The Korea Herald

Overseas Korean businesspeople to gather for conference in Jeju

Sept 21, 2016

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
LG Chem chief rated as top local CEO

Sept 7, 2016

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
Samsung to shut down streaming radio service in US

Aug 22, 2016

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
SK Telecom becomes top-paying firm in Korea

Aug 18, 2016

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
Foreign startups pitch at accelerator program in Korea

Aug 17, 2016

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
Samsung Electronics forecast to post 30 tln-won operating profit in 2016

Aug 14, 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
Lotte Duty Free reopens in Gimpo

Aug 12, 2016

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
Samsung BioLogics submits application for IPO plan

Aug 12, 2016

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
CJ to step up global expansion following chairman's release

Aug 12, 2016

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
Brotherly dispute at Kumho ends with less than reconciliation

Aug 11, 2016

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
Kakao's Q2 net dips 38% on slumping ad biz, increased costs

Aug 11, 2016

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
Samsung acquires U.S. premium kitchen appliance maker

Aug 11, 2016

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
Former chief of Lotte's ad firm summoned over alleged slush fund

Jul 27, 2016

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
Nexon Japan’s major shareholders are at tax havens: Chaebul.com

Jul 27, 2016

[THE INVESTOR] Many of Nexon Japan’s major shareholders were found to be offshore firms located in tax havens, according to data from conglomerate tracker Chaebul.com on July 27. In addition, a local brokerage -- Samsung Securities -- was discovered holding the third-largest stake in the gaming company through an overseas bank account. Nexon Japan is the headquarters of the South Korean gaming company Nexon Group founded by Kim Jung-ju who is currently being questioned for charges of bribery. Ki
Nexon founder tops list of stock rich among self-made entrepreneurs

Jul 27, 2016

The founder of leading online game maker Nexon Co. is South Korea's richest man among 50 self-made entrepreneurs ranging in age from the 30s to 50s, data showed Wednesday.Kim Jung-ju, the chairman of Nexon's holding firm NXC Corp., holds stock assets worth 2.87 trillion won ($2.5 billion), according to the data compiled by CEOSCORE, a website that tracks conglomerates, financial firms and state-run companies.Kim was summoned by prosecutors for the second time last week over his alleged involveme