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LG Group Chief Koo Bon-moo Dies

LG Group Chief Koo Bon-moo Dies

SEOUL, May 21 (Korea Bizwire) – LG Group Chairman Koo Bon-moo, who led South Korea’s fourth-largest conglomerate, has died in Seoul, the company said Sunday. He was 73. An official from LG Group said Koo died peacefully while his family was watching. Koo had several brain surgeries earlier this year, and was recently hospitalized when [...]

LG Group Opens Research Center in Western Seoul

LG Group Opens Research Center in Western Seoul

SEOUL, April 20 (Korea Bizwire) – South Korea’s technology and chemical conglomerate LG Group said Friday it launched a new research complex in western Seoul aimed at bolstering its technological capabilities. “People and technologies are the best assets in our country, which lacks natural resources,” said LG Vice Chairman Koo Bon-Joon said in a statement. “Investing in research and development projects and fostering professionals are the fundamental [...]

Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]

LG Group Rules Out Producing Its Own Electric Cars

LG Group Rules Out Producing Its Own Electric Cars

SEOUL, Sept. 7 (Korea Bizwire) — LG Group, which has been aggressively expanding its presence in the vehicle components sector, made clear it is not moving to build electric vehicles (EVs), industry sources said Thursday. “We are not even considering manufacturing a complete vehicle,” an LG Group official stressed. Industry watchers have been speculating that [...]

LG Group, KT Announce Withdrawal of Membership from FKI

LG Group, KT Announce Withdrawal of Membership from FKI

SEOUL, Dec. 27 (Korea Bizwire) – LG Group and KT Corp. on Tuesday announced their withdrawal of membership from the Federation of Korean Industries (FKI), becoming two of the first major conglomerates to do so following the influence-peddling scandal involving President Park Geun-hye and her close friend Choi Soon-sil. The announcements came after the FKI, [...]

Chaebol’s System Integrators Hike Internal Deals in 2014

Chaebol’s System Integrators Hike Internal Deals in 2014

SEOUL, April 27 (Korea Bizwire) — System integrators affiliated with South Korea’s family-run business groups increased internal transactions in 2014 despite the government’s efforts to curb excessive groupwide trades, data showed Monday. Internal transactions of the top 20 system integration subsidiaries of the family-run conglomerates, locally called chaebol, came to 8.36 trillion won (US$7.74 billion) [...]