Sept 23, 2017 Industry
The prosecution arrested a former chief of Korea Aerospace Industries Co. (KAI) Saturday as part of a probe into an accounting fraud case at the nation's sole aircraft maker.The Seoul Central District Court issued an arrest warrant for Ha Seong-yong, citing the possibility of him fleeing and destroying evidence. Ha Seong-yong, former chief of KAI (Yonhap)Ha has been detained on a string of charges from accounting fraud and breach of trust to embezzlement. Prosecutors believe Ha instructed KAI of
Sept 23, 2017Industry
The government said Friday it will soon come up with measures to get big businesses to share profits with subcontractors.The government will complete a study on a viable profit-sharing model by the end of the year so a bill could be presented to the National Assembly for passage in 2018, an official of the Ministry of SMEs and Startups said."We are planning to clearly define the concept of Korean-style profit sharing through the development of a Korean model," the official said. "We are also exp
US-based business magazine Forbes on Friday named Samsung Group as one of the top five influential companies in Asia, citing its achievements in the tech segment.Forbes said Samsung Electronics was one of the five companies that "have shaped Asia and the world," along with Japanese Toyota Motor Corp., Sony Corp., India-based HDFC Bank and China's commerce giant Alibaba Group.The US magazine said Samsung's business strategy announced in 1993, where now-bedridden head Lee Kun-hee made his famous r
Dongbu Group Chairman and CEO Kim Jun-ki resigned from his post on Thursday after being sued by his secretary for alleged sexual harassment two days prior.“Deeming that my personal problem should not burden the company, I resign from the chairman and CEO posts of Dongbu Group,” Kim said in a statement, apologizing to the members, investors, shareholders and customers of the firm.Kim is accused of sexually molesting a secretary, whose name was withheld, regularly between February and July this ye
India's commerce minister met with South Korean company leaders Thursday to listen to the difficulties they experience while doing business in the rapidly growing Indian market, an industry group said. At the meeting -- which is being held separately from the seventh ASEM Economic Ministers' Meeting that runs for three days through Saturday in Seoul -- Commerce and Industry Minister Suresh Prabhu met Korean business leaders from Samsung Electronics Co., Kia Motors Corp. and POSCO. In this photo
E-mart's home meal replacement brand Peacock is entering the overseas market beginning with Hong Kong and the United States this month, the discount retailer chain said Thursday.Although Peacock products have been sold overseas in the past through limited-time promotions, this is the first time that it has been officially delivered as a brand to overseas retail chains.Peacock products are on display at a Market Place by Jasons outlet at the K11 mall in the Tsim Sha Tsui district, Hong Kong. (E-m
Standard Chartered Bank Korea, a subsidiary of British banking service Standard Chartered PLC, has launched two new banking cards in partnership with Samsung Card, the company said. Earlier this month, the two companies unveiled the “Standard Chartered Daily Samsung Card” and the “Standard Chartered Life Samsung Card,” their first collaborative products since signing a comprehensive partnership agreement last year. The two companies have come up with the new lineup by jointly making consistent
South Korean chipmaker SK hynix Inc. said Thursday that Japan's Toshiba Corp. has agreed to sell stakes in its memory business to a consortium that includes South Korea's No. 2 chipmaker and US investment firm Bain Capital, although details of the deal are still subject to further negotiations."As details of the approval made by Toshiba's board of directors still need to be negotiated, SK hynix will continue with discussions to best reflect our interests," the company said in a regulatory filing
Samsung Heavy Industries Co., a major shipyard in South Korea, said Thursday that it has developed its own liquid natural gas regasification system for its LNG floating storage and regasification unit.The new LNG regasification system, called S-Regas, uses glycol and reduces the risk of corrosion caused by traditional methods of heating LNG directly with seawater, according to Samsung Heavy. This photo, provided by Samsung Heavy Industries Co., shows its floating storage and regasification unit.
Posco Daewoo, the trading arm of Korean steel giant Posco, hosted a two-day Global Staff Conference at Shanghai, China, to search for ways to bolster its steel and grain business globally, the company said Thursday.“The company’s staff working overseas are valuable assets directly linked with our sales capacity, expanding local networks and spotting new business opportunities,” said Posco Daewoo CEO Kim Young-sang.Kim and some 50 employees from 34 overseas branches shared thoughts on ways to exp
The top court on Thursday found a former head of the state-run Korea Development Bank guilty of slandering Lotte Group Chairman Shin Dong-bin. The Supreme Court upheld the lower court's defamation conviction of Min Euoo-sung and a 5 million won ($4,412) fine. Min was sued by Shin and Lotte for telling reporters in October 2015 that Shin Kyuk-ho, the chairman's father and the group founder, was "caged up" in his office at Lotte Hotel in central Seoul and that he was being "surveilled" by his son.
Samsung Biologics Co. said Wednesday its affiliate Samsung Bioepis Co. won a nod from South Korea‘s drug agency to sell its biosimilar dubbed SB5.Through the approval granted by the Ministry of Food and Drug Safety, Samsung Biologics said in a regulatory filing that the biosimilar is ready for sale in the country. Ko Han-sung, CEO of Samsung BioepisThe SB5 is a biosimilar of Humira released by U.S.-based AbbVie Inc., used for the treatment of various diseases including Crohn’s disease and rheuma
Sept 20, 2017Industry
Seoul Global Center will host the 2017 International Start-ups Business Fair at Seoul Business Agency in Mapo, Seoul, Thursday.At the fair, 12 start-up companies ran by expat entrepreneurs who come from 11 different countries, will present their business in front of investors, city officials and fellow entrepreneurs.The fair’s organizer Seoul Global Center offers incubation support for expats who seek to start a business in Korea. International Start-ups Business Fair 2016 (Seoul Global Center)“