Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Exports to US reach all-time high, widen gap with China
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Third Hanwha scion steps into limelight
Hangwha E&C manager Kim Dong-sun. YonhapKim Dong-sun, the third son of Hanwha Group chairman Kim Seung-youn, showed up at the media briefing Dec. 21 to showcase the Galleria Duty Free 63, the company’s duty-free store in Yeouido, southwest Seoul. Unlike the usual hierarchical introduction, Dong-sun came forward right after Hanwha Gelleria Time World CEO Hwang Yong-deuk, outranking four other vice presidents of the company. He also stood at the center when posing for photos at the opening of the
Dec. 29, 2015
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Kumho chairman’s passion: Nurturing classical music talent
Kumho Asiana Group chairman Park Sam-koo (third from right) and pianist Cho Seong-jin (third from left) pose in November in Japan. Cho, the winner of the 2015 International Chopin Competition, participated in Kumho Foundation’s training program. Kumho Asiana Cultural FoundationOn Christmas Eve at the Kumho Art Hall in central Seoul, an old man approached a little boy sitting at the back row of the front bloc during the intermission of the Kumho Soloists’ recital.“Why don’t you come and sit with
Dec. 29, 2015
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Asiana Air gets nod for 2nd budget carrier
After months of hurdles, Asiana Airlines, the nation’s second-largest flag carrier, has won the government’s permission to operate its second low-cost carrier, moving forward to expand its market presence.The Ministry of Transport has issued a business license to Air Seoul, the second low-cost carrier launched by Asiana Airlines, the air carrier said Monday evening. The government said the license was issued in line with a steady growth in air traffic with an annual average of 7.8 percent. Air S
Dec. 29, 2015
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POSCO’s auto steel production evolves
For lighter, stronger auto body frames, Korea’s top steelmaker POSCO has been producing advanced high-strength steel, the latest steel sheet production technology, with growing market demand.Advanced high-strength steel is one of the fastest-growing material markets in the automotive industry in and out of the country, as it offers enhanced formability and is lighter in weight but stronger than other steel products. With a growing number of carmakers developing lighter but stronger vehicles to e
Dec. 29, 2015
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Hanwha distributes braille calendars
Hanwha Group said Tuesday it has produced and distributed tens of thousands of 2016 braille calendars to the blind as part of its year-end social contribution efforts. Some 50,000 braille calendars were delivered for free to the Korea Blind Union and some 300 local organizations for the blind, as well as thousands of individuals, according to Hanwha. Hanwha’s 2016 braille calendar (Hanwha Group) The conglomerate has been making braille calendars for 16 consecutive years since 2000, when Hanwha c
Dec. 29, 2015
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[SUPER RICH] Young chaebol heiresses choose consulting firms as first workplace
SK Group chairman Chey Tae-won’s daughter Chey Yun-jeong, AmorePacific Group chairman Suh Kyung-bae’s daughter Suh Min-jung and LF president & CEO Koo Bon-keul’s niece Koo Min-jeong have a striking similarity.The three women are all next-generation chaebol heiresses currently working as junior consultants at the Korean subsidiary of global consulting firm Bain & Company.They did not enter their family business after graduating, instead choosing to work at a consulting firm to gain experience and
Dec. 29, 2015
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Kumho Asiana completes 723 bln won payment to win back key unit
Kumho Asiana Group, the parent of South Korea's No. 2 air carrier, said Tuesday it has completed a payment of 723 billion won ($618.16 million) to buy a controlling stake in Kumho Industrial Co.The move came years after Kumho Industrial, the group's construction unit and de facto holding firm, has been under the control of its creditors through a debt-for-equity swap after the logistics-focused conglomerate faced a liquidity crisis in 2009.Under the move, Kumho Asiana Group bought 50 percent sta
Dec. 29, 2015
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Korea opens office cluster for content industry
South Korea opened an office cluster in Seoul on Tuesday to develop the country's creative content industry and nurture its future talent, the culture ministry said.The "Cel" cluster is located in a former office building of the Korea Tourism Organization in central Seoul and will house more than 90 startups by the end of this year, the Ministry of Culture, Sports and Tourism said."Cel" stands for "Creative Economy Leader" and "Cultural Enrichment Leader."President Park Geun-hye expressed hope t
Dec. 29, 2015
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Sales grow at department stores but drop at discount outlets in Nov.
Sales at major department stores here continued to grow in November while those at major discount outlet chains again suffered a drop partly due to reduced operating hours, government data showed Tuesday.The combined sales of three major department store chains gained 1 percent from a year earlier last month, according to data compiled by the Ministry of Trade, Industry and Energy. The three department store chains are Hyundai, Lotte and Shinsegae.November marked the second consecutive month of
Dec. 29, 2015
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BAT Korea appoints new CEO
Erik Stoel (BAT Korea)Erik Stoel, marketing director of British American Tobacco Korea, has been appointed its new chief executive, the company announced Tuesday. Stoel will take office on Jan. 1, replacing the incumbent CEO Guy Meldrum who has been transferred as head of BAT Australasia. “Over the past 3 years, in his role as marketing director of BAT Korea, Mr. Stoel has made a substantial contribution to the company by strengthening the company’s flagship brand Dunhill to establish BAT Korea
Dec. 29, 2015
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SK chairman to divorce, admits to affair
SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage. In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.” SK Group chairman Chey Tae-won (Yonhap) While the two were “discu
Dec. 29, 2015
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Samsung mass produces industry's first all-in-one bioprocessor
Samsung Electronics Co. said Tuesday it has commenced the industry's first mass-production of all-in-one bioprocessors that can be applied to various health care smart devices to collect users' biological information.The Samsung Bio-Processor, also dubbed "S3FBP5A," will be used to measure different health care information, such as body fat, skeletal muscle mass, heart rate, heart rhythm, skin temperature and stress level.It can track more health care data than any other rival through a single c
Dec. 29, 2015
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Chinese shipyard rises to world's No. 5 player for first time
A Chinese shipbuilder emerged as the world's No. 5 player by order backlog in November, data showed Tuesday, posing a threat to South Korean shipyards which had been dominating the top five list for years.According to the data compiled by Clarkson Research Services, Shanghai Waigaoqiao Shipbuilding had an order backlog of 3.03 million compensated gross tons as of end-November, beating South Korea's Hyundai Mipo Dockyard Co. that held 2.84 million CGTs.Daewoo Shipbuilding & Marine Engineering Co.
Dec. 29, 2015
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Hyundai Heavy workers vote for wage deal with management
Unionized workers at Hyundai Heavy Industries Co., a major South Korean shipbuilder, voted on Monday in favor of a deal tentatively reached with the management during their annual wage negotiations. Of 15,131 votes cast by its unionists, 8,894 workers, or 58.78 percent, supported the deal reached late last week between leaders of labor union and company officials. Both sides earlier agreed to freeze the base salary but give workers a 100-percent bonus along with 1.5 million won (US$1,287) w
Dec. 28, 2015
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Asiana Air allowed to operate 2nd low cost carrier
Asiana Airlines Inc., South Korea's No. 2 flag carrier, has been granted the green light to operate its second low budget carrier, a government decision feared to intensify competition in the already heated no-frills flight market, officials said Monday. The transportation ministry said that it has issued a business license to Air Seoul, the second low cost carrier owned by Asiana Airlines. It already runs Air Busan based in the southeast port city of Busan. The ministry cited a steady growt
Dec. 28, 2015
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Hyundai highlights Genesis, global talent in reshuffle
Hyundai Motor Group on Monday promoted 368 staff at the executive level of 25 affiliates, highlighting the company’s globalization strategy as well as its new standalone premium sedan brand, the Genesis. Luc Donckerwolke and Manfred Fitzgerald“The promotion is designed to beef up our core competitiveness in future technologies, quality and brands, to become the global market leader,” a Hyundai spokesman said. The company appointed Luc Donckerwolke as the head of Hyundai Design Center, and Manfre
Dec. 28, 2015
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Hanwha opens skyscraper duty-free store
Hanwha Group, the country’s ninth-largest conglomerate, opened the Galleria Duty Free 63, a new urban duty-free store located in the iconic 63 City building of Yeouido, southwestern Seoul, on Monday. It aims to generate more than 500 billion won ($430 million) in sales with annual growth of more than 14 percent. The burgeoning duty-free unit under Hanwha Galleria Time World ― retail arm of the group ― threw open 60 percent of the 10,153 square-meter store stocked with 369 glitzy brands attractin
Dec. 28, 2015
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Lotte replaces duty-free chief
In the aftermath of its failure to retain the license for an urban duty-free shop, Lotte Group appointed Chang Sun-wook as the new head of Hotel Lotte’s duty-free operations on Monday.Chang will replace Lee Hong-kyun, who resigned after taking responsibility for having to shut down Lotte Duty Free Shop in Jamsil, southern Seoul. Lee will remain as an advisor.The country’s fifth-largest conglomerate said Chang, who currently heads Lotte’s advertising agency Daehong Communications, has a long hist
Dec. 28, 2015
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[Newsmaker] Hyundai Elevator-Schindler feud resurfaces
Years of bitter feuding between Hyundai Elevator, the nation’s leading elevator manufacturer, and Schindler Group, its No. 2 shareholder, resurfaced on Monday after a top Swiss envoy had a rare meeting with Cheong Wa Dae officials requesting the government’s intervention.According to local reports, Swiss Ambassador to Korea Jorg Al. Reding recently met An Chong-bum, senior presidential secretary on economic affairs, to ask South Korea’s top office to step in. He claimed that the Swiss firm has s
Dec. 28, 2015
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[Photo News] S-Oil donates to charity fund
S-OIL DONATES TO CHARITY FUND — S-Oil CEO Nasser al-Mahasher (left) delivers $2 billion won ($1.71 million) in donations to the Community Chest of Korea, a local charity organization, last week as part of its year-end efforts to help underprivileged citizens across the country. (S-Oil)
Dec. 28, 2015