It is expected that at least 2.5 trillion won (US$2.1 billion) is required for the Lotte Group to get rid of its cross-shareholding structure while maintaining control of itself.According to research firm CEO Score, most of the rings in the structure that covers 416 subsidiaries in total will be cut

According to industry sources, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries are planning to reduce the number of their executive members by at least 30 percent and let go of 2,000 to 3,000 employees by the end of this year, as their combined losses

Early this month, Scorpio Tankers awarded Hyundai Mipo Dockyard two MR tanker and two handysize tanker contracts. The Monaco-based shipping company is also planning to place six more MR tanker and six more handysize tanker contracts soon. The contract amount is estimated at US$34.5 million for each

Samsung Electronics is planning to gradually expand the semiconductor foundry business, which has been focused only on mobile application processors (APs) so far. It will expand the customers of its foundry from the existing Apple to many other firms in the graphic chips, smartphone chips, TV set-to

The Hyundai Motor Group announced on Aug. 11 that it will implement a group-wide peak wage system starting next year. However, the group will pursue a “two track” strategy that applies the system to office executives first and production workers later.Since the group said that it will adopt the syst

Samsung Electronics announced today that it has begun mass producing 256 Gb 3D V-NAND flash memory chips for use in solid state drives (SSDs). These new chips have 48 layers of 3-bit multi-level-cell (MLC) arrays, which is double the density of conventional 128Gb NAND flash chips. These chips are th

The U.S. hedge fund Elliott Associates has secured global depository receipts (GDRs) which were issued based on shares of Samsung C&T.Elliott publicly announced on Aug. 11 that it is holding 10,000 shares of Samsung C&T in the form of GDRs. GDRs are securities that companies issue abroad for foreign

Over the past half decade, the number of franchises launched by Korean companies abroad has increased significantly. At the end of 2014, there were a total of 138 registered franchise brands operating in overseas markets with 3,726 registered franchise outlets. To better understand their expansion,

According to market research firm IHS, 75 percent of the memory that Samsung Electronics produces in the third quarter of this year is expected to be 10 nm-class NAND flash memory, and another 17 percent will be 3D V-NAND.These days, Samsung Electronics is increasing its ratio of advanced micro-fabr

The Korea Hydro & Nuclear Power Corporation announced on Aug. 10 that APR+ atomic power stations will be built in Yeongdeok County, North Gyeongsang Province in 2026 and 2027. The new power plants are characterized by a greater structural stability than that of their predecessors, the OPR1000 and AP

POSCO ICT announced on Aug. 6 that its president Choi Du-hwan gave a special presentation on IoT and Big Data-based smart factories at the headquarters of the Hebei Steel Group so that the adoption of smart factory systems can be further accelerated. The Hebei Steel Group recorded a crude steel outp

Kia Motors Corporation announced its July 2015 global sales figures today (export sales, domestic sales, and sales from overseas plants) for passenger cars, recreational vehicles (RVs), and commercial vehicles, recording a total of 230,227 units sold.In July, Kia posted year-on-year sales increases

Former Lotte Japan Vice Chairman Shin Dong-joo visited Japan on Aug. 7. There, he is expected to ask for a meeting of shareholders of Lotte Holdings from early this week and file a suit with regard to the appointment of Lotte Group Chairman Shin Dong-bin as the representative director of "L" investm

U.S. hedge fund Elliott Management has sold its shares in Samsung C&T, the South Korean construction company, after Elliott failed to stop an US$8 billion merger with another Samsung affiliate, Cheil Industries.An Elliott spokesperson said on Aug. 6 that it will exercise its right to sell back share

Marking South Korea's 70th anniversary of Liberation Day this year, Lotte Corporation announced on Aug. 6 that it has completed installing a large Korean flag on the 70th floor of Lotte World Tower, the tallest building in the nation.[[{"fid":"12313","view_mode":"body_image_right","fields":{"for

Ssangyong Engineering & Construction (Chairman & CEO Kim Suk-joon), South Korea's leading builder of overseas advanced building construction, has also proved the world’s best competitiveness in the high-tech Building Information Modeling (BIM) method of the building design sector.The company ann

The Fair Trade Commission (FTC) has set out to discover the ownership structure of Lotte’s overseas subsidiaries, which have a major stake in the Lotte Group. The commission has discovered that an investment firm initialed “L” is the actual governing company of the Lotte Group of Korea. Now, many ar

Lotte Engineering & Construction (President Kim Chi-hyun) signed a contract for the Kota Kasablanka Project Phase Two with Pakuwon Group in Jakarta, Indonesia, on Aug. 3 to construct complex commercial buildings. The project, worth about 149.1 billion won (US$128.09 million), including value-added t

CJ 4DPlex, a subsidiary of CJ CGV, announced that it has expanded a strategic partnership with Regal Cinemas, the largest movie theater chain in the U.S., and will add two more 4DX cinemas in Manhattan, New York City, by the end of this year.The first of the two Manhattan theaters are Regal Union Sq