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Reporter : Lee Hyo-sik
Sat, February 24, 2024 | 01:52
Hanwha, GE to bolster biz cooperation
Hanwha Group and General Electric (GE) have agreed to cooperate on industrial internet, internet of things (IoT) and other newly emerging technologies to strengthen their business partnership, Korea’s eighth-largest conglomerate said Tuesday. Hanwha Chairman Kim Seung-youn met with GE Chairman Jeffrey Immelt at the group headquarters in Seoul Monday, discussing ways to advanc...
Hanwha's Iraq project cruising smoothly
Hanwha Engineering & Construction (E&C) is receiving favorable response from Iraqis moving into its new urban residential complex near Baghdad, which is still under construction, company officials said Monday. The $10-billion construction project, which began in 2012, has been progressing smoothly as scheduled, according to the officials, who said the company will complete th...
Kumho chief, KDB at odds over Kumho Tire
Kumho Asiana Group Chairman Park Sam-koo has been at odds with the Korea Development Bank (KDB) and other creditors of Kumho Tire over the terms of his right to buy back Korea’s second-largest tire maker. Park has been calling on the creditors to allow him to form a consortium with other corporate entities to take back control of Kumho Tire, saying that he cannot raise nearly 1 trillion won as an individual to purchase a 42.1 percent stake in the tire maker. The Kumho chief said he would give up his buyback right unless creditors change their mind, claiming that Kumho Tire would suffer if Do...
KEPCO-GE partnership
Korea Electric Power Corp. (KEPCO) CEO Cho Hwan-eik, left, poses with General Electric (GE) Chairman Jeffrey Immelt after signing a business cooperation agreement at the Shilla Hotel in Seoul, Monday. Under the partnership, the two will jointly create an industrial cluster, which promotes the use and applications of high voltage direct current (HVDC) technology, in Naju, Sout...
China suspends LG Household plant
China has suspended operations of LG’s cosmetics plant there, making Korea’s fourth-largest conglomerate the latest victim in Beijing’s escalating retaliation against the country’s decision to deploy a U.S. anti-missile system here, according to company officials Friday. This indicates that Beijing, which has so far been targeting corporate interests of Lotte Group, is moving to undermine LG and other Korean companies operating in China as Seoul and Washington are speeding up the installation of a Terminal High Altitude Area Defense (THAAD) battery.
Hite-Jinro forced to slash manpower on sagging sales
Hite-Jinro will slash its workforce as part of cost-cutting to deal with the country’s rapidly shrinking liquor market. But Oriental Brewery (OB) and Lotte Chilsung said they will not do the same. The two said they will launch aggressive marketing plans and introduce products to increase market share, and seek more business opportunities abroad. On Thursday, Hite-Jinro, whose flagship brands include Hite beer and Chamisul soju, started receiving applications from its 3,200 employees for voluntary retirement, the first since 2012 when about 100 workers were let go under the scheme.
Has Kumho chief raised 955 billion won?
Kumho Asiana Group Chairman Park Sam-koo has been attracting keen attention from business circles as to whether he has raised the nearly 1 trillion won needed to buy back a 42.1 percent stake in the group’s tire unit, according to industry analysts Wednesday. Kumho officials have said Park has successfully secured sufficient funds to take back control of Kumho Tire. But some ...
Pernod Ricard Korea desperate for fresh start
Pernod Ricard Korea has been scrambling to prop up its declining sales under the leadership of new CEO Jean Touboul over the past six months. The Korean unit of the French spirits maker has launched aggressive marketing to promote Imperial and other brands on the shrinking whisky market, as well as overhaul its organization into a more agile and function-oriented entity. Stri...
China suspends Lotte's chocolate plant
China has suspended the operations of Lotte’s chocolate plant there, the latest in a series of retaliations against Lotte Group for offering a golf resort as the site for a U.S. anti-missile defense system, company officials said Wednesday. More than one-third of Lotte Mart’s 99 stores in China have already been forced to close by the Chinese government, with more expected to face a similar fate. The world’s most populous country also ordered its tourists not to visit Lotte Duty Free stores and other tourism-related facilities operated by Korea’s fifth-largest conglomerate. Lotte Confectiona...
Nonghyup to bolster farmers' income
Nonghyup, or the National Agricultural Cooperative Federation, will mobilize more resources this year to enable farmers to bolster their income, its chairman said Tuesday. Nonghyup Chairman Kim Byung-won told reporters that his company will help farming households improve productivity, reduce costs, produce more value-added crops and find new income sources besides farming. “...
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