Hyundai Motor Group, South Korea’s second-largest conglomerate, said Tuesday it would implement the peak wage system across all its affiliates starting from 2016. 　Under this system pushed by the government and being picked up by an increasing number of companies, the retirement age has been extended to 60 from the current range of 53 to 58 and the paycheck for elderly workers slashed by about 10 percent over their last several years at work.　The group plans to channel the saved funds into hirin

Lotte Group is reportedly considering to publicly list Hotel Lotte Co., the de facto holding company of its South Korean operations, amid rising pressure to improve its corporate transparency and circular shareholding structure.　“Given the recent developments, there is a possibility that Lotte will start discussing new measures to improve its governance structure in the long run, including a public listing of Hotel Lotte,” a key group official close to the matter was quoted as saying.　As the fie

A growing number of experienced South Korean pilots are choosing to leave their home turf and instead work for Chinese airlines, which offer exceptionally higher wages and alluring benefits for foreign pilots.　Some 50 Chinese airline companies have been stepping up efforts to recruit pilots from Korea’s major airlines, including Korean Air and Asiana Airlines, according to industry sources.　Chinese companies are reportedly offering Korean pilots with about 10 years of work experience around 200

Lotte Confectionery, South Korea’s top snack producer, opened a new flagship store on the ground floor of Lotte World Adventure in Jamsil, Seoul, Monday.　The newly-opened Lotte SweetWorld offers a total of 187 snack varieties from Lotte’s 31 brands, including the snack company’s most popular picks as well as handmade baked goods, according to the company.　Visitors to the SweetWorld can check out Lotte’s limited-edition snack packages and value deals, among others. In another corner is a Do-It-Yo

Norway-based baby product manufacturer Stokke Korea is planning to launch a special edition of its popular Xplory True Black stroller, the company said Tuesday.　The upgraded stroller, aka the “style edition,” includes a black-and-white style kit on top of all the regular components of the Stokke Xplory True Black, which brings out the iconic design of the Stokke Xplory in all black.　The exclusive edition stroller also features a black cup holder, a parasol, a seat liner, a blanket and the style

South Korea’s leading cosmetic brand Hera launched two new lipstick types as part of its popular Rouge Holic lipstick series.　The new Rouge Holic glow-type lipsticks come in 10 colors and boast a glossy and smooth texture that helps bring out each color on the lips. The product coats the lips to lock in moisture, in order to prevent dried lips.　The new Rouge Holic silk-type lipsticks are available in four colors and boast a thin, light texture. The new silk-type lipsticks have minimized the use

South Korean traditional fermented sauce manufacturer Sempio has launched three new types of black vinegar jam under its vinegar sub-brand 100Year.　The jam was made by adding blueberry, pomegranate, and lemon and ginger to 100 percent naturally-fermented black vinegar. To achieve a healthier taste and smoother texture, the company used agave syrup, instead of sugar, as the jam’s main sweetener.　The blueberry black vinegar jam includes whole blueberries, whereas the pomegranate black vinegar jam

Cosme Decorte, a high-end cosmetics brand established by Japan-based KOSE, has newly added two new premium base makeup products to its AQ Meliority line.　The AQ Meliority makeup essence is fused with a repairing emulsion which continually delivers active moisturizing ingredients into the skin for a glowing skin before applying makeup. The essence includes a special coating powder that covers up pores for a more even skin tone.　The AQ Meliority powder foundation helps create a natural, translucen

South Korea’s leading mobile carrier LG Uplus said Thursday that it had invested $2 million in U.S. information technology venture JIBO Inc., a developer of the world’s first social robot for home, dubbed Jibo.　Founded in January this year, the U.S. venture firm has run a series of campaigns to raise funds including the one that landed around $25.3 million in January to accelerate the mass production of the social robot.　The stationary robot equipped with two high-resolution cameras and a 360-de

Tech giants LG Electronics and Google are currently working together to roll out the U.S. Internet giant’s marquee smartphone, Nexus, in October this year, according to sources Thursday. 　Google has collaborated with global smartphone manufacturers, such as Samsung Electronics and HTC, to develop its flagship Nexus phone every year, which provides reference for manufacturers and developers of Android-powered devices.　The upcoming NEXUS phone, likely to be fitted with a 5.2-inch (13-centimeter) d

COMMEMORATION OF LIBERATION -- Students from the Sejong Academy of Science and Arts release helium balloons fitted with cameras to take aerial photos of the easternmost islets of Dokdo in an event held by mobile carrier KT on Thursday. The event was organized to mark the 70th anniversary of Korea’s independence from Japan’s colonial rule, which falls on Aug. 15. (KT)　

Lotte founder Shin Kyuk-ho (Yonhap)Controversy over the decision-making abilities of Lotte Group founder and general chairman Shin Kyuk-ho is escalating after a Japanese Lotte CEO raised concerns about the current health of the 93-year-old tycoon. 　“The former chairman and I met up on July 27, and at first, he was calm and did not show any signs of problems. But there were moments during the middle of our conversation when I felt a bit alarmed,” Takayuki Tsukuda, CEO of Lotte Holdings, the de fa

SHARED GROWTH -- Seosan City mayor Lee Wan-seop (fourth from left) and Hyundai Oilbank staffers release a total of 150,000 baby rockfish into the sea near Samgilpo Port in South Chungcheong Province in the refiner’s effort to support the local fisheries industry. (Hyundai Oilbank)

South Korean pharmaceutical companies were found to be lagging behind in new product development, as global pharma firms have filed around three times more patents over the past four years, industry data showed Monday.Of the 1,754 patents filed in Korea since official monitoring began in March 2012, 1,310 were by international pharmaceutical companies whereas only 444 came from local firms, according to B2Pharm’s Green List Alert service, which publishes weekly reports on patent registrations an

Friendly powers of Lotte Group founder Shin Kyuk-ho are flocking together to secure their collective influential stake under the second-generation leadership of the 90 trillion won ($77 billion) business empire. The founder’s recently ousted eldest son Shin Dong-joo appealed to his relatives and the public in South Korea, while his younger brother -- Lotte chairman Shin Dong-bin -- has been persuading Japanese investors for support at the yet-to-be scheduled Lotte Holding’s shareholders meeting.

Male teachers at a Seoul-based high school were recently accused of sexually harassing their female colleagues and students for more than a year, leading to severe criticism of the city education office for possibly neglecting or mishandling the situation.The Seoul Metropolitan Office of Education said Thursday it is conducting a special investigation on five teachers at a public school in Seodaemun-gu, central Seoul, over a series of sexual harassment cases involving over a hundred victims. The

The wrist war is steadily heating up.Watchmakers once downplayed the impact of smartwatches as mostly a gimmick that would not replace classic timepieces. Now after the highly-publicized debut of Apple Watch, many of them seem to have changed course. Swatch, the world’s largest watchmaker, has announced plans to roll out its own versions of smartwatches, while luxury brands like Tag Heuer and Breitling are mulling digital watches that still preserve their timeless appeal. Their renewed commitmen

Global apparel company Uniqlo has launched its 2015 fall/winter jeans collection, featuring a range of newly upgraded products.This year’s F/W collection includes Uniqlo’s flagship jean products as well as the Stretch Selvedge Skinny Fit Jean, being sold only in South Korea and the United States, alongside many new products designed in line with changing trends.The Uniqlo Stretch Jean, a steady seller among women, offers wearers a slick silhouette and comfort. The ankle-length Ultra Stretch Ankl

UAE CRUDE IN YEOSU -- Officials celebrate the first 500,000 barrels of murban crude delivery from UAE’s oil fields to GS Caltex’s Yeosu plant in South Jeolla Province on Friday. Participants in the import ceremony included GS Caltex president Kim Byong-yol (left), GS Energy vice chairman and CEO Rha Wan-bae (second from left) and second-Vice Minister of Trade, Industry and Energy Moon Jae-do (third from left). (GS Energy)

SK Group said Friday that its new holding firm -- formed via the merger of SK Holdings and IT unit SK C&C -- will officially begin operations Saturday.The newly-launched SK Holdings, whose combined assets are estimated at 13.2 trillion won ($11.3 billion) with a workforce of 4,100, plans to function under a “one-entity but two-track” system, said a group spokesman.The original SK Holdings president and CEO Cho Dae-sik and SK C&C CEO Park Jung-ho will respectively head the merged firm’s two busin