September 23, 2018

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Samsung's cooktops get high scores from U.S. Consumer Report

[THE INVESTOR] Samsung Electronics’ gas and induction electric cooktops received the highest scores from the U.S. Consumer Report, industry sources said on Sept. 23.Samsung's gas cooktops -- 30-inch and 36-inch models -- were picked as two of five top-performing models for this year, they said.The report lauded Samsung’s 30-inch NA30K7750TS/AA model an expensive but worth the price for its Wi-Fi-enabled connection with smartphones, as well as Bluetooth function. 　The 36-inch NA36K7750TG/AA model

Two Samsung Group affiliates sell stake in Samsung C&T

[THE INVESTOR] Samsung Fire & Marine Insurance and Samsung Electro-Mechanics have announced that they will sell their stake in Samsung C&T, a key group affiliate at the center of the conglomerate’s complex cross-shareholding structure. According to their regulatory filings on Sept. 20, Samsung Fire & Marine will sell its 1.37 percent stake for 328.5 billion won (US$294 million), while Samsung Electro-Mechanics will sell its 2.61 percent stake for 642.5 billion won.The move comes amid Samsung Gro

KT ties up with firm behind Apple’s Siri for car infotainment systems

[THE INVESTOR] Telecommunications firm KT said on Sept. 21 that it has partnered with Nuance Communications, a German company behind Apple’s mobile assistant Siri, to develop in-vehicle voice recognition solutions tailored for the Korean market.Nuance is one of the leading speech recognition software developers, offering its solutions to global tech companies as well as automotive companies, including BMW, Audi, Mercedes-Benz, Hyundai Motor and Toyota Motor.  Choi Kang-rim (left), head of KT’s c

Parliament passes bill easing regulations on internet-only banks

[THE INVESTOR] Korea’s National Assembly passed a controversial bill on Sept. 20 allowing non-financial companies to own up to 34 percent stake in internet-only banks, raising it from the current cap of 4 percent. Korea’s two internet-only banks -- K bank and Kakao Bank -- both launched last year, are expected to accelerate their growth which has been hampered by the ownership ceiling because their two biggest shareholders, KT and Kakao, respectively, are unable to buy new shares in the rights o

Hanon Systems to acquire Magna’s fluid pressure and controls biz

[THE INVESTOR] Korean auto parts maker Hanon Systems on Sept. 21 said it is acquiring Canada-based Magna International’s fluid pressure and controls business for US$1.23 billion.Magna’s business, which includes electronic pumps and cooling fans, has 10 manufacturing and engineering facilities across Europe, North America and Asia, with over 4,200 employees. The unit posted US$1.4 billion in sales last year. Its key products are critical parts for hybrid and electric vehicles. Hanon expects the m

SKINFOOD CEO to sell stake amid suffering biz

[THE INVESTOR] SKINFOOD CEO Cho Yoon-ho is seeking to sell his majority stake in the Korean budget cosmetics brand to a strategic investor before its valuation falls further, according to industry sources on Sept. 20.Currently, Cho is the largest stakeholder with 77.28 percent stake, while the remaining stocks are owned by his family.The company has been denying speculations, but many industry watchers are projecting that SKINFOOD may shut shop due to its poor financial condition. Although, it s

Macquarie Korea wins battle with Platform over infrastructure fund

[THE INVESTOR] An attempt to oust Macquarie Korea Asset Management from operating Macquarie Korea Infrastructure Fund, the only listed infrastructure fund in Korea, has failed. On Sept.19, the fund’s shareholders voted to retain Macquarie Korea Asset Management -- the Korean unit of the Australian financial group -- as fund manager. The failed ouster has been referred to as the first instance of shareholder activism by a Korean company targeting an overseas firm. Among the shareholders who held

SoftBank Ventures launches new US$300m China fund

[THE INVESTOR] SoftBank Ventures Korea, venture capital arm of the Japanese tech giant, on Sept. 20 said it has established a new US$300 million fund in partnership with TPG Growth to invest in promising startups in China. The new fund, called China Ventures Fund I, will target early-stage startups in China in areas of artificial intelligence, deep tech, media and contents, among others. The fund will be managed by JP Lee, CEO of SoftBank Ventures Korea and TPG Growth Managing Director Jason Din

SparkLabs launches accelerator program for cybersecurity, blockchain startups

[THE INVESTOR] SparkLabs Group, a network of accelerators and venture capitals funds, said on Sept. 19 it is launching a new global accelerator program focused on cybersecurity and blockchian startups in Washington, D.C.The latest accelerator group in Asia already operates in Korea, China, Taiwan, Hong Kong and Australia. They recently launched an energy-focused accelerator in Oman and are now expanding into the US for the first time. SparkLabs Cybersecurity + Blockchain will be led by two seaso

Reserve aims for crown in stable-value cryptocurrency sector

[THE INVESTOR] Price volatility has been pointed out as one of the biggest hurdles for cryptocurrencies to go mainstream. Stablecoin, a type of virtual currency with price stability, was created to eliminate the highly unstable characteristics of digital coins.Tether, whose value is pegged to the US dollar, is one of the best known stablecoins in the market. It has been, however, criticized for its opaque operations as the team has failed to successfully fulfil audits to prove they have actual U

Coworking operator SparkPlus raises W20b investment

[THE INVESTOR] Seoul-based coworking space operator SparkPlus on September 18 said it has raised 20 billion (US$17.73 million) in Series A round from local investors. Venture capital firms InterVest, STIC Ventures, Medici Investment, Mirae Asset Venture Investment, Wooshin Venture Investment and IBK Capital have joined SparkPlus’ first funding round. SparkPlus, jointly established by Aju Hotels & Resorts and accelerator SparkLabs, opened its first branch at Yeoksam Station, Seoul, in November 20

Jeju Gov. reaffirms plan to legalize ICOs

[THE INVESTOR] Jeju Special Self-Governing Province Gov. Won Hee-ryong said on Sept. 18 that he would continue to make efforts to allow initial coin offerings although the central government banned them last year.“Speculative investments and money laundering schemes are not essential parts of blockchain and cryptocurrencies,” he said at the Blockchain Seoul conference. “People should pay attention to the token economy’s potential as there will be significant changes to the conventional economy a

Two Samsung Group affiliates sell stake in Samsung C&T

Market Kurly operator secures W67b investment

SKINFOOD CEO to sell stake amid suffering biz

Samsung selects Smitomo as screen film supplier for foldable Galaxy

Samsung unveils triple-lens smartphone Galaxy A7

Samsung to sell diagnostic device unit to Japanese firm

KT ties up with firm behind Apple’s Siri for car infotainment systems

Samsung Galaxy Note 9 tops European consumer ratings

Most Korean websites, O2O apps vulnerable to security breaches

Monthly Kakao Pay transactions to surpass W2tr

Kakao Games calls off IPO

[EQUITIES] ‘Samsung C&T frees itself from governance, overhang issues’

[EQUITIES] ‘Doosan Bobcat remains solid in Q3’

[EQUITIES] ‘Hanon Systems to be boosted by acquisition’

FSC to grant 2 online bank permits next year

Hanwha Energy, Korea Midland Power to develop US solar plant

Hyundai, Kia earn top IIHS safety ratings

Hankook Tire to supply tires to Nissan’s Altima sedan

Hyundai to provide 1,000 fuel cell trucks to Swiss company

Between, RockQ to run karaoke bar for couples

Buzzvil acquires No.1 lockscreen app in India, Pakistan

Bon Angels invests in tech edu firm Inflab

Naver invests in Malaysia-based e-commerce platform iPrice

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

Wherever you end up going