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Reporter : Lee Hyo-sik
Thu, September 28, 2023 | 00:25
Carmakers 'pressed' to modify press release
An interest group for Korea’s five carmakers is found to have been “pressed” by the government to modify its press releases, which hinted at the possibility of the companies shifting production abroad. The Korea Automobile Manufacturers Association (KAMA) released a statement Thursday, suggesting domestic carmakers would have no other choice but to move their production facilities to foreign countries where they can manufacture cars at lower costs. The association said its members, which are already grappling with high labor costs, will further lose their competitive edge if the court sides ...
Economy | 2017-08-14 16:59
Shinsegae chooses BMW over Mercedes
Shinsegae has decided to allow BMW, not Mercedes-Benz, to open a showroom at its Starfield Goyang, the “shopping-themed entertainment park,” north of Seoul, which is expected to attract tens of thousands of shoppers every day. Mercedes-Benz Korea, headed by CEO Dimitris Psillakis, wanted to have a showroom at the shopping mall, which will open on Aug. 24, but failed to secure...
Companies | 2017-08-14 16:55
Korean Air, Asiana overcome China's THAAD backlash
Korean Air and Asiana Airlines posted better-than-expected earnings in the second quarter despite a steep fall in the number of Chinese visitors. The two flagship carriers were initially expected to have performed poorly during the March-to-May period because many Chinese chose not to visit Korea after the nation formally decided to deploy a U.S. anti-missile Terminal High Al...
Companies | 2017-08-11 16:30
KFC to open 300 more stores in Korea by 2023
KFC Korea will open 300 new stores by 2023 to compete more effectively with BBQ and other home-grown fried chicken franchises, the company CEO said Friday. The Korean unit of the Kentucky-headquartered fried chicken chain also plans to hire nearly 1,000 new workers to staff the outlets. It now directly operates all its 214 stores across the country, unlike other fried chicken...
Companies | 2017-08-11 16:24
BAT jumps into rivalry of smokeless cigarettes
British American Tobacco (BAT) has unveiled its smokeless cigarette device, glo, in Korea, vowing to catch up with its rival Philip Morris which began selling its IQOS here in May. The two multinational cigarette brands are expected to be engaged in heated competition to secure the upper hand in this rapidly-growing, lucrative market. BAT Korea said Thursday it will begin sel...
Companies | 2017-08-10 19:31
CJ rushing to list units on bourse
CJ Group has been rushing to take its unlisted units public to raise much-needed funds to finance its growing overseas ventures in food, logistics, biopharmaceuticals and cultural content. Korea’s 13th-largest conglomerate is trying to list the shares of its TV drama and movie producer, pharmaceutical maker and cinema chain in Vietnam, among others, to secure as much as 2 trillion won ($1.77 billion). The group said Tuesday CJ E&M has filed an application with the Korea Exchange to take Studio Dragon, the nation’s largest TV drama and media entertainment content producer, public on the tech-...
Companies | 2017-08-09 16:28
Scholarship for descendants of independence fighters
Starbucks Coffee Korea CEO Lee Seock-koo, left, poses with Na Jung-hwa, vice chairman of the Korea Liberation Association (KLA), right, after donating 100 million won ($88,500) in scholarships for university students who are descendants of independence fighters, at the company headquarters in Seoul, Tuesday. Ahead of the Aug. 15 Liberation Day, the Korean unit of the Seattle-...
Companies | 2017-08-09 16:02
[EXCLUSIVE] Matthieu Juery to head BAT Korea
British American Tobacco (BAT) has appointed Matthieu Juery as the new head of its Korean unit, effective Sept. 1. He will replace CEO Tony Hayward, who has gone to the United States to become chief financial officer of U.S. cigarette maker Reynolds. The Swiss national, who worked as a global brand director at BAT’s London headquarters for the past three years, is already in ...
Companies | 2017-08-09 15:56
Overseas buyers oppose Double Star
An Arab businessman dealing with Kumho Tire products, second from left, and other overseas buyers hold a rally in front of the Kumho Asiana Group headquarters in Seoul, Tuesday. The buyers said they oppose Kumho Tire creditors’ plan to sell the company to Double Star Tires, a mid-tier Chinese tiremaker, claiming their business has been hurt by the ongoing sales talks. / Court...
2017-08-08 17:07
Leadership void troubles Dong-A Socio
Dong-A Socio Group is facing the biggest crisis in its 85-year history as Chairman Kang Jung-seok was put behind bars on charges of offering kickbacks to doctors and evading taxes. It is feared that the chairman’s legal trouble could tarnish the corporate image of the country’s largest pharmaceutical company and adversely affect its business with hospitals and other healthcar...
Companies | 2017-08-08 17:04
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