BMW Korea CEO Kim Hyo-joon is expected to lay another important bridge connecting Korea and Germany, this time with his policy proposal that could be reviewed by President Park Geun-hye and her German counterpart Angela Merkel. At a recent forum hosted by the Korean-German Academy of Economics and Management in Germany, Kim delivered a speech on how to create better infrastructure for small and medium enterprises to gain competitiveness. “I suggested learning from Germany’s experience, emphasizi

A troupe of Samsung Group in charge of finding new business sectors, launched three years ago, has been dissolved for allegedly failing to produce tangible results. All executives and high-ranking officials mobilized to the task force team Tuesday were confirmed to have returned to the group’s affiliates where they previously worked.“The team was disbanded as of July 1 as it had fulfilled its duties in laying the groundwork for five new projects,” a Samsung official said. “The projects have been

Ahead of the coming bid competition for Woori Financial Group units, KB Financial Group is set to revamp its business structure to secure its position as a well-prepared potential acquirer.As the initial step, KB Financial is expected to carry out a full-scale personnel reshuffle after its new chairman nominee Lim Young-rok takes office on July 12, group officials said Tuesday.The financial firm, whose flagship is KB Kookmin Bank, is mentioned as one the few powerful contenders for the state-fun

Hyundai Heavy Industries, the world’s top shipbuilder, developed a high-resolution marine digital radar, which may detect small objects from extremely far distances, officials said Tuesday.The new radar, developed jointly by HHI and state-run research institutes, may detect objects as small as 70 centimeters from 10 kilometers or further, even under foul weather conditions, according to officials. Its electric amplifier is to last for up to 50,000 hours, which is about 16 times longer from the c

As the economic growth of India, Brazil and the EU is projected to be slower than expected in the latter part of this year, Korean exporters in these markets need to prepare for the risk of delayed payment, according to the state-run Korea Trade Insurance Corp., known as K-sure.The outlook for growth in these three markets was made based on a survey of officials from 14 overseas branches of K-sure on risk of nonpayment in the nation’s key export markets. The main business of K-sure is to guarant

CJ Group, South Korea’s leading food and entertainment conglomerate, said Tuesday that a group of management experts will lead the conglomerate as its chairman has been detained on charges of creating secret funds and evading taxes.CJ Group said, “The group will play the role of the group’s key decision maker,” in order to maintain the operations of the group. On late Monday, Lee Jay-hyun was taken to a detention center on the southern part of Seoul immediately after a warrant was issued for his

The chairman of food and entertainment conglomerate CJ Group was further questioned Tuesday while in prosecution custody over alleged tax evasion and embezzlement, officials said.Lee Jay-Hyun was jailed at the Seoul Detention Center on the southern outskirts of Seoul Monday shortly after a district court approved the prosecution's request for an arrest warrant for the country's 10th richest man.The 53-year-old allegedly dodged some 70 billion won ($61.4 million) in taxes through stashing secret

South Korean stocks closed almost flat Tuesday as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms' second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.71 points, or 0.04 percent to close at 1,855.02. Trading volume was high at 479.6 million shares worth 3.84 trillion won ($3.39 billion) with gainers outpacing losers 431 to 379."Seoul shares tr

South Korea's government and the central bank are discussing whether to include the Bank of Korea (BOK)'s debt in data on public debt to be newly released next year, officials said Tuesday.The government plans to provide additional figures on public debt including public firms' debt holdings in a bid to offer a more accurate picture of financial conditions in the public sector.The BOK said that the government and the central bank are in talks over whether the central bank's issuance of monetary

South Korean stocks traded 0.11 percent lower late Monday morning on losses in techs and autos, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.08 points to 1,853.65 as of 11:20 a.m.Tech blue chips traded bearish, with top chipmaker SK hynix losing 7.29 percent and leading flat panel maker LG Display falling 1.63 percent. Samsung Electronics, however, edged up 0.68 percent.Carmakers also lost ground, with No. 1 player Hyundai Motor falling 3.59 percent and its smalle

South Korean stocks opened higher Tuesday as investors' sentiment got a boost from improved economic data from the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.16 points, or 0.17 percent, to 1,858.89 in the first 15 minutes of trading. Shares gathered ground across the board, with Samsung Electronics adding 0.68 percent and its smaller rival LG Electronics moving up 0.27 percent. Top auto parts maker Hyundai Mobis moved up 1.48 percent.U.S. stocks

Prosecution expected to launch investigation into suspected cartel: market insiders