All eyes are on how much taxes the British retailer Tesco Group will pay to the South Korean government after its profit of more than 5 trillion won (US$4.21 billion) with the sale of Homeplus. Industry sources say that the company will not have to pay taxes at all, or will have to pay more than 1 t
The trade union of Hyundai Motor Company announced on Sept. 10 that 77.94 percent of its 48,585 members voted for a strike on the previous day. Therefore the trade union is about to go on a strike for the fourth consecutive year.The 22nd round of negotiations between the union and management broke d
Hankook Tire announced that it finished the wage negotiations for this year on Sept. 8. According to the tentative agreement, the base pay of its manufacturing workers has risen by 5.8 percent, an incentive of 3 million won (US$2,517) will be paid to each of the manufacturing workers upon the conclu
Hyundai Engineering (HEC) announced that it held a quiz contest for its foreign workers at the main office building in Gye-dong, Seoul, on Sept. 4, in a bid to establish the global corporate culture.Divided into the preliminary contest and the finals, the quiz contest made up of a total of 35 multip
MBK Partners signed a contract on Sept. 7 to acquire 100 percent of Tesco’s Homeplus shares for 7.16 trillion won (US$5.94 billion). Immediately after the signing, the private equity fund (PEF) announced that it would invest 1 trillion won (US$829 million) in Homeplus for the following two years, an
SK Group Chairman Chey Tae-won has established the foundation of the group’s major business areas, such as energy, chemicals and information communication technology (ICT), in Hong Kong and Taiwan, the so-called “Greater China region.”After he visited the group's overseas affiliates in China, in
Samsung Electronics hosted Tech Trans Fair 2015 at its Win-win Cooperation Academy in Suwon on Sept. 3 in an effort to help its partner companies secure a competitive advantage in technology.The cooperation event is aimed at helping business partners adopt excellent technology and get technical comp
The CJ Group (Chairman Lee Jae-hyun) has revealed its long-term vision of breaking into the global top 10 tier in the cultural industry. The company also made known its specific blueprint to take the country’s brand value up a notch, especially by successfully commercializing Hallyu.The CJ Group hos
Kim Geun-ho is the director of the International Tourism Division at the Ministry of Culture, Sports and Tourism. Business Korea spoke with him during these days of decreased tourism income to ask about what his division was doing to return to the status growth of tourism growth. His answers provide
Business Korea was able to sit down with Park Young-kuk, the director of the Korean Culture and Information Service, to speak about his organization, programs that they have run, and the idea of publicizing Korean arts and traditions to non-Koreans who already live in the country. What follows are e
A sharp drop in demand for the Galaxy smartphones of Samsung Electronics has led to a drop in its stock prices for five months in a row, forcing its stocks lose about 52 trillion won (US$44 billion) in the stock market. According to Bloomberg, the Korean smartphone giant saw its stock price drop 8.1
KGC (CEO Kim Jun-ki) announced that they, together with the United Nations Children's Fund (UNICEF), agreed to co-sponsor a campaign titled “Happiness Sharing” on Aug. 27.Via this agreement, the KGC is bound to donate 2 percent (approximately 300 million won or US$253,000) of the proceeds genera
Kumho Petrochemical Co., Ltd. (KKPC) is aiming to make zero waste products.The KKPC announced on Aug. 27 that it will carry out a national research project to establish construction material production networks by using tire derived fuel (TDF) fly ash.The project is mainly to reprocess fly ash from
A big roadblock has appeared in front of Naver Line’s global IPO plan in the second half of this year. They say that Line Music, a key business of Naver Line, has not performed well. According to the IB industry, Morgan Stanly, Goldman Sachs and JP Morgan, lead managers for Naver Line, are postpo
LG Electronics has unveiled its newest front-loading washing machine for the European market. The premium model, called “Centum TM,” reduces vibration and noise levels while raising durability and energy efficiency.The company has introduced a suspension system specifically designed to minimize the
Busan Metropolitan City announced on Aug. 25 that the Qingdao Industrial and Commercial Center (ICC) of China will open at Busan International Finance Center (BIFC) on Aug. 27 and commence business.Organized by the city of Qingdao, the opening ceremony will be held at 10 am in Lotte Hotel Busan on A
Lotte Chemical held a completion ceremony of a chemical plant in Johor Bahru, Malaysia, on Aug. 24 to produce polybutadiene rubber (BR), which is a synthetic rubber. Accordingly, the company has pushed into the synthetic rubber business for the first time since its founding, accelerating the global
Naver Corporation and AmorePacific Corporation have been chosen as two of the World’s 100 Most Innovative Companies 2015.According to Forbes' annual list of The World's Most Innovative Companies 2015 announced on Aug. 20 (local time), Naver ranked 21st, while AmorePacific ranked 28th.AmorePa
Although Nolboo, a Korean restaurant franchise, made its first foreign entry in 2006 by opening a restaurant named “Galbi in a Jar” in Beijing, at the time, the operation was limited in scale. The virtual foreign expansion started in May 2014, as Nolboo signed an agreement to form a joint venture wi
Hyundai Mobis is accelerating its market invasion of Europe. After putting efforts in for five years, the company has recently signed its first-ever contract to supply parts to PSA Peugeot Citroen, the leading automaker in France. With this, the company is expanding its dominance in the European mar