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Reporter : Lee Hyo-sik
Sat, September 23, 2023 | 21:11
Francis Van Parys heads GE Healthcare Korea
GE Healthcare appointed Francis Van Parys as the new head of its Korean unit, replacing outgoing CEO Sia Moussavi who has moved to Canada to oversee the firm’s multi-vendor service unit there. Prior to joining GE Healthcare, Van Parys held several key positions in marketing and sales within GE Life Sciences and Consumer & Industrial divisions. He was also recognized for his a...
AmorePacific opens new headquarters in Yongsan
AmorePacific has opened its new headquarters in Yongsan-gu, Seoul, beginning a new era for the 72-year-old cosmetics maker seeking to become one of the world’s top five “beauty” companies. The completion is expected to facilitate the firm’s Vision 2025 plan in which it aims to become a “great company.” Toward that end, it is trying to bolster its overseas presence, innovate t...
Businesses bottoming out in China
Automakers, airlines, duty free shops and other businesses heavily dependent on China are welcoming improving Korea-Sino relations in recent weeks as the two sides work to get the soured ties back on track. Korean companies, which have been grappling with China’s economic retaliation since March when Korea officially decided to deploy a U.S. anti-missile battery here, are expressing hopes that business will get better amid growing signs of a thaw in icy relations. Things began picking up after the two countries announced an agreement to normalize ties Oct. 31, with China’s backlash against l...
Woori stake sale hits bumpy road
The government has decided not to dispose of its remaining 18.5 percent stake in Woori Bank this year as Korea’s third-largest commercial bank has been reeling from an unprecedented hiring scandal. Financial regulators had initially planned to complete the privatization of the bank by the end of the year, but had to delay the schedule after Woori CEO Lee Kwang-goo stepped down Nov. 2 amid the alleged illicit hiring of the children of government officials as its employees. Instead, they will attempt to sell a 7 percent stake, or 47.32 million shares, in the bank next year, according to the go...
'Innovation key to reviving Korea's dairy industry'
Korea should work harder to introduce innovative, value-added dairy products and deliver effective messages about the benefits of drinking milk if it wants to revive its struggling dairy industry, according to the founder of one of the largest dairy farms in the United States. Suzanne McCloskey, founder of Fair Oaks Farm and fairlife, said dairy farms here need to build stori...
Denso, Delphi fined for colluding bids
Denso and Delphi were fined for colluding on bids to supply auto parts at artificially high prices to Hyundai, Kia and other domestic automakers, the country’s antitrust agency said Tuesday. The Fair Trade Commission (FTC) said Denso Korea Automotive, a local unit of Japanese auto parts giant Denso, and Hyundam Industries, a local fuel pump maker, colluded from August 2007 to February 2009. Prior to every bid, the two firms met to decide which was going to win supply contracts. Through the collusion, they were able to keep the prices of fuel pumps high at the expense of carmakers, the FTC sa...
KT&G unveils heat-not-burn (HNB) e-cigarette
KT&G has unveiled its heat-not-burn (HNB) e-cigarette, lil, which it hopes will establish its leadership in the rapidly growing alternative cigarette market. The local cigarette maker is expected to be engaged in heated competition with Philip Morris International (PMI) and British American Tobacco (BAT), which have already introduced their own HNB e-cigarettes; IQOS and glow...
For needy households
S-Oil CEO Othman Al Ghamdi, left, and company employees deliver briquettes in Gaemi, Seoul, to low-income families and senior citizens living alone, Tuesday. The refiner donated 60,000 briquettes. Courtesy of S-Oil
KCCI's top pick
The Korea Chamber of Commerce and Industry (KCCI) selected a photo of construction workers on a suspension bridge as a grand prize for this year’s photo contest. The winner will receive 30 million won. The business association also picked two second-place winners who will get 5 million won each, five third-place winners and 30 fourth-place winners. / Courtesy of KCCI
Lotte crying foul at Incheon airport
Lotte Duty Free has filed a complaint against Incheon International Airport Corp. (IIAC), calling on the antitrust agency to correct what it calls “unfair business practices” by the airport operator. Korea’s largest duty free store chain said Monday it decided to ask the Fair Trade Commission (FTC) to look into a five-year lease contract it signed with the IIAC as to whether it violates the nation’s Fair Trade Act or not. The move comes amid the ongoing dispute over rent Lotte has to pay to the Incheon airport.
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