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Businesses expand donations despite earnings slump

SEOUL, March 23 (Yonhap) -- South Korea's businesses expanded donations to charities in 2013, data showed Sunday, with Internet giant Naver Corp. making the largest contributions in comparison to its earnings. The country's 78 major firms made a combined donation of 1.4 trillion won (US$1.29 billion) last year, up 22 percent from a year earlier, according to the data compiled by market researcher CEO Score.

S. Korea's top firms hold shareholder meetings concurrently

SEOUL, March 21 (Yonhap) -- South Korea's top firms listed on the main and tech-heavy exchanges held their annual general shareholder meetings concurrently on Friday and approved appointments of corporate directors, set new rules governing wages of top executives and outlined growth plans. According to the Korea Securities Depository (KSD), a total of 662 listed companies whose fiscal year ended in December held their shareholders' meeting during the day.

Samsung Fine Chemicals to buy into U.S. chip materials firm

SEOUL, March 20 (Yonhap) -- Samsung Fine Chemicals Co., a chemical unit of South Korea's top conglomerate Samsung Group, said Thursday it will buy shares in a new U.S. chip materials company that will be listed on the U.S. tech-heavy NASDAQ. Samsung Fine Chemicals said it will spend US$100 million in cash to buy the new shares of SSL, which was spun off U.S. solar energy firm SunEdison.

NPS holds stakes in more than 50 chaebol affiliates

SEOUL, March 18 (Yonhap) -- South Korea's state-run pension fund wields a large influence over the country's major firms through its stockholdings, with stakes of over 5 percent in some 50 conglomerate affiliates, data showed Tuesday.

Top companies hold annual shareholders meetings, outline biz plan

SEOUL, March 14 (Yonhap) -- South Korea's leading firms listed on the main and tech-heavy exchanges held their annual general shareholders meetings Friday to outline business plans, appoint top executives and set new wage rules for directors. The Korea Securities Depository (KSD) said a total of 116 listed companies whose fiscal year ended in December held their general shareholders meeting during the day. The companies included KOSPI-listed firms such as affiliates of Samsung, Hyundai Motor and LG groups, as well as steelmaker POSCO and several financial firms.

Top companies hold annual shareholders meetings, outline biz plan

SEOUL, March 14 (Yonhap) -- South Korea's leading firms listed on the main and tech-heavy exchanges held their annual general shareholders meetings Friday to outline business plans, appoint top executives and set new wage rules for directors. The Korea Securities Depository (KSD) said a total of 116 listed companies whose fiscal year ended in December held their general shareholders meeting during the day. The companies included KOSPI-listed firms such as affiliates of Samsung, Hyundai Motor and LG groups, as well as steelmaker POSCO and several financial firms.

Metal engineering expert takes helm of POSCO

An engineering expert on Friday took the helm of South Korea' steel giant POSCO promising an overhaul of the company as it suffers falling profits owing global economic uncertainty and competition from Chinese rivals. Shareholders and board of directors at the world's number five steelmaker approved Kwon Oh-Joon, a 64-year-old metal engineer, as its eighth CEO on Friday, putting him in charge through to March 2017.

New POSCO chairman takes office

By Nam Kwang-sik SEOUL, March 14 (Yonhap) -- An engineer savvy in technological development took office Friday as chairman of the world's fifth-largest steelmaker, POSCO, with a four-point reform plan to enhance competitiveness and weather an industry slump. POSCO's shareholders and board of directors formally approved Kwon Oh-joon, 64, as the company's eighth chairman. He will serve through March 2017, leading the country's sixth-largest conglomerate by assets.

SK, LG slapped with additional business suspension for illegal subsidies

SEOUL, March 13 (Yonhap) -- South Korea's telecom watchdog on Thursday ordered business suspensions for two local mobile carriers already penalized by a government ministry for paying illegal subsidies to induce users to change service providers. The Korea Communications Commission (KCC) said it will suspend the businesses of SK Telecom Co. and LG Uplus Corp., the top two mobile carriers, for seven and 14 days, respectively.

SK, LG slapped with extra biz suspension for illegal subsidy

SEOUL, March 13 (Yonhap) -- South Korea's telecom watchdog on Thursday ordered business suspensions for two local mobile carriers already penalized by a government ministry for paying illegal subsidies to induce users to change service providers. The Korea Communications Commission (KCC) said it will suspend the businesses of SK Telecom Co. and LG Uplus Corp., the top two mobile carriers, for seven and 14 days, respectively.
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