Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[DECODED] SK runs on harmonious kinship, so far
At key SK companies, men surnamed Choi or Chey hold prominent management positions. Most of them are the offspring of the late SK Group founder Choi Jong-kun and relatives of current Chairman Chey Tae-won. Choi and Chey are the same Korean surname written differently in English, a deviation that stems from Choi’s US-educated brother Chey Jong-hyun choosing to spell his family name differently. Jong-hyun later inherited the group and became the second SK chairman. The oldest of the SK kin partici
Sept. 27, 2016
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[DECODED] Chey's control tightens at SK
The way SK Group reorganized its whopping 88 affiliates and subsidiaries into a holding company structure -- billed as an advanced model of multi-company governance -- is a subject of fervent study by Korea’s other family-run conglomerates often criticized for opaque governance. Through a series of carefully devised steps spanning well over a decade, Chairman Chey Tae-won simplified the group’s tangled ownership and eliminated highly controversial cross-shareholdings. He also secured greater con
Sept. 27, 2016
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[DECODED] Chey leads SK’s global search for growth
The chief executives of key SK companies have been busy doing homework lately. In front of SK Group Chairman Chey Tae-won and his fellow CEOs, they have to make a presentation next month on ways to fundamentally challenge the way they make money, work and use assets. The task is an assignment given by Chairman Chey after his TED-style lecture-cum-speech in July on the changing business environment and SK’s future. “Companies that do not change in a changing environment don’t just risk perishing
Sept. 26, 2016
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[DECODED] Who is Chey Tae-won?
If the life story of SK Group Chairman Chey Tae-won is ever to be made into a film or TV drama, it would be a mash-up of genres -- romance, corporate and even courtroom drama. A 20-something Chey has a campus romance with the president’s daughter and marries her at the Blue House. At 38 years of age, he is crowned successor of Korea’s fifth-largest conglomerate owning the country’s biggest firms in oil refining and telecommunications. In his 40s, he scores a dramatic victory against a hostile ta
Sept. 26, 2016
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[Super Rich] Chaebol modelling for own business
Instead of hiring glamorous TV stars, some Korean superrich have opted to model for their own business in print or on TV. Commercials featuring big bosses tend to give audience a sense of trustworthiness, not to mention the cost saved. This week, The Superrich Team introduces business chiefs who were featured on the advertisement of their own company.Tam Chul-kon, Orion Group Confectionary-focused Orion Group’s chairman Tam Chul-kon is one of the first business tycoons to appear in company comme
Sept. 22, 2016
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[Super Rich] Hur Young-in, Korea’s undisputed bread king
A mega hit Korean television drama “Bread, Love and Dreams” in 2010 features a Korean bakery chaebol’s illegitimate child overcoming all varieties of hardships with passion to make quality bread. Although the main character Kim Tak-gu’s complicated family background is fictitious, his unyielding passion for bread and pastry originates from the real life story of Hur Young-in, chairman of SPC, the country’s largest confectionary group. Hur is undisputed “bread king” in Korea, running a number of
Sept. 22, 2016
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Ottogi vows to enhance social responsibility
Ottogi Co., a leading food company in South Korea, vowed to continue being devoted to its corporate social responsibility programs. “CSR is one of the most important roles of a company,” a spokesman from the company said. “We will commit more in social responsibility to become trustworthy and responsible to customers.” Children pose during a ceremony to celebrate 4,000 successful cardiac surgeries funded by Ottogi in November 2015 (Ottogi)Seoul-based Ottogi has been running several CSR programs
Sept. 22, 2016
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Overseas Korean businesspeople to gather for conference in Jeju
Some 1,000 Korean businesspeople from around the world will hold a meeting on the southern resort island of Jeju later this month to expand business opportunities and discuss ways to contribute to the development of South Korea’s economy, the event's organizer said Wednesday.About 2,000 local businesspeople will also join the 15th World Korean Business Convention under the theme "New Changes & Possibility, Hansang Network" set for Sept. 27-29, the Overseas Koreans Foundation said. Hansang refers
Sept. 21, 2016
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LG Chem chief rated as top local CEO
The chief of LG Chem Ltd., a chemical unit of South Korean conglomerate LG Group, has been rated as the best performer among CEOs of the country's top 500 companies, data showed Wednesday.According to the data by market researcher CEO Score, Park Jin-soo, vice chairman of LG Chem, the country's leading electric vehicle battery maker, received 68 points out of a possible 100 in an assessment of CEOs' management performance in the first half of 2016.Park came in sixth last year in terms of perform
Sept. 7, 2016
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Samsung to shut down streaming radio service in US
South Korean tech giant Samsung Electronics Co. on Monday said it will shut down its two-year streaming radio service, Milk Music, next month, amid media reports that the service has failed to appeal to users. In a statement posted on the company's website last Friday, Samsung said, "(It is) sun setting its Samsung Milk Music service in the United States on September 22, 2016. "We have made the strategic decision to invest in a partner model focused on seamlessly integrating the best music servi
Aug. 22, 2016
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SK Telecom becomes top-paying firm in Korea
SK Telecom Co., South Korea's biggest mobile carrier, became the highest-paying company in the country with an average salary of 67 million won ($60,497) for the first half of the year, according to the company's regulatory filing on Thursday. The average salary of SK Telecom, which has focused on investment in the Internet of Things and location-based mobile services, rose 5 million won from six months ago. Men at SK Telecom earned an average salary of 70 million won during the January-June per
Aug. 18, 2016
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Foreign startups pitch at accelerator program in Korea
A group of international entrepreneurs from across the world pitched their business ideas on Wednesday at a startup acceleration event hosted here by the South Korean government.The K-Startup Grand Challenge, the first of its kind, is sponsored by the Ministry of Science, ICT and Future Planning and conducted by the National IT Industry Promotion Agency with the cooperation of four accelerators, or venture capitals.The ministry said 78 startups were picked from a total of 2,439 applicants from 1
Aug. 17, 2016
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Samsung Electronics forecast to post 30 tln-won operating profit in 2016
South Korea's brokerages on Sunday forecast Samsung Electronics Co. will post an operating profit of more than 30 trillion won (US$27 billion) for this year on strong demand for new smartphones. For the world's largest smartphone marker by shipments, it will be the second time profits will top the 30 trillion-won mark. In 2013, the corresponding number was 36.785 trillion won, according to market research firm FnGuide.The market consensus for the company's operating income this year continued to
Aug. 14, 2016
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Lotte Duty Free reopens in Gimpo
Lotte Duty Free has reopened its store in Gimpo Airport, the firm said Friday. The company had secured its operation license in May. The duty-free operator has selected cosmetics, fragrances and accessories as major products for the store to meet travelers’ demand for Korean beauty products, it added.Despite concerns of its business feasibility due to high rental fees, Lotte expects to attract more customers, citing its store’s favorable location in the airport, near Gate 35 where many travelers
Aug. 12, 2016
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Samsung BioLogics submits application for IPO plan
Samsung BioLogics Co., a medicine-producing subsidiary of South Korea's Samsung Group, on Friday applied for preliminary approval for its planned initial public offering, the local bourse announced.The Korea Exchange is required to inform Samsung BioLogics of the results of a related panel's review within the coming 45 business days, officials said.If it's approved, the company will begin the formal process for the IPO reportedly valued at around 3 trillion won ($2.7 billion).Samsung BioLogics i
Aug. 12, 2016
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CJ to step up global expansion following chairman's release
CJ Group, South Korea's leading food and entertainment conglomerate, said Friday it will step up its global expansion following the release of its ailing chairman on special pardon.Lee Jay-hyun was indicted in 2013 on charges of embezzlement and tax evasion and was given two and a half years in jail last year, along with a fine of 25.2 billion won ($22.8 million). His confinement has been suspended a number of times because the 56-year-old suffers from Charcot-Marie-Tooth disease, which involves
Aug. 12, 2016
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Brotherly dispute at Kumho ends with less than reconciliation
A dispute between Kumho Petrochemical and Kumho Asiana Group that also placed strain on the two brothers that run the companies has apparently come to an end after the former withdrew its legal complaint against the latter, the companies said Thursday.Kumho Petrochemical, run by young brother Park Chan-koo, said it has dropped all legal suits against Kumho Asiana Group, which is run by Park's older brother Sam-koo.The companies have been mired in a number of legal disputes.The latest suit raised
Aug. 11, 2016
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Kakao's Q2 net dips 38% on slumping ad biz, increased costs
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, on Thursday said its second-quarter net profit plunged 38 percent from a year earlier, as its advertisement business suffered from falling seasonal demand and it spent big on new businesses.Net profit reached 13.2 billion won ($12 million) on a consolidated basis in the April-June period, compared with 21.4 billion won the previous year, the company said in a regulatory filing. Operating income surged 133 percent on-year
Aug. 11, 2016
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Samsung acquires U.S. premium kitchen appliance maker
South Korea's tech giant Samsung Electronics Co. on Thursday said it has signed a contract to acquire a U.S. premium kitchen appliance maker, Dacor, in a move to bolster Samsung's presence in the American luxury home-appliance market. The financial terms of the contract were not revealed, but Yoon Boo-keun, head of Samsung's consumer electronics business, said the deal allows Samsung to own a luxury brand that "gets recognition by the American people." Samsung plans to make "steady investments t
Aug. 11, 2016
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Former chief of Lotte's ad firm summoned over alleged slush fund
Prosecutors summoned a former chief of Daehong Communications Inc., Lotte's advertisement affiliate, on Wednesday for questioning over the alleged creation of a slush fund, as they widened their probe into the country's fifth-largest conglomerate.The Seoul Central District Prosecutors' Office said it summoned Choi Jong-won over suspicions the ad firm funneled more than 1 billion won ($880,000) into a slush fund by faking deals or exaggerating unit prices.The 58-year-old is also accused of siphon
July 27, 2016