Citibank Korea, the South Korean unit of Citigroup Inc., has proposed slightly reducing the number of branches it plans to shut down, an industry source said Tuesday, in a bid to avoid a backlash from its labor union. If the labor union of Citibank Korea agrees on the proposal, the number of branches facing closure will be cut to 90 from 101 in South Korea. Last Friday, five branches of Citibank Korea were shut down and 30 more branches will be closed by the end of this month. (Yonhap)The move h

The state-led C1 Gas Refinery R&D Center hosted an international symposium last month in Seoul to discuss latest biotechnologies used in gas conversion, officials said Monday.The event was held in Sogang University on June 30 and invited Lanzatech, a biofuel company equipped with advanced technology to turn industrial waste gases into low-carbon fuels, along with local companies. Researchers of C1 Gas Refinery R&D Center pose for a photo. (CGRC)Among discussions at the symposium were global mark

The head of South Korean retail giant Lotte vowed on Monday to boost the group's transparent management as it attempts to tide over a string of troubles through a governance shakeup. During an IR session held in Tokyo, Lotte Group chairman Shin Dong-bin said his group will be able to better adapt to changing market circumstances with transparent management once the revamp plan for its management structure is completed this year. "Lotte Group will continue with its growth as a trusted company by

State-run Korea Development Bank said Monday it has begun preparatory work to sell its controlling stake at Daewoo Engineering & Construction Co.KDB plans to pick an investment bank, a law firm and an accounting firm during next month to arrange the planned sale of its 50.75-percent stake in Daewoo Engineering that has been valued at 1.65 trillion won ($1.42 billion) as of Monday closing price.  (Yonhap)KDB will announce the sale of the Daewoo Engineering stake by the end of this year after cond

Kumho Tire will sponsor the 2017 Kumho Tire Women’s Open at Weihai Point Hotel and Golf Resort in Shandong, China, from Friday to Sunday, the company said Wednesday. Kumho Tire has been holding Korea Ladies Professional Golf Association tournaments since 2013. This is the fifth time the company will be holding the event.  (Kumho Tire)A total of 123 Korean and Chinese golfers will compete in the golf event, including Korean pro golfer Jang Ha-na and China’s Peng Shanshan, both of whom the company

Jin Air Co., one of South Korea's biggest budget carriers, on Friday opened a new route to Jeju Island to capitalize on growing low-cost travel demand during the peak summer season.The low-cost carrier has allocated a 189-seat B737-800 jet to serve the Gwangju-Jeju route two times a day, the airline said in a statement.  A Jin Air B737-800 passenger jet takes off from a runway in this undated photo. (Photo courtesy of Jin Air)It currently operates three flights between the resort island and thre

VORNADO Korea, a domestic marketing company that has imported air circulators from US-based VORNADO since 2007, has found its footing in the South Korean market.VORNADO, which started its business in the mid-1940 in Kansas, is a US-based company that manufactures household fans and appliances related to air circulation. It prides itself on its signature energy efficient Vortex Technology, which allows all the air in a room to circulate by using a special airflow. A VORNADO VFAN Vintage Air Circu

Banks and other financial institutions in South Korea have been on guard over threats of cyberattacks by alleged financial blackmailers, according to the banks and financial institutions on Tuesday. No damage has been reported so far, but about 20 banks, brokerages and the Korea Exchange received threats by hacking groups about paralyzing their Web sites.They received e-mails that set a deadline to transfer funds to the blackmailers to avoid the attacks.  (Yonhap)On Monday, four financial instit

Samsung Electronics Co. gained the No. 2 spot in the global wearable market in the first quarter of this year by overtaking Fitbit for the first time, on the back of the success of its Gear S3 smartwatch, data showed Sunday. According to the data compiled by Strategy Analytics, Samsung captured 12.8 percent of the global market share in terms of sales during the January-March period, overtaking Fitbit with 12.2 percent. Apple maintained its No. 1 status with a commanding 53-percent market share.

Hyundai Mipo Dockyard Co., an affiliate of shipbuilding conglomerate Hyundai Heavy Industries Co., sold its stakes in the affiliate recently spun off from its parent firm, a move seen to accelerate the conglomerate's drive for a holding company structure.In March, shareholders of Hyundai Heavy approved the company's plan to hive off its noncore businesses, aimed at what it claims will boost each business unit's competitiveness.Under the plan, the shipyard split into four independent entities: sh

GS Caltex Chairman Huh Jin-soo hosted a musical concert in Seoul on Monday to celebrate the company’s 50th anniversary with its longtime clients and business partners, the firm said Wednesday.“GS Caltex has grown along with customers for the past 50 years,” he said at the concert, which featured soprano Shin Young-ok and samulnori -- Korean traditional percussion -- musician Jang Sa-ik.GS Caltex Chairman Huh Jin-soo (GS Caltex)“(The company) will provide stable and sustainable value and will rem

Jeju Air Co., a South Korean budget carrier, said Wednesday it will open a route to Taiwan's Kaohsiung next month, the first such service offered by a local airline. The move is part of local budget carriers' efforts to expand routes to Southeast Asia and Japan not only to absorb growing low-budget travel demand but also to offset sharp declines in travel demand from China amid a diplomatic row over the deployment of a US anti-missile system in Korea. (Yonhap)Beijing banned the sale of travel pa