Most Popular
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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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College is expensive? In S. Korea, English preschools cost much more
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[Hello India] Hyundai Motor inches closer to IPO in India
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[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant
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Panel decision put prosecution in dilemma over Dior bag case
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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'Gyeongseong Creature Season 2': faster and ready to confront past
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2025 Trend Forecast: Small details, new happiness trend amid sluggish economy
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Global drama stars gather for 2024 Seoul International Drama Awards
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Hyundai Mipo Dockyard sees May sales drop 13.5% year-on-year
[THE INVESTOR] Hyundai Mipo Dockyard on June 17 revealed that May sales dipped 13.5 percent from a year ago, in a preliminary regulatory filing. The company’s May sales came in at 281.9 billion won ($US 240.9 million), down 13.5 percent from a year ago, and lower by 0.27 percent compared to the previous month. By Choi He-suk (cheesuk@heraldcorp.com)
June 17, 2016
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Hyundai Heavy posts drop in May sales
[THE INVESTOR] Hyundai Heavy Industries posted May sales of 1.64 trillion won (US$ 1.4 billion), down 13.96 percent compared to the same month last year. For the year so far, Hyundai Heavy’s sales came in at just under 9 trillion won, down 16.48 percent compared to the same period last year. Hyundai Heavy, the country’s largest shipbuilder, has been plagued by falling orders and rising costs, pushing it to draw up tough revival plans.Hyundai Heavy shares closed at 104,000 won, down 0.95 percent
June 17, 2016
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Conglomerates selling stakes in money-making affiliates to raise funds
[THE INVESTOR] Owners of the nation’s top conglomerates are increasingly selling their stakes in various money-making affiliates to raise funds needed for participating in capital increases of other key affiliates.On June 8, Hanjin Group chairman Cho Yang-ho sold a 6.87 percent stake in one of Hanjin’s real estate brokering affiliates for 25.1 billion won (US$21.3 million), according to a regulatory filing on June 16. The brokering affiliate had posted 41.3 billion won in sales and 14 billion wo
CompaniesJune 17, 2016
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Arrest warrant rejected for former Oxy Korea CEO
[THE INVESTOR] A Seoul court on June 17 rejected an arrest warrant sought for former Oxy Reckitt Benckiser CEO John Lee amid an escalating probe into the company’s toxic humidifier disinfectant scandal. The Seoul Central District Court said the evidence complied thus far against Lee is not strong enough to issue an arrest warrant. Lee, a 48-year-old Korean-American who currently heads Google Korea, is suspected of not taking appropriate measures despite rising health complaints from users when h
IndustryJune 17, 2016
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[Eye Interview] ‘Mom, buy me stock’
Whenever John Lee has a chance to meet new people he emphasizes the same piece of advice: “Buy your children stocks, instead of paying high fees for private education.”During our interview at his office in Bukchon, northern Seoul, the CEO of Meritz Asset Management asked me directly if I was investing in stocks.For ordinary Korean workers, it is not easy to check the stock market frequently and pick good shares that will yield high returns. When news reports tell us the local stock market has re
June 17, 2016
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Lotte hires major law firms for defense as probe widens
[THE INVESTOR] Lotte Group said Friday that it has hired South Korea’s mega law firms to represent and defend its position as Seoul prosecutors widen their probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.Korea’s top law firms including Kim & Chang, Bae, Kim & Lee (Taepyeongyang), Lee & Ko (Gwangjang) and Shin & Kim (Sejong) are set to represent Lotte Group’s headquarters and its major affiliates which are currently under heavy investigation,
June 17, 2016
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Foreign investors’ stake in Samsung Electronics exceeds 50%
[THE INVESTOR] The stake of foreign investors in Samsung Electronics hit the highest level on June 16 in around seven months.The shares owned by foreign investors accounted for 50.7 percent -- the highest since Nov. 2, 2015, according to Korean Exchange, the sole securities exchange operator.Despite increasing fears of the UK’s exit from the European Union, they bought 560 billion won (US$447 million) worth of Samsung shares from June 1 to 16. The share price jumped to 1.4 million won in recent
IndustryJune 17, 2016
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Hanjin Shipping gets 3-month extension on W190b bonds
[THE INVESTOR] Hanjin Shipping on June 17 received a three-month extension on corporate bonds with a combined value of 190 billion won (US$ 161.9 million).The bondholders’ decision gives Hanjin Shipping until Sept. 27. Hanjin Shipping had been at risk of defaulting had the bondholders rejected its request and kept the original June 27 maturity date.By Choi He-suk (cheesuk@heraldcorp.com)
June 17, 2016
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Seaspan refuses to cut costs for Hanjin
[THE INVESTOR] The world’s largest containership owner Seaspan Corp.’s CEO Gerry Wang indicated he would not be accepting charter rate cuts requested by South Korean shipping line Hanjin Shipping.Wang told London-based journal Lloyd’s List that he would “withdraw the tonnage than agree to any concessions.”These comments run counter to what Hanjin Group said regarding a meeting between its chairman Cho Yang-ho and Wang on June 14.Hanjin spokespeople had hinted the discussions went well, and that
June 17, 2016
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Hyundai, Kia May sales rise in Europe
[THE INVESTOR] Hyundai Motor Group -- comprising Hyundai Motor and Kia Motors -- saw significant sales rise in Europe in May, a research report showed on June 17. The report by Hana Financial Investment showed that Hyundai Motor’s sales rose 18 percent from the same month last year, while Kia’s figures increased 16 percent. The combined sales of both carmakers rose 17 percent. Tucson.For Hyundai Motor, the compact sport utility vehicle Tucson led the rise with sales jumping 46 percent from a yea
BusinessJune 17, 2016
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Samsung’s Joyent buy not enough to take on AWS: analyst
[THE INVESTOR] Samsung Electronics is expected to get a big boost with its recent acquisition of US-based cloud service start-up Joyent but it would be still not enough to compete head-on with the market No. 1 Amazon Web Service, or AWS.Samsung did not reveal the acquisition price for the deal that was announced on June 16. Global Innovation Center, its Silicon Valley start-up accelerator, is said to have led the whole process. After the acquisition, Joyent will be run as a separate entity under
TechnologyJune 17, 2016
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Lotte hires major law firms for defense as probe widens
Lotte Group said Friday that it has hired South Korea’s mega law firms to represent and defend its position as Seoul prosecutors widen their probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation. Korea’s top law firms including Kim & Chang, Bae, Kim & Lee (Taepyeongyang), Lee & Ko (Gwangjang) and Shin & Kim (Sejong) are set to represent Lotte Group’s headquarters and its major affiliates which are currently under heavy investigation, according to l
IndustryJune 17, 2016
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Woori Bank to be put up for sale again
[THE INVESTOR] The government plans to make its fifth attempt to sell Woori Bank in August at the earliest, a key official overseeing the sale process said on June 17. “The success of Woori Bank sale can’t be guaranteed as market sentiment can shrink due to variables like Brexit but we are considering giving a public notice of the disposal between August and September,” said Yoon Chang-hyun, chairman of Public Fund Management Committee of Financial Services Commission. Woori Bank, the country’s
June 17, 2016
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[Weekender] Postretirement plans rise in importance
A 29-year-old high school teacher surnamed Ko in Seoul started a variety of savings when she begun her career in 2011. From personal annuity savings to a housing deposit account, Ko regularly saves about 1 million won ($850) in total every month. Her personal annuity savings will allow her to receive 300,000 won per month from the age of 55 if she successfully accumulates 300,000 won every month for the first 10 years. As she works as a private school teacher, she was also eligible to join the T
June 17, 2016