[THE INVESTOR] The minor opposition People’s Party is seeking to tighten regulations on large companies with revised fair trade and tax laws.  On July 7, People’s Party’s policy chief Rep. Kim Song-sik said the party will seek revisions in the Monopoly Regulation and Fair Trade Act to bring more affiliates of large conglomerates under the clause aimed at discouraging favorable treatment of affiliates. Hyundai Motor vice chairman Chung Eui-sun presents the Genesis G90 at an event in Seoul. / The

July 7, 2016

[THE INVESTOR] Korea is now home to 211,000 people whose financial assets exceed 1 billion won (US$860,000) as of end-2015, a 16 percent increase from the previous year, a new study shows. According to the Korea Wealth Report 2016, released by KB Financial Group on July 6, these billionaires, while taking up 0.41 percent of Korea’s population, control 15.3 percent of the country’s total household wealth. Their combined holdings of personal fortunes totaled 476 trillion won in 2015, an increase o

July 7, 2016

[THE INVESTOR] South Korea’s Seoul St. Mary’s Hospital and Stanford University are to collaborate in developing artificial intelligence-based cancer treatment. Seoul St. Mary's Hospital/ The InvestorThe two organizations signed a memorandum of understanding on cooperating in commercializing advanced medical technologies in Seoul on July 6. The two organizations will work together on developing radiotherapy using AI, cell treatments for ovarian, lymph and other cancers, and diagnostic equipment u

July 6, 2016

[THE INVESTOR] The government is pushing to enable IT companies to hold up to 50 percent stake in Internet banks as part of the plans to strengthen the service sector revealed on July 5. The government had attempted to make the same changes earlier, but failed due to resistance from the opposition bloc. Under current regulations, a nonfinancial company can hold only up to 10 percent of a bank. The revised bill submitted to the National Assembly on June 16 will allow nonfinancial companies to hol

July 5, 2016

[THE INVESTOR] Samsung Fire and Marine Insurance will sell its office in Euljiro, central Seoul, the firm announced on June 30. The company has decided to sell the building as it will now move into Samsung Group’s main office in southern Seoul. Samsung Group`s main officeIt plans to put the building up for sale in early July, and hopes to close the sale within the year. The 21-story building was built in 1987, and the going price is estimated to be between 370 billion won (US$ 320 million) and 4

June 30, 2016

[THE INVESTOR] Tech-heavy secondary bourse KOSDAQ’s market capitalization has increased 27-fold and daily transactions by nearly 1,500 times since its launch on July 1, 1996, data showed on June 30.According to Korea Exchange, the market capitalization of KOSDAQ stood at 206 trillion won (US$ 179 billion) on June 30. In comparison, the figure stood at 7.6 trillion won in its early days. Young Hyun Trading lists on KOSDAQThe value of daily trading has also soared over the years, going from 2.3 bi

June 30, 2016

[THE INVESTOR] Vogo Fund-led consortium will build a 150-billion won (US$129 million) agricultural and livestock goods wholesale market in Yangju, Gyeonggi Province. Vogo Fund is a South Korean private equity fund, and the consortium includes Dong-A Construction. Under the plans, approved on June 10, the consortium will invest 150 billion won in the northern Gyeonggi city to build a large wholesale market. The market will be equipped with retail stores, camping facilities and other convenience f

June 29, 2016

[THE INVESTOR] Samsung Electronics announced measures to establish a parallel corporate culture in its “culture innovation” drive on June 27.In March, the company announced that these measures will be introduced as part of the efforts to adopt the drive and open nature of start-up firms.The move is driven by Samsung Electronics vice chairman Lee Jae-yong, who wants to shed the company's rigid, top-down culture in an attempt to match pace with Apple and other global competition.  Samsung Headquat

June 27, 2016

[THE INVESTOR] Naver ’s chairman Lee Hae-jin is something of an enigma in Korea’s corporate community. Unlike other businesspeople who are household names, Lee remains mostly out of the public eye. So far, his approach to “owning” the company he founded has been very different to what has come to be considered the norm in Korea. From behemoths Samsung Group and Hyundai Motor Group to small and medium enterprises, the founders of corporations and their descendants

June 27, 2016