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 [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s antitrust watchdog said Sunday 42 large business groups earned a combined 1.42 trillion won (US$1.29 billion) by selling brand licenses to their affiliates last year amid concerns conglomerate owners could glean profits from such transactions. The 2019 tally marked a 7.6 percent rise from the previous year’s [...]
SEOUL, Dec. 17 (Korea Bizwire) — More than half of the second generation of South Korea’s chaebol (conglomerate) families turned out to have married partners from within the chaebol community. According to a survey conducted by corporate tracker CEO Score that looked at the marriages of family members in the nation’s top 55 conglomerates headed [...]
SEOUL, Nov. 12 (Korea Bizwire) — It’s getting more difficult to become an executive at large companies in South Korea. The number of employees at the nation’s top 100 companies in terms of annual revenues totaled 847,442 this year, down 6,528 from a year ago, according to headhunting firm Unico Search Inc. The number of [...]
SEOUL, Nov. 3 (Korea Bizwire) – The higher the operating profit is for large-sized companies, the less it is for smaller subcontractors, a recent study revealed. The Korea Institute of Public Finance announced Monday the analysis of performance among subcontractors working with conglomerates based on data from 2013 and 2014 provided by Nice Information Service [...]
SEOUL, Oct. 29 (Korea Bizwire) — There are many ways in which things can go wrong for families who try to preserve their massive wealth for generations to come, like the famous saying, “Shirtsleeves to shirtsleeves in three generations.” To beat the “shirtsleeves” curse, however, the owner families of South Korea’s leading conglomerates, called chaebol [...]
SEOUL, July 6 (Korea Bizwire) — The coronavirus is changing traditional vacation policies at major companies as employees are being asked to move beyond past practices of going on vacation primarily during the summer, and are instead being encouraged to take leave at any point during the year. The new trend is mainly driven by [...]
SEOUL, June 3 (Korea Bizwire) — Transactions between affiliates of South Korea’s family-controlled conglomerates have fallen more than 30 percent over the past two years on tough regulations, data showed Wednesday. The value of unfair in-house transactions by 208 conglomerate subsidiaries came to 8.8 trillion won (US$7.2 billion) last year, down 32 percent from two [...]
SEOUL, May 17 (Korea Bizwire) — South Korea’s major business groups increased their spending by 22 percent in the first quarter of the year in the face of the new coronavirus outbreak, industry data showed Sunday. According to the data compiled by industry tracker CEO Score, 373 companies affiliated with 59 business groups spent 21.78 [...]