’s analysis of 49 conglomerates’ agendas for shareholders’ meetings in March showed that Hyundai raised a total of 26 issues related to internal trade. This accounts for 29.9 percent of the total 87 cases raised by conglomerates. Hyundai’s business empire spans from cars, parts and steel manufacturing to finance, tourism, marketing,
March 16, 2015
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Hyundai E&C to thrive in Middle East, new markets
Hyundai Engineering & Construction, one of Korea’s largest builders, will reinforce its presence in the Middle East with an aim to expand into new markets, the company said.The move came as the company attempted to diversify its business portfolio in the Middle East while launching new businesses in emerging markets such as Europe, Africa and South America, according to a company statement. “We are committed to expanding the share of overseas business while continuously pushing for diversifying
March 16, 2015
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Top biz groups to expand investment but cut hiring this year: survey
South Korea's 30 leading business groups will expand investment, but decrease new employment this year compared to last year, amid worries of increasing labor costs, a survey showed Monday. According to the survey by the Federation of Korean Industries of the top 30 conglomerates in terms of assets except financial companies, they plan to invest a combined 136.4 trillion won ($120 billion) this year, up 16.5 percent from a year earlier. The survey showed that investment in facilities will amo
March 16, 2015
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Listed firms suffer declines in sales, operating income in 2014
South Korea's leading listed companies saw their sales and operating profits decline in 2014, as the country's top conglomerate firms, such as Samsung Electronics Co. and Hyundai Motor Co., reported weaker than expected bottom lines, a report showed Monday. The combined operating profit of 1,103 non-financial firms traded on the country's main and secondary stock exchanges plunged 17.9 percent on-year during the first three quarters of last year, according to the report by the Federation of Ko
March 16, 2015
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S. Korean companies with higher foreign ownership pay bigger dividends
South Korean companies with a higher ratio of foreign shares showed bigger growth in dividend payouts last year, data showed Monday, raising doubts as to whether the extra income from stock investments is going where the government intended. Out of 1,719 listed companies, 885 offered cash returns worth 15.72 trillion won ($13.84 billion) for the fiscal year 2014, up 18.9 percent from the year prior, according to data compiled by market research firm WiseFN. Dividends for 39 companies that are
March 16, 2015
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Lotte seen forging ahead with succession plan
Lotte Group appears to be bringing forward its succession plans as the conglomerate named one of the founder’s sons to the board of its holding company last week. The group appointed its chairman Shin Dong-bin to the board of Hotel Lotte, the de facto holding company of the conglomerate, whose businesses range from construction to shopping malls and snack production. The appointment is widely seen as another sign of the controlling family’s succession plans, amid rampant rumors that Shin is aggr
March 15, 2015
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Hyundai Motor eyes governance reforms
South Korean auto giant Hyundai Motor’s CEO Kim Choong-ho said Friday that the company would consider how to improve its governance. “It is too early to say what we will do, but we will take the matter seriously and reflect it on our future management according to our conditions,” Kim said at the 47th Annual General Meeting of Shareholders of Hyundai Motor at the carmaker’s headquarters in southern Seoul.Kim’s comment came as shareholders asked the management to establish a committee and improve
March 13, 2015
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LIG Nex1 partners with Cotecmar for patrol ships
LIG Nex1, a South Korean defense manufacturer, said Friday that it would collaborate with Cotecmar, a Colombian shipbuilder, to develop weapon systems for Cotecmar’s coastal patrol boats. LIG Nex1 CEO Lee Hyo-koo (left) poses with Rear Adm. Jorge Enrique Carreno Moreno, president of Colombia’s Cotecmar corporation, after agreeing to develop and provide LIG’s weapon systems for Cotecmar’s coastal patrol boats. (Yonhap)The Korean company signed the agreement with Cotecmar on Thursday as part of it
March 13, 2015
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Choi urges business chiefs to raise wages
South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan called on the country’s major business group leaders Friday to raise wages and increase investment to boost consumption and help revitalize the economy.“Conglomerates need to pay the optimum level of cash to their subcontractors in a bid to improve cash flows of small and medium enterprises,” Choi said during a lunch meeting with business group leaders in Seoul.Companies are facing increasing pressure from the government, w
March 13, 2015
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Ailing CJ chairman relinquishes more board memberships
CJ Group chairman Lee Jae-hyun has decided to quit from the boards of two officiates after taking similar steps last year, sources said Thursday.Lee, who was convicted of embezzlement and tax evasion, will quit his posts at its delivery unit CJ Korea Express and retail arm CJ OliveNetworks this month, the sources said.The move is expected to weigh heavily on the entertainment and retail conglomerate, which has been struggling to deal with a leadership vacuum and failed investment plans. Lee Jae-
March 12, 2015
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Charmzone to sue airport over duty-free store failure
Cosmetics company Charmzone said Thursday it was considering suing Incheon International Airport Corp. for a refund on a 10.2 billion won ($9 million) deposit it paid to run a duty-free store there. The Maeil Business Newspaper quoted Charmzone chairman Kim Kwang-seok as saying, “We are seeking legal countermeasures rather than sit and watch our money disappearing.”Kim was referring to the removal of Charmzone’s operational rights on Feb. 23 after the cosmetics-maker failed to pay a 27.7 billion
March 12, 2015