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LS CNS wins extensive submarine cable deal worth W200b

LS C&S wins extensive submarine cable deal worth W200b | LS Cable & System (LS C&S) LS Cable & System, the world’s third-largest wire and cable maker by sales, said Thursday that it has won a submarine cable supply deal worth around 200 billion won ($183 million), marking the largest deal of the kind in more than 10 years. Slated to be completed by end-2023, the given project aims at connecting South Jeolla Province’s Wando to Jeju Island by installing some 90 kilometers of high voltage, direct current or HVDC submarine cable. LS C&S will be undertaking the entire process from design to completion, in a turnkey format, officials said.

Conglomerates mobilize corporate facilities to ease sickbed shortage crisis

Conglomerates mobilize coporate facilities to ease sickbed shortage | SK Group s employee training center in Incheon. (Yonhap) While South Korea reels under the third wave of COVID-19 infections and its consequences, leading conglomerates here are making gestures to alleviate the top priority dilemma for health authorities the shortage of sickbeds and medical facilities. SK Group, the country’s third-largest conglomerate in assets, said Thursday that its decision-making body SUPEX Council has donated 12 billion won ($11 million) to the Community Chest of Korea. The latest contribution not only came as part with the group’s regular year-end donation an accumulated 176 billion won since 1999 but also in line with its expanded scheme to enhance the social safety net amid the epidemic crisis, officials said.

GS Group donates W4b to Community Chest of Korea

GS Group donates W4b to Community Chest of Korea | GS Group Chairman Huh Tae-soo. (GS Group) South Korea’s eighth-largest conglomerate GS Group has donated 4 billion won ($3.67 million) to the Community Chest of Korea, in a gesture to help the socially vulnerable, the group said Wednesday. The business group has been making year-end donations to the charity organization since 2005 and the latest contribution has brought the accumulated total amount to 60 billion won. “We hope to offer help and comfort to those who are going through difficult times due to the COVID-19 crisis,” the group said in a release. The energy and retail conglomerate also vowed to make the best use of its affiliates’ professional capacities to carry out sustainable activities to care for society and ultimately help the vulnerable stand on their own feet.

New laws weigh on firms ahead of shareholders meeting season

Revised Commercial Act weigh on firms ahead of shareholders meeting season | South Korea s companies (Yonhap) South Korea’s listed companies are under growing pressure to overhaul their audit systems in time for their regular shareholders meetings, slated for February and March next year, due to a new set of corporate regulations set to take effect soon. As the new rules restrict the voting power of owner families in the appointment of auditors, conglomerates will focus on defending their managerial authority from external influence while smaller businesses are likely to struggle to attract qualified personnel. The Korea Listed Companies Association recently sent out an official letter to member firms, delivering the gist of the “Three Acts for Fair Economic Order,” officials said Monday. The Kosdaq Listed Companies Association, a group of firms on the nation’s tech-heavy secondary bourse, is also drafting a similar message for its member firms.

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