SEOUL, Jan. 10 (Korea Bizwire) — Heads of large companies are going beyond tradition to post personal remarks on their personal social media accounts. One of Shinsegae Group Vice Chairman Chung Yong-jin’s social media accounts is currently followed by 736,000 people. Chung posts photos of his everyday life, playing golf, cooking or introducing new products [...]
SEOUL, Dec. 29 (Korea Bizwire) — Amid the prolonged COVID-19 pandemic, South Korea’s major conglomerates are closing this year quietly without having year-end ceremonies. In the midst of the new trend of skipping large-scale year-end ceremonies that have been held in auditoriums in the past, combined with the impact of the pandemic, year-end ceremonies are [...]
SEOUL, Nov. 8 (Korea Bizwire) — Starting from next year, more than 2,000 private companies affiliated with South Korean conglomerates will be obliged to fill a certain portion of their car purchases with environment-friendly models. The government confirmed a legislation draft to set the annual eco-friendly purchase target for the nation’s 2,616 companies with more [...]
SEOUL, Nov. 1 (Korea Bizwire) — As the Fair Trade Commission is stepping up pressure on conglomerates to reduce reliance on intra-group transactions in the area of IT services, their IT service affiliates are looking for ways to survive through income diversification. Samsung SDS Co., an IT service unit of Samsung Group, revealed last week [...]
SEOUL, Oct. 5 (Korea Bizwire) — Earnings by South Korea’s top four conglomerates accounted for more than 80 percent of the 30 leading business groups’ total net profit in 2020 in a show of their dominance in Asia’s fourth-largest economy, government data showed Tuesday. Samsung, Hyundai Motor, SK and LG groups posted a combined net [...]
SEOUL, Sept. 8 (Korea Bizwire) — The heads of South Korea’s major conglomerates on Wednesday launched a business council to foster hydrogen as a clean energy source and expand its value chain. A total of 15 conglomerates, including Hyundai Motor, SK, POSCO, Lotte and Hanwha, launched Korea H2 Business Summit to encourage corporate investments and [...]
SEOUL, July 9 (Korea Bizwire) — South Korean companies are underperforming when it comes to addressing climate change, an international environmental group said Thursday. Greenpeace asked 100 subsidiaries of 10 major conglomerates in the country about their usage of renewable energy and plans on fully replacing electricity with renewable energy to come up with an [...]
SEOUL, June 10 (Korea Bizwire) — The heads of South Korea’s four major conglomerates met Thursday to discuss ways to set up a consultative body on hydrogen in a move that underscored their commitment to fostering the clean energy source. Hyundai Motor Group Chairman Chung Euisun met with SK Group Chairman Chey Tae-won, POSCO Chairman [...]
SEOUL, April 5 (Korea Bizwire) — Eight large business groups will lower barriers for non-affiliated firms to run cafeteria businesses for them, a sector long dominated by their affiliates, the corporate watchdog said Monday. Samsung Group, Hyundai Motor Co. and six other large business groups promised that they will gradually end the long-running practice of [...]
SEOUL, Feb. 19 (Korea Bizwire) — Woowa Brothers Corp. CEO Kim Bong-jin has followed in the footsteps of Kakao Corp. founder Kim Beom-su to donate half of his fortune, bringing a pleasant surprise to the public. The decision by these self-made entrepreneurs to donate half of their fortune comes as a stark contrast to other conglomerates, known [...]