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Reporter : Lee Hyo-sik
Wed, September 27, 2023 | 23:30
Foodpolis sets up foreign investment zone
The government has designated part of the Korea National Food Cluster, or Foodpolis, as a foreign investment zone (FIZ), making it easier for the cluster to attract global food firms seeking to set up a base in Northeast Asia. Under the relevant law, foreign companies can enjoy favorable land leases and tax breaks in the FIZ, and are entitled to a range of administrative and other state support. About 116,000 square meters of Foodpolis had already been designated as an FIZ but the Ministry of Agriculture, Food and Rural Affairs, which administers the cluster, wants to expand it to 450,000 sq...
Economy | 2017-08-07 16:24
Jason Chung to head GroupM Korea
GroupM Korea, one of the largest foreign advertising agencies operating in Korea, has appointed Jason Chung as its new CEO effective Sept. 13, replacing former CEO Cho Seon-koog who left the firm last December. The company said Monday Chung will oversee its operations and coordinate with the heads of its affiliated media agencies, including Mindshare, MEC, Mediacom, Maxus and...
Companies | 2017-08-07 16:21
GS Retail faces bleak biz outlook
GS Retail is facing a bleak outlook as its flagship convenience store unit grapples with rising labor and other costs amid intensifying competition. Its hotel unit, which operates the Grand InterContinental Hotel and other hotels, has been hit hard by the declining number of Chinese tourists; while its supermarket unit has failed to rebound amid prolonged sluggish consumer sp...
Companies | 2017-08-07 16:17
POSCO donates sledges
POSCO President Oh In-whan, third from right in second row, poses with ice hockey players with disabilities after donating 25 light weight sledges to the national ice hockey team at an ice rink in Seongnam, Gyeonggi Province, Saturday. / Courtesy of POSCO
2017-08-06 20:44
Per capita income to exceed $30,000 in 2018
Korea’s per capita income will likely exceed $30,000 for the first time in 2018 if the economy expands at its present pace and the won remains relatively strong against the dollar, the government said Sunday. If realized, this would be a significant milestone for Asia’s fourth-largest economy, 12 years after its per capita gross domestic product (GDP) surpassed $20,000 in 2006. Per capita gross national income (GNI), which is normally used to gauge the average income of each individual, is virtually interchangeable with per capita GDP. In 2016, Korea’s per capita GDP was $27,533 and its per ...
Economy | 2017-08-06 18:15
OB management, union clash over wage
Oriental Brewery (OB) is struggling to complete wage negotiations as union workers demand more than what management is willing to offer, company officials said Thursday. It is feared that the workers may go on strike if the talks continue to drag on, which would adversely affect the brewer’s operations and tarnish its image. Korea’s largest brewer, which accounts for more than 50 percent of the beer market, is having a hard time concluding wage talks with union members who demand an 8 percent hike in base salary. But management is willing to increase the salary by 2.5 percent.
Companies | 2017-08-03 16:19
Scholarship for orphans
S-Oil CEO Othman Al-Ghamdi, right, poses with Lee Sang-keun, left, chairman of the Korea Child Welfare Association, after donating 380 million won ($336,000) in scholarship money for orphans at the Sunduck Home in Seoul, Thursday. The scholarships will be given to university students majoring in engineering who grew up in the Sunduck Home and other orphanages in the city. / C...
2017-08-03 16:14
Hyundai Department stuck in low-growth trap
Hyundai Department Store will continue to grapple with sluggish sales for the foreseeable future amid the intensifying competition with Lotte and Shinsegae, brokerage firms said Tuesday. A growing number of consumers preferring to shop online have also weighed down on the company, which has been struggling to bolster its online sales platform. The delayed opening of Hyundai’s...
Companies | 2017-08-01 16:51
Booyoung may face biz suspension
Booyoung Group may face a business suspension as the Seoul Metropolitan Government (SMG) is moving to penalize it for its shoddy construction of an apartment complex, south of the capital city. Since President Moon Jae-in came to power on May 9, Korea’s 15th-largest conglomerate by assets has run into trouble with the central government and municipal administrations for alleg...
Companies | 2017-08-01 16:42
POSCO, LG struggles in Middle East
POSCO Daewoo, LG International and other domestic trading firms have been struggling to push forward their business projects in the Middle East amid rising geopolitical tensions there. Korean companies are eager to carry on joint projects with their Middle Eastern counterparts to secure new sources of income overseas, but Saudi Arabia and other nations have shown a lukewarm a...
Companies | 2017-07-31 19:35
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