Business

282 evacuated; no injuries reported A fire at a luxury hotel west of Seoul sent hundreds of guests escaping from the building in a panic on March 24 afternoon. No casualties were reported, though. The fire took place at 3:16 p.m....

Raid continues longer than 8 hours The police raided a cosmetic clinic on March 23 following the news report that Hotel Shilla chief Lee Boo-jin, also Samsung Group heiress, abused an addictive drug of propofol in 2016 Police officers raided the...

Walkout to continue through March 28 Unionized workers of Hanwha Total went on a general strike on March 23 after the talks between the management and labor over wage hike fell apart. The union plans to continue the walkout through...

Elliott defeated in all agendas Shareholders of Hyundai Motor and Hyundai Mobis underpinned the two firms’ management in a proxy standoff between Hyundai and U.S. hedge fund Elliott Management. Elliott has asked the two Seoul-based automotive companies to dole out $6.3...

Tycoon’s family members keep suffering How’s the life of Korea’s richest man, Samsung Group Chairman Lee Kun-hee? Ordinary people would envy the super-rich businessman whose total wealth amounts to more than $15 billion. From the perspective of Lee, however, his life...

Shinsegae's boutique hotel fails to impress Shinsegae Group Vice Chairman Chung Yong-jin has proven his ability as a business leader - he brought Starbucks to Korea and established the mega-sized Starfield shopping malls in Seoul and the surrounding area. Last...

Still, honesty is the best policy From last year, the sale of Oriental Brewery (OB) has been on the lips of observers and journalists. Of note is how OB and owner AB InBev have dealt with the reports. The Korea...

Hotel Shilla head denies wrongdoing Hotel Shilla chief Lee Boo-jin is accused of having taken propofol, a short-acting and sedative-hypnotic agent, for non-medical purposes, according to a local news outlet. Lee instantly denied the report. Propofol induces and maintains anesthesia. Misuse...

Gyeonggi presents controversial school bill The Gyeonggi Province Assembly will discuss a bill this month that will oblige the management of schools to put “war criminal tags” on products manufactured by Japanese firms such as Nikon, Panasonic, Mitsubishi and Yamaha....

US hedge fund stays calm ahead of shareholders' meetings Elliott Management has pressed Hyundai Motor and its affiliate Hyundai Mobis to pay $6.3 billion in payments and appoint five outside directors nominated by the U.S. hedge fund. Ahead of the March...