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SK On Introduces Virtual Stock Incentive to Boost Employee Morale and Retention Amid Financial Challenges

SK On Introduces Virtual Stock Incentive to Boost Employee Morale and Retention Amid Financial Challenges

SEOUL, Feb. 22 (Korea Bizwire) –SK On, a relative newcomer in the battery industry, has announced a novel approach to employee compensation by offering virtual stocks to employees equivalent to 30% of their annual salaries. This move comes in the wake of the company facing a challenging financial year with zero performance bonuses allocated, stirring [...]

Samsung Chairman Emphasizes ‘Bold’ Investment Strategy During Visit to Malaysia

Samsung Chairman Emphasizes ‘Bold’ Investment Strategy During Visit to Malaysia

SEOUL, Feb. 12 (Korea Bizwire) – Samsung Electronics Co. Chairman Lee Jae-yong has emphasized the importance of “bold” investments during a visit to Samsung SDI’s battery production line in Malaysia, the company said Monday. The visit was made on Friday in Lee’s first overseas trip since he was cleared of all charges in a Feb. [...]

GM Korea Unveils Plans to Introduce Four New Models in the Upcoming Year, Aiming for Strategic Growth

GM Korea Unveils Plans to Introduce Four New Models in the Upcoming Year, Aiming for Strategic Growth

SEOUL, Feb. 4 (Korea Bizwire) – GM Korea Co., the South Korean unit of General Motors Co., said Sunday it will launch four new vehicles, including two electric models, this year to strengthen its presence in the domestic market. GM Korea plans to introduce two pure electric models — the Cadillac Lyriq SUV and the [...]

High Taxes and Social Perceptions Challenge Family Business Succession Among Export Companies

High Taxes and Social Perceptions Challenge Family Business Succession Among Export Companies

SEOUL, Jan. 29 (Korea Bizwire) – Executives of export companies believe that family business succession is crucial for the sustainability and responsible management of their enterprises. However, a recent study reveals that due to heavy tax burdens and negative social perceptions, many are contemplating selling or shutting down their businesses.  A report from the Korea International [...]

LG Electronics Plans 10 Trillion Won Investment in 2024 to Bolster Growth Momentum

LG Electronics Plans 10 Trillion Won Investment in 2024 to Bolster Growth Momentum

LAS VEGAS, Jan. 10 (Korea Bizwire) – LG Electronics Inc.’s chief executive said Wednesday the company’s annual investment will reach 10 trillion won (US$7.57 billion) this year in a bid to expand its business boundaries and secure future growth momentum. “Despite protracted macroeconomic uncertainties, we are committed to maximizing future growth by increasing investment based [...]

LG Electronics Unveils AI-Powered Solutions for a Smarter Life

LG Electronics Unveils AI-Powered Solutions for a Smarter Life

LAS VEGAS, Jan. 7 (Korea Bizwire) – LG Electronics Inc. on Sunday announced its upcoming showcase of “Smart Life Solutions,” a cutting-edge lineup centered around artificial intelligence, at the upcoming CES 2024 tech show. With a theme of “Reinvent your future,” the South Korean consumer electronics giant is set to highlight connectivity and customization across [...]

Samsung Electronics Unveils its Vision for the New AI Era

Samsung Electronics Unveils its Vision for the New AI Era

LAS VEGAS, Jan. 7 (Korea Bizwire) – Samsung Electronics Co. on Sunday unveiled its ambitious vision for the future of technology, showcasing an array of artificial intelligence-powered innovations and a commitment to sustainability at the upcoming CES 2024. The world’s largest smartphone and memory chip manufacturer will run a 3,934-square-meter showroom at the Las Vegas [...]

SK Telecom’s AI Governance Framework Targets Reliability, Safety

SK Telecom’s AI Governance Framework Targets Reliability, Safety

SEOUL, Jan. 8 (Korea Bizwire) –SK Telecom announced on April 7 that it is adopting an Artificial Intelligence (AI) decision-making governance system to ensure the reliability and safety of its AI technology. To achieve this, the company is setting up specific AI governance standards, establishing dedicated organizational structures and roles, and developing relevant processes. In [...]

Samsung Electronics Establishes New Business Development Group to Drive Future Innovation

Samsung Electronics Establishes New Business Development Group to Drive Future Innovation

SEOUL, Dec. 12 (Korea Bizwire) – In a strategic move to bolster its efforts to uncover groundbreaking technology and business opportunities, Samsung Electronics recently announced a significant organizational restructure, including the establishment of a new Business Development Group within its Digital Experience (DX) division. The newly formed Business Development Group will serve as a central hub [...]

South Korean Conglomerates Implement Rigorous Cost-Cutting Measures in Response to Economic Downturn

South Korean Conglomerates Implement Rigorous Cost-Cutting Measures in Response to Economic Downturn

SEOUL, Dec. 11 (Korea Bizwire) – In the midst of a prolonged global economic downturn, South Korean companies are tightening their belts as they prepare next year’s business plans, focusing on cost-saving initiatives and voluntary retirements. SK Group recently adopted a cost-effective approach by organizing dinner meetings at company cafeterias instead of dining out, reducing expenses [...]