SK Networks Chairman Choi Shin-won became the first recipient of the United Way Global Philanthropy Award, the company said Sunday. Choi received the award during the Community Leaders Conference held by United Way Worldwide in Orlando, Florida, Tuesday to Friday. UWW is one of the world‘s largest charities, currently with a network of some 1,800 affiliates globally. “We have great faith in th...

South Korean retail conglomerate Lotte Group is likely to unveil a series of steps next week to simplify its complicated governance structure, which may include split-ups or mergers of key affiliates, industry sources said Friday. The group's two key affiliates -- Lotte Shopping Co. and Lotte Confectionery Co. -- are rumored to be rolling out the plan at their respective shareholders meeting nex...

GS Group chairman Huh Chang-soo, who is also the chairman of the Federation of Korean Industries, participated in the group’s quarterly board meeting on Wednesday and emphasized on the need to prepare for the uncertain future. Encouraging on the group’s latest achievements, including the implementation of LNG terminal in Boryeong and GS Retail’s investment in K bank, Huh urged the board members ...

Samsung Group's de facto leader on Friday denied bribery allegations during his first court hearing held in relation to a massive corruption scandal that brought down former President Park Geun-hye. Lee Jae-yong, vice chairman of Samsung Electronics Co., appeared at the Seoul Central District Court in a gray suit, along with four other senior executives from the business group. He was arrested ...

Posco Chairman Kwon Oh-joon (left) shakes hands with a winner of the company’s “golden bell” quiz held to celebrate the company’s 49th anniversary at its Gwangyang steel mill on Friday. The steel giant has been shunning elaborate events to mark its anniversary ever since the inauguration of Kwon as the chief in 2014 and instead has organized “modest programs” for its employees in Seoul, Pohang a...

The French Korean Chamber of Commerce and Industry hosted the “La Francophonie Economique” seminar last Tuesday, to help boost cooperation between Korean and Francophone businesses and institutions operating in the country, the organization said Sunday. The event was held in cooperation with the French Embassy, the Korean Chamber of Commerce and Industry and Korea-Africa Center. First of its ki...

Golden Blue, South Korea’s leading whisky brand held a scholarship ceremony last Thursday in Seoul. The Master Blender project of the company aims to raise distilling professionals for the advancement of Korea’s liquor industry. The application for the project began in December last year, and two were finally chosen after screening and interview. The first recipients, Kim Bit-na and Kim Joon-mi...

SK Innovation, South Korea’s top oil refinery, recently hosted a unique event, inviting consumers and the press to join its pre-ad production featuring artist Garip Ay of ebru painting. Garip Ay, of Turkey, is a marbling artist who has recreated masterpieces such as Van Gogh’s Starry Night on oily water using ebru, one of the oldest Turkish arts, by sprinkling and brushing color pigments. On Fr...

South Korea's major business groups prefer scholars to retired government officials as outside directors, data showed Thursday, as local companies move to cope with alleged bribery involving former President Park Geun-hye and some conglomerates. As many as 57 out of 126 outside directors appointed by the country's 10 biggest conglomerates this year were professors, according to the data by marke...

Tech giant Samsung Electronics Co. said the largest corporate tax in South Korea in 2015, with the top 10 taxpayers accounting for about 24 percent of the total corporate tax revenue, data showed Thursday. Samsung Electronics, the flagship of South Korea's leading conglomerate Samsung Group, paid 3.2 trillion won ($2.87 billion) in taxes in 2015, taking up 7.1 percent of the total revenue, accor...

Korean builder Hyundai Engineering and Construction will focus on expanding and diversifying overseas businesses to maintain financial stability, the company said Monday. By focusing on foreign markets and quality construction projects, the company saw an operating profit exceeding 1 trillion won ($898 million) last year, a first among South Korean builders, bucking the trend in the sluggish ove...

South Korean tech giant LG Electronics Inc. unveiled its test lab to the public for the first time to reassure customers of the safety of its flagship smartphone G6 and its battery, industry watchers said Sunday. The company last week took the press on a tour of its smartphone production line located in Pyeongtaek, some 70 kilometers south of Seoul, amid concerns about smartphone safety sparked ...

LG Display Co. plans to supply 700,000 units of liquid crystal display panels for TVs to Samsung Electronics Co. this year, industry tracker IHS Markit said Sunday. It will be the first such deal between the two South Korean firms, which are competing in the global tech industry. Samsung earlier sought to receive panels from Sharp Corp., but the Japanese player earlier announced it would end th...

The combined market capitalization of 11 affiliates of LG Group, including LG Electronics Inc., has surpassed 80 trillion won ($71.3 billion), boosted by their better-than-expected earnings, industry data showed Saturday. According to the data compiled by industry tracker FNGuide, the market value of LG's 11 affiliates stood at 80.1 trillion won as of Friday, up 13.9 percent from the end of last...

The lady of the Samsung family Hong Ra-hee, 72, resigned last week from her position as the director of Leeum Samsung Museum of Art for personal reasons. The decision astounded the business and art communities as the “super collector” had the discerning eyes and financial capabilities to purchase valuable art works. As of March 7, Hong ranks 10th on The Superich Team’s “Korea’s Richest 100,” and...