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Reporter : Lee Hyo-sik
Fri, September 22, 2023 | 01:47
Public firms 'pressed' to donate to PyeongChang Olympics
The Korea Electric Power Corp. (KEPCO) and its affiliated state-run enterprises will donate 80 billion ($70 million) to help fund the PyeongChang Olympics, following President Moon Jae-in’s recent remarks calling on public firms to do more for the event. They had previously remained reluctant to give money for the Olympics after Choi Soon-sil, a friend of disgraced former Pre...
Economy | 2017-08-23 16:33
Battle rages over SamDaSoo
The competition to acquire sales rights for SamDaSoo is heating up as Kwang Dong, Coca Cola, Lotte and others long to market the country’s most popular bottled water brand. Kwang Dong Pharmaceutical, which has been selling the brand since 2012 on behalf of Jeju Province Development (JPD), is desperate to extend its sales contract for four more years as SamDaSoo accounts for n...
Companies | 2017-08-23 16:29
Diageo cuts W Ice price by 8%
Diageo Korea has slashed the price of its flagship product W Ice by Windsor (W Ice) to help bolster sagging whisky sales as more Koreans switch to beer or other low-alcohol drinks. The Korean unit of the British whisky brand said Wednesday it lowered the wholesale price of a 450-milliliter bottle of W Ice by 7.9 percent to 20,540 won ($18) from 22,300 won. “We decided to make...
Companies | 2017-08-23 16:27
Philip Morris, BAT slam Korea's policy inconsistency
Multinational tobacco companies are slamming what they call Korea’s policy inconsistency as lawmakers are poised to pass a revised bill to hike taxes on heat-not-burn (HNB) e-cigarette products. Philip Morris International (PMI) Korea and British American Tobacco (BAT) Korea say they have released smokeless cigarette devices and tobacco sticks in Korea, thinking tax rates and...
Companies | 2017-08-23 16:21
Promoting 'deep change'
SK Group Chairman Chey Tae-won listens to a lecture during the Icheon Forum at the Walkerhill Hotel in Seoul, Monday. SK Group organized the in-house forum under the theme of “understanding deep change,” a term often used by Korea’s third-largest conglomerate to describe its efforts to bring fundamental changes to its businesses. / Courtesy of SK Group
2017-08-21 17:45
K-9 howitzer explosion weighs down Hanwha Techwin
Securities firms are rushing to downgrade their outlook for Hanwha Techwin, following an explosion of a K-9 self-propelled howitzer during an artillery drill last Friday. The accident, which killed two soldiers and wounded five others, is expected to hurt the firm’s corporate image and adversely affect its efforts to export the weapon system. Eugene Investment & Securities is...
Companies | 2017-08-21 17:42
Super Junior to promote expo in Jakarta
Popular K-pop boy group Super Junior will promote trade fair, featuring a range of products made by Korea’s small and medium-sized enterprises (SMEs), in Indonesia early next month, the Korea Trade-Investment Promotion Agency (KOTRA) said Monday. The state-run trade promotion agency has appointed Dong-hae and Eun-hyuk of unit duo Super Junior D&E as PR ambassadors for the upc...
Economy | 2017-08-21 17:39
Kumho Tire sale returns to starting point
Creditors’ efforts to dispose of Kumho Tire are back at square one as the Chinese preferred bidder is refusing to pay the initial sales price for the struggling tire maker. Double Star Tire is demanding creditors slash the price by 16.2 percent to 800 billion won, citing Kumho’s poor performance in the first half of the year. In March, it signed an agreement with the Korea Development Bank (KDB) and other creditors to buy a 42.01 percent stake for 955 billion won ($838 million). Under the contract, the mid-tier Chinese tire maker could cancel the transaction if Kumho Tire’s operating profit ...
Companies | 2017-08-20 16:01
POSCO Daewoo opens hotel in Yangon
A POSCO Daewoo-led consortium has completed work on a five-star hotel in Yangon, Myanmar, further bolstering the trading company’s presence in the rapidly growing Southeast Asian country. The trading and natural resources development unit of steelmaker POSCO said Sunday the Lotte Hotel Yangon, with 104,123 square meters of floor space, will open Sept. 1. The five-star hotel h...
Companies | 2017-08-20 15:53
Korean firms hit by soaring labor costs
Carmakers and other manufacturers here have been grappling with rising labor costs in recent years while struggling to bolster sales amid intensifying competition and other unfavorable business conditions both domestic and abroad. Companies are expected to face greater pressure from the government and labor unions to hike wages by larger margins in the coming years, which could chip away at their global competitiveness, according to analysts Wednesday. They say President Moon Jae-in’s pledge to raise the minimum wage and reduce working hours will likely wreak havoc on labor-intensive industr...
Economy | 2017-08-16 15:57
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More than 2,800 killed by earthquake in Morocco
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