Industries Archives | Page 2 of 359 | Be Korea-savvy

Archive by category Industries

Asset Size of S. Korea’s Top 4 Biz Groups Expands 30 pct in 5 yrs

Asset Size of S. Korea’s Top 4 Biz Groups Expands 30 pct in 5 yrs

SEOUL, May 22 (Korea Bizwire) — Asset size of South Korea’s top four business conglomerates grew by more than 30 percent over the past five years, a corporate information provider said Sunday. Data provided by Chaebul.com showed combined assets of Samsung, Hyundai Motor, SK and LG stood at 864.9 trillion won as of end 2016, [...]

Korean Air Workers Allow Company to Decide Wage Increase in 2017

Korean Air Workers Allow Company to Decide Wage Increase in 2017

SEOUL, May 19 (Korea Bizwire) – Unionized workers at Korean Air Lines Co. will allow the company to decide on the wage increase for 2017 to better help the national flag carrier make a turnaround this year, the airline said Friday. “We have delegated authority to the company for this year’s wage negotiations not only for the company’s sustainable growth and survival but also for the job security of workers,” union leader Lee Jong-ho said in a [...]

Insurers Must Calculate Contract Liabilities with Present Value from 2021

Insurers Must Calculate Contract Liabilities with Present Value from 2021

SEOUL, May 19 (Korea Bizwire) – Insurance contract liabilities must be calculated based on current interest rates and provisions from 2021, when a new global accounting rule is introduced in South Korea, financial regulators said Thursday. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard, or International Financial Reporting [...]

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

SEOUL, May 19 (Korea Bizwire) — The nominee to head South Korea’s antitrust regulator pledged Thursday to scrutinize four major conglomerates as he seeks to establish fair competition in Asia’s fourth-largest economy. “I will assess issues related to the four major groups in a more thorough manner when the Fair Trade Commission implements laws,” Kim [...]

Environmental Policies Threaten POSCO’s 1-Trillion-Won Power Plant

Environmental Policies Threaten POSCO’s 1-Trillion-Won Power Plant

POHANG, South Korea, May 18 (Korea Bizwire) – POSCO’s 1-trillion-won ($887 million) thermal power plant in Pohang is likely to be scrapped amid growing concerns over fine dust and stringent environmental policies on the part of the current administration.  The world’s fourth-largest steelmaker has 13 generators of 20MW to 146MW-capacity at its Pohang steelworks, mainly [...]

Samsung Group Eyes Jump in Vietnam Sales

Samsung Group Eyes Jump in Vietnam Sales

HANOI, May 18 (Korea Bizwire) – South Korea’s top conglomerate Samsung Group expects sales of Samsung Electronics Co. and three other units in Vietnam to spike more than 30 percent on-year in 2017 on its strong smartphone business, sources said Wednesday.  Samsung Electronics, Samsung Display Co., Samsung Electro-Mechanics Co. and Samsung SDI Co. are targeting [...]

Overseas Luxury Brands Booming with Young South Korean Consumers

Overseas Luxury Brands Booming with Young South Korean Consumers

SEOUL, May 17 (Korea Bizwire) – Demand is high for overseas luxury goods, particularly among younger consumers in their 20s and 30s, despite South Korea’s unrelenting economic slump.  According to Lotte Department Store, sales of overseas fashion items, largely comprising of high-end brands, jumped by more than 30 percent in 2016 compared to 2015 for [...]