SEOUL, Sept. 17 (Korea Bizwire) — LG Display Co. said Tuesday it will begin a voluntary retirement program as part of cost-cutting efforts amid mounting losses from its liquid crystal display (LCD) business. The display making unit of LG Electronics Inc. said it will accept early retirement from manufacturing employees who have worked over five [...]
BERLIN, Sept. 8 (Korea Bizwire) — LG Electronics Inc. is ramping up investment to expand businesses in the built-in home appliance market to capitalize on the fast growing segment, its president said on Sunday. Song Dae-hyun, the head of LG’s home appliance and air solution division, said the company aims to become a “top-tier” player [...]
SEOUL, Sept. 5 (Korea Bizwire) — South Korean food companies struggling with tepid domestic demand are turning their eyes to the U.S. for a breakthrough. As more Americans are taking an interest in Korean food, an increasing number of South Korean companies are beginning to see potential in the American market, many of which have [...]
SEOUL, Sept. 4 (Korea Bizwire) — Shopping malls are scrambling to overcome what is seen as one of the worst crises that they have ever faced. Retailers are pulling out all the stops to outlive the crisis, including selling off real estate and repurchasing shares. Lotte Corp. purchased 200,000 shares of Lotte Shopping Co., one [...]
SEOUL, Aug. 26 (Korea Bizwire) — Arming with the right technology and data is critical for survival in the digital age, and that’s why more South Korean companies are scurrying to shift their IT portfolio to cloud computing space to meet a new set of business demands and bring innovation quickly. Cloud computing allows companies [...]
SEOUL, Aug. 13 (Korea Bizwire) — E-Mart Inc. said Tuesday that it plans to raise 1 trillion won (US$820 million) by selling assets as the country’s top retailer is struggling with falling profitability amid increased competition with e-commerce giants here. The company said it plans to securitize its outlets worth 1 trillion won by the [...]
SEOUL, Jul. 9 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, will try to quintuple its electric vehicle (EV) battery business by 2024, the company’s CEO said Tuesday, as it aims to become a top five player in the industry. LG Chem CEO Shin Hak-cheol said the company is targeting 59 trillion [...]
SEOUL, Jun. 26 (Korea Bizwire) – BMW AG said Wednesday it will further strengthen its luxury lineup to regain its leading status in South Korea after its sales plunged in the wake of engine fire incidents last year. On Wednesday, BMW began to sell the upgraded flagship 7 Series in the domestic market following the launches of [...]
INCHEON, Jun. 25 (Korea Bizwire) — General Motors Co.’s recent facility investment in South Korea and plans to launch new vehicles show the U.S. carmaker’s strong commitment in the market, a GM executive said Tuesday. Early this year, the Detroit carmaker began to build a paint shop at the Changwon plant, one of its three [...]
SEOUL, Jun. 24 (Korea Bizwire) — After years of struggle in the face of a decline in Chinese tourists and increased competition, South Korea’s duty-free operators are in search of a more stable and sustainable business portfolio — to reduce their reliance on Chinese visitors and generate decent profits. The country’s duty-free business has raked [...]