While debate lingers between shareholders over whether the South Korean tobacco maker KT&G’s current chief Baek Bok-in should be reappointed, a global proxy advisory firm Institutional Shareholder Services spoke in favor of Baek’s reappointment, industry sources said Wednesday. KT&G CEO Baek Bok-in (KT&G)Prior to the shareholders meeting slated for March 16, the state-run Industrial Bank of Korea -- the second-largest single shareholder of KT&G with a 6.9 percent stake -- has proposed for a conf

Korean Air’s airliner KE011 en route to Los Angeles crashed into the tail of a different Korean Air plane inside the parking ramp. Takeoff was delayed for more than three hours.  Korean AirAccording to Korean Air, the plane was being dragged by the tow car inside the parking ramp at Incheon International Airport on Tuesday at around 8:20 p.m. The plane was getting ready to be moved to the runaway for taxiing, the company said. While 292 passengers and 24 flight attendants were on board the plane

South Korea’s leading water and air purifier maker Coway said it will make an aggressive move to expand its overseas market base this year. An official at Coway Malaysia explains a product to a customer. (Coway)According to the company, it aims to hit the target of 520 billion won ($480 million) of overseas sales in 40 countries this year, about 26 percent up from the previous year’s target. Overseas sales include the sales from overseas branches and original design manufacturing production, the

Oriental Brewery, the Korean affiliate of the world‘s largest beer maker AB InBev, said Tuesday that its Brazilian CEO Bruno Cosentino has been given the Korean name Ko Dong-woo. Oriental Brewery CEO Ko Dong-woo (OB)The 45-year-old CEO, who took the post in January, is a veteran beer expert with over 20 years of experience at AB InBev. Until recently, he served as the vice president of AB InBev’s Asia-Pacific branch.OB said his name was made based on Korean traditional fortune telling. The Chine

Increased consumer interest in keeping clothes hygienic in a convenient way is changing the home appliance market, with clothes dryers and steam closets continuing to see sales growth. The LG TROMM clothes dryer and TROMM Styler (E-Mart)Both clothes dryers and steam closets had long been seen as supplementary or niche items here. But with changing lifestyles and shifting priorities of consumers, the two appliances have increasingly become more of a necessity than a luxury, industry watchers said

South Korea’s troubled tire maker Kumho Tire will take steps to sell its majority stake to China’s Qingdao Doublestar, a state-run creditor bank said Friday. Korea Development Bank Senior Vice President Lee Dae-hyun speaks at a press conference on its deal with China‘s Double Star over the fate of Kumho Tire, in Yeouido, Seoul, Friday. (Yonhap)According to Korea Development Bank, it will push ahead with a plan to sell it to the Chinese tiremaker for 646.3 billion won ($597.4 million) and close a

With continued demand for instant noodles, South Korean retailers recorded an increase of sales of raw products, data showed Friday.  Pulmuone’s noodle products (Pulmuone)One major food company in that business is Pulmuone, which saw 844 million won ($780,000) of sales of ready-to-cook raw noodle products last year, 11.4 percent jump from the previous year. Pulmuone currently tops the local raw noodle market with a 27 percent market share as of 2017. While udon noodles -- a 230 billion won marke

Fast-food chain Burger King said Thursday that it would raise the price of 12 menu items here by 100 won (9 cents) from Friday.  A Burger King store (Burger King)The items are 10 burgers, such as the signature Whopper, Cheese Whopper and Bulgogi Whopper, and two sides including coconut shrimp. With the increase of 100 won, or an average price increase of 0.3 percent, a single Whopper is to be sold at 5,700 won. However, if purchased as a set, the price is the same at 7,700 won.The company said t

Sales of products designed to filter fine dust skyrocketed in recent weeks following a warmer climate and the fine dust season approaching, an industry data showed.  Seoul's grey sky (Yonhap)According to online shopping mall 11st, sales of masks soared 346 percent year-on-year from Feb. 21 to 27 when Seoul’s ultra-fine dust concentration levels exceeded 50 micrograms per cubic meter. Sales of air purifiers also increased by 81 percent on-year. Sales of houseplants known to filter indoor air such

Creditors of South Korean tire maker Kumho Tire decided to postpone the discussion on the fate of the troubled tire maker, allowing the company to avoid being put into the court receivership.  Kumho TireAccording to the state-run creditor Korea Development Bank, creditors held a meeting on Wednesday and decided to postpone adjusting the debt repayment schedule to end of Mach. They also did not accept the company’s self-rescue plan for business normalization, due to lack of sufficiency, KDB said.

Samsung C&T said Wednesday that it has appointed former General Electric Chief Productivity Officer Philippe Cochet, 58, as a new member of the board of directors, as it attempts to diversify its leadership and improve governance.  Philippe Cochet (Samsung C&T)The French executive will serve as the non-executive director from March. He is the first foreign board member of the company.The company said it will continue to bring in more global talents and female board members in the next year.Wedne

South Korean sportswear brand Fila Korea will provide a 120 million won ($110,400) reward to the South Korean women’s curling team that won silver at the 2018 PyeongChang Winter Games, marking the country’s first Olympic medal in the sport. South Korean women's curling team (Yonhap)The company said Wednesday that the reward was intended to encourage the curling team and motivate them to achieve higher goals in the future.The prize money will be given to the team’s members via the Korea Curling F

Amorepacific, Korea’s leading cosmetics maker, has been selected as the most respected workplace in the local cosmetics industry for the third straight year, a survey showed.  AmorepacificAccording to the Korean Management Association Consulting, which surveyed more than 12,000 industry workers and human resources specialists, Amorepacific scored high in criteria such as innovation ability, shareholder value, employee satisfaction, customer value as well as social image, topping the cosmetics pr

British American Tobacco Korea said Tuesday that it successfully hosted the “BAT MAN” talk concert to support the young generation’s challenges in achieving their dreams. The company ran a six-month contest, through which 10 teams made it to the finals. One finalist was awarded 10 million won ($9,300). Gary Tarrant, head of legal and external affairs, said BAT Korea would continue to host such programs to hear more from the young generation and support their endeavors. (BAT Korea)

CJ Group Chairman Sohn Kyung-shik was named the seventh chairman of the Korea Employers Federation on Tuesday.According to the federation, five members of a selection committee held a meeting and appointed Sohn as the next chairman among three other members. Sohn was in India for a business trip when he was selected.  CJ Group Chairman Sohn Kyung-shik (Yonhap)“I feel a grave responsibility to serve as the chairman of the KEF at this crucial time,” said Sohn, according to CJ Group.“Based on my ex

3US fashion brand 3.1 Phillip Lim will open new stores in Seoul via Handsome, the apparel unit of Hyundai Department Store, the company said Tuesday. 3.1 Phillip LimAccording to the company, 3.1 Phillip Lim’s men’s and women’s apparel, bags and accessories will be sold at new stores on the 2nd and 4th floor of Galleria Department Store’s luxury hall in Apgujeong, from March 1. Handsome will expand the distribution channels through Hyundai Department Store to establish more 3.1 Phillip Lim stores

South Korean discount chain E-mart delivered the mini electric vehicle sold at its stores to its first buyer at its Seongsu branch on Tuesday. The D2 mini electric vehicle sold at E-mart is manufactured by Chinese carmaker Zhidou.  (E-mart)Zhidou’s two-seater electric car can run up to 150 kilometers on a single charge. The D2 is priced at 14.5 million won ($13,480), which was fixed in December after being approved by regulatory authorities as well as local governments’ subsidy program of up to

As tension with the government persists over the risks of heat not burn tobacco, British American Tobacco’s Korean subsidiary released clinical study findings that switching from conventional cigarettes to glo -- the company’s HNB device -- reduces exposure to harmful chemicals. (BAT Korea)While government test results have still not been released, scientists from BAT’s Reduced Risk Substantiation team found that toxicant levels in people who used glo were 90 to 95 percent less than smokers of n

South Korean petroleum refining company SK Innovation has successfully discovered crude oil at a Chinese block in the South China Sea, the company said Thursday.  SK Innovation’s discovery of crude oil in Block 17/03 in the South China Sea (SK Innovation)According to the company, it found a 34.8-meter-thick effective oil pool at Block 17/03 located at a depth of some 2,000 meters down the Pearl River Mouth Basin in December last year. This marks SK Innovation’s first discovery in the area since

South Korea’s major chemical firm and battery maker LG Chem said it will continue to brace for the “fourth industrial revolution” and pioneer the market, focusing on business growth in its units of basic material, chemical, electronic information material, battery and life science businesses in South Korea and internationally.  LG Chem researchers conduct battery test for electric vehicles. (LG Chem)LG Chem said it plans to invest 3.8 trillion won ($3.4 billion) in capital expenditure, a 52 perc