Private funeral planned for Lee Kun-hee

Although long anticipated throughout his years spent in hospital, the passing of Samsung Group Chairman Lee Kun-hee shook the nation Sunday morning. With Samsung Group formally confirming the late Lee’s passing, reporters flocked to the funeral hall of Samsung Medical Center in Ilwon-dong, Seoul, despite the conglomerate’s message that they would “courteously refuse any visits or presents of condolence.” Samsung said that the wake will be held for four days, and displa

IndustryOct. 25, 2020

[News Focus] Samsung's governance structure poised to change

Questions immediately followed the death of Samsung Group Chairman Lee Kun-hee as to whether there will be any changes in the conglomerate’s governance structure. However, the changes are expected to not be extensive at the moment, as Lee Jae-yong essentially already has control over the group. The Samsung Group ownership family, however, could find ways to transfer at least some of the deceased’s financial assets to his son, Lee Jae-yong, which would further support the family&rsq

IndustryOct. 25, 2020

Lee Jae-yong's 'New Samsung' era ushered in

Lee Jae-yong, only son of the late Samsung Chairman Lee Kun-hee, has played a central role in leading the conglomerate since late 2013. The vice chairman had been preparing to take on formal leadership of the group even before his father collapsed in May 2014, representing Samsung on major political occasions. Lee greeted former President Park Geun-hye in June 2013, when Park visited Samsung’s semiconductor plant in Xian, China. The greeting was interpreted as confirmation that Lee w

IndustryOct. 25, 2020

Architect of Samsung’s tech revolution, Chairman Lee Kun-hee dies at 78

Samsung Group Chairman Lee Kun-hee, 78, had turned Samsung into a global technology powerhouse and laid the foundation for the rapid growth of the South Korean economy. He died Sunday. 　 With his death, Samsung formally enters a new era under the leadership of his son, Lee Jae-yong, who has come to the fore to succeed him at the helm of the conglomerate since 2013. Lee Kun-hee had been bed-ridden since a heart attack in May 2014, with his son acting as the de facto chief of the tech titan. Th

IndustryOct. 25, 2020

Samsung chief was wealthiest man in S. Korea

Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, was the wealthiest man in the country, data showed Sunday. The total value of stocks held by Lee, who died at a Seoul hospital after being bedridden following a heart attack in 2014, stood at 18.2 trillion won ($16.1 billion) as of Friday, according to the Korea Exchange data. By company, Lee held a 4.18 percent stake in the conglomerate's crown jewel, Samsung Electronics Co., worth 15 trillion won, 20.76 percent in S

EconomyOct. 25, 2020

Late Samsung chief's scions to pay record high inheritance taxes

As Samsung chief Lee Kun-hee passed away, his heirs, including his only son, Jae-yong, and his sisters will shoulder a record high amount of inheritance tax, industry sources said Sunday. Lee Kun-hee, who led South Korea's top family-controlled conglomerate Samsung Group, died at a hospital in Seoul on Sunday at age 78, leaving behind stock assets of some 18 trillion won ($15.9 billion). The senior Lee is survived by his wife, Hong Ra-hee, and only son, Jae-yong, and two daughters -- Boo-jin a

EconomyOct. 25, 2020

[Newsmaker] Lee Kun-hee: 'Hermit king' of the Samsung empire

South Korea's richest and most powerful industrialist, Lee Kun-hee, turned Samsung Electronics into one of the world's biggest tech companies but lived a reclusive existence. Still, occasional pronouncements on business by the tycoon, who died at 78 on Sunday, reverberated through the country. When he inherited the chairmanship of the Samsung group in 1987 -- founded by his father as a fish and fruit exporter -- it was already the country's largest conglomerate, with operations ranging from co

IndustryOct. 25, 2020

Finance Ministry to unveil new counterstep to rising jeonse prices this week

The government is slated to unveil a set of additional real estate policies as early as this week, according to the Ministry of Economy and Finance and related agencies on Sunday. The goal is to ease a supply shortage of “jeonse” apartments sparked by recently introduced tenant protection laws.  Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The planned measure, the 24th of its kind, will

MarketOct. 25, 2020

Samsung Group's market cap up nearly 350 times under Lee's leadership: data

The market capitalization of Samsung Group, South Korea's largest conglomerate, rose 348 times under the leadership of now deceased group chief Lee Kun-hee, data showed Sunday. The conglomerate, which includes crown jewel Samsung Electronics Co. and construction company Samsung C&T Corp., sprawled under his management, with its market capitalization reaching 318.7 trillion won ($282.4 billion) in 2014 from just 900 billion won in 1987, when Lee rose to the conglomerate's top position, accor

EconomyOct. 25, 2020

Biography timeline of late Samsung head Lee Kun-hee

Lee Kun-hee, chief of South Korea's top conglomerate, Samsung Group, died at a hospital in Seoul on Sunday at age 78. The following are the major events during the life of the late business tycoon in chronological order. 1942 - born in Daegu as third son of Samsung Group founder Lee Byung-chull 1953 - heads to Japan for education 1965 - graduates from Waseda University with business major 1966 - finishes George Washington University's MBA program, joins Samsung-affiliated Tongyang Broadcasti

EconomyOct. 25, 2020

'Samsung Empire' architect Lee's feats well deserved, but tarnished by political scandal

Lee Kun-hee, the architect of now South Korea's top conglomerate, Samsung Group, had been making headlines in the country's business, social and even political realms since taking over the helm of the business empire from his father for his offbeat approaches and business insights. Lee inherited the Samsung crown in 1987 at the age of 45 when his father Lee Byung-chull, founder of the present day Samsung Group, died. Under his leadership, the group has the world's largest smartphome and memory

IndustryOct. 25, 2020

Retail sales up in Sept. on strong performance of online shops

Retail sales in South Korea advanced 8.5 percent in September from a year earlier as online shops enjoyed brisk sales amid the new coronavirus pandemic, data showed Sunday. The combined sales of 26 major offline and online retailers reached 11.9 trillion won ($10 billion) last month, up from 11.16 trillion won posted last year, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms led the overall growth, with their revenue advancing 20 percent over the

IndustryOct. 25, 2020

S. Korea to check working environment for foreign crewmen

South Korea said Sunday it will launch a special probe into the working environment for foreign crewmen working on local fishing boats to root out possible human rights violations by their employers. The country plans to look deeper into the working conditions of foreign workers on local fishing boats sized 20 tons and above during the four-week period that will run through Nov. 20, according to the Ministry of Oceans and Fisheries. "Foreign workers are crucial for the country's fishery i

EconomyOct. 25, 2020

[Breaking] Samsung Chairman Lee Kun-hee dies at 78

Lee Kun-hee, chairman of South Korea’s top conglomerate, Samsung Electronics, died Sunday after being hospitalized for six years. He was 78. Born in 1942, Lee had led Samsung Group since 1987, following in the footsteps of his father, Samsung founder Lee Byung-chull. Lee Kun-hee collapsed due to a heart attack in May 2014 and remained hospitalized since then. He is survived by a son, Lee Jae-yong, and by daughters Lee Bu-jin and Lee Seo-hyun.  Samsung Electronics' press offic

IndustryOct. 25, 2020

LG Electronics to release new budget smartphone in S. Korea

LG Electronics Inc. on Sunday introduced a new budget smartphone as the South Korean tech firm seeks to boost its presence in the mobile market with price-competitive devices. LG said the Q52 will go on sale in South Korea on Wednesday with a price tag of 333,000 won ($290). The handset is the fifth Q series model released this year. The Q52 has upgraded features and design compared with its predecessor, the Q51. However, the latest smartphone does not support 5G. The Q52 comes with a quad

IndustryOct. 25, 2020

Sales of luxury imported cars hit new record in S. Korea

South Korea saw its sales of luxury imported cars rise sharply over the first nine months of the year despite the new coronavirus pandemic straining the economy, data showed Sunday. The combined sales of imported automobiles with a price tag of more than 100 million won ($88,600) surpassed 30,000 units over the January-September period, marking the first time that annual sales have surpassed the threshold, according to the Korea Automobile Importers & Distributors Association. The figure,

EconomyOct. 25, 2020

S. Korea's trade volume dips 18.3% in Q2 amid virus pandemic: data

South Korea's combined trade volume dropped 18.3 percent in the second quarter of 2020 from a year earlier amid the new coronavirus pandemic, data showed Sunday. Asia's No. 4 economy saw its exports and imports reach $109 billion over the April-June period, falling $24 billion from the previous year, according to the data compiled by Rep. Yang Kyung-sook of the ruling Democratic Party. It marked a further drop compared with the 1.8 percent on-year decrease reported over the first quarter. The

EconomyOct. 25, 2020

Tax agency mulls taxation for Google's 30% commission

South Korea's tax agency said Saturday it will consider imposing taxes on Google Inc.'s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National Tax Service said it will consider various measures to impose taxes on Google's income from the fees and will closely monitor the size of Google's sales in the domestic application market. The NTS sa

MarketOct. 24, 2020

SK’s Chey highlights ‘financial story’ to raise corporate value

SK Group Chairman Chey Tae-won highlighted the importance of creating a “financial story” for its affiliates, and how it can lead to a jump in corporate value when added with trust from the market and support from society. In the closing ceremony of the company’s annual CEO seminar held in Jeju Island, Chey spoke to the group management of the group’s vision. “The previous evaluation of corporate value, which centered on financial achievements such as sales and o

IndustryOct. 23, 2020

Hugel becomes first Korean firm to tap Chinese BTX market

Hugel became the first Korean botulinum toxin maker to enter the Chinese market for aesthetic BTX, which is estimated to be worth 1.75 trillion won ($1.55 billion) by 2025. Hugel announced Friday its Botulax gained China’s National Medical Products Administration’s approval for sales under the product name Letybo. Hugel is now one of the four companies authorized to trade in the wrinkle-smoothening toxin in China, which is believed have great demand for the aesthetic product. To

IndustryOct. 23, 2020