Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Chip up cycle won’t stay long: SK chief
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Coway to be put up for auction
Korean private-equity firm MBK Partners plans to sell off its controlling stake in Korean water and air-purifier-maker Coway, which is valued at around 3 trillion won ($2.5 billion), industry sources said Sunday. MBK Partners, the biggest shareholder of Coway with a 30.9 percent stake, hired U.S. investment bank Goldman Sachs to broker the sale. “MBK is considering the sale process and other measures as many potential buyers lined up for the acquisition and it’s been nearly three years since the
Aug. 9, 2015
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Parties, government up pressure over Lotte governance
Political parties and the government are upping pressure to revamp conglomerates’ governance structures, as Lotte’s succession dispute is fanning public antipathy toward conglomerates. Lotte World Tower in Jamsil, Seoul (Yonhap)Rep. Shin Hak-yong of the main opposition New Politics Alliance for Democracy and 12 fellow minor party members proposed a bill expanding domestic regulations on conglomerates to their overseas businesses.According to the bill, conglomerates would be prohibited from esta
Aug. 9, 2015
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Hyundai, Samsung top in workers’ salary
Hyundai Motor Group employees earned the highest salaries among the nation’s 10 biggest conglomerates, data showed Sunday.According to a report released by market researcher CEO Score, the average annual wage of workers at Hyundai Motor Group affiliates was 91.7 million won ($78,700) last year. The conglomerate was followed by Samsung (87.5 million won), Hyundai Heavy Industries (75.9 million won), SK (74.8 million won) and POSCO (73.7 million).Hyundai Department Store Group among conglomerates
Aug. 9, 2015
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Saenuri urges NPS to act on Lotte feud
Ruling Saenuri Party chairman Kim Moo-sung on Friday urged Korea’s National Pension Service to exercise its shareholder rights in order to protect the public’s assets from the fallout of a founding family feud at Lotte Group. “I consider the biggest victims of founding family’s conflicts at Lotte to be not family members involved, but ordinary people who have put their retirement savings into the NPS,” Kim said in a meeting at the National Assembly.The nation’s largest investor has a stake in mo
Aug. 7, 2015
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Shilla CEO’s husband refuses to sign off divorce
The husband of Lee Boo-jin, the eldest daughter of Samsung Group chairman Lee Kun-hee, has reportedly refused to sign divorce papers after they failed to agree on custody and parental rights for their son. “Lee’s husband has no intention to divorce and nothing has changed from his stance,” his lawyer told reporters.Im has refused to give up legal guardianship and parental rights of the two’s 9-year-old son, but this is the first time for him to publicly announce that he does not want a divorce.
Aug. 7, 2015
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Samsung C&T merger clears last hurdle
Samsung C&T, the construction and trading arm of Samsung Group, is taking the final steps to complete its $8 billion merger plan with sister firm Cheil Industries by buying back shares from dissenting investors. The company said Friday shareholders who opposed the merger deal had exercised appraisal right to request Samsung C&T to repurchase 11.7 million shares, about 7.5 percent of stakes in the company. Local laws give shareholders the right to sell shares they held before a merger announcem
Aug. 7, 2015
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Chinese airlines lure Korean pilots
A growing number of experienced South Korean pilots are choosing to leave their home turf and instead work for Chinese airlines, which offer exceptionally higher wages and alluring benefits for foreign pilots. Some 50 Chinese airline companies have been stepping up efforts to recruit pilots from Korea’s major airlines, including Korean Air and Asiana Airlines, according to industry sources. Chinese companies are reportedly offering Korean pilots with about 10 years of work experience around 200
Aug. 7, 2015
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Lotte to create 24,000 new jobs by 2018
South Korean retail giant Lotte Group announced plans Friday to hire 24,000 new workers by 2018 in what is seen as efforts to allay escalating criticism over an ugly family feud for control of the country's No. 5 conglomerate. Lotte is mired in an ownership dispute involving Shin Kyuk-ho, 93, and his two sons, Dong-joo and Dong-bin, who had each controlled the company's operations in Japan and Korea until early this year. While Dong-joo was ousted from key positions at Japanese units, Dong-bin
Aug. 7, 2015
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Lotte row highlights family saga with Japanese roots
A bitter family squabble over control of retail behemoth Lotte is the latest in a series of second- and third-generation scions sparring to cement their grips on lucrative corporate empires built by their fathers or grandfathers. Lotte, the country's fifth-largest conglomerate, is mired in a leadership dispute among founder Shin Kyuk-ho, 93, and his two sons, Dong-ju and Dong-bin, who had each controlled the company's operations in Japan and Korea until early this year. While Dong-ju was ousted
Aug. 7, 2015
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S Food spearheads charcuterie market
S Food director Lee Seung-yeon poses at the JohnCook Deli Meat outlet in Apgujeong-dong, southern Seoul. Chung Hee-cho/The Korea HeraldWith more Koreans being exposed to new ways of consuming pork and beef -- from simply grilling to embracing Western cuisine by making sausage, ham and other meat products -- S-Food, the operator of charcuterie brand JohnCook Deli Meat, has taken the domestic market by storm.JohnCook Deli Meat’s 99,000 won ($85) German pork dish Schweine Haxen sold out in no time
Aug. 6, 2015
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AmorePacific pushes for tailored cushion tech
South Korea’s largest cosmetics maker AmorePacific, which has upped its presence in the skin care arena with its patented cushion technology, is ramping up R&D efforts with tailored products to target overseas markets. Cushion technology-applied compact products from AmorePacific’s in-house brands including, Laneige, Sulwhasoo and Mamonde (AmorePacific)“AmorePacific created the world’s first multifunctional cushion-type cosmetics. It has been strengthening the quality and function of the techno
Aug. 6, 2015
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[Newsmaker] Lotte feud ignites nationality dispute
“Lotte is a Korean company.”These words of Seoul-based Lotte Group chairman Shin Dong-bin may be simple enough, but the conglomerate’s nationality is fast becoming an issue of contention.The controversy over whether Lotte is a Korean or Japanese company flared up again this week amid a bitter succession battle involving the two sons of group founder and general chairman Shin Kyuk-ho.Lotte, having foundations in both Korea and Japan, has long been plagued by this question. The two sons -- Shin Do
Aug. 6, 2015
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Lotte Confectionery opens new snack store
Lotte Confectionery, South Korea’s top snack producer, opened a new flagship store on the ground floor of Lotte World Adventure in Jamsil, Seoul, Monday. The newly-opened Lotte SweetWorld offers a total of 187 snack varieties from Lotte’s 31 brands, including the snack company’s most popular picks as well as handmade baked goods, according to the company. Visitors to the SweetWorld can check out Lotte’s limited-edition snack packages and value deals, among others. In another corner is a Do-It-Yo
Aug. 6, 2015
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Stokke Korea plans to launch Xplory special-edition strollers
Norway-based baby product manufacturer Stokke Korea is planning to launch a special edition of its popular Xplory True Black stroller, the company said Tuesday. The upgraded stroller, aka the “style edition,” includes a black-and-white style kit on top of all the regular components of the Stokke Xplory True Black, which brings out the iconic design of the Stokke Xplory in all black. The exclusive edition stroller also features a black cup holder, a parasol, a seat liner, a blanket and the style
Aug. 6, 2015
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Hera launches Rouge Holic lipstick types
South Korea’s leading cosmetic brand Hera launched two new lipstick types as part of its popular Rouge Holic lipstick series. The new Rouge Holic glow-type lipsticks come in 10 colors and boast a glossy and smooth texture that helps bring out each color on the lips. The product coats the lips to lock in moisture, in order to prevent dried lips. The new Rouge Holic silk-type lipsticks are available in four colors and boast a thin, light texture. The new silk-type lipsticks have minimized the use
Aug. 6, 2015
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Sempio launches black vinegar jam
South Korean traditional fermented sauce manufacturer Sempio has launched three new types of black vinegar jam under its vinegar sub-brand 100Year. The jam was made by adding blueberry, pomegranate, and lemon and ginger to 100 percent naturally-fermented black vinegar. To achieve a healthier taste and smoother texture, the company used agave syrup, instead of sugar, as the jam’s main sweetener. The blueberry black vinegar jam includes whole blueberries, whereas the pomegranate black vinegar jam
Aug. 6, 2015
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Cosme Decorte launches premium base makeup
Cosme Decorte, a high-end cosmetics brand established by Japan-based KOSE, has newly added two new premium base makeup products to its AQ Meliority line. The AQ Meliority makeup essence is fused with a repairing emulsion which continually delivers active moisturizing ingredients into the skin for a glowing skin before applying makeup. The essence includes a special coating powder that covers up pores for a more even skin tone. The AQ Meliority powder foundation helps create a natural, translucen
Aug. 6, 2015
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Chaebol owners use tiny stakes to control business empires
Although the nation’s top 10 chaebol owners own tiny stakes in their business empires, their shady cross-shareholding structure allows their families to wield absolute power through affiliates, recent data found Thursday. According to Chaebul.com, an online conglomerate tracker, their average ownership stake was just 0.25 percent. Including the stakes owned by other family members, the figure increased to a mere 0.49 percent.Samsung Electronics chairman Lee Kun-hee, who has been hospitalized sin
Aug. 6, 2015
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[Graphic News] Apple stocks hit 6-month low
Shares of Apple, one of the world’s top companies in terms of market capitalization, dropped to their lowest price in six months, data showed Wednesday.According to Bloomberg, Apple’s stock price closed at $114.64 on Nasdaq Tuesday local time, a 3,2 percent decline from the previous day, and a 13.2 percent decrease from July 20, when the stock price was $132.07.Apple’s market cap at that point was $760.8 billion, and has since dropped to $657.6 billion, its valuation falling by $103.2 billion.Ap
Aug. 6, 2015
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Elliott asks Samsung C&T to buy back part of its stake
U.S. hedge fund Elliott Associates said Thursday it has requested that Samsung C&T Corp. buy back part of its stake in the South Korean construction firm, a move in line with its opposition against a key merger deal carried out by the country's top conglomerate, Samsung Group.Thursday is the deadline for shareholders of Samsung C&T to file claims with the builder to repurchase their shares in opposition to the planned merger with Cheil Industries Inc., the group's de facto holding firm. The merg
Aug. 6, 2015