Samsung exec found to own Swiss account under company address

An incumbent executive at a Samsung Group unit has been found to hold a secret Swiss bank account opened under the address of the group's old headquarters in Seoul, an independent online news outlet reported Thursday.  Kim Hyung-do, an executive at Samsung Heavy Industries Co., has held an account with HSBC in Switzerland since 1993, with some $190,000 deposited between 2006 and 2007, according to Newstapa, which is run by the Korea Center for Investigative Journalism.   Newstapa said the addres

June 11, 2015

Samsung C&T defends controversial merger plan

Samsung C&T Co., the construction arm of Samsung Group, said Wednesday its plan to merge with the group's de facto holding firm doesn't hurt shareholders' interests, refuting a U.S. hedge fund's claim that the builder is undervalued.  In late May, Samsung C&T unveiled the plan to merge with Cheil Industries Inc. in a move widely seen as aimed at paving the way for a leadership change at South Korea's top family-controlled conglomerate. The plan calls for Cheil Industries to offer 0.35 new share

June 10, 2015

Samsung to open R&D center in Seoul

South Korea's top tech giant Samsung Electronics Co. said Wednesday it plans to open its first Seoul-based research center in October, which will focus on the software and design segments.  The new center, whose construction began in 2012, will be named "Samsung Seoul R&D Campus" and offer a university-like environment to researchers, the company said.  Around 7,000 staff members of Samsung's design and software divisions will be relocated to the 330,000-square-meter research center.  Samsung cu

June 10, 2015

Samsung chief Lee Kun-hee's health improving: official

South Korea's top conglomerate Samsung Group said Wednesday its chief Lee Kun-hee has recovered to "a stable condition," and he is receiving rehabilitation treatment.The remark came as a local online newspaper revealed a recent photo of Lee lying on a bed at Seoul-based Samsung Medical Center on Tuesday. It marked the first time for a photo of the tycoon to be revealed since he was hospitalized in May last year after suffering a heart attack."As I have said several times before, things have not

June 3, 2015

Lotte buys Manhattan hotel for $805 mln

South Korean conglomerate Lotte said Sunday it has inked a deal to buy a Manhattan hotel for $805 million to accelerate the retail-focused group's overseas expansion.Hotel Lotte plans to set up a subsidiary to operate the New York Palace Hotel and wrap up the acquisition by the end of August, the business conglomerate said in a press release, adding the deal was signed on Friday.The New York Palace Hotel, located on Madison Avenue, features 909 rooms and suites and has been used as a filming ven

May 31, 2015

Coupang, Honest Company join forces in Seoul

South Korea-based e-commerce service Coupang said Thursday it has clinched an exclusive deal with a U.S. consumer goods maker co-founded by American actress Jessica Alba to sell their products in the local market.Under the deal, Coupang will sell some 150 different kinds of consumer goods produced by The Honest Company, such as shampoos, diapers, and other beauty and fashion-related products.The South Korean commerce website said The Honest Company will benefit from what it calls "rocket shippin

May 28, 2015

Samsung's market cap surges after merger deal

The market capitalization of Samsung Group, South Korea's No. 1 conglomerate, jumped two days after it announced a plan to merge two key affiliates, making the owner family richer, data showed Thursday.In the latest in a series of mergers among group affiliates, Cheil Industries Inc., Samsung's de facto holding company, and Samsung C&T Co., its trading and construction arm, announced Tuesday that they will become one in September.The total market value of listed firms affiliated with Samsung Gro

May 28, 2015

'Samsung Group' funds get boost from groupwide reshuffle moves

Stock funds that invest in affiliates of Samsung Group are expected to continue to build up gains on hopes that South Korea's largest conglomerate will accelerate its moves toward a more simplified ownership structure through mergers and asset sales, thus inducing a leadership change to the group owner's heirs, analysts said Wednesday. Cheil Industries Inc., Samsung's de facto holding company, and Samsung C&T Co., its trading and construction arm, on Tuesday announced their plans to merge in Sep

May 27, 2015

POSCO's steel mill project approved by China

POSCO Co., South Korea's largest steelmaker, said Wednesday that it has gotten the nod from China to build a steel mill that uses its cutting-edge Finex technology.POSCO has been pushing to get permission from China to build the steel mill with an annual production capacity of 3 million tons in the southwestern city of Chongqing after reaching a preliminary deal with Chinese steelmaker Chongqing Iron & Steel for the joint project in September 2013.The approval, made Friday, will accelerate its m

May 27, 2015

Hyundai to release first Android Auto-compatible car

Hyundai Motor Co., South Korea's top automaker, said Wednesday it will release the world's first car that links to U.S. Google Inc.'s Android Auto app, adding the service will officially kick off in the United States later this month.The platform will be first applied to the 2015 Sonata sedan and will later be expanded to other models, Hyundai Motor said.The Android Auto is an app that allows users to access the main features of Android smartphones while driving by looking at digital displays in

May 27, 2015

POSCO unit files for debt-workout program

POSCO Plantec Co., a unit of South Korea's top steelmaker POSCO, said Tuesday it decided to apply for a debt-restructuring program in an effort to tide over a cash crunch.The decision to request the workout program to its creditors, led by the Korea Development Bank, was made during a board meeting, POSCO Plantec said in a regulatory filing. By law, creditors who hold more than 75 percent of debt owed by POSCO Plantec are required to give the okay to the workout plan.The plant parts maker said t

May 26, 2015

S. Korea 'important' for Mercedes-Benz, serves as test bed: exec

South Korea is a very "important" market for Mercedes-Benz and also serves as a test bed full of "educated" and "demanding" customers, a senior company official said Tuesday.Ola Kallenius, who is a member of the board of management of Daimler AG and responsible for Mercedes-Benz's marketing and sales, said that it will broaden its product portfolio available to customers in Korea, a move aimed at propping up its growth."The Korean market is very important to Mercedes-Benz. It is one of our top 1

May 26, 2015

Watchdog sanctions LG Chem for unfair trade practices

South Korea's antitrust watchdog said Tuesday that it has sanctioned chemical giant LG Chem Ltd. for unfair trade practices against its subcontractors and called for criminal investigations to be launched.The Fair Trade Commission said that it has ordered LG Chem, one of the world's largest manufacturers of rechargeable batteries, to pay 141 million won ($128,400) in compensation to partners and slapped 50 million won in fines."LG Chem unlawfully demanded and used information on a patented batte

May 26, 2015

Liquidation looms large for handset maker Pantech

Cash-strapped South Korea handset maker Pantech Co. said Tuesday it has asked a local court to end its receivership as no viable investors sought to take over the once No. 2 handset maker in the country.Pantech, which was put under court protection August last year, has been on the selling block, but rounds of bids to sell the handset maker fell through due to lack of viable investors.If the Seoul Central District Court court accepts Pantech's call, the handset maker will face liquidation."Despi

May 26, 2015

Samsung narrows gap with Intel in chip sales

Samsung Electronics Co., South Korea's top chipmaker, narrowed its gap with No. 1 global player Intel Corp. in chip sales in the first quarter of the year, data showed Friday.  Samsung's chip sales increased 6 percent on-year in the January-March period to $9.33 billion, the data compiled by industry tracker IC Insights showed. In contrast, Intel's semiconductor shipment remained nearly unchanged at $11.63 billion over the cited period.  Foundry operator Taiwan Semiconductor Manufacturing Co. fo

May 22, 2015

Samsung C&T signs deal to build commercial complex in Malaysia

South Korea's top builder Samsung C&T Corp. said Thursday that it has signed a deal to construct a commercial complex in Malaysia that is estimated at $160 million.  Under the contract signed with UMLand, a local property developer, Samsung C&T said it will carry out the "UMCity Medina Lakeside" project to construct buildings on a land site of 168,900 square meters in Iskandar, Malaysia. This includes construction of four towers that will host hotels and offices.  The construction project will s

May 21, 2015

SK Telecom joins race for data-oriented rate plan

SK Telecom Co., South Korea's top mobile carrier, said Tuesday it will start selling a new rate plan that offers unlimited calls and text messages and charges only based on the amount of data that subscribers use, joining the race with two local rivals as mobile trends shift to data-focused services.   The mobile carrier said in a statement that it will start selling the new data-oriented rate plan nationwide Wednesday.   The announcement came a week after smaller rival LG Uplus Inc. rolled out

May 19, 2015

Creditors to sell Kumho Industrial to Kumho chairman

Creditors of South Korean construction firm Kumho Industrial Co. have decided to sell their stake in the company to the chief of Kumho Asiana Group after a recent sales bid fell through due to differences over a price, the lead manager for the sale said Monday.Some 98 percent of the creditors who hold a combined 57.54 percent stake in Kumho Industrial have voted for the plan to sell their holdings to chairman Park Sam-goo and his son, Se-chang, according to statement by Korea Development Bank, w

May 18, 2015

Lotte officially reopens controversial skyscraper

South Korean retail giant Lotte Group officially reopened its namesake skyscraper in Seoul on Tuesday, nearly five months after parts of it were shut down due to safety concerns.The 123-story Lotte World Tower, set to be South Korea's tallest structure upon its completion in 2016, was initially allowed to open in October. Two months later, some of the facilities were shut down pending an investigation into water seepage at its aquarium and vibrations at the movie theater.Last week, the Seoul cit

May 12, 2015