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Naver founder reduces stake amid heightened antitrust scrutiny
[THE INVESTOR] Naver founder Lee Hae-jin has reduced his stake in the internet giant ahead of the change of its legal status as chaebol, which will lead to heightened antitrust scrutiny. According to a regulatory filing on Aug. 23, Lee, who is currently serving as global investment officer, sold 110,000 shares worth 81.8 billion won (US$72.30 million) in a block deal. The selling price, 743,990 won apiece, was about 3 percent discount on the closing price on Aug. 22. He now owns 4.31 percent sta
SK hynix may be far from acquiring Toshiba
[THE INVESTOR] Amid news of the ongoing meeting between the top management of Japan’s Toshiba and US-based hard drive manufacturer Western Digital in Tokyo, industry observers are raising the possibility that South Korea’s SK hynix may be far from acquiring Toshiba’s chipmaking unit, according to news reports on Aug. 23. According to a report by Japan’s Nikkei, the meeting of the chiefs of the two longtime business partners -- Toshiba CEO Satoshi Tsunakawa and Western Digital CEO Stephen Millig
LG to build EV-parts factory in US
[THE INVESTOR] LG Electronics said on Aug. 23 it will build a factory for the production of electric vehicle parts in the US with an estimated US$25 million.The construction of the plant in Hazel Park, near the industrial city of Detroit, will be completed early next year, LG said. The factory will produce battery packs for electric cars and gradually expand the scope to other key parts, it added. Battery packs produced by LG Chem for Chevrolet BoltLG already operates its vehicle-components offi
SK Planet mulls exit from Indonesia
[THE INVESTOR] SK Planet, operator of the nation’s top online open market 11st, is considering selling its stake in an Indonesian joint venture aiming to exit the highly-competitive market, according to news reports on Aug. 23. SK Planet set up a 50:50 joint venture Elevenia with Indonesia’s telecom operator XL Axiata in 2014. The Korean firm invested about 50 billion won (US$44.21 million) at the time. Reports said the Indonesian retail giant Salim Group is considering acquiring Elevenia in its
Korean mobile games still shut out of China
[THE INVESTOR] Five months after the souring of South Korea-China relations over Seoul’s deployment of a US missile defense system, China continues to deny approval to South Korean game companies seeking to publish their mobile games in China. In March this year, China reportedly stopped issuing new service licenses to Korea-made games as part of economic retaliation against Seoul’s preparations to install the Terminal High Altitude Area Defense system, which China has been vehemently opposing.M
Hyundai Santa Cruz gets green light for production
[THE INVESTOR] Hyundai Motor on Aug. 23 said it is planning to debut a pickup truck in the US, hinting at the pending production of the Santa Cruz, its first crossover pickup truck whose concept was unveild in 2015. “We are reviewing plans to launch a pickup truck for the US market,” a Hyundai spokesperson told The Investor, declining to confirm whether the car will be the Santa Cruz or not. Earlier, Reuters reported that a new pickup truck, based on the Santa Cruz concept, has recently received
Celltrion could attract W300b with KOSPI relisting
[THE INVESTOR] Celltrion could attract 300 billion won (US$264 million) of fresh investment if it shifts from secondary bourse KOSDAQ to the benchmark KOSPI, a local securities firm said on Aug. 22.The possible KOSPI transfer will enable the biotech firm to join the KOSPI 200 Index, a capitalization-weighted index of 200 Korean stocks, offering access to passive index tracker funds and exposing it to more active stock pickers. “Celltrion’s KOSPI relisting is a matter of time because there seem
FTC chief urges Hyundai to tackle governance structure
[THE INVESTOR] Korea’s new antitrust chief said he has been discussing with Hyundai Motor Group to revamp its complex governance structure, calling it a risk for Korea’s largest auto group. In a recent interview with Reuters, Korea Fair Trade Commission Chairman Kim Sang-jo said the family-owned Hyundai’s cross-shareholding structure -- headed by Chairman Chung Mong-koo -- has caused a “big governance risk” for Hyundai, urging the firm to resolve the issue as soon as possible. “Many people, incl
Samsung Galaxy Note 8 ditches ATL batteries
[ET NEWS] Samsung Electronics has decided to ditch batteries from its long-time Chinese partner ATL for its flagship phones following the massive recall of the fire-prone Galaxy Note 7 last year, according to industry sources on Aug. 21. The upcoming Note 8 that will be unveiled this week in New York uses 3,300mAh batteries produced by Samsung SDI and Japan’s Murata Manufacturing. Batteries of the Note 7 phones are tested at a Samsung lab.This is the second time that Samsung is ditching ATL batt
Medytox steps up R&D efforts with new center
[THE INVESTOR] Korea’s botulinum toxin maker Medytox said on Aug. 23 it has opened a research center to push its drug development beyond facial injectables. The Medytox Research & Development Center in Gwanggyo, Gyeonggi Province, will serve as the science hub for the company and help it to build a specialty pharmaceutical pipeline. “The Gwanggyo R&D center is expected to bring us tangible results as the facility will enable Medytox’s talented researchers to collaborate and integrate drug develo
[DECODED X] Thank you, Mr. President!
[THE INVESTOR] The Aug. 17 issue of The Investor's blockbuster newsletter DECODED X is out. Check out some of the highlights.THANK YOU, MR.PRESIDENT!The Moon Jae-in government hit a milestone today: its first 100 days in office. Celebratory stamps sold out, and all over the web, Koreans were thanking the president for the past three months and a half . Moon seems to be one of the few Korean leaders with such blanket support, except, of course on certain issues, such as North Korea.Speaking of t
Samsung Galaxy S9 to reduce reliance on Qualcomm chips
[THE INVESTOR] Samsung Electronics has decided to reduce its reliance on Qualcomm chips for next year’s Galaxy S9 in an apparent tit-for-tat against the US chipmaker for making new foundry orders with its Taiwanese rival TSMC only, industry sources said on Aug. 21. Samsung usually uses Qualcomm chips for almost half the shipments of its flagship S phones, while the remaining half is secured from its own chip-making unit. But for the upcoming S9, sources said, Qualcomm chips will make up less tha
Celltrion denies regulatory hurdles for Herzuma in EU
[THE INVESTOR] Korea’s biosimilar maker Celltrion has denied a news report that its proposed biosimilar of Herceptin could face delayed European approval due to late data submission.The European Medicines Agency found no lapses during a pre-approval inspection of Celltrion’s product site and drug substance Herzuma, the firm’s copy version of Roche’s blockbuster breast cancer med, according to the company on Aug. 21. It also managed to hand in the documents that the company was required to provid
IQOS hands-on: Heat, instead of burn
[EQUITIES] ‘Kolmar BNH to grow overseas’
Rising costs drive companies offshore
[EQUITIES] ‘Hite Jinro’s market share to increase’
[EQUITIES] ‘Shinsegae hit by double whammy’
Asiana Airlines strengthens specialized freight
E-Land names first female CFO to lead holding company scheme
Hyundai Card CEO apologizes for controversial Ariana Grande concert
GM names India chief as new Korea CEO
