[THE INVESTOR] The Main opposition party leader pledged on Tuesday to enact a strict law on the South Korean conglomerates’ illegal business activities, pushing his agenda for “economic democratization” in an address to the National Assembly.The Minjoo Party of Korea’s chairman Rep. Kim Chong-in said that his party would seek to revise the Commercial Act in order to prevent large businesses from abusing their power and engaging in unfair business practices.  “The job of a legislative body is to

June 21, 2016

[THE INVESTOR] Samsung Electronics on June 21 launched an updated version of its budget tablet series, the Galaxy Tab A. The Android-based tablet features a 10.1-inch full HD-level display, a 1.6 GHz octa-core processor, 2GB of RAM and a microSD card slot for up to 200GB of removable storage. It has a 7.300 mAh battery.The tablet is equipped with an 8-megapixel rear camera and a 2-megapixel front-facing camera.The budget-friendly product has “optimized” functions for users to enjoy games and mov

June 21, 2016

[THE INVESTOR] Samsung SDS, the software services unit of Samsung Group, said on June 21 it has decided against buying back its own shares or paying an interim dividend after considering requests from some minority shareholders. “We have discussed the issues together with outside experts. We have agreed that it would be better to use our cash reserve to improve our corporate value through measures such as M&As rather than stake buyback or interim dividend,” the company said in a statement.  Sams

June 21, 2016

[THE INVESTOR] The Chinese government has decided to suspend consumer subsidies for electric vehicles using batteries produced by two Korean companies Samsung SDI and LG Chem. 　The decision is expected to become a huge blow to the Korean duo that has poured considerable resources into the Chinese market in recent years, including building new battery-making plants.  According to news reports on June 20, the Chinese government announced a total of 31 companies subject to EV subsidies but Samsung

Technology June 20, 2016

[THE INVESTOR] Bank of Korea’s cut in the benchmark rate has lowered commercial banks’ interest rate offering on deposits to a record-low level.Commercial banks say they -- as well as depositors -- are also suffering low profitability as a result of the BOK’s all-time low base rate of 1.25 percent. Over the past two years, the central bank has lowered the rate by 125 basis points from 2.5 percent in July 2014. A savings product offered by a commercial bank provides customers with only a 0.01 per

June 20, 2016

[THE INVESTOR] With the government seen leaning toward compiling a supplementary budget, attention is now being drawn to the size of the possible fiscal boost. Experts said the government has room for a “sizable” extra budget of more than 10 trillion won, given that this year’s tax collection was running 23 percent higher than the year before.  “The government will actively reinforce fiscal measures in the second half of the year,” Finance Minister Yoo Il-ho said Friday, predicting a tougher tim

June 19, 2016

[THE INVESTOR] South Korean prosecutors will be wrapping up the five-month investigation into toxic humidifier disinfectants that left at least 140 dead and hundreds more affected since 2011, according to officials on Sunday.The special probe team of Seoul Central District Prosecutors Office is expected to press charges against some 20 people related to the incident, including 12 already arrested on charges varying from professional negligence to false advertising that products were safe. The su

Mobility June 19, 2016

[THE INVESTOR] Amid the widening investigation into Lotte Group, a fresh round of fraternal conflict between Lotte chairman Shin Dong-bin and his brother Shin Dong-joo is expected to take place on June 25 at a shareholders’ meeting of the Tokyo-based Lotte Holdings that controls Hotel Lotte, the de facto holding company of its Korea operations. Shin Dong-joo is expected to propose a motion to oust his brother and incumbent chairman Dong-bin who controls Lotte’s Korea and Japan operations. Shin D

Mobility June 19, 2016

[THE INVESTOR] Global automakers are seeking to transform from mere car manufacturers into transportation providers -- offering diverse auto-related services such as car-sharing and ride-hailing services -- amid growing concerns that self-driving technology may bring down car sales in the future.  This year, several auto giants have aligned themselves with tech firms or announced mobility plans, although Korean automakers including Hyundai Motor and Kia Motors have not yet made any big deals in

Business June 19, 2016

[THE INVESTOR] Wine has found a new place in the lifestyles of Korean consumers who increasingly see it as a casual drink for everyday enjoyment due to falling prices and growing accessibility.According to the Korea International Trade Association, wine imports last year reached $189.8 million, surpassing the value of imported whisky for the first time. New trends indicate that much of the growth was fueled by Korean consumers’ increasing preference for affordable wines to enjoy at home. The vol

Mobility June 19, 2016

[THE INVESTOR] There is a saying, “Money does not grow on trees.” One has to work really hard to earn it.But making an honest buck in this age of low interest rates and low growth has become harder than ever.It is not as if Koreans do not work hard. In fact, Koreans work the longest hours after Mexicans among member countries of the Organization for Economic Cooperation and Development. Koreans worked 2,124 hours in 2014, according to the latest data. Working long hours does not necessarily mean

June 18, 2016

[THE INVESTOR] U.S.-based ride-hailing service provider Uber Technology’s employees attended Hyundai Motor’s autonomous technology seminar Wednesday, the automaker confirmed, raising speculation of the two firms’ possible tie-up in the self-driving sector. “It is true that Uber’s working-level employees have joined a two-day autonomous technology seminar held in Hyundai’s research center,” a Hyundai Motor spokesperson told The Korea Herald by phone. The closed-door seminar was held together with

Business June 16, 2016

[THE INVESTOR] Samsung Electronics is expected to launch another budget smartphone Galaxy On7 in Korea in the coming weeks via SK Telecom, sources said on June 15. 　The model is the Korean tech giant’s cheapest smartphone that is sold at 10,190 rupees ($153) exclusively in India currently. 　Launched in November, the phone features a 5.5-inch HD Display, a 13 million pixel rear camera, a 5 million pixel front camera and a 3000mAh battery. Samsung's cheapest smartphone Galaxy On7Sources said the K

Technology June 15, 2016

 [THE INVESTOR] Lotte Group chairman Shin Dong-bin on June 14 (U.S. time) pledged to push through with the now-stalled plans for Hotel Lotte’s initial public offering by the end of this year.“This does not indicate an indefinite delay,” Shin told reporters at the groundbreaking ceremony for a joint venture chemical plant in Lake Charles, U.S. “This was a promise made to the public, and it will be followed through.  Lotte Group chairman Shin Dong-binOn June 10, local prosecutors launched an inves

Mobility June 15, 2016

[THE INVESTOR] Samsung Electronics plans to inject an additional up to 2.5 trillion won ($2.1 billion) to beef up memory chip productions at its plant in Hwaseong, Gyeonggi Province, the Electronic Times reported on June 14. 　With the new investment plan, the Korean tech giant aims to strengthen its leadership in the soaring memory chip market. According to the newspaper, the funding will be used to produce a monthly 40,000 3D NAND Flash memory chip wafers. The plant is expected to start operati

Technology June 14, 2016