SEOUL, June 26 (Korea Bizwire) – As the Middle East Respiratory Syndrome (MERS) virus and drought devastate the local economy, Korean companies and local government bodies are implementing various measures to boost the economy. On June 25, Hyundai Motor, the largest automaker in Korea, decided to offer a grace period of three months to those who [...]
SEOUL, June 11 (Korea Bizwire) – SK Networks, who proposed using the Cerestar building for a new duty-free shop, unveiled plans to develop the Dongdaemun area to make it into an Asian Broadway. The retail arm of SK Group, the third largest family-run conglomerate in Korea, already proposed investing 450 billion to 550 billion won (US$460 [...]
SEOUL, June 2 (Korea Bizwire) – The new SK Corporation, which will be launched in August after a merger between SK Corporation and SK C&C, aims to achieve 200 trillion won in sales and 10 trillion won in pre-tax profits by 2020. SK Corporation, SK Group’s holding company, and SK C&C, the group’s IT arm, [...]
SEOUL, June 2 (Korea Bizwire) – South Korea’s top family-controlled conglomerates, known here as chaebol, have recently announced plans to merge their key units, in what is widely seen as a play to simplify their governance structures and help pave the way for power transfers. Betting such moves will trigger a bull run for the [...]
SEOUL, Apr. 20 (Yonhap) — SK C&C Co., an IT service unit of South Korea’s No. 3 conglomerate SK Group, said Monday it will merge with SK Holdings Co. through a stock swap deal, a move seen as part of groupwide efforts to solidify its chairman’s grip on the group. The deal is the latest [...]
SEOUL, April 5 (Korea Bizwire) — South Korea’s top conglomerates spent more on research and development and intellectual property to seek new growth engines in 2014, while cutting back on facility-related investments, a report showed Sunday. A total of 274 firms belonging to the country’s 30 largest business groups injected 35.31 trillion won (US$32.31 billion) into [...]
SEOUL, April 2 (Korea Bizwire) – To keep social enterprises operating on solid financial grounds, an incentive system offering monetary support based on their performance will be introduced. SK Group, the Korea Social Enterprise Promotion Agency, Korea Social Investment and the Research Institute for Social Enterprises recently formed a task force to assess the social [...]
SEOUL, Feb. 10 (Korea Bizwire) — SK Group and the Sejong Metropolitan Autonomous City are developing a smart farming town based on ICT in Sejong city, to set a benchmark for making Korean farming more convenient and profitable. SK Group already established individual remote-control systems for 100 greenhouse farms in the Yeondong-myeon area of Sejong last year. [...]
“I think he has been punished enough. In the situation that SK Group is now fiercely competing with world leaders in cutting-edge industries, if he (SK Group Chairman Chey Tae-won) were released, the group would be transformed drastically. We should give it a chance to transform.” “SK is desperately competing to go ahead over other [...]
“All are equal before the law. Granted most business leaders and high-ranking government officials who are in jail were given aggravated prison sentences in the first place, it is only fair for them to be released on parole by now.” “In most case, inmates are set free after serving 70-80 percent of theirsentence terms. If [...]