Articles by Cho Chung-un
Cho Chung-un
christory@heraldcorp.com-
Questions persist over Cho family inheritance
(Yonhap)As of April 8, the Cho family held a combined 28.95 percent stake in Hanjin KAL, the holding company of Hanjin Group, including stocks held by family-friendly shareholders.In theory, unless the family comes up with a different way to pay it off, its controlling stake will shrink to 20.03 percent after the 50 percent inheritance tax is paid on his shares in the company, according to a report by eBest Investment and Securities.
Industry April 9, 2019
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Governance reform at Hanjin Group unlikely: report
The possibility of Hanjin Group conducting wide-ranging governance reform during the course of passing down shares held by the late Chairman Cho Yang-ho is low, and family control over the conglomerate is likely to continue, a report said Tuesday.Yang Ji-hwan, an analyst at Daishin Investment and Securities, said in his report that the heir to the transport empire, Korean Air President Cho Won-tae, and his family can maintain their control over Hanjin Group by selling shares of other affiliates
Industry April 9, 2019
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[Newsmaker] Cho Yang-ho, tycoon who led rise of Korean Air but fell over family’s notoriety, dies at 70
Cho Yang-ho, the second-generation chaebol scion who led the rise of the nation’s largest air carrier Korean Air, only to struggle late in life to contain damage from a series of power abuse scandals involving his wife and children, died Monday in Los Angeles. He was 70.He had been receiving treatment for pulmonary fibrosis, a chronic disease, since late last year that was not disclosed to the public. He died at a hospital in LA early Monday morning Korean time, in the presence of his family mem
Industry April 8, 2019
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Hyundai Motor denies ‘advanced’ talks on Saudi plant
Hyundai Motor on Thursday denied that it was building a new manufacturing plant in Saudi Arabia, after a Cabinet member of the Middle Eastern country said in an interview there had been “advanced” talks on the matter. “We have always taken various plans for review to expand global sales,” said a company official. “There is no plan with regard to (making) investment in Saudi Arabia or any other advanced talks (about that) and we don’t have a plan to build a manufacturing plant there.” (Yonhap)The
Mobility April 4, 2019
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Korea to globally standardize 15 hydrogen technologies by 2030
Despite a strong state drive, South Korea does not have any hydrogen technology standardized for global use so far, the government said Wednesday, vowing to make 15 locally developed technologies globally standardized by 2030.According to the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy, the government plans to file for global standardization of next-generation fuel cells for drones, ships and heavy machinery. The plan also includes proposing four s
Industry April 3, 2019
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TaiMed picks Samsung BioLogics as manufacturer in W150b deal
TaiMed, a Taiwan-based biotechnology company, has picked Samsung BioLogics as its new contract manufacturing organization for the production of its novel biologic Trogarzo, used to treat patients with multidrug resistant HIV. The multiyear capacity contract, worth 150 billion won ($132 million), was concluded in August last year.The deal was made after TaiMed suffered from the lower conversion rate at its Chinese partner Wuxi Biologics in the second half last year, wrote Jerry Su, an analyst at
Industry April 3, 2019
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[News Focus] Korean Air, Asiana begin succession process, but are the heirs up to the task?
With their fathers stepping down from the top management seats, heirs to the nation’s two major air carriers appear to be readying to fill the vacuum amid market concerns over their lack of experience and untested leadership.Unlike other conglomerates that have spent years preparing their heirs to take the top spot, the third-generation chaebol scions at Korean Air and Kumho Asiana Group, the parent company of Asiana Airlines, both seemingly unprepared, are being pushed to take the baton from th
Industry April 2, 2019
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Carmakers present future of connected, sustainable mobility at Seoul Motor Show
ILSAN, Gyeonggi Province -- Envisioning the future of connected and sustainable mobility, an auto extravaganza kicks off Friday with carmakers around the world showcasing a variety of vehicles under development, concept cars and their vision for the world’s 10th largest car market. Taking place at Kintex in Ilsan, Gyeonggi Province, 21 car manufacturers and 206 electric vehicle-only makers, parts makers and information technology companies will join the biannual Seoul Motor Show, with seven worl
Mobility March 28, 2019
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Hyundai names new SUV entry Venue
Hyundai Motor has named its first sport utility vehicle entry model, codenamed “QX,” as Venue, breaking its tradition of naming SUVs after resort cities and luxury residential areas in US.Targeting consumers born after 1980, the carmaker said, “Venue will be marketed as a car that could bring them anywhere they wish to go, a special place where they can have hopes and dreams.”Hyundai’s existing SUVs have been named after US cities Kona, Tucson, Santa Fe and Palisade.Venue will be unveiled at New
Mobility March 27, 2019
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SsangYong lauds outgoing CEO for company revival
Despite a slowing economy and growing uncertainties for market growth, South Korean SUV maker SsangYong has put its business back on track in the last four years, the company said Tuesday, crediting its CEO’s leadership for its revival.SsangYong Motor CEO and President Choi Johng-sik joined the carmaker in 2010 as domestic sales head and was appointed to the top post in 2015. The CEO with 43 years of experience in the local auto market has realigned SsangYong’s SUV lineup entirely, set a sales r
Mobility March 26, 2019
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LG chairman vows sustainable, transparent management
Chairman Koo Kwang-mo of LG Corp., the holding company of LG Group, on Tuesday vowed to pursue sustainable and transparent management to increase public trust in the nation’s fourth-largest conglomerate, while taking pre-emptive measures to take the lead in the fast-changing market.In a statement read by Vice Chairman Kwon Young-soo during the annual shareholders meeting, the chairman said the conglomerate was facing pressure from the changing times, with technological convergence fast reshaping
Mobility March 26, 2019
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Lotte Duty makes inroads into Australia, NZ
The duty-free arm of retail giant Lotte has opened new branches in Australia and New Zealand after acquiring five units from Australian duty-free operator JR Duty Free in August last year, the company said Monday.By opening four branches in Australia and one in New Zealand, the South Korean duty-free operator aims to expand its business and become No. 1 in the Oceania market in the next four years, the company added. The company plans to generate more than 200 billion won in sales from its new O
Industry March 25, 2019
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[News Analysis] Overcoming Elliott hurdle, Hyundai heir tightens grip over W220tr empire
Tension ran high early Friday morning, just before Hyundai Motor’s annual general shareholders meeting at the carmaker’s headquarters in Yangjae, southern Seoul, and it showed on the faces of the executives.Highlighted in the media weeks earlier, the second battle between the South Korean auto giant and the US hedge fund Elliott was a must-win for Hyundai Motor, which had already suffered big as a result of an attack by Elliott a year earlier. Then, the US activist fund blocked a 10 trillion won
Industry March 24, 2019
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Ex-midfielder gets warm reception from S. Korean football fans in retirement ceremony
Former South Korean midfielder Kim Jung-woo received a warm reception at his retirement ceremony on Friday as fans gave a standing ovation for his service to the national football team. Kim officially bid goodbye to his playing career and thanked fans for their support in his retirement ceremony prepared by the Korea Football Association (KFA) during halftime of the men's national football team friendly against Bolivia at Munsu Football Stadium in Ulsan, some 400 kilometers south of Seoul. Kim J
Soccer March 22, 2019
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S. Korea offers military talks with N. Korea
South Korea has proposed holding military talks with North Korea on implementing a bilateral accord signed last year, but there's no reply from Pyongyang yet, an official here said Friday."Recently, (we) suggested South-North military talks and are currently waiting for a response," the defense ministry official said, requesting anonymity.Attending a National Security Council (NSC) session last week, Defense Minister Jeong Kyeong-doo reported to President Moon Jae-in that the military plans to h
North Korea March 22, 2019
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