[THE INVESTOR] Lancy Group, the Chinese apparel company, plans to set up a joint venture with Korea’s KEB Hana Bank to enter the project financing market both in China and Korea, local news service Edaily reported on Sept. 7. According to the report, Hana Bank will acquire a 25 percent stake in Lancy’s 100 million yuan (US$15 million) affiliate that is expected to be renamed as a JV between the two firms.  Screen capture of Lancy Group’s English websiteThe bank will also has the right to appoint

Sept. 7, 2016

[THE INVESTOR] LG Electronics mobile chief Cho Juno shrugged off the impact of its cross-town rival  Samsung Electronics' Galaxy Note 7 recall on the sales of the company’s new big-screen phone V20. “I’m not sure whether the Galaxy Note 7 recall is a boon for us or not. What’s important is how our product is recognized by consumers,” he said at the phone’s launch event held in Seoul on Sept. 7.  LG Electronics mobile chief Cho Juno speaks at the V20 launch event held in Seoul on Sept. 7. Lee San

Sept. 7, 2016

[THE INVESTOR] Samsung Electronics is expected to seek a turnaround with its secret weapon “Onyx Black” Galaxy Note 7 in winning back customers on its home turf after a massive recall of the big-screen smartphone globally. According to industry sources on Sept. 7, the Korean tech giant will launch the black-colored Note phone as planned in October in Korea. For the phone’s Aug. 19 launch, the company excluded the black shade from the first launch models in Korea possibly to respond to Apple’s iP

Sept. 7, 2016

[THE INVESTOR]  Lotte Group founder Shin Kyuk-ho’s common-law wife Seo Mi-kyoung is expected to be forcibly summoned by prosecutors amid their ongoing investigation into the retail giant’s snowballing corruption scandal. According to prosecutors on Sept. 6, they are considering canceling the passport of the 57-year-old Seo who is currently staying in Japan. She has been suspected of evading inheritance taxes, about 600 billion won (US$540 million), when she received Lotte Holdings shares from hi

Sept. 6, 2016

[THE INVESTOR] BlackBerry plans to launch its first Android OS smartphone Priv in Korea this month after its three-year hiatus in the market, ZDNet reported on Sept. 6. Damian Tay, the company’s senior director of Asia-Pacific product management, is expected to attend the launch event planned in Seoul on Sept. 20, the online media said. “We are not setting up a Korean branch but this is the first launch since our withdrawal,” a BlackBerry official was quoted as saying. BlackBerry, then Research

Sept. 6, 2016

[THE INVESTOR] LG Chem, the chemical unit of LG Group, is seeking a merger with its drug-making sister firm LG Life Science for business synergies. According to news reports on Sept. 6, the two firms will put the merger plan up for vote during their separate shareholders meetings scheduled to be held on Sept. 9. An LG Group official confirmed related talks were underway but said no details, including the timing, were decided. On the day, the Korean Exchange asked the two listed firms to make an

Sept. 6, 2016

[THE INVESTOR] Prosecutors have summoned Lotte Group founder Shin Kyuk-ho for questioning on Sept. 7 amid their ongoing probe into the retail giant’s snowballing corruption scandal. The ailing Lotte patriarch, 94, said he planned to answer the summons but asked prosecutors to visit him citing his deteriorating health condition. “We are adjusting the schedule with Shin’s doctor,” a Lotte official was quoted as saying by a local news outlet on Sept. 5. Shin is suspected of evading donation taxes w

Sept. 5, 2016

[THE INVESTOR] Shares of Samsung SDI declined further on Sept. 5 after Samsung Electronics’ recall plan of all Galaxy Note 7 smartphones using the company’s batteries announced last week. The price closed at 105,500 won (US$95), down 2.6 percent from trading on Sept. 2. Earlier in the day, local news outlets reported that Samsung has decided not to use Samsung SDI batteries for the Note phone. The company supplied batteries for 70 percent of the Note phones, while China’s Amperex Technology supp

Sept. 5, 2016

[THE INVESTOR] Partnership talks between Tesla Motors and KT, the nation’s No. 2 telecom carrier, may have failed ahead of the carmaker’s planned entry into the Korean market in November. According to Asia Economy Daily on Sept. 5, the two firms recently failed to narrow differences on specific deal conditions. “It seems difficult for them to resume the talks,” an unnamed source was quoted as saying by the local news daily. Tesla’s first Korea showroom under wraps at Starfield Hanam, Gyeonggi Pr

Sept. 5, 2016

[THE INVESTOR] Samsung Electronics is recalling about 1 million units of its Galaxy Note 7 smartphone sold globally after a series of reports on battery explosions since its launch on Aug. 19. The company said all the phones will be exchanged with new ones regardless of battery functions. Considering inventories, the recall will affect some 2.5 million Note phones produced, it added. “We have concluded that defective battery cells have caused the recent explosions. Among 1 million units sold, 24

Sept. 2, 2016