Samsung BioLogics has come under pressure as the country’s financial authorities have claimed that the evaluation of its affiliate violated accounting rules. Dubbed as one of Samsung Group’s future growth engines, the contract drug-manufacturing firm has enjoyed blowout days with its stock price jumping nearly fivef...
[THE INVESTOR] Lee Seo-hyun, president of Samsung C&T’s fashion division, is likely to step down from her post in an annual year-end reshuffle scheduled for this week, according to news reports on Dec. 12.She is the second daughter of Samsung Group Chairman Lee Kun-hee, and Samsung Electronics Vice Chairman Lee Jae-yong’s sister.The Samsung C&T CEO is said to have notified the firm of her intention to resign and move on to focus on corporate social responsibility activities.In a recent board mee
[THE INVESTOR] Korea-based IMM Investment and JKL Partners are set to acquire GS ITM, a subsidiary of GS Group, according to industry sources on Dec. 12.The consortium has signed an agreement to buy 80 percent stake in GS ITM, currently owned by the Korean conglomerate’s owner family, before the year-end.The two companies will reportedly not take any loans, and invest 50 billion won (US$44.33 million) and 100 billion won, respectively. GS Group had selected Samil PricewaterhouseCoopers as it acq
[THE INVESTOR] Hyundai Motor said on Dec. 12 it has named its high-end vehicle developer Albert Biermann as the head of its research and development division. In January, Hyundai promoted Biermann to the post of president in a move to underscore its focus on developing high-end vehicles. He has been in charge of the development of top-of-the-line vehicles at Hyundai and its affiliate Kia Motors. Biermann will replace Vice Chairmen Yang Woong-chul and Kwon Moon-sik, who have jointly led the R&
[THE INVESTOR] Hyundai Motor Group said on Dec. 11 it will invest 7.6 trillion won (US$6.70 billion) in hydrogen fuel cell electric car-producing facilities and related R&D activities by 2030. Under the investment plans, the Korean business group will establish two separate plants to churn out 500,000 hydrogen fuel cell electric vehicles and 700,000 fuel cell systems in 2030, the company said in a statement. “Hyundai Motor Group, as a first mover, commercialized a hydrogen fuel cell vehicle for
[THE INVESTOR] Former MP Group Chairman Jung Woo-hyun officially conveyed to the Korea Exchange on Dec. 11 that he will no longer be involved in its management.His submission to the bourse operator also noted that the biggest shareholders and two owner family members will take their hands off the group’s management. Former chairman Chung Woo-hyunThe decision came after a KRX committee decided to give the firm, which operates home-grown pizza chain Mr. Pizza, four months to improve its business
[THE INVESTOR] Shares of Ananti, a Korean resort developer, soared on Dec. 11 on news that the company has appointed Jim Rogers, a prominent American investor, as a non-executive director. Ananti shares jumped almost 25 percent to 12,300 won (US$10.90) in morning trading. The developer has announced the appointment of Rogers, chairman of Rogers Holdings and co-founder of Quantum Fund, as an outside director for a three-year term, which needs to be approved at a shareholders meeting on Dec. 27.
[THE INVESTOR] Hyundai Motor on Dec. 11 launched the Palisade flagship SUV in the domestic market to strengthen its product lineup. The Palisade comes with an eight-speed automatic transmission with a choice of a 2.2-liter diesel engine or a 3.8-liter gasoline mill. It is priced at 36 million won (US$31,000) to 42 million won, Hyundai said in a statement. The new SUV boasts spacious eight-passenger seating with high-end materials used throughout the cabin, employs advanced convenience and safety
[THE INVESTOR] Renault Samsung Motors is planning to start producing the Twizy ultra-small electric car at its sole domestic plant next year, industry sources said on Dec. 10. Renault Samsung, Busan Metropolitan City, and the Ministry of Trade, Industry and Energy are expected to sign an initial agreement this month to begin manufacturing Twizy, which is classified as heavy quadricycles in some countries.The assembly could start in the first quarter of 2019 at the carmaker’s plant in Busan, some