Death of Samsung chairman likely to have limited impact on Samsung stocks, analysts say

Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, was the wealthiest man in the country, data showed Sunday. The total value of stocks held by Lee, who died at a Seoul hospital after being bedridden following a heart attack in 2014, stood at 18.2 trillion won ($16.1 billion) as of Friday, according to the Korea Exchange data. By company, Lee held a 4.18 percent stake in the conglomerate's crown jewel, Samsung Electronics Co., worth 15 trillion won, 20.76 percent in S

As Samsung chief Lee Kun-hee passed away, his heirs, including his only son, Jae-yong, and his sisters will shoulder a record high amount of inheritance tax, industry sources said Sunday. Lee Kun-hee, who led South Korea's top family-controlled conglomerate Samsung Group, died at a hospital in Seoul on Sunday at age 78, leaving behind stock assets of some 18 trillion won ($15.9 billion). The senior Lee is survived by his wife, Hong Ra-hee, and only son, Jae-yong, and two daughters -- Boo-jin a

The government is slated to unveil a set of additional real estate policies as early as this week, according to the Ministry of Economy and Finance and related agencies on Sunday. The goal is to ease a supply shortage of “jeonse” apartments sparked by recently introduced tenant protection laws.  Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The planned measure, the 24th of its kind, will

The market capitalization of Samsung Group, South Korea's largest conglomerate, rose 348 times under the leadership of now deceased group chief Lee Kun-hee, data showed Sunday. The conglomerate, which includes crown jewel Samsung Electronics Co. and construction company Samsung C&T Corp., sprawled under his management, with its market capitalization reaching 318.7 trillion won ($282.4 billion) in 2014 from just 900 billion won in 1987, when Lee rose to the conglomerate's top position, accor

Lee Kun-hee, chief of South Korea's top conglomerate, Samsung Group, died at a hospital in Seoul on Sunday at age 78. The following are the major events during the life of the late business tycoon in chronological order. 1942 - born in Daegu as third son of Samsung Group founder Lee Byung-chull 1953 - heads to Japan for education 1965 - graduates from Waseda University with business major 1966 - finishes George Washington University's MBA program, joins Samsung-affiliated Tongyang Broadcasti

South Korea said Sunday it will launch a special probe into the working environment for foreign crewmen working on local fishing boats to root out possible human rights violations by their employers. The country plans to look deeper into the working conditions of foreign workers on local fishing boats sized 20 tons and above during the four-week period that will run through Nov. 20, according to the Ministry of Oceans and Fisheries. "Foreign workers are crucial for the country's fishery i

South Korea saw its sales of luxury imported cars rise sharply over the first nine months of the year despite the new coronavirus pandemic straining the economy, data showed Sunday. The combined sales of imported automobiles with a price tag of more than 100 million won ($88,600) surpassed 30,000 units over the January-September period, marking the first time that annual sales have surpassed the threshold, according to the Korea Automobile Importers & Distributors Association. The figure,

South Korea's combined trade volume dropped 18.3 percent in the second quarter of 2020 from a year earlier amid the new coronavirus pandemic, data showed Sunday. Asia's No. 4 economy saw its exports and imports reach $109 billion over the April-June period, falling $24 billion from the previous year, according to the data compiled by Rep. Yang Kyung-sook of the ruling Democratic Party. It marked a further drop compared with the 1.8 percent on-year decrease reported over the first quarter. The

South Korea's tax agency said Saturday it will consider imposing taxes on Google Inc.'s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National Tax Service said it will consider various measures to impose taxes on Google's income from the fees and will closely monitor the size of Google's sales in the domestic application market. The NTS sa

Woori Financial Group said Friday its board of directors agreed to buy a controlling stake in nonbanking lender Aju Capital from private equity firm Well to Sea Investment for 572.4 billion won ($507.2 million). The move heralds the move of South Korea’s fourth-largest banking group to enhance its nonbanking business and diversify its business portfolio. According to the filing Friday, Woori’s board agreed to acquire 42.6 million common shares, or a 74.04 percent stake, in the co

Remdesivir-related South Korea’s bio firms’ stocks skyrocketed Friday, after the US Food and Drug Administration approved Gilead Sciences’ antiviral drug as a treatment for the coronavirus overnight. Shares of Pharmicell on the nation’s main bourse Kospi closed at 18,700 won ($16.50), up 2,600 won, or 16.15 percent, from the previous session’s close. The stock price once peaked at 20,150 won during early afternoon trading hours. The bio firm produces nucleoside, w