Cosmetics shares are spiking over hopes that rising Chinese demand for Korean products will push up their quarterly earnings.Shares of Hankook Cosmetics gained 0.6 percent to 15,600 won ($14.3) at the close of trading Wednesday, after hitting 17,500 won. The price is up more than 140 percent from 7,140 won a month ago. “As we enter the new earnings season, investors are turning their eyes to cosmetics-related stocks that have shown strong momentum,” KB Investment & Securities analyst Yang Ji-hye

Industry April 8, 2015

The union of Daewoo Shipbuilding & Marine Engineering has reacted angrily to the choice of Jung Sung-leep as new chief of the world’s second-largest shipbuilder.The state-owned Korea Development Bank, the largest shareholder of DSME, on Monday recommended Jung, the incumbent CEO of STX Offshore & Shipbuilding, as the company’s new president. The development comes after months of indecision whether to reappoint current DSME president Ko Jae-ho or find a new candidate.“(Choosing an outsider) refle

Industry April 7, 2015

The nation’s top chaebol tycoons are banking on their daughters to lead their conglomerates’ hotel businesses overseas.Lotte Group founder and general chairman Shin Kyuk-ho recently positioned his granddaughter Chang Seon-yoon to lead Lotte Hotel’s overseas expansion efforts. The move comes at a time when Lotte’s rival Hotel Shilla, led by Lee Boo-jin, the eldest daughter of Samsung chairman Lee Kun-hee, is actively seeking market expansion overseas.  Lotte Hotel senior executive Chang Seon-yoon

Industry April 3, 2015

Suh Kyung-bae, chairman of South Korean cosmetics giant AmorePacific Group, has outpaced Samsung Electronics’ vice chairman Lee Jay-yong to become the nation’s second richest person, according to market data released Thursday.Suh ranked 169 on the Bloomberg Billionaire Index, which lists the world’s richest people. Suh’s stocks were valued at around 8.8 trillion won ($8 billion) as of Thursday.  Suh Kyung-baeSamsung heir apparent Lee was placed 182nd on the index. Lee’s father and Samsung chairm

April 2, 2015

Saudi Arabia will seek to strengthen cooperation with South Korea when its top government and business leaders visit Seoul later this month, industry sources said Wednesday.Sources said the Saudi oil minister and top executives of Saudi Aramco, the world’s biggest oil exporter, will meet Korean officials and industry leaders to discuss bilateral cooperation in the energy sector.The Saudi delegation includes Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali Al-Naimi and Aramco presid

Industry April 1, 2015

Showbox Mediaplex, the film-making arm of Orion Group, the nation’s second-biggest snack-maker, made headlines on March 25 when the company announced its expansion to China by signing an exclusive partnership with China’s leading entertainment giant Huayi Brothers.The news once again brought the limelight to the business group’s chairman Tam Chul-kon as the Chinese-Korean is apparently hoping to recreate his “rags-to-riches legend” once again and take the faltering conglomerate back to its glory

Industry March 31, 2015

Local card companies are fiercely competing to become the sole contractor for Costco stores in South Korea.The U.S. retail giant, which has had an exclusive partnership with Samsung Card for 15 years, is considering terminating its exclusive contract in May, according to news reports.Spotting an opportunity, some other card companies were quick to establish a task force in a bid to get a share of the U.S. retailer’s 2.86 trillion won ($2.59 billion) revenue in Korea. Hyundai Card, the country’s

Industry March 30, 2015

The latest prosecution’s raid on Dongkuk Steel Mill and its investigation into the group owner are casting a cloud on the future of the nation’s faltering third-largest steelmaker, which had hoped for revitalization through its ongoing Brazil project.The prosecution unexpectedly raided the headquarters of the steelmaker in Seoul on Saturday, on suspicion that the firm stashed some 10 billion won ($9.06 million) in U.S. accounts to avoid taxes. It is also suspected of exaggerating the sales price

Industry March 29, 2015

South Korea’s two retail giants Lotte and Shinsegae are duking it out to attract the growing number of rich Chinese shoppers visiting the country. Lotte Department Store is reportedly reviewing plans to build an eight to nine-story building next to its headquarters in the shopping district of Myeong-dong, Seoul, a popular destination for Chinese and Japanese tourists.  Chinese tourists visit the shopping district of Myeong-dong, Seoul, during the Lunar New Year holiday in February. (Yonhap)The n

Industry March 27, 2015

McDonald’s Korea and the nation’s union of part-time workers are at odds over the company’s hourly wage and workplace environment.The union said it would hold a rally in Seoul this weekend to protest “McDonald’s low wages and poor working environment.”But the Korean unit of the fast-food chain Tuesday denied the allegations that its hourly pay is not more than the legally set minimum wage of 5,580 won ($5.05). The company said it has paid workers 7,000 won to 9,000 won an hour.  “Under our philo

Industry March 24, 2015

Lotte Group founder and general chairman Shin Kyuk-ho was reelected to the internal board of its retail affiliate Lotte Shopping on Friday, amid the prosecution’s widening probe into the firm’s irregular activities including slush funds.Despite opposition from some local consultancies, Shin won the majority support at an annual shareholders’ meeting that lasted less than 25 minutes. Analyst firms Daishin Economic Research Institute and Sustinvest had adviced Lotte shareholders to vote against Sh

Industry March 20, 2015

In an unusual move, French fashion house Chanel will lower the prices of its handbags by 15-20 percent in South Korea to boost weak domestic consumption, the company said Wednesday.Chanel will start lowering the price of three of its most popular lines ― the Boy Bag, the 11.12 and the 2.55 ― on April 8.The move comes less than a year after Chanel raised the prices of some accessories by 5-15 percent in June and November. “Chanel has continuously raised its price tag in the past, and now it’s low

Industry March 18, 2015