National Politics Social Affairs Foreign Affairs Defense North Korea Science Diplomatic Circuit Education Business Economy Finance Industry Technology Automode Life&Style Culture Travel Fashion Food & Beverage Books People Expat Living Arts & Design Health Entertainment Film Television Music Theater World World News World Business Asia News Network Sports Soccer Baseball Golf More Sports Opinion Editorial Viewpoints English Café Podcast Powernote Go to Desktop Version Weekender Subscribe Readers Club Korean Mobile App Twitter Facebook Youtube RSS BUSINESSIndustry Today GM signs conditional deal with KDB to maintain S. Korean unit General Motors signed a conditional agreement with the Seoul government to help resolve the liquidity problems facing its South Korean unit, corporate sources said Thursday. In the deal to be finalized early next month, GM and the state-run Korea Development Bank (KDB) agreed to inject a combined 7.7 trillion won ($7.15 billion) -- 6.9 trillion won from GM and 810 billion won from the KDB -- into the cash strapped carmaker. In exchange for a fresh loan from the KDB, whose 17 percent stake in GM Today Doosan Heavy Q1 net profit down 38 pct on foreign exchange loss Doosan Heavy Industries, South Korea's top power equipment maker, said Thursday its first-quarter profit fell 38 percent from a year earlier largely due to foreign exchange loss. Doosan Heavy Industries' power generation equipment (Doosan Heavy Industries)Net profit reached 23.1 billion won ($21.4 million) on a consolidated basis in the January-March period, compared with 37.4 billion won a year earlier, the company said in a regulatory filing.The company said foreign exchange loss and discontin Today Local discount chains strive to reduce plastic waste Five major discount store chains in South Korea on Thursday joined the Environment Ministry’s nationwide move to reduce plastic waste. From left: Mega Mart’s Merchandise Director Kang Sung-tae, Korea National Council of Consumer Organization Vice President Moon Mi-ran, Nonghyup Hanaro Market CEO Kim Sung-kwang, Environment Minister Kim Eun-kyung, E-Mart’s Business Management division Director Lee Joo-hee, Homeplus Operation Management chief Jeon Hwa-soo and Lotte Mart Merchandise Director Nam Ch Today Samsung faces tough Q2 with stalled mobile growth, weak display business Robust memory business sees record-breaking operating profit again, but concerns raised about oversupply Today Cafe24 sets record high Q1 GMV of W1.8tr E-commerce platform Cafe24 said Thursday that it has recorded at least 1.83 trillion won ($160 million) of gross merchandise volume in the first quarter, about a 22 percent jump on-year.Cafe24Influenced by the continued expansion of e-commerce platforms, Cafe24 said its quarterly gross merchandise volume has been showing an average of 20 percent growth for the last three years. “Given that such an upward trend continues, Cafe24’s 2018 yearly gross merchandise volume is projected to reach about 8 Today FTC chief says Elliott’s scenario for Hyundai would breach fair trade law The chief of the Korea Fair Trade Commission said Thursday that a recent demand made by US activist hedge fund Elliott to Hyundai Motor Group to create a holding company by merging Hyundai Motor and its parts making affiliate Hyundai Mobis would be in violation of Korea’s fair trade law.“Elliott’s call to create a holding firm could violate the law that separates industrial and financial capital,” Kim Sang-jo told reporters before his opening speech at a local business conference. “I explained t Today Hyundai Motor Q1 net plunges 48% on strong won Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday its first-quarter net profit plunged 48 percent on the strong won and weak sales in two major markets.Net profit for the three months ending March 31 fell to 731.6 billion won ($678 million) from 1.406 trillion won a year earlier, the company said in a statement."The net result was affected by the won's strength against the dollar, weak demand in the United States and China, and decreased working days due to strikes during Today Chips, smartphones bring Samsung largest-ever Q1 operating profit Samsung obtains 15.64 trillion won ($ 14.48 billion) in operating profit Apr 25, 2018 Samsung's work environment holds no clues to workers' illnesses: investigation team An independent investigation committee tasked with checking the work environment at Samsung Electronics Co. said Wednesday that it has found no clear evidence to link the chips and display lines with the illnesses suffered by some workers, although acknowledging there should be continuous studies. After carrying out a probe, the team of experts said it found no critically hazardous substances at Samsung's production facilities. "It is our goal to prevent work-related diseases in the future by re Today [Doing Biz in Korea] Too many ‘pure’ Korean regulations here: ECCK president The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the sixth installment. -- Ed.South Korea should get rid of “too many pure Korea regulations” that hamper trade, and fully utilize the benefits of its free trade deals, according to the president of the European Chamber of Commerce in Korea. “Sometimes, European companies hesitate to launch their new products here because there are too many ‘pure Ko Today Seoul court rules in favor of LG for vacuum cleaner ad The Seoul Central District Court ruled Wednesday in favor of LG Electronics in a case regarding its cordless vacuum cleaner advertisement, denying UK home appliance maker Dyson’s claim that LG exaggerated a characteristic of its product. A screenshot of LG Electronics’ advertisement for its cordless vacuum cleaner. (Youtube)“LG’s advertisement is considered to have cited test results conducted by objective means,” the court said, adding there is no evidence that LG had sought to mislead consume Today [Management in Korea] CEO succession: A powerful tool for chaebol continuity Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.The transition to a new CEO is a vulnerable time, as the rest of the company, its business partners, investors and customers size up the new leader and his or her effect on the trajectory of the organization. If this is true for companies in general, it is often particularly so for family businesses. In ad Today Energy minister ditches plan to install solar panels at home amid neighbors’ opposition South Korea’s Energy minister Paik Un-gyu has ditched a plan to install a household solar power system at his home apartment, in the face of opposition from neighbors in the same building. Energy minister Paik Un-gyu (Yonhap)Paik, a resident of the affluent Gangnam district in southeastern Seoul, attempted to have the power-generating device attached to the apartment building several weeks ago, according to the ministry. The 54-year-old minister of trade, industry and energy asked a local admin Today Customs authorities take to instant messengers to keep anonymity of Korean Air whistleblowers South Korea’s customs authorities have taken to instant messengers KakaoTalk and Telegram to help whistleblowers anonymously share evidence of the embattled Hanjin owner family’s breach of the law. (Yonhap)Incheon Main Customs, a local unit of the Korea Customs Service in charge of major international airports in Incheon and Gimpo, started an “open chat room” on the nation’s popular messenger app KakaoTalk on Tuesday, through which users can share evidence with all participants in the chat room. Apr 25, 2018 Court denies Dyson's request to stop LG vacuum cleaner ad A Seoul court on Wednesday turned down an injunction request by British home appliance maker Dyson attempting to stop an advertisement for a cordless vacuum cleaner produced by South Korea's LG Electronics Inc. for overrating its functions.Dyson filed for the injunction last November, claiming that LG had exaggerated the suction power of premium cordless vacuum cleaner Code Zero A9 in its advertisement.The foreign electronics firm, which has established a strong foothold in the local market on t MORE 15 / 18059
