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Korea Herald
a day ago
- Business
- Korea Herald
7 out of 10 public firm chiefs have over 1 year left in terms under new government
Seven out of 10 heads of state-run companies and institutions still have more than one year remaining in their terms under the new Lee Jae-myung administration, a corporate tracker said Tuesday. According to Leaders Index, 221, or 70.8 percent, out of 312 chiefs at such public entities currently have more than one year left in their terms. The finding is based on a comprehensive review of relevant data from AL10, the public institution management information disclosure system, on 331 public organizations. Leaders Index said leadership positions at 19 of the 331 organizations were currently vacant. The company also said 56 of those leaders with more than one year left in their terms were appointed after then President Yoon Suk Yeol declared martial law on Dec. 3, while another 53 were appointed after the National Assembly passed a bill to impeach Yoon on Dec. 14, raising concerns over potential "midnight appointments" intended to limit the new government's ability to effectively take control of state affairs. Among those with less than a year left in their terms, 38 are expected to complete their terms this year, while the terms of another 21 posts have already expired. Including the 19 vacant posts, the new government is expected to be able to appoint 78 new agency heads by the end of this year. (Yonhap)
Hans India
20-05-2025
- Business
- Hans India
Assets, profits of top 4 biz groups rise in S. Korea, but employment stays flat
Seoul: South Korea's top four biggest business groups -- Samsung, SK, Hyundai Motor and LG -- have seen significant growth in assets and net profits over the past three years but little change in employment levels, a market tracker said on Tuesday. The combined assets of the top four business groups totalled 1,444.8 trillion won (US$1,039 billion) in 2024, up from 1,360 trillion won in 2023 and 1,255.7 trillion won in 2022, according to the Leaders Index. Their assets have been on a steady rise since topping the 1,000 trillion-won mark in 2019, reports Yonhap news agency. The big four's combined assets accounted for 53.1 percent of the total assets held by the country's 30 largest conglomerates in 2024. Their net profit also soared 30.8 percent over the 2022-2024 period, while the top 30's net profit edged up 0.8 percent. However, the Leaders Index noted that the increase in assets and profits has not led to a parallel rise in hiring. The number of employees in the top four groups remained nearly unchanged, rising from 745,000 in 2022 to 746,000 in 2024. The 30 largest groups, on the other hand, saw their total number of employees increase by 8.8 percent over the period, from 1.4 million to 1.52 million. Meanwhile, the value of South Korea's virtual asset market nearly doubled in the second half of last year from six months earlier, on rising prices of cryptocurrencies, data showed on Tuesday. The market capitalisation of the virtual asset market had come to 107.7 trillion won ($77.6 billion) as of end-2024, up 51.2 trillion won, or 91 percent from six months ago, according to the data from the Financial Services Commission (FSC). The total value of Korean won deposits made by traders also jumped 114 percent to 10.7 trillion won, while the operating profit of market operators advanced 28 percent to 742 billion won over the cited period. There had been 25 virtual asset market operators in South Korea as of end-2024, including 17 crypto exchanges, according to the financial regulator. In the six months ended December 31, the average value of daily crypto transactions reached 7.3 trillion won, up 22 percent from the daily average of 6 trillion won in the first half of 2024, according to the FSC.
Korea Herald
20-05-2025
- Business
- Korea Herald
Assets, profits of top 4 biz groups rise, but employment stays flat: data
South Korea's top four biggest business groups -- Samsung, SK, Hyundai Motor and LG -- have seen significant growth in assets and net profits over the past three years but little change in employment levels, a market tracker said Tuesday. The combined assets of the top four business groups totaled 1,444.8 trillion won ($1,039 billion) in 2024, up from 1,360 trillion won in 2023 and 1,255.7 trillion won in 2022, according to the Leaders Index. Their assets have been on a steady rise since topping the 1,000 trillion-won mark in 2019. The big four's combined assets accounted for 53.1 percent of the total assets held by the country's 30 largest conglomerates in 2024. Their net profit also soared 30.8 percent over the 2022-2024 period, while the top 30's net profit edged up 0.8 percent. However, the Leaders Index noted that the increase in assets and profits has not led to a parallel rise in hiring. The number of employees in the top four groups remained nearly unchanged, rising from 745,000 in 2022 to 746,000 in 2024. The 30 largest groups, on the other hand, saw their total number of employees increase by 8.8 percent over the period, from 1.4 million to 1.52 million. (Yonhap)
Korea Herald
01-04-2025
- Business
- Korea Herald
Number of executives at top 30 firms falls last year amid slowdown
The number of executives at South Korea's top 30 conglomerates declined last year amid an economic slowdown, while that of employees increased, a market tracker said Tuesday. According to an analysis of 2024 business results released by 235 affiliates of the 30 conglomerates, the number of executives at the 235 companies came to 9,746 in 2024, down 0.7 percent from a year earlier, according to Leaders Index. The number of employees at the firms, on the other hand, gained 1.7 percent on-year to 983,517. Accordingly, the number of employees per executive at those firms rose to 100.9 from 98.5 over the cited period. "Conglomerates increased the number of working-level employees while reducing that of high-paying executive jobs due to a downturn and an industrywide reorganization," the research firm said in a release. Retail and construction companies cut more executive jobs last year, reporting higher employee-to-executive ratios compared with other business groups. At Shinsegae Group, the number of employees per executive jumped by 31.5 to 228.5 in 2024 from 197 a year ago. Construction firm DL E&C's corresponding figure climbed to 86.2 from 70.7 over the same period. Hyundai Motor Group's figure also rose by 10.3 to 149.1 from 138.8. (Yonhap)
Korea Herald
18-02-2025
- Business
- Korea Herald
Samsung Electronics chief tops dividend recipient list in S. Korea last year
Samsung Electronics Co. Chairman Lee Jae-yong received the largest amount of dividends in South Korea last year, a corporate data tracker said Tuesday. Leaders Index surveyed 560 companies, which provided dividends in the form of cash and cash equivalents to their shareholders in 2024 to count up their overall dividends. The 560 firms provided a total of 40.7 trillion won ($28.2 billion) in dividends to their shareholders last year, up 10.4 percent from a year earlier, the survey showed. Lee received 346.5 billion won in dividends last year, up 7.1 percent from a year ago. Hyundai Motor Group Honorary Chairman Chung Mong-koo and his only son, Euisun Chung, executive chair of the group, ranked second and third, respectively, with dividends of 189.2 billion won and 174.7 billion won. SK Group Chairman Chey Tae-won ranked seventh with an annual dividend of 91 billion won. Among the surveyed companies, 285 companies provided more dividends last year, 94 firms maintained the same dividend levels compared with 2023, and 181 firms cut them. SK hynix, a key affiliate of SK Group, nearly doubled its dividends after reporting record earnings results last year on higher demand for artificial intelligence chips. (Yonhap)
