Top court upholds divorce of Samsung chairman's eldest daughter

Ending a legal fight that lasted over five years, South Korea's top court said Monday it has reaffirmed a lower court's ruling accepting a divorce claim filed by Lee Boo-jin, the eldest daughter of the family that owns Samsung. The Supreme Court upheld the lower court's decision that ordered the Hotel Shilla chief to pay 14.1 billion won ($12.1 million) in an asset split to her estranged husband, Im Woo-jae. The court granted parental rights and custody of their only child to Lee. Lee and Im

IndustryJan. 27, 2020

Korean economy may pull of slower-than-expected growth in 2020

South Korea's economy is expected to rebound this year from the slowest growth in a decade last year, but it may continue to face many economic headwinds, including sluggish demands at home and abroad, analysts said Monday. Asia's fourth-largest economy grew 2 percent from a year earlier in 2019, the slowest since 2009, as its exports and facility investment remained weak, the Bank of Korea said last week. Earlier, the country's finance ministry expected the economy to grow in the lower 2 per

EconomyJan. 27, 2020

Hyundai Motor to produce hydrogen commercial cars in China

Hyundai Motor Co. said Saturday it will produce hydrogen fuel-cell electric commercial vehicles in its Chinese plant to make inroads into the local electric vehicle market.In the China EV100 Forum held in Beijing from Jan. 10-12, Executive Vice President Lee In-cheon, head of Hyundai‘s Commercial Vehicle Business Division, unveiled the plan. In August last year, the Hyundai executive said the hydrogen commercial car production plan will begin in 2023 if the company makes the decision. Sich

MobilityJan. 25, 2020

Woori Financial to shortlist new CEO candidates for banking unit

Woori Financial Group, a major South Korean banking group, plans to shortlist new CEO candidates for its flagship banking unit next week, a company official has said.Woori Financial has selected seven candidates for the top post at Woori Bank. It declined to identify them because the process is under way.The successful candidate will begin a two-year term as Woori Bank‘s CEO if approved at Woori Bank’s general shareholders‘ meeting in March, the official said.Woori Bank, South

EconomyJan. 25, 2020

Naver's global webcomic biz on growth track

Naver Corp., South Korea's top internet portal operator, is witnessing a growth in its webcomic business, which will eventually improve its earnings, industry sources said Friday.  Naver Webtoon, more commonly known as Line Webtoon in the United States, is home to a plethora of creator-owned content, ranging from romance to fantasy.In particular, Naver Webtoon is showing marked growth in the United States after entering the market in 2014.The number of its monthly active users, or MAUs, sur

IndustryJan. 24, 2020

Tour-related businesses to suffer most from Wuhan virus: Fitch

Fitch Ratings, a global credit ratings firm, said Friday companies involved in the tourism business will bear the brunt of the spreading Wuhan coronavirus if the scale of the virus outbreak increases substantially. "The global airlines, gaming, lodging and leisure sectors are vulnerable to pandemics that influence consumer behavior.Operational disruptions caused by idiosyncratic events, including disease outbreaks, are a perennial risk faced by these sectors," Fitch said in a statement

IndustryJan. 24, 2020

Samsung sets up tech platform center, names new home appliance biz chief

Samsung Electronics created an in-house technology platform unit and named a new chief for its home appliance business in the company's latest reshuffle, corporate sources here said Thursday. Samsung combined its in-house tech units related with artificial intelligence, internet of things and big data solutions to set up a new tech group, tentatively named "next-generation platform center," according to the company officials.  The center will be headed by Chung Eui-suk, an executi

TechnologyJan. 23, 2020

Samsung may see passive funds cut exposure sooner than expected

A cap on Samsung Electronics’s weight in a Korean equity index could kick in earlier than planned, triggering fears that billions of dollars will exit the stock.Instead of the bi-annual adjustment, the Korea Exchange is considering putting a 30 percent limit on Samsung’s weighting on the Kospi 200 Index earlier due to the stock’s recent rally, said Ahn Kil-Hyun, the manager of the team that oversees the index. Given the gauge’s popularity among passive funds, research pro

MarketJan. 23, 2020

Duty-free shares suffer decline amid new coronavirus fear

Shares in South Korean duty-free operators took a hit amid concerns that the outbreak of the Wuhan coronavirus may hurt the companies’ revenues from Chinese visitors, data showed Thursday. Hotel Shilla closed at 97,000 won ($83) on Thursday, down 10.6 percent from Friday’s closing price of 108,500 won.   Shinsegae fell 4.37 percent over the cited period to finish at 306,500 won. Lotte Shopping also tumbled 4.76 percent to close at 130,000 won.On Monday, South Korea reported

MarketJan. 23, 2020

SK Chairman Chey Tae-won advocates social value measurement model in Davos

SK Group Chairman Chey Tae-won promoted the need to upgrade measurements of social value creation during his speech at the World Economic Forum that is underway in Davos, Switzerland, the firm said Thursday.“It is not an option but an obligation to change the goals and systems of corporate management from the interests of shareholders to those of stakeholders,” he said in a panel session held under the theme of “Stakeholder Capitalism in the Asian Century” at the Davos Co

IndustryJan. 23, 2020

FSS expands consumer protection in reshuffle

The Financial Supervisory Service on Thursday unveiled its reshuffle blueprint, focusing on consumer protection and innovative finance.The move came amid the ongoing controversy regarding the so-called derivatives-linked fund fiasco -- the improper sales of products by local banks and securities. The FSS is slated to announce its sanction decision for two major banking chiefs later this month.“To respond to the stronger consumer protection needs and enhance the supervisory functions over

MarketJan. 23, 2020

Kakao’s prospects for brokerage biz brighten

South Korea’s mobile payment platform Kakao Pay has got preliminary approval to enter the securities business, according to the financial regulator Thursday.The Securities and Futures Commission, under the Financial Services Commission, has given its temporary approval to Kakao Pay to become the majority shareholder of local brokerage Baro Investment & Securities. A final decision will be made at the commission’s next meeting, slated for Feb. 5.Having got the nod to acquire a loc

MarketJan. 23, 2020

Seoul stocks trim earlier losses amid new coronavirus fear

Seoul stocks trimmed earlier losses late Thursday morning amid rising concerns over the spread of Wuhan coronavirus.The benchmark Korea Composite Stock Price Index had fallen 11.24 points, or 0.50 percent, to 2,256.01 as of 11:15 a.m.Foreign and institutional investors sold a combined 246.7 billion won ($211.4 million) worth of stocks, weighing down the bourse.Daishin Securities analyst Lee Kyung-min said investors went for profit-taking ahead of the holiday after the index jumped to its highest

MarketJan. 23, 2020

BOK floats 6tr won worth of fresh bills ahead of Lunar New Year's Day

The Bank of Korea said Thursday it has issued over 6 trillion won ($5.15 billion) worth of fresh banknotes ahead of the Lunar New Year holiday that starts on Friday.The move apparently comes in preparation for high demand for fresh bills due to the long-lived tradition of elders offering cash gifts to younger ones after receiving deep bows as the first greeting in a new year.For the past 10 days, the South Korean central bank supplied about 6.09 trillion won worth of fresh banknotes to banks and

EconomyJan. 23, 2020

[Newsmaker] Union protest over Moon-appointed IBK chief set to intensify

Protests outside the state-run Industrial Bank of Korea are expected to intensify, with the union’s fight against the top-down appointment of CEO Yoon Jong-won gaining support from powerful national labor associations in recent weeks. The Federation of Korean Trade Unions, one of the two largest umbrella labor organizations here, announced Wednesday that it was joining the IBK unionists in protesting what they see as excessive government meddling in the organization’s personnel affai

MarketJan. 23, 2020

Hyundai Motor heir gets rid of Elliott risk

The road to Hyundai Motor Group Executive Vice Chairman Chung Euisun reigning over the nation’s largest automobile giant is predicted to be less bumpy as activist hedge fund Elliott, which had put the brakes on his succession plans, recently sold all its stakes in Hyundai Motor companies. According to the industry, Elliott sold its stakes of 2.9 percent of Hyundai Motor, 2.1 percent of Kia Motors and 2.6 percent of Hyundai Mobis as of Wednesday. Elliott’s departure is expected to giv

MobilityJan. 23, 2020

Firms scurry to scout outside directors with new regulation

Following a recent change in regulations limiting tenures of outside directors, South Korea companies are scurrying to scout new members ahead of their general shareholders meetings in March.Citing a need to reinforce shareholders’ rights and institutional investors, the Cabinet approved on Tuesday revisions to the enforcement decrees of the Commercial Act, Capital Market Act and National Pension Act.To secure independency of outside board directors, the revised rule limits people who have

IndustryJan. 23, 2020

Eximbank employees volunteer at soup kitchen

The Export-Import Bank of Korea said Thursday that its employees volunteered at a soup kitchen near Seoul Station earlier this week, as part of its efforts to consistently engage in community welfare. Twenty Eximbank’s employees, who were part of the lender’s Hope Seed Volunteer program served hearty meals to the homeless on Tuesday, ahead of this year’s Jan. 24-27 Lunar New Year holidays, the bank said. Eximbank has been funding Warm Hearted Food Supply Center near Seoul Stati

MarketJan. 23, 2020

[News Focus] What will happen at Hanjin KAL’s March shareholders meeting?

Signs of a sibling feud have been hard to ignore recently at Hanjin KAL, the Hanjin Group holding company that owns the country’s flagship carrier Korean Air, ahead of a Hanjin KAL shareholders meeting slated for March.With tension brewing over the holding firm’s leadership, the March meeting is an important one for Hanjin Group Chairman Cho Won-tae, who assumed the top post in April last year after his father died of chronic lung disease. Shareholders will vote on whether to reappoi

MobilityJan. 23, 2020

LS Group scion steps down to ‘hone more biz skills’

Yesco Holdings CEO Koo Bon-hyuk, 42, voluntarily stepped down from his role 10 days after his appointment, citing a lack of experience, the company announced Wednesday.Koo is the third-generation scion of the Koo-family who founded and own LS Group, the overarching business above Yesco Holdings, the holding entity of city gas retailers.His promotion from the executive vice president of LS-Nikko Copper to the CEO position at Yesco Holdings had made headlines last year as what many perceived as a

IndustryJan. 23, 2020