SEOUL, June 14 (Korea Bizwire) — Defense industry units of South Korea’s Hanwha Group said Tuesday they are investing a combined US$115 million in a U.S. urban air taxi startup, as it seeks to gain an edge in the prospective urban air mobility (UAM) industry. Hanwha Systems Co. and Hanwha Aerospace Co. will spend $50 [...]
SEOUL, Dec. 21 (Korea Bizwire) — Norway has signed a contract to buy two dozen K9 Thunder self-propelled 155mm howitzers from South Korea, a show of the artillery system’s competitiveness in the European market, its manufacturer announced Thursday. Under the 245.2 billion-won (US$226.3 million) deal, Hanwha Land Systems will deliver 24 K9 howitzers and six [...]
SEOUL, Nov. 1 (Korea Bizwire) — Nearly two-thirds of South Korea’s top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday. According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining [...]
SEOUL, Jan. 9 (Korea Bizwire) – Saturday’s arrest of Hanwha Group Chairman Kim Seung-youn’s third son, Kim Dong-seon, has once again brought to attention the somber history of criminal convictions that the chaebol family has suffered over the years. The younger Kim was apprehended by the police on January 5 for assaulting two employees at [...]
SEOUL, Dec. 7 (Korea Bizwire) – Samsung vice chairman Lee Jae-yong’s reluctant promise during Tuesday’s parliamentary hearing over the Choi Soon-sil scandal to disband the group’s Future Strategy Office – the key department responsible for the group’s decision-making process for all Samsung affiliates – has raised questions as to how other Korean conglomerate groups’ so-called [...]
SEOUL, Nov. 16 (Korea Bizwire) – The duty-free stores that have newly opened in Seoul have seen operating losses this year as heavy marketing costs in the highly competitive market eroded their profitability, their financial documents showed Wednesday. Five duty-frees stores opened new shops in the capital city after winning licenses in two bids — [...]
SEOUL, Sept. 8 (Korea Bizwire) – Galleria Duty Free 63, a duty-free store run by Hanwha Galleria, said Thursday it has picked three part-timers who will get paid US$20,000 for one week of marketing and brand-advertising activities. Galleria Duty Free 63 put out the ad for the high-paid part-timers after fully opening its outlet in [...]
SEOUL, Jul. 24 (Korea Bizwire) – South Korea’s Hanwha Group on Sunday said its ranking on the list of the top 500 companies compiled by the U.S. business magazine Fortune shot up in 2016 from a year earlier, apparently helped by its merger and acquisition deals. The defense and chemical conglomerate was placed in the [...]
SEOUL, July 15 (Korea Bizwire) – Galleria Duty Free 63 officially opened on Friday, and it’s offering more than just duty free products. The new duty free store, located in Seoul’s iconic 63 Building, is operated by Hanwha Galleria, a subsidiary of Hanwha Group. Since its ‘Free Opening’ in December 2015, the store has recorded [...]
SEOUL, May 25 (Korea Bizwire) – South Korea’s top 30 business groups reduced the number of their executives by about 500 over the past year due mainly to downsizing and business restructuring moves, data showed Wednesday. The total number of senior executives at the 30 largest conglomerates was 9,632 as of May 16, down 484, [...]