The new chairperson for the Federation of Korean Industries vowed that the business lobby group would prevent government-business collusion and push for a transparent corporate culture to “clean up the dark past” of a massive influence-peddling scandal it was embroiled in 2016. In its ad hoc general meeting held Tuesday, the lobby group appointed Ryu Jin, chairman of Poongsan Group, as the new chairperson of the FKI. The meeting was an arena where it announced the kick-starting of th

Industry Aug. 22, 2023

South Korea’s top four chaebol groups -- Samsung, SK, Hyundai Motor and LG -- are likely to rejoin the Federation of Korean Industries, the disgraced business lobby group that has remained practically defunct for years following the revelation of its role in a massive influence-peddling scandal in 2016. According to industry sources on Monday, key affiliates of the nation’s top conglomerates recently held board meetings to approve them rejoining the FKI. The latest decision comes a

Industry Aug. 21, 2023

The Chinese government has decided to allow group tours to South Korea after a six-year hiatus instigated by diplomatic bickering between Seoul and Beijing, as well as the COVID-19 pandemic. China's Ministry of Culture and Tourism on Thursday said it would lift restrictions on its nationals to travel in groups to 78 countries around the world, including Korea, the United States and Japan. The ban on Chinese group tours to Korea was removed for the first time since it was put in place as

Economy Aug. 10, 2023

At least 14 people were injured when a car ran onto the sidewalk before a suspect got out and went on a stabbing rampage in Seongnam, Gyeonggi Province, Thursday, Yonhap news agency said, citing police and fire authorities. Police detained the suspect, a 23-year-old man surnamed Choi, at the scene at 5:55 p.m., following the reported incident near Seohyeon Station, on the Bundang Line of the Seoul subway network. According to sources, Choi is a delivery industry worker. The police confirmed th

Social Affairs Aug. 3, 2023

South Korea’s eagerness to host the World Expo 2030 in Busan goes far beyond the pursuit of a multi-trillion-won injection into the economy, and is instead seeking to become an important international platform that will contribute to humanity, according to SK Group Chairman Chey Tae-won on Wednesday. “People often talk about the economic impact ... of hosting the expo. … More importantly, I think Korea should take a responsible course of action towards (having an impact on)

Economy July 27, 2023

A yearslong legal dispute between the South Korean government and US hedge fund Elliott Investment Management has entered another phase, as the government decided to file a suit to reverse an international tribunal's order to pay some $108 million in damages to the hedge fund. At the center of the protracted legal battle is the controversial 2015 merger of two Samsung Group affiliates -- Samsung C&T and Cheil Industries. Elliott, a minority stakeholder in Samsung C&T, sued the Kor

Economy July 24, 2023

The Bank of Korea is unlikely to cut interest rates this year because of uncertainty in the inflation outlook and massive household debt, central bank Gov. Rhee Chang-yong said Friday. "It is difficult to say that we will lower the interest rates for the time being, so don't expect too much that there will be a drop in the interest rates," he said during the 45th Jeju Forum hosted by the Korea Chamber of Commerce and Industry at Jeju Haevichi Hotel Resort. "We will look at

Economy July 14, 2023

SEOGWIPO, Jeju Island -- Gone are the days when it was sufficient for companies to have the upper hand in the global market by sharpening their competitive edge on their own. Governments and corporations teaming up together has become a global phenomenon to deal with uncertainties induced by supply chain disruptions and economic rivalry between the US and China, SK Group Chairman Chey Tae-won said Wednesday. Fragmented global markets unfolded new ways of survival, requiring governments to partne

Industry July 13, 2023

The total transaction volume of cross-border mergersand acquisitions involving Korean companies decreased by more than 40 percent in the first half of this year compared to the previous year, according to a major business lobby group, which called for the government support for deals with overseas tech companies. According to a report released by the Sustainable Growth Initiative, a think tank under the Korea Chamber of Commerce and Industry on Monday, the volume of transactions in domestic

Economy July 10, 2023

Korean business tycoons met with French President Emmanuel Macron to discuss their cooperation in strategic industry projects including energy and next-generation transportation, a business lobby group Korea Chamber of Commerce and Industry said Thursday. At the meeting held at the Elysee Palace in Paris with heads of Korea's top eight conglomerates on Wednesday, President Macron presented the economic and social reform policies that France is pursuing to strengthen the country’s inve

Industry June 22, 2023

An international court’s decision sentencing South Korea to pay a US hedge fund about $108.5 million in losses caused by the government’s meddling in the 2015 merger of two Samsung units may affect other pending rulings on investor-state dispute cases involving the country. Elliott Investment Management on Wednesday urged the Korean government to pay the amount to the investor as ordered by the Permanent Court of Arbitration on Tuesday, asserting further legal proceedings would c

Market June 21, 2023

The Bank of Korea said it would remain vigilant following the US Federal Reserve’s decision to pause its interest rate hike cycle for the first time in 15 months, noting the possibility of a further increase later this year. The Federal Open Market Committee unanimously kept its key borrowing target range at 5 percent to 5.25 percent, after 10 consecutive rate increases since March last year. The rate freeze was aligned with expectations in the market but the Fed also signaled that addit

Economy June 15, 2023

Over 500 Korean companies and institutions gathered in Boston to take part in the BIO International Convention 2023 last week to discover new partnerships and to negotiate potential licensing deals. The number of participating Korean biotech and pharmaceutical firms and agencies doubled this year from a year ago, the largest after those from the United States, raising anticipation for the industry which experienced investment drought last year. “During this year’s event, multinatio

Industry June 14, 2023

South Korean companies faced higher borrowing costs and weaker earnings by about a third in 2022 from a year earlier, prompting the country’s major business lobby group to call for monetary easing policies. The Korea Chamber of Commerce and Industry on Monday released a report analyzing 2022 financial statements of 1,612 companies listed on the Korean bourse, including 159 conglomerates and 679 small and midsized firms. "Operating profits have been greatly reduced and corporate debt

Industry June 12, 2023

By Park Han-na Korea Herald correspondent BOSTON – Providing speedy drug-producing service with the world’s largest production capacity has been the main driving force of the rapid growth Samsung Biologics has enjoyed over the past 10 years. In the next 10 years, the company will focus on innovative technology in pursuit of becoming a global top-tier biopharmaceutical company, said Chung Nam-jin, executive vice president and head of the Bio R&D Center at Samsung Biologics. La

Industry June 8, 2023