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, Aug. 10 (Korea Bizwire) – Amid a succession feud between the two sons of Lotte Group founder Shin Kyuk-ho, which brought to light the problems of corporate governance in Korean conglomerates, several bills have been submitted to restrict an expedient way to inherit management rights, and to disclose corporate governance status more clearly. On August [...]
SEOUL, Aug. 6 (Korea Bizwire) — The heads of South Korea’s major business groups own puny stakes in their affiliates, but a complex cross-shareholding structure allows their families to exercise nearly uncontrolled power over the sprawling business empires, data showed Thursday. In South Korea’s business scene, a “group” does not refers to a legal entity, [...]
SEOUL, Aug. 3 (Korea Bizwire) — Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan. “It [...]
SEOUL, July 5 (Korea Bizwire) – Nearly half of South Korea’s top 30 business groups reduced their workforces in 2014 due to sluggish business, data showed Sunday, despite the government’s effort to spur their employment. As of end-December, the combined workforce of the leading business groups came to 1.27 million, up a mere 0.6 percent, [...]
SEOUL, Apr. 28 (Korea Bizwire) — A young Seven Eleven employee in her twenties has been awarded 20 million won for coming up with a brilliant idea for a product. Jang Chae-Yoon, merchandise director of Seven Eleven’s beverages department, was awarded a Value Champion Award by Lotte Group president Shin Dong-Bin on April 27 at [...]
SEOUL, March 30 (Korea Bizwire) – The value of land possessed by South Korea’s top 10 business groups reached an all-time high of 63.29 trillion won (US$57.18 billion) at the end of 2014, up 4 percent from a year ago, a market researcher said Monday. The value of land owned by 95 listed companies under [...]
SEOUL, March 17 (Korea Bizwire) – Sinkholes, dropping water levels at the nearby Seokchon Lake and frequent safety accidents at Korea’s tallest skyscraper have raised questions about its safety. To dispel concerns over Lotte World Tower, which is scheduled to be completed by the end of next year, Lotte Group is contemplating the establishment of a [...]
SEOUL, March 16 (Korea Bizwire) — Lotte Group‘s construction of the 123-story Lotte World Tower is nearing completion, as the building reached its 100th floor on March 14. There are currently 20,000 regularly employed personnel and 4 million workers per year building the massive project, which requires high precision engineering. Here are some interesting facts about [...]
SEOUL, March 12 (Korea Bizwire) — South Korean retail giant Lotte Group said Thursday it has signed a 1.02 trillion won (US$906 million) contract to buy a car rental service firm, seeking to diversify its business portfolio. Lotte said it will fund the purchase of KT Rental by May via its hotel affiliate Hotel Lotte. Lotte [...]