Posco Daewoo has decided to rebrand itself as Posco International during a general shareholders meeting, according to the trading arm of South Korea’s largest steelmaker Monday. The firm said the change of the name is aimed at shaping its identity as a global trading company, leading global business of Posco Group and raising the future valuation. Posco International CEO Kim Young-sang (Posco International)“The launch of Posco International is an important momentum to create synergies with overs

Sweden-based audio streaming platform Spotify is poised to enter the South Korean digital music market worth 1 trillion won ($880 billion), according to the Electronic Times on March 18. The local media report cited anonymous sources in the industry noting that the Swedish firm has initiated negotiations with copyright collectives to discuss the distribution rates of contents. Some Apple Korea employees have also already signed on to join Spotify Korea.  “The demand for K-pop mu

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed. Defining the symbolic cityscape of Seoul is Sejong Main Street, a 10-lane road that runs across the downtown area, stretching from Seoul Station to Gwanghwamun Square. Halfway along this main road, just north of Sungnyemun, the southern gate of Seoul, is the “Taepyeong-ro zone,” location of landmark buildings such as the palace Deoksugun

Tech giant seen moving fast to maintain lead on prediction of market recovery next year　　

The number of preorders for Hyundai Motor’s all-new Sonata has surpassed the 10,000 mark in five days across the country since the carmaker start receiving orders on March 11, the company said Sunday.The eighth-generation Sonata sedan is selling faster than the previous one, around 2,000 units a day. On average, a total of 5,487 units of the seventh-generation Sonata, also known as Sonata LF, were sold a month last year, the company explained. The 8th generation Sonata (Hyundai Motor)The portion

South Korea’s largest 10 conglomerates held record-high cash reserves last year, as they earned more on thriving chip businesses but spent less on fears of a sluggish economic outlook.According to local corporate tracker Chaebul.com on Sunday, the nation’s 10 biggest business groups by assets had combined cash reserves of around 248 trillion won ($218 billion) last year, up 12.2 percent from 2017, based on the consolidated financial statements of their 95 affiliates. The cash reserves in consoli

Controversy erupts over government's method of blocking ‘illegal’ websites

Most of the big Korean companies are facing disapproval from foreign pension funds over their financial statements ahead of their imminent shareholders meetings in March, as they have not been audited by an independent panel.On Korea Corporate Governance Service’s online website Voting Information Plaza, of the 89 companies that have posted their agenda for annual shareholders meetings, 56 received opposition from more than one foreign pension fund.  (Yonhap)The State Board of Administration of

The US trade authority said Saturday that it has made a request to the South Korean government to have consultations under the bilateral free trade deal on resolving competition-related issues."The Office of the US Trade Representative today requested the first ever consultations with the Republic of Korea under the chapter on Competition-Related Matters (Chapter 16) of the United States-Republic of Korea Free Trade Agreement," the USTR said in a press release posted on its homepage."Through the

LG Uplus Corp. on Friday sought approval from the government to purchase a majority stake in leading cable TV operator CJ Hello, officials said.    The Ministry of Science and ICT will review whether South Korea's No. 3 mobile carrier's move to become the largest shareholder of CJ Hello is in accordance with the country's telecommunication and fair trade laws. (Yonhap)    Earlier, the board of directors of LG Uplus approved the purchase of a 50 percent plus one share stake in CJ Hello from CJ EN

South Korean e-commerce company Coupang said Friday that it has tapped a former vice president at Walmart as its new chief compliance officer and general counsel. Based on his legal expertise, Jay Jorgensen had served as Walmart’s vice president and CCO for seven years since 2012. His effort to organize and implement the ethics program among employees has been awarded as the best governance, risk and compliance program by New York Stock Exchange Governance Services in 2016. Coupang’s new CCO Jay

South Korea’s government said Friday that all Boeing 737 Max 8 aircrafts will be banned from passing the country’s airspace for safety issues until June 15, in the wake of a recent plane crash in Ethiopia which killed all passengers on board.The Ministry of Land, Infrastructure and Transport released a Notice to Airmen (NOTAM) to alert pilots and air carriers on its decision to forbid B737 planes from flying in and out the country for the next three months. (Yonhap)The measure came a day after t

An executive of SK Chemicals Co. has been arrested on the charge of destroying evidence on the toxicity of raw materials for humidifier sterilizers supplied to other local companies, court officials said Friday.The Seoul Central District Court reviewed arrested warrants requested for three executives and one employee of the SK Group affiliate amid prosecutors' expanding investigation into the humidifier sterilizer scandal and approved one, for Park Cheol, senior vice president of SK Chemicals.Ar

Prosecutors raided South Korea's main stock exchange Friday as part of a probe into alleged accounting fraud by Samsung BioLogics Co.Investigators from the Seoul Central District Prosecutors' Office were sent to search the Korea Exchange in western Seoul. They also raided the offices of two Samsung units -- Samsung S&T Corp. and Samsung SDS Co. -- on Thursday in the probe into the biopharmaceutical company.  (Yonhap)Prosecutors are investigating allegations that Samsung BioLogics Co. broke accou

Daewoo Shipbuilding & Marine Engineering Co., one of the country's top three shipyards, said Thursday that its net profit halved in 2018 from a year earlier due to a loss from asset sale.Net profit reached 320 billion won ($282 million) last year, compared with a profit of 645 billion won a year earlier, the company said in a regulatory filing.Operating income, however, surged 40 percent on-year to reach 1.03 trillion won as set-aside reserves, against potential losses, were reclassified as oper