Hyundai Heavy heir to meet with Saudi Arabian energy minister

[THE INVESTOR] Hyundai Heavy Industries’ heir and executives are to discuss widening their business opportunities in Saudi Arabia on July 1 when they meet Aramco executives and Saudi Arabian Energy Minister Khalid Al-Falih.Al-Falih, who was previously head of the Middle East country’s largest state-refiner, Aramco, will stop by South Korea later July 1 following a G20 energy ministers’ meeting in China. The minister will be joined by Aramco executives who will meet with Hyundai Heavy chairman Ch

July 1, 2016

Sejung heiress promoted to COO

[THE INVESTOR] Sejung Group chairman Park Soon-ho’s daughter Park I-ra, 38, has been promoted to chief operating officer and executive vice president at her father’s fashion empire.According to the group on July 1, the junior Park will also serve as head of the group’s apparel distributor Sejung & Future.Established in 1974, Sejung has a stronghold in women’s apparel and is one of the leading second-tier clothing firms in the country.Sejung Group COO Park I-raPark, the chairman’s third daughter,

July 1, 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