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Reporter : Lee Hyo-sik
Sat, December 9, 2023 | 08:03
Hyundai Motor distributors
Hyundai Motor started its 2017 global distributor convention at the Grand InterContinental Hotel in Seoul, Thursday. More than 300 sales agents from 105 countries and company officials have been dealing with a range of business issues facing Korea’s largest carmaker during the event, which will continue until Saturday. The participants discuss ways of improving the carmaker’s...
2017-05-11 17:53
POSCO Energy wins $2.5 bil. power plant project in Vietnam
POSCO Energy has secured a $2.5 billion project to build a coal-fired electrical power plant in Vietnam as part of its efforts to find new business opportunities abroad. The firm’s envisioned 1,200 megawatt power plant is the second of its kind in the Southeast Asian nation, according to company officials. It is expected to facilitate the outfit’s goal of becoming a leading electricity generator in the rapidly-growing region. The private power firm affiliated with steelmaker POSCO said Thursday that it gained the license from the Vietnamese government to build and operate the coal-fired powe...
Companies | 2017-05-11 17:04
Volvo, Tongyang pay lavish dividends
Volvo, Tongyang and other foreign-invested companies here paid huge dividends to their head offices abroad, but were stingy on corporate giving, according to the data released by CEO Score, Thursday. The corporate information provider said that from 2015 to 2016, the top 44 foreign businesses here by sales sent 75.9 percent of their net profits to their headquarters in dividends. They wired a combined 2.69 trillion won ($2.4 billion) out of the 3.55 trillion won net profits to their shareholders overseas. But 374 top Korean companies paid only 23.6 percent of their net profits as dividends t...
Economy | 2017-05-11 16:57
New gov't may stop Kumho Tire sale to Double Star
President Moon Jae-in may prevent Double Star Tires’ acquisition of Kumho Tire in response to concerns among Jeolla residents who overwhelmingly voted for him in the May 9 presidential election, analysts said Wednesday. If he does, this could provide a boon to Kumho Asiana Group Chairman Park Sam-koo who has been struggling to take back control of the group’s tire unit. Kumho Tire runs two of its three domestic plants in the region, in Gwangju and Gokseong, South Jeolla Province. Moon has expressed negative views toward the mid-tier Chinese tiremaker’s takeover of Kumho Tire, raising concern...
Companies | 2017-05-10 17:45
New President urged to create biz-friendly environment
Business associations here are calling for President Moon Jae-in to create a more corporate-friendly environment as a growing number of companies head overseas rather than invest here. Concerned about the new President’s labor-friendly stance, lobby groups including the Korea Chamber of Commerce and Industry (KCCI) say the new administration should ease regulations, help companies nurture new growth engines and make the labor market more flexible. During his presidential campaign, Moon pledged to overhaul the country’s family-controlled conglomerates, hike corporate income tax rates and prot...
Economy | 2017-05-10 17:36
K-Biz chairman embattled by guilty verdict
A leadership vacuum is looming large at the Korea Federation of Small and Medium Business (K-Biz) after its chairman was found guilty of violating the law governing the organization’s operations. The recent court ruling that K-Biz Chairman Park Sung-taek bribed voters during his 2014 election campaign has dealt a severe blow to the lobby group, which represents Korea’s 3.3 mi...
Economy | 2017-05-05 16:40
POSCO bolsters ties with Hyundai, Kia
POSCO will bolster its business ties with Hyundai Motor and Kia Motors after the recent opening of its big automotive steel plant here, according to company officials Friday. Its transactions with Korea’s largest and second-largest automakers have been declining since 2010 when Hyundai Steel began producing auto steel plates for the companies. POSCO has been supplying auto plates mostly to GM Korea, Renault Samsung Motors and Ssangyong Motor, and to automakers operating plants outside Korea.
Companies | 2017-05-05 16:25
Hyundai Motor union blasted for excessive demands
Hyundai Motor’s labor union is facing growing criticism for making “excessive” demands in wage negotiations with management, as Korea’s largest carmaker struggles with sluggish sales and falling profitability. Industry analysts say union members should refrain from blindly pursuing their self interests, while urging them to have a forward-looking attitude to find common ground with management. They are also calling on the labor union not to press Hyundai Motor to offer more concessions by threatening to strike. In 2016, union workers walked out 24 times during collective bargaining, costing ...
Companies | 2017-05-02 21:50
E-Land selling retail unit to raise cash
E-Land Group will dispose of a 69 percent stake in its retail unit to a consortium of private equity funds (PEFs) for $531 million to raise capital to improve its deteriorating financial health, company officials said Tuesday. The move comes after the mid-tier fashion-and-retail business group failed to take E-Land Retail public early this year. E-Land Retail is the flagship unit of the financially strapped business group, which operates NC Department Store, Kim’s Club and New Core Outlet. In 2016, it earned nearly 5 trillion won in annual sales. “After delaying the initial public offering (...
Companies | 2017-05-02 21:40
Firms feared to leave Korea due to high taxes
“Korean companies could move their headquarters to the United States if it makes more sense businesswise.” This is what Federation of Korean Industries (FKI) Vice Chairman Kwon Tae-shin said Friday, while commenting on the Donald Trump administration’s recent announcement to slash the U.S. corporate tax rate to 15 percent from the current 35 percent. Kwon said the U.S. tax cut will lead to a significant drop in economic growth and the number of jobs created in Korea as more domestic firms choose to invest in the U.S. rather than here.
Economy | 2017-04-30 08:48
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