Articles by Suk Gee-hyun
Suk Gee-hyun
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[SUPER RICH] Orion chairman seeks to reclaim past glory in Chinese film market
Showbox Mediaplex, the film-making arm of Orion Group, the nation’s second-biggest snack-maker, made headlines on March 25 when the company announced its expansion to China by signing an exclusive partnership with China’s leading entertainment giant Huayi Brothers.The news once again brought the limelight to the business group’s chairman Tam Chul-kon as the Chinese-Korean is apparently hoping to recreate his “rags-to-riches legend” once again and take the faltering conglomerate back to its glory
Industry March 31, 2015
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Card firms vie for Costco partnership in Korea
Local card companies are fiercely competing to become the sole contractor for Costco stores in South Korea.The U.S. retail giant, which has had an exclusive partnership with Samsung Card for 15 years, is considering terminating its exclusive contract in May, according to news reports.Spotting an opportunity, some other card companies were quick to establish a task force in a bid to get a share of the U.S. retailer’s 2.86 trillion won ($2.59 billion) revenue in Korea. Hyundai Card, the country’s
Industry March 30, 2015
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Slush fund scandal may delay Dongkuk Steel’s Brazil project
The latest prosecution’s raid on Dongkuk Steel Mill and its investigation into the group owner are casting a cloud on the future of the nation’s faltering third-largest steelmaker, which had hoped for revitalization through its ongoing Brazil project.The prosecution unexpectedly raided the headquarters of the steelmaker in Seoul on Saturday, on suspicion that the firm stashed some 10 billion won ($9.06 million) in U.S. accounts to avoid taxes. It is also suspected of exaggerating the sales price
Industry March 29, 2015
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Lotte, Shinsegae compete for rich Chinese
South Korea’s two retail giants Lotte and Shinsegae are duking it out to attract the growing number of rich Chinese shoppers visiting the country. Lotte Department Store is reportedly reviewing plans to build an eight to nine-story building next to its headquarters in the shopping district of Myeong-dong, Seoul, a popular destination for Chinese and Japanese tourists. Chinese tourists visit the shopping district of Myeong-dong, Seoul, during the Lunar New Year holiday in February. (Yonhap)The n
Industry March 27, 2015
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Hyundai Heavy speeds up business consolidation
Hyundai Heavy Industries Group, the country’s top shipbuilding conglomerate, is speeding up consolidation of the business management units of its three shipbuilding-related subsidiaries in an effort to streamline operations.The group said Tuesday that Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard will come under a single management system for finance, accounting, information technology and public relations. “We hope to lower the cost and burden of overlapping
Industry March 25, 2015
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McDonald’s in conflict with part-timers union
McDonald’s Korea and the nation’s union of part-time workers are at odds over the company’s hourly wage and workplace environment.The union said it would hold a rally in Seoul this weekend to protest “McDonald’s low wages and poor working environment.”But the Korean unit of the fast-food chain Tuesday denied the allegations that its hourly pay is not more than the legally set minimum wage of 5,580 won ($5.05). The company said it has paid workers 7,000 won to 9,000 won an hour. “Under our philo
Industry March 24, 2015
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AK Plaza tops Galleria for first time
AK Plaza, the department store affiliate of Aekyung Group, became the fourth-largest department store in South Korea in terms of sales, beating the posh Hanwha Galleria for the first time since launching its business in 1993, the company said Monday.AK Plaza recorded total sales, including online and in-store, of 2.15 trillion won ($1.92 billion) last year, surpassing Hanwha Galleria’s 2.05 trillion won. “All five outlets rank at No. 1 in each region. The sales figure of the Suwon branch in Gyeo
Industry March 23, 2015
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LG affiliate’s beverage business less than stellar
LG Household & Health Care’s hopes of making a splash in the beverages market appears to have foundered, despite its initial vigorous drive.According to data compiled by CEOScore, a local website which specializes in analyzing corporate performance, LG Household & Health Care’s beverage business’s performance has been less than stellar.The data showed that the company’s operating profits from the business only recorded marginal growth despite a large jump in sales.Last year, the company’s sales
Industry March 22, 2015
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Shin reelected to board despite opposition
Lotte Group founder and general chairman Shin Kyuk-ho was reelected to the internal board of its retail affiliate Lotte Shopping on Friday, amid the prosecution’s widening probe into the firm’s irregular activities including slush funds.Despite opposition from some local consultancies, Shin won the majority support at an annual shareholders’ meeting that lasted less than 25 minutes. Analyst firms Daishin Economic Research Institute and Sustinvest had adviced Lotte shareholders to vote against Sh
Industry March 20, 2015
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Chanel cuts price of handbags 20%
In an unusual move, French fashion house Chanel will lower the prices of its handbags by 15-20 percent in South Korea to boost weak domestic consumption, the company said Wednesday.Chanel will start lowering the price of three of its most popular lines ― the Boy Bag, the 11.12 and the 2.55 ― on April 8.The move comes less than a year after Chanel raised the prices of some accessories by 5-15 percent in June and November. “Chanel has continuously raised its price tag in the past, and now it’s low
Industry March 18, 2015
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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
Industry March 17, 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
Industry 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
Industry March 15, 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-
Industry March 12, 2015
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POSCO to supply metal for Porsche 911
POSCO, South Korea’s leading steelmaker, said Wednesday it will be supplying lightweight magnesium sheets to Porsche for the German sports carmaker’s highest-performance model, the 911 GT3 RS. POSCO said the material will be used for the roof of the new GT3 RS, the first body adoption of the material that has been used for a limited number of smaller car parts. “We expect the demand for auto parts using magnesium will continue to grow at a fast pace,” POSCO said in a statement. Body work for Por
Industry March 11, 2015
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