SEJONG, May 25 (Korea Bizwire) — The nominee of South Korea’s corporate watchdog said Wednesday that the government will strengthen punishments against “funneling of business” practices within conglomerates as he pushes forward his pledge to establish fair trade. “It is necessary to intensify financial sanctions such as increasing fines against illegal intra-group trading,” Kim Sang-jo, [...]
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, [...]
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 [...]
SEOUL, Feb. 9 (Korea Bizwire) – Business evaluation website CEO Score revealed Wednesday how quickly children from Korea’s top conglomerate families move up the ladder, taking an average of 4.9 years until they nab an executive title from when they start working – a significant fast-track forward given the fact that it typically takes roughly [...]
SEOUL, Nov. 29 (Korea Bizwire) – Routine year-end corporate activities have been suspended this year as CEOs await a prosecutorial investigation over a presidential scandal, delaying reshuffles for next year’s business planning and bonus payments, corporate sources said Tuesday. At Samsung, the reshuffle of executive-level officers, usually carried out on the first Tuesday of December, [...]
SEOUL, Oct. 24 (Korea Bizwire) – South Korea’s 10 biggest companies have contributed less to the nation’s employment sector, although their assets have grown, data showed Sunday. According to the data compiled by market researcher Chaebol.com, their assets totaled 1,144.4 trillion won (US$1,000 billion) last year. This accounts for 27.22 percent of all assets for [...]
SEOUL, Oct. 20 (Korea Bizwire) – Korea’s businesses are on edge. With Korean industrial stalwarts Samsung Electronics and Hyundai Motor both facing existential crises, other major players are beginning to see their growth engines weaken. On October 19, the Korea Economic Research Institute (KERI) suggested that on-year increase in sales at the nation’s top 500 [...]
SEOUL, Oct. 14 (Korea Bizwire) – South Korea’s large businesses have continued to increase their direct investments in overseas tax havens, adding to concerns about possible tax evasion attempts, a lawmaker said Friday. Conglomerates here remitted a total of 441.5 trillion won to such countries as Bermuda, the Cayman Islands and Panama between 2011 and [...]
SEOUL, Aug. 18 (Korea Bizwire) – Nearly 4 out of 10 listed units of South Korea’s top 10 conglomerates saw their sales drop in the first half of 2016 from a year earlier due mainly to falling exports, data showed Thursday. According to the data by the Korea Exchange, 26 out of 68 listed affiliates [...]
SEOUL, June 23 (Korea Bizwire) – Lotte Group, South Korea’s fifth-largest family-controlled conglomerate, operates some four dozen overseas units in suspected tax havens, data showed Thursday, in a potential blow to the embattled group under investigation for alleged wrongdoing. According to the data by corporate tracker Korea 20000 Corporate Research Institute, 46 of Lotte’s 256 [...]