Hotel Shilla said Monday it has inked a deal to buy a 44-percent stake in U.S. duty-free operator DFASS, a move that is expected to accelerate the No. 2 duty-free operator's global expansion plan as it competes with bigger rival Lotte."Hotel Shilla has decided to push for a strategic partnership with DFASS through stake acquisition by buying a 44-percent stake for $105 million," the company said in a press release following a board meeting held earlier in the day. The agreement includes a call o

South Korea's anti-trust regulator on Monday ordered the local subsidiary of Bayer AG to sell off its oral contraceptive pill operation that was acquired when its parent bought out part of Merck & Co., citing conflict with the country's fair trade rules.The Fair Trade Commission said it ordered Bayer Korea to dispose of its assets and rights related to all Mercilon tablet business in the country. It, however, approved Bayer's purchase of Merck & Co.'s consumer care business in May 2014. Besides

POSCO Engineering & Construction Co. appears to have embezzled part of the slush fund it created in the overseas branch in Vietnam, prosecutors said Friday.  An internal audit within the company had found that several POSCO E&C officials, including some executives, operated a slush fund worth about 10 billion won ($8.9 million) between 2009 and 2012.  The construction arm of South Korea's top steelmaker, POSCO, maintains the fund was used to pay rebates to local subcontractors.  But upon analyzi

Kia Motors Corp. released the first renderings of its revamped K5 midsize sedan ahead of its official unveiling next month at the Seoul Motor Show.The second-generation K5 comes five years after the brand was first introduced to the auto market. The new design incorporates a wider look from its front radiator grille, giving the car a more sporty and powerful look, Kia Motors said in a press release. The retained feel of the side's surface and lines from the original K5 design have been preserved

South Korean defense and chemicals conglomerate Hanwha Group said Wednesday it will delay its on-spot inspection on Samsung Total Petrochemicals Co., one of the four Samsung affiliates that will come under its wing by June, due mainly to the protests from Samsung Total's labor union against the sales plan.  Last year, Samsung said it would sell defense affiliate Samsung Techwin Co. and chemical unit Samsung General Chemicals Co. to Hanwha, a conglomerate whose main businesses include defense and

Korean Air Lines Co., the country's flagship carrier, has become a corporate sponsor for the 2018 Olympic Winter Games in PyeongChang, South Korea, the event organizers said Wednesday.  The signing ceremony took place at Lakai Sandpine Resort in Gangneung, east of PyeongChang in Gangwon Province. The International Olympic Committee's Coordination Commission on PyeongChang is visiting the area this week to check preparations for the Olympics. Gangneung will host curling, hockey and skating events

Jeju Air Co., South Korea's No. 1 budget airliner, said Tuesday its parent firm is in talks with Singapore Airlines Ltd. to sell part of its stake in the low-cost airline.  "It is true that our holding firm AK Holdings Inc. is in talks with Singapore Airlines for a possible sale of its stake in Jeju Air," a spokesperson for the local carrier said.   "Neither when the two are likely to reach an agreement nor the size and price of the stake sale has yet been decided," he added.   The move comes am

South Korean dessert cafe franchise Sulbing said Monday it plans to open 50 branches in Thailand by next year in its latest efforts to expand abroad to secure new growth engines.  Sulbing has signed a deal with International World Ettia Thai to open two branches in Thailand's capital of Bangkok by June and have 50 branches across the country by 2016, the company said in a press release.  The Thailand deal comes a month after the dessert franchise inked a deal with China's Shanghai Yabin Food Stu

The number of credit rating downgrades for South Korean companies rose to a 15-year high last year amid weakening earnings and a protracted economic slump, data showed Monday.   According to data compiled by the Korea Investors Service Inc., ratings for 41 of the 373 companies appraised were downgraded last year, the largest amount since 1999.  Fifteen companies were graded up last year, also the lowest number in 15 years, the data showed.  "Since 2010, more companies have faced a decline in the

Cheil Industries Inc., the de facto holding company of South Korea's top conglomerate, Samsung Group, decided Friday to make an investment of more than 400 billion won ($356.2 million) this year instead of paying out a dividend. The decision came during the shareholders meeting earlier in the day, which was held in private. The company, whose mainstay businesses include fashion and resort management, got approval from shareholders to use its earnings as this year's capital expenditure, it said i

Hyundai Motor Co., South Korea's largest automaker, will actively consider launching a committee tasked with improving the company's governance structure and increasing communication with shareholders, its head said Friday.The remarks by Hyundai Motor CEO Kim Choong-ho came in response to a foreign investor's proposal during an annual general meeting of shareholders to launch such a committee inside the board of directors."We are actively considering it," Kim told shareholders. "In particular, w

LG Group, South Korea's fourth-largest conglomerate, said Thursday it will spend 6.3 trillion won ($5.59 billion) on research and development (R&D) activities this year, up by 400 billion won, or some 7 percent from a year ago, focusing on enhancing its two core areas - the handset-making and chemical businesses. It is the first time for LG, whose key business portfolio covers making electronic devices and chemical materials to offering telecommunication service, to invest more than 6 trillion w

Samsung Electronics Co., the world's top smartphone maker, is bolstering the global sales of low-end handsets to maintain its leading market presence, with the latest release of its high-end Galaxy S6 series, industry sources said Thursday. The South Korean tech giant has recently decided to roll out the new budget smartphone model Galaxy J1 in the Netherlands and Germany, expanding its target countries to Europe from emerging markets including India and Malaysia, according to industry sources.

Hyundai Motor Co., South Korea's top carmaker, is considering setting up a second plant in the United States in an effort to up its production of full-size vehicles in line with rising demand in the world's No. 1 economy, industry sources said Wednesday.The new factory, set to be built near the carmaker's current Alabama plant, would have an annual production capacity of 300,000 units and used mostly to manufacture SUVs, according to the sources. Although the sources said construction is set to

Daum Kakao Corp., the operator of South Korea's top mobile messenger, said Monday its 2014 net profit more than doubled from a year earlier, aided by robust sales from e-commerce platforms and mobile advertising.Net profit amounted to 149.8 billion won (US$135.1 million) last year, up 126.7 percent from the previous year, the company said in a regulatory filing.Daum Kakao's operating profit jumped 115.7 percent on-year to 176.4 billion won while its sales inched down 6 percent to 498.9 billion w