SK hynix enjoys sold sales, profits
Memory chip maker surpasses 1 trillion won in operating profit SK hynix Thursday said it posted an operating profit of 1.05 trillion won in the first quarter, surpassing the initial market estimation of 978 billion won. The world’s second-largest chip maker is expected to enjoy robust sales for the rest of the year thanks to […]
Obama to meet business leaders
U.S. President Barack Obama will meet Korean business leaders Saturday to seek more investment into the U.S., the American Chamber of Commerce in Korea (AMCHAM) said Thursday. “President Barack Obama will host a roundtable business event on April 26 to discuss investment opportunities in the U.S. and the KORUS free trade agreement implementation,” the U.S. […]
Foreign firms may buy Pantech, Dongbu HiTek
Experts are worried that Korea could lose its tight grip on the mobile phone and semiconductor industries because foreign companies are planning to purchase stakes in leading domestic technology firms. Experts said that the Korean government should consider whether or not to allow foreign firms to buy stakes in Dongbu HiTek and Pantech, due to […]
Chonghaejin Marine’s ‘real’ owner hunted
Financial regulators have launched a joint investigation with customs and tax officials into Chonghaejin Marine, the operator of the sunken ferry Sewol, and its owner family. The shipping firm’s majority stakeholder is Chonhaiji, a small shipbuilder controlled by I-One-I Holdings. Major shareholders of the holding firm include two sons of a 73-year-old mysterious businessman, Yoo […]
KT to reduct workforce by 25%
KT said Monday that it will cut its total workforce by up to 25 percent. The massive lay-offs are expected to save at least 700 billion won in annual expenses. “A total of 8,320 KT employees applied for the voluntary retirement program. We will terminate contracts with those employees before April 30,” said KT in […]
Korea wants to get MSCI’s developed market statues
Morgan Stanley Capital International (MSCI), the world’s leading provider of investment decision support tools, may include Korea on its list of developed markets this year, experts said Friday. They warned, however, that the country could face difficulties drawing funds from investors while competing with the U.S., Western Europe, Japan and other regions with developed economies. […]
Large firms hesitate to invest
Lotte shows highest cash reserve ratio The average cash reserve ratio of conglomerates soared to a record high last year, data showed Sunday, triggering concerns that their sluggish reinvestment may hinder job creation and economic recovery. According to FN Guide, an online financial information provider, the average reserve ratio of 70 listed affiliates of Korea’s […]
Korean games popular in China, Japan
Critics argue tough regulations curb growth potential K-pop’s rise is fast and furious, representing the country’s booming cultural industry. Yet this doesn’t mean K-pop is the most profitable export item among cultural products. Guess what the No.1 is? Computer games. According to the state-run Korea Finance Corporation, Korea’s games exports in 2012, the latest date, […]
Diageo, Pernod Ricard to cut jobs
Diageo and Pernod Ricard, the world’s top two liquor companies, are cutting their workforces in Korea due to declining whiskey sales, their Korean branches said Wednesday. Last week, Diageo Korea said it will provide an early retirement program for all managers and executives in a move to cut costs amid slowing sales, a spokesman for […]
Hyun hints at easing rules on hotel construction
Strategy and Finance Minister Hyun Oh-seok indicated Wednesday that the government will ease regulations on hotel construction to boost the tourism industry. “The tourism industry is very effective in boosting the domestic economy and creating jobs. Currently, the number of foreign tourists is rising thanks to the growing popularity of K-pop, dramas and movies,” Hyun […]
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