April 20, 2018

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Police raid Korean Air

[THE INVESTOR] Police raided the headquarters of Korean Air on April 19 as part of a probe into allegations that its senior executive Cho Hyun-min assaulted an advertising company official at a business meeting. Six officials from the Seoul Gangseo Police Station searched the main office of Korea’s flagship airline to secure evidence. The authorities also impounded the two smartphones used by Cho and two others belonging to other Korean Air executives who were at the meeting.RELATED:Cho Hyun-min

Renegotiating Toshiba deal not an option: SK Group chairman

[THE INVESTOR] SK Group Chairman Chey Tae-won has confirmed that renegotiating the delayed acquisition of Toshiba’s memory chip unit is not an option, saying that he expects the deal to gather momentum soon.“SK is not considering renegotiating the deal,” the chairman told reporters at a conference on April 19 in Seoul. “(The issue of the delayed Toshiba deal) will soon be addressed.”Joining a group of global investment and technology companies including Bain Capital, Apple and Dell, SK Group par

Chanel Korea settles conflict with union

[THE INVESTOR] Chanel Korea management and its labor union announced on April 20 that they have successfully reached an agreement to settle their conflict.“We will work hard to create a congenial environment along with the labor union so can have constructive discussions even after this agreement,” Chanel Korea said in a statement.The labor union also posted on its website that it has reached a temporary agreement with the company after going on protest for 26 days. “The union trusted the compan

Clock ticking fast for GM Korea

[THE INVESTOR] GM Korea’s management held talks with the labor union on April 19 for the 10th time, a day ahead of the deadline for reaching an agreement on restructuring plans. The remaining thorny issues are how to deal with employees at the soon-to-be-shutdown Gunsan plant, and what kind of plans the company will offer, such as assigning new car models, to foster GM Korea’s future growth. The management is calling on the union to agree to assigning 680 more employees at Gunsan to accept eithe

[SECOND OPINION] New thinking needed on GM Korea

[THE INVESTOR] No one seems to see much of a future for GM Korea these days. The pessimistic mood seems to be reaching its bottom now, as we see the union workers storming into offices of top executives demanding their bonuses and the company announcing it would soon run out of cash to pay its parts suppliers.Critics say the unionized workers are determined to get as much money in their hands as possible before the company folds up. Observers have long sensed that GM’s leadership was preparing f

Anchor Equity Partners may invest in Market Kurly

[THE INVESTOR] Hong Kong-based global private equity firm Anchor Equity Partners may invest in The Farmers, operator of popular grocery delivery service Market Kurly, according to news reports on April 19.The PEF is reportedly discussing with The Farmers to make the investment ahead of its potential initial public offering, scheduled for the first half of 2019. According to sources, Anchor Equity Partners is planning to fund around 20 billion won (US$18.75 million) to 30 billion won and is hopin

Bithumb coins to see light

[THE INVESTOR] Korea’s major cryptocurrency exchange Bithumb is planning to launch its own virtual currency called “Bithumb coin,” according to industry sources on April 19.The announcement came from Bithumb’s Singapore unit, which said it is planning two types of coins. “It’s true that a subsidiary in Singapore is considering the launch,” Lee Sung-mi, a Bithumb spokesperson told The Investor. “But we don’t have any other details, either about the new currency or the presale.” She added that soc

Hanmi Pharma unveils 3 cancer therapy candidates

[THE INVESTOR] Korea’s Hanmi Pharmaceutical said on April 18 that it presented preclinical data of its three cancer therapy candidates at the annual meeting of the American Association of Cancer Research this week in Chicago, US. “Hanmi is focusing on research and development capabilities to develop new anticancer drugs to address medical unmet needs. We will put utmost efforts for commercialization to give hope to cancer patients,” CEO Kwon Se-chang said in a statement. The drug candidates incl

Find someone younger, bolder: POSCO Kwon Oh-joon's letter

[THE INVESTOR] POSCO Chairman Kwon Oh-joon offered to step down on April 18. It came as a surprise, despite the fact that there had been speculations of such a move since the head of the steelmaker has always changed with the government. Kwon had been shunned by the Moon Jae-in government on several occasions, and there was some negative talk about his performance as chairman as well. He was an engineer, a techie at heart, and some say he never really switched over to the “other side.” Whether t

POSCO CEO offers to resign

[THE INVESTOR] Kwon Oh-joon, CEO of Korean steel giant POSCO, is stepping down two years before his term ends, the firm said on April 18. The board of directors held a meeting in the morning and accepted his resignation. But he will stay in his post until the company finds his replacement."I think someone more passionate, more capable and younger should lead the company,” the 69-year old CEO told reporters after the board meeting. He also said that POSCO needs many changes in order to survive ov

'Samsung reports contain crucial national technologies'

[THE INVESTOR] Korea’s Trade Ministry announced on April 17 that Samsung’s environmental assessment reports include information that fall into the category of critical technologies that should not be revealed to foreign companies or organizations.“There is possibility that foreign companies can learn the details of Samsung’s chip-making process, including types of chemicals used at the lines, plant layouts, and monthly production volume, from the information included in the reports,” the Trade M

'Angel of Death' steps down in 15 days

[THE INVESTOR] On April 16 -- just 15 days since he took office -- Financial Supervisory Service Gov. Kim Ki-sik stepped down on, and President Moon Jae-in accepted his resignation. “The president accepts the resignation,” said Yoon Young-chan, the senior presidential secretary for public relations, adding that the government accepts the National Election Commission’s decision. Kim, aka the Angel of Death who was famous for his anti-conglomerate views, tendered his resignation immediately after

Cho Hyun-min can’t take over Korean Air: ministry

Police raid Korean Air

How Korean Air's Cho family smuggled their stuff: sources

Past comes back to haunt Korean Air’s Cho family

‘I don’t regret calling out Korean Air's Cho Hyun-min’

Black Rock, Fidelity invest US$400m in Coupang

Clock ticking fast for GM Korea

Netmarble targets N. America with first mobile multiplayer strategy game ‘Iron Throne’

Raonsecure aims for US operation momentum with RSA presentation

South Korea mediocre in cloud computing readiness

Korea, IMF discuss ways of revealing currency market intervention

[EQUITIES] ‘SK gains momentum from private subsidiaries’

[EQUITIES] ‘GS Home Shopping continues to slide in Q2’

[EQUITIES] ‘Celltrion Healthcare to face competition’

BMW Korea chief to head Korean-German Chamber of Commerce

Korea partners with Central and South America for energy infrastructure

Australian steelmaker to become plaintiff in Korea’s first English patent case

Renault Samsung Motor’s SM6 boasts premium options

Coinone makes foray into Indonesia

Intervest bets big on biotech, blockchain

US investment firm KKR zooms in on Bithumb, Yanolja

Health care data startup Zikto seeks W30b ICO

Fall of the ‘Angel of Death’?

Wherever you end up going

Grab’s crucial lessons for KakaoTaxi

Can Kakao Bank solve problems of the underbanked?