INCHEON, Aug. 23 (Korea Bizwire) – The defection of a Britain-based North Korean diplomat has received worldwide media coverage, yet again spotlighting the level of desperation and freedom sought out by the citizens living under one of world’s most oppressive regimes. And although defection to South Korea may be a dream-come-true for many North Koreans, [...]
POHANG, June 6 (Korea Bizwire) – South Korean steel giant POSCO is faced with a dilemma over plans to build a new thermoelectric power plant. In an effort to tackle the prevailing issue of airborne fine dust particles, the Korean government revealed a new policy last Friday to shut down old coal-powered thermoelectric power plants, and [...]
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, [...]
SEOUL, May 6 (Korea Bizwire) – South Korea’s steelmaking giant POSCO was the most popular option in the stock markets in the second quarter for foreign investors, market data showed Friday, amid improving sentiments helped by its better-than-expected earnings. According to the data by the Korean Exchange and others, foreign investors bought a net 328.4 [...]
SEOUL, March 11 (Korea Bizwire) – South Korea’s steelmaking giant POSCO plans to cut its costs by 1 trillion won (US$838.1 million) this year as part of the ongoing efforts to enhance overall management efficiency, its head said Friday. POSCO Chairman Kwon Oh-joon told investors at a shareholders’ meeting in Seoul that the steelmaker will save [...]
SEOUL, Sept. 14 (Korea Bizwire) – Samsung and Hyundai Motor groups slashed their cash reserves in the first half of the year, while other major conglomerates increased their cash piles, data showed Sunday. Listed affiliates of Samsung Group, South Korea’s top family-controlled conglomerate, had a combined 40.5 trillion won (US$34.1 billion) in cashable assets as [...]
SEOUL, Aug. 31 (Korea Bizwire) — Foreign investors dumped shares of Samsung Electronics and SK hynix during their recent selling spree sparked by China’s stock rout and uncertainty over a U.S. rate hike, data showed Monday. Offshore investors unloaded 751.3 billion won (US$635.4 million) worth of Samsung Electronics shares between Aug. 5 and Friday, lowering their [...]
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, Jul. 2 (Korea Bizwire) — POSCO signed a Share Purchase Agreement (“SPA”) with the Public Investment Fund (“PIF”) of Saudi Arabia for sale of POSCO E&C shares. The transaction brings in KRW1.24 trillion of foreign investment into Korea. On June 15, 2015, POSCO Chairman Kwon Oh-joon and PIF Secretary General Abdulrahman M. Al Mofadhi [...]
SEOUL, Jun. 11 (Korea Bizwire) — Posco Group and its main subsidiary Daewoo International are battling over the sale of a gas field in Myanmar that is the main cash cow for Daewoo International. As Posco Group undertook plans to sell the gas field without consulting executive members of Daewoo International, Jeon Byeong Eal, CEO [...]