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Lotte Duty makes inroads into Australia, NZ

Retail giant raises overseas sales target to W1tr by 2020, eyes more M&As for expansion

[Photo News] Second-tallest building in Korea

The frameworks for Haeundae LCT The Sharp, a major urban development project involving two 85-story residential towers, and a 101-story tower overlooking Busan’s Haeundae Beach, have been completed, Posco Engineering & Construction said Monday. This marked the end to a tortuous 1,272 days since the buildings’ groundbreaking in October 2013. Construction for LCT sailed through foul winds between 2015 and 2017 due to accusations of illicit deals involving government-business collusion during impea

Today
Industry
South Korea prepares for international renewable energy conference

The South Korean government held a general meeting Monday to prepare for the 2019 International Renewable Energy Conference that will take place in October in Seoul. 123rfThe Ministry of Trade, Industry and Energy said it discussed progress and preparation for the biennial conference with a preparation committee formed in December 2017. The meeting was attended by 37 organizations, including regional governments, companies and public organizations. IREC is the world’s largest renewable energy ev

Today
Industry
HHI-DSME merger faces bumpy road ahead

Hyundai Heavy Industries faces many obstacles to acquire state-funded Daewoo Shipbuilding & Marine Engineering as it has to win approval from around 30 nations, including its Asian rivals and European clients. When the world’s two biggest shipyards are merged, their combined market share will be 21 percent, and above all, the market share of liquefied natural gas carriers would reach 63 percent. As for LNG vessels, orders are likely to rise further from 2020 due to environmental regulations of t

Today
Industry
Amorepacific hosts yearly marathon for breast cancer awareness

South Korean cosmetic giant Amorepacific hosted its yearly marathon in Busan on Sunday, seeking to raise public awareness on breast cancer.With some 5,000 participants, the event consisted of a three-kilometer course and a 10-kilometer course, as well as breast cancer tests, clinical consulting and various giveaways.The event, titled “Pink Run,” is held every year in five major cities across the country -- Busan, Daejeon, Gwangju, Daegu, and Seoul.The revenues made from ticket sales and donation

Mar 25, 2019
Industry
GS E&C develops ‘Korea’s first’ ventilated air purifier system

South Korea’s leading builder GS Engineering & Construction Corp. has developed South Korea’s first built-in air purifying and ventilating system, named Sys Clein, to be installed in apartments and any other spaces from the second half of this year. The system integrates existing total heat exchange systems that ventilate the air while preserving the temperature with an air purifying function. Existing systems can only perform one of these tasks, but not the other.The Sys Clein system, developed

Mar 25, 2019
Industry
[News Analysis] Overcoming Elliott hurdle, Hyundai heir tightens grip over W220tr empire

In a crushing victory over US hedge fund, Chung cements his leadership -- but is a bigger battle ahead?

Mar 25, 2019
Industry
Korea widens tax evasion crackdown on ‘Seungri scandal’

South Korea’s tax authorities have launched an industrywide tax evasion probe into local entertainment and nightclub businesses, fueled by scores of allegations surrounding K-pop star Seungri’s sex bribery scandal. The National Tax Service said Friday it had launched a crackdown on 21 nightlife businesses suspected of evading taxes. The NTS is to cooperate with prosecutors on obtaining warrants for search and confiscation, it added. (Yonhap)Though the NTS has yet to confirm, industry watchers s

Mar 25, 2019
Industry
S. Korea aims to become No. 4 robotics player by 2023

South Korea plans to turn the nation’s robotics technology into a 15 trillion-won ($13.3 billion) industry, with the aim of becoming the fourth-largest player in the world by 2023. “Traditional manufacturing sectors can be transformed into future industries by making use of robots,” said President Moon Jae-in at a briefing session on the nation’s robot development strategy at the headquarters of Hyundai Robotics in Daegu, Friday. President Moon Jae-in demonstrates a robot at the headquarters of

Mar 23, 2019
Industry
Samsung Biologics claims legality of accounting, vows future growth

SONGDO -- Samsung Biologics President and CEO Kim Tae-han on Friday reiterated the legality of the firm’s accounting practices at an annual shareholders meeting held in Songdo, Gyeonggi Province.“We deeply regret the supervision results of the Financial Services Commission. We believe our accounting was done within all legal boundaries. We apologize for any concerns the investigations have caused our shareholders,” Kim said.“Samsung Biologics will make its best efforts to prevent this issue from

Mar 23, 2019
Industry
Hanjin KAL wins case to exclude KCGI proposals at shareholders meeting

Hanjin KAL, the holding company of South Korea's largest flag carrier, won a court disposition to exclude proposals made by a local activist from being put to a vote at its upcoming shareholders meeting, market watchers said Thursday.The company secured the legal victory against Korea Corporate Governance Improvement and its special purpose company that had forwarded a motion to secure the right to recommend an outside director to sit on the board and select the auditor. The fund also demanded r

Mar 21, 2019
Industry
S-Oil apologizes for collusion, price-fixing

South Korean oil refiner S-Oil released an apology Thursday after pleading guilty to collusion and price-fixing in the process of providing oil to US forces in Korea. “S-Oil reached a settlement agreement with the (US) Department of Justice pertaining to charges against a violation of the US antitrust act during past bids for fuel supply to the US Forces Korea that have been under investigation,” said a spokesperson of the firm. The oil refiner added it deeply regrets the incident.The company sa

Mar 22, 2019
Industry
Korea should be ready for US trade policy changes: KITA

Trump expected to focus on passage of USMCA ahead of 2020 election

Mar 22, 2019
Industry
SK Biopharmaceuticals marks first FDA approval

SK Biopharmaceuticals announced on Thursday that the US Food and Drug Administration has approved Sunosi, a novel drug that aims to improve wakefulness in adult patients with excessive daytime sleepiness.The drug was developed by Irish firm Jazz Pharmaceuticals using solriamfetol, a compound discovered by the South Korean firm. Sunosi can alleviate narcolepsy, the inability to control the sleep-wake cycle, or obstructive sleep apnea, in which people suffer pauses in breathing, disturbing their s

Mar 22, 2019
Industry
Opposition grows to Hanjin, Lotte chiefs serving in director posts

Calls are growing to not name the CEOs of Hanjin Group and Lotte Group as executive directors of their key affiliates due to their past illegal activities.(Yonhap)In its report released on Wednesday, the Center for Good Corporate Governance, a local research institute, recommended that shareholders oppose the reappointment of Hanjin Group CEO Cho Yang-ho to be an executive director of Korean Air Lines Co. and of Lotte Group Chairman Shin Dong-bin to the top post at Lotte Chemical Corp."Cho is fa

Mar 20, 2019
Industry

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