ACN Korea aims to become Asia's direct selling hub

ACN, a US-based network marketing company, has marked fast growth, providing telecommunications, energy, security, payment and lifestyle services through networks of individual business owners. ACN has been introduced to 25 countries worldwide and has a total asset value of 29 trillion won ($23.1 billion). The company now aims to expand its market footing in Asia after its success in European markets, according to the firm. Members of ACN Korea (ACN Korea)In September 2010, ACN first landed in A

July 20, 2017

SK Group plans joint growth with suppliers, contributes to domestic consumption

SK Group will take steps to boost domestic consumption, including encouraging its employees to take long vacations and facilitate growth of subcontractors, corporate sources said Thursday.CEOs of the group's key subsidiaries met in Seoul on Tuesday where they discussed enhancing work effectiveness and contributing to spurring local demand, according to insiders. Specifics included seeking shared growth with all tiers of the group's suppliers and "big break" vacations for employees, they said. (Y

July 20, 2017

Asiana to deploy 2nd A350 on long-haul routes

Asiana Airlines Inc., South Korea's No. 2 full-service passenger carrier by sales, said Thursday it will deploy its second A350 jet on long-haul routes from next week.The second of four A350 jets scheduled to be delivered this year arrived at the Incheon International Airport later in the day after a day-long flight from Airbus, a Toulouse-based civil aircraft manufacturer, the company said in a statement.  (Yonhap)The second A350 will carry passengers on routes to Shanghai and Singapore from Tu

July 20, 2017

Lotte chief stresses investment for lucrative biz

The head of retail giant Lotte Group said Tuesday the conglomerate needs to expand investment targeting its lucrative businesses to further expand presence in the market, as it is suffering from a series of troubles at home and abroad. During a meeting with the group's senior executives, Lotte Group Chairman Shin Dong-bin also stressed that his group needs to quickly adapt to the fast-changing market environment under the fourth industrial revolution. Lotte Group Chairman Shin Dong-bin arrives a

July 18, 2017

Lotte chief's brother against governance shakeup plan

The elder brother of the chief of retail giant Lotte Group said Tuesday he has raised an objection to the conglomerate's governance shakeup plan, demanding that a key unit be taken off the list of split-ups.In April, the board of directors of the group's four key affiliates passed a plan to split each of them into investment and business entities. Under the plan, which will be put up for approval at their respective shareholders meetings next month, the investment entities split from the four un

July 18, 2017

Samsung Heavy to reduce workforce

Samsung Heavy Industries Co. is seeking to cut its workforce and have employees return part of their salaries in order to cut costs, industry sources said Tuesday.Last year, the major South Korean shipyard unveiled a self-restructuring program that centers on cutting the workforce and having executives return part of their salaries, in order to tide over a protracted slump in the shipbuilding sector.Samsung Heavy was forced to reduce its workforce by 1,500 in 2016 through an early retirement sch

July 18, 2017

Jeju Air gets China approval to fly 2 chartered flights

Jeju Air Co., South Korea's leading budget carrier, said Monday it has obtained approval from the Chinese authorities to fly two chartered flights to the neighboring country next week. "Jeju Air is the first Korean passenger carrier, which has received such an approval since January when China stopped allowing Korean chartered planes to fly between the two countries," a company spokeswoman said.Two chartered flights are scheduled to deliver a combined 360 passengers to the famous tourism site of

July 17, 2017

Citibank Korea offers to slightly scale down branch closures

Citibank Korea, the South Korean unit of Citigroup Inc., has proposed slightly reducing the number of branches it plans to shut down, an industry source said Tuesday, in a bid to avoid a backlash from its labor union. If the labor union of Citibank Korea agrees on the proposal, the number of branches facing closure will be cut to 90 from 101 in South Korea. Last Friday, five branches of Citibank Korea were shut down and 30 more branches will be closed by the end of this month. (Yonhap)The move h

July 11, 2017

C1 Gas Refinery R&D Center to push ahead in gas conversion technology development

The state-led C1 Gas Refinery R&D Center hosted an international symposium last month in Seoul to discuss latest biotechnologies used in gas conversion, officials said Monday.The event was held in Sogang University on June 30 and invited Lanzatech, a biofuel company equipped with advanced technology to turn industrial waste gases into low-carbon fuels, along with local companies. Researchers of C1 Gas Refinery R&D Center pose for a photo. (CGRC)Among discussions at the symposium were global mark

July 10, 2017

Lotte chief vows transparent management structure

The head of South Korean retail giant Lotte vowed on Monday to boost the group's transparent management as it attempts to tide over a string of troubles through a governance shakeup. During an IR session held in Tokyo, Lotte Group chairman Shin Dong-bin said his group will be able to better adapt to changing market circumstances with transparent management once the revamp plan for its management structure is completed this year. "Lotte Group will continue with its growth as a trusted company by

July 10, 2017

KDB begins preparatory work to sell Daewoo Engineering

State-run Korea Development Bank said Monday it has begun preparatory work to sell its controlling stake at Daewoo Engineering & Construction Co.KDB plans to pick an investment bank, a law firm and an accounting firm during next month to arrange the planned sale of its 50.75-percent stake in Daewoo Engineering that has been valued at 1.65 trillion won ($1.42 billion) as of Monday closing price.  (Yonhap)KDB will announce the sale of the Daewoo Engineering stake by the end of this year after cond

July 10, 2017

Kumho Tire to host golf tournament in China

Kumho Tire will sponsor the 2017 Kumho Tire Women’s Open at Weihai Point Hotel and Golf Resort in Shandong, China, from Friday to Sunday, the company said Wednesday. Kumho Tire has been holding Korea Ladies Professional Golf Association tournaments since 2013. This is the fifth time the company will be holding the event.  (Kumho Tire)A total of 123 Korean and Chinese golfers will compete in the golf event, including Korean pro golfer Jang Ha-na and China’s Peng Shanshan, both of whom the company

July 5, 2017

Jin Air opens new domestic route to Jeju Island

Jin Air Co., one of South Korea's biggest budget carriers, on Friday opened a new route to Jeju Island to capitalize on growing low-cost travel demand during the peak summer season.The low-cost carrier has allocated a 189-seat B737-800 jet to serve the Gwangju-Jeju route two times a day, the airline said in a statement.  A Jin Air B737-800 passenger jet takes off from a runway in this undated photo. (Photo courtesy of Jin Air)It currently operates three flights between the resort island and thre

June 30, 2017

[Best Brand] VORNADO Korea leads Korea’s air circulator market

VORNADO Korea, a domestic marketing company that has imported air circulators from US-based VORNADO since 2007, has found its footing in the South Korean market.VORNADO, which started its business in the mid-1940 in Kansas, is a US-based company that manufactures household fans and appliances related to air circulation. It prides itself on its signature energy efficient Vortex Technology, which allows all the air in a room to circulate by using a special airflow. A VORNADO VFAN Vintage Air Circu

June 29, 2017

Financial firms on guard for cyberattack threats

Banks and other financial institutions in South Korea have been on guard over threats of cyberattacks by alleged financial blackmailers, according to the banks and financial institutions on Tuesday. No damage has been reported so far, but about 20 banks, brokerages and the Korea Exchange received threats by hacking groups about paralyzing their Web sites.They received e-mails that set a deadline to transfer funds to the blackmailers to avoid the attacks.  (Yonhap)On Monday, four financial instit

June 27, 2017

Samsung ranks No.2 in global wearable market in Q1

Samsung Electronics Co. gained the No. 2 spot in the global wearable market in the first quarter of this year by overtaking Fitbit for the first time, on the back of the success of its Gear S3 smartwatch, data showed Sunday. According to the data compiled by Strategy Analytics, Samsung captured 12.8 percent of the global market share in terms of sales during the January-March period, overtaking Fitbit with 12.2 percent. Apple maintained its No. 1 status with a commanding 53-percent market share.

June 25, 2017

Hyundai Heavy affiliate sells stake in parent firm's spin-off unit

Hyundai Mipo Dockyard Co., an affiliate of shipbuilding conglomerate Hyundai Heavy Industries Co., sold its stakes in the affiliate recently spun off from its parent firm, a move seen to accelerate the conglomerate's drive for a holding company structure.In March, shareholders of Hyundai Heavy approved the company's plan to hive off its noncore businesses, aimed at what it claims will boost each business unit's competitiveness.Under the plan, the shipyard split into four independent entities: sh

June 21, 2017