Shares of Samsung companies soar on chairman’s death rumors

[THE INVESTOR] Shares of Samsung affiliates soared on June 30 after a rumor about chairman Lee Kun-hee’s death began spreading quickly in the afternoon. But Samsung Group flatly denied the rumor. Samsung C&T, the construction and trading unit and the de facto holding company of the group, saw its shares increase almost 5 percent to close at 123,000 won (US$106) compared to the day before. More than 2.2 million shares were traded, a seven-fold surge from the previous day.Other key affiliates such

June 30, 2016

Samsung denies rumors of chairman’s death

[THE INVESTOR] Samsung Group on June 30 denied rumors that the company would be officially announcing the death of chairman Lee Kun-hee on this day.“It’s a groundless rumor,” said one high-ranking Samsung Group official on the condition of anonymity.Industry sources said earlier in the day that at 3:00 p.m., Samsung Group would be issuing an announcement of Lee’s death.The chairman has been recovering from a heart attack he suffered in May 2014. Samsung Group chairman Lee Kun-hee (right) and his

June 30, 2016

Conglomerates abusing CSR firms to tighten ownership

[THE INVESTOR] South Korean conglomerates are on high alert following the proposal of a bill limiting the voting rights of their shares in affiliated public goods corporations.This could be a major blow to the large industrial groups since many of them maintain their control over key affiliates via such corporations. “These public interest corporations have not spent a dime on promoting public interest. Their sole purpose is to perpetuate the current ownership structure of the chaebol,” said Kim

June 30, 2016

Shinsegae’s Starfield Hanam to introduce exclusive malling experience

[THE INVESTOR] SARASOTA, Florida — A breeze of cool air, a bright ambience and the view of dozens of shops lined up across spacious pathways offer an immediate sense of relief and anticipation to all those who step inside the largest shopping mall in Sarasota, Florida.　The Mall at University Town Center in many ways embodies the typical features of a traditional U.S. shopping mall — spacious and horizontally spread out with rows of shops that each lead to so-called “anchor stores,” or big depart

June 28, 2016