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LG Chem Q1 net down 16 pct on IT sector

By Nam Kwang-sik SEOUL, April 18 (Yonhap) -- LG Chem, the world's largest lithium-ion battery maker, said Friday its first-quarter net income fell 16 percent from a year ago due to sluggish performance of its IT sector. Net profit came to 286.01 billion won (US$275.7 million) in the January-March period from 340.44 billion won a year earlier, the company said in a regulatory filing. Sales also fell 0.8 percent to 5.67 trillion won in the period, and operating profit dropped 11.4 percent to 362.09 billion won.

Samsung chief returns to Seoul, expected to oversee business reorganization

SEOUL, April 17 (Yonhap) -- Lee Kun-hee, chairman of Samsung Group, the country's biggest conglomerate, returned home Thursday to presumably oversee the group's reorganization after spending more than three months overseas. "As you can see, I am alright," Lee, 72, responded to reporters asking about his health. He did not answer any other questions.

Samsung chief returns to Seoul, expected to oversee business reorganization

SEOUL, April 17 (Yonhap) -- Lee Kun-hee, chairman of Samsung Group, the country's biggest conglomerate, returned home Thursday to presumably oversee the group's reorganization after spending more than three months overseas. "As you can see, I am alright," Lee, 72, responded to reporters asking about his health. He did not answer any other questions.

Arrest warrant sought for former Lotte Homeshopping chief

SEOUL, April 16 (Yonhap) -- Prosecutors sought an arrest warrant Wednesday for a former head of television-based retailer Lotte Homeshopping Co. on charges of receiving kickbacks from suppliers. After summoning Shin Heon for questioning earlier in the week, the Seoul Central District Prosecutors' Office asked a Seoul court to issue the warrant for further questioning. Shin, who headed the retailer from 2008 to 2012, now serves as chief executive of the country's largest department store chain, Lotte Shopping.

Prosecutors raid unit of steel giant POSCO

SEOUL, April 16 (Yonhap) -- Prosecutors on Wednesday raided a subsidiary of top steelmaker POSCO over suspicions of corruption involving some company officials. A team of prosecutors and investigators swooped on the headquarters of POSCO Processing and Service Co., a steel products-processing subsidiary of POSCO, in southern Seoul to seize computer hard discs, account books and other materials related to its transactions of steel products. Prosecutors denied any link between the probe and POSCO, saying the investigation is about POSCO P

CJ Korea Express sets up biz tieup with Chinese delivery firm

SEOUL, April 15 (Yonhap) -- CJ Korea Express Corp., South Korea's biggest logistics firm, said Tuesday it has signed a preliminary deal with Shanghai YTO Express (Logistics) Co. for business cooperation. The two companies will share their delivery networks and jointly develop a system for delivery of online-traded merchandise, the South Korean firm said. They also agreed to expand their global presence by using the overseas network of CJ Korea Express, it said.

Former Lotte Homeshopping head quizzed over alleged graft

SEOUL, April 14 (Yonhap) -- The former head of television-based retailer Lotte Homeshopping Co. was called in by prosecutors Monday to face questioning over suspicions of receiving kickbacks from suppliers. Shin Heon, who headed the retailer from 2008 to 2012, entered the Seoul Central District Prosecutors' Office in southern Seoul around 9 a.m. to undergo questioning as a suspect in the corruption case. Shin, 60, now serves as chief executive of the country's largest department store chain, Lotte Shopping.

Samsung holds entrance exam for first-half hiring

SEOUL, April 13 (Yonhap) -- Samsung Group said Sunday it conducted its aptitude test to select new entrants for the first half of 2014, drawing about 100,000 people aspiring to work at affiliates of South Korea's largest conglomerate, which has repeatedly been chosen as job seekers' favorite employer. Samsung Group said it administered the Samsung Aptitude Test, called the SSAT, at 85 test venues nationwide. Samsung did not officially disclose how many new employees it will hire, but the prevalent view, given past records, is that it will accept around 4,000-5,000 people.

Lotte Homeshopping's supplier raided over alleged graft

SEOUL, April 10 (Yonhap) -- Prosecutors raided the office of a supplier to Lotte Homeshopping Co. Thursday as part of their investigation into allegations that some employees of the television-based retailer took kickbacks in exchange for business favors. Lotte Homeshopping, the retailer arm of the fifth-largest conglomerate Lotte Group, has been under investigation over suspicions that former and incumbent executives received bribes from companies selling their products on the retailer's cable network.

Samsung Heavy Industries wins 1.3 tln won order in Oceania

SEOUL, April 9 (Yonhap) -- South Korea's Samsung Heavy Industries Co. said Wednesday it has clinched a 1.3 trillion won (US$1.2 billion) deal with a shipper in Oceania to build two drill ships. Samsung Heavy Industries plans to deliver the vessels to the shipper by the end of June 2017, the company said in a regulatory filing. The contract amount is equivalent to 9 percent of the company's total sales last year.
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