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CJ Group-overseas business

Yonhap News AgencyMay 22, 2013 22:15

SEOUL, May 23 (Yonhap) -- The ongoing investigation into CJ Group's slush fund allegations may hamper the local food and entertainment conglomerate's overseas business projects and lower its credit ratings, a report said Thursday. On Tuesday, prosecutors raided the headquarters and offices of the country's 14th largest conglomerate on suspicion of creating an overseas slush fund worth 7 billion won (US$6.2 million) and bringing the money into the country. The group is also accused of committing other illegal acts such as tax evasion.

GS Group-temporary workers

Yonhap News AgencyMay 22, 2013 21:30

SEOUL, May 23 (Yonhap) -- GS Group, a South Korean energy and retail conglomerate, said Thursday it plans to promote a total of 2,500 non-regular workers into full-time employees by the end of this year. Around 2,150 workers at GS Retail Co. and 350 additional temporary workers at GS Shop Co. will benefit from the scheme, it added. The group said the move will reduce its ratio of temporary workers from the current 19.3 percent to 9.5 percent.

LG Display-market share

Yonhap News AgencyMay 22, 2013 21:00

SEOUL, May 23 (Yonhap) -- South Korean display giant LG Display Co. kept its dominant position in the market for liquid crystal display (LCD) panels that are 9.1 inches or larger in the first quarter, data showed Thursday. Shipments by LG Display reached 44.6 million units in the January-March period, accounting for 27.2 percent of a total 164 million units shipped globally, according to the data by market researcher DisplaySearch. The large LCD panels are usually used for computer monitors, laptop computer screens and TVs.

CJ Group-slush fund probe

Yonhap News AgencyMay 22, 2013 03:45

SEOUL, May 22 (Yonhap) -- Prosecutors are tracing the origin and use of a massive slush fund allegedly amassed by CJ Group, the food and entertainment conglomerate, officials said Wednesday. The prosecution has been looking into suspicions that the country's 14th largest conglomerate had stashed away about 7 billion won (US$6.3 million) in overseas slush funds and recently brought the money into the country. The group also allegedly committed other illegal acts such as tax evasion.

major builders-heavy losses

Yonhap News AgencyMay 20, 2013 03:33

SEOUL, May 20 (Yonhap) -- South Korea's nine major construction companies suffered heavy losses in the first three months of this year, data showed Monday, sparking concerns that some builders could face restructuring amid the country's protracted property market slump. The combined operating losses of Hyundai Engineering

POSCO sees steel industry remaining in doldrums in second half

Thomson ReutersApril 25, 2013 04:00

SEOUL (Reuters) - South Korea's POSCO <005490.KS>, the world's fourth-biggest steelmaker, expects the steel industry to remain lacklustre in the second half of this year because of China's weak demand and the weaker Japanese yen that is hurting South Korean exporters. "We face an uphill battle in raising product prices," Kim, Jae-yeol, senior vice president, said during an earnings conference.

Posco's Q1 profit plunges 54% on weak demand

Agence France-PresseApril 25, 2013 03:45

South Korean steel giant Posco said Thursday it had suffered a 54 percent drop in its first-quarter net profit because of weakening global demand and lower prices. Consolidated net profit in the January-March period fell to 292 billion won ($260 million) from 636 billion won a year earlier, the company said in a statement. "Fewer orders from shipbuilders and construction companies dented the bottom line amid a prolonged slump," a Posco spokesman told Dow Jones Newswires. "Slower-than-expected recovery in China's steel market also weighed on the outcome."

South Korean builders brace for losses as overseas projects go sour

Thomson ReutersApril 21, 2013 18:15

By Hyunjoo Jin and Joyce Lee SEOUL (Reuters) - South Korean construction stocks <.KRXCNST> have lost almost 20 percent of their value this month, falling to levels last seen four years ago, after huge losses at two firms sparked widespread fears of overseas projects going sour. After the 2008 financial crisis, South Korean builders such as Samsung Engineering Co Ltd <028050.KS> and GS Engineering & Construction Corp <006360.KS> won a raft of foreign orders, particularly in the Middle East.

Samsung Heavy bags 462 bln won LNG ship order

AsianetApril 15, 2013 16:02

Samsung Heavy Industries Co., a South Korean shipbuilder, said Monday that it has clinched a 462 billion won (US$ 410 million) deal to build two liquefied natural gas (LNG) carriers. Under the deal with a joint venture between SK Shipping Co.

Taiwan probes allegations of Samsung wrongdoing

Agence France-PresseApril 15, 2013 09:47

Taiwanese authorities said Monday they had launched an investigation into allegations that South Korean tech giant Samsung hired students to post malicious comments about local rival HTC online. "The case was set up last week after we received complaints," Fair Trade Commission spokesman Sun Lih-chyun told AFP. He said the probe would look into allegations that Samsung engaged in false advertising and that if the allegations were upheld, Samsung and its local advertising agent could face a fine of up to Tw$25 million ($835,000).