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, [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government’s effort to boost the labor market. Under the wage peak system, employees accept a reduced salary in exchange for working for [...]
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) [...]
SEOUL, March 31 (Korea Bizwire) — The head of Samsung Electronics‘ mobile division grabbed the title of the highest-paid executive in South Korea last year thanks to a hefty bonus for the division’s robust performance in 2013. Shin Jong-kyun topped the list of corporate executives’ annual salaries by getting paid 14.57 billion won (US$13.13 million) [...]
SEOUL, March 13 (Korea Bizwire) — South Korea’s financial watchdog has imposed sanctions on relatives of big name companies and celebrities for engaging in illegal foreign exchange trading worth US$40 million, officials said Friday. The Financial Supervisory Service (FSS) decided to issue warnings against 39 individuals including LG Group Chairman Koo Bon-moo’s sister and Lee Soo-man, the [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korean actor Bae Yong-joon, also known as “Yon-sama” to his Japanese fans, has ended his romantic relationship with his lover from a chaebol family, his management agency said Tuesday. The 42-year-old actor has been dating Koo So-hee, second daughter of Koo Ja-kyun, CEO of LS Industrial Systems affiliated with [...]
SEOUL, Oct. 24 (Korea Bizwire) – LG Group is set to build a large-scale science park in the Magok Industrial Park in the southwest of Seoul by holding on October 23 a groundbreaking ceremony at the site. In the ceremony, 500 or so dignitaries were in attendance including President Park Geun-hye, Minister of Trade, Industry and [...]
SEOUL, July 28 (Korea Bizwire) — LG CNS, an affiliate of LG Group, announced on July 27 that it had successfully developed a “smart lighting solution” which can control lighting devices using its intelligent IT system. According to LG CNS, a global provider of comprehensive IT services, it could save as much as 6.3 billion won a [...]
SEOUL, July 24 (Korea Bizwire) – LG Group is warming up to implement its plan to build an “LG Science Park” in Seoul to secure fundamental technologies and R&D synergy effects among its tech affiliates. The R&D facility which will sit on a 170,000 square meters site in Magok, southwestern tip of Seoul will begin its [...]
SEOUL, May 22 (Korea Bizwire) – A study said the total amount of penalties and punitive charges imposed on Korea’s top-30 business groups for the past three years surpassed 2 trillion won. By amount, LG Group topped the list with almost 40 percent in the total. In terms of the number of cases, Samsung Group was ranked [...]