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Tuesday, October 17, 2017

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Samsung Electronics is more likely to give more power to its board of directors as the period of top management continues.

More Power to BOD?

16 October 2017 - 10:45am
Michael Herh

As Samsung Electronics vice chairman Kwon Oh-hyun’s announcement of his resignation on October 13, is expected to change Samsung Electronics' management structure considerably. Like Silicon Valley companies, the Korean electronics giant is more likely to give more power to its board of directors. There is also a prospect that an American may be appointed as the chairman of the board of directors after vice chairman Kwon next March.

"Vice Chairman Kwon will visit vice chairman Lee Jae-yong behind bars and ask for Lee’s understanding of his decision to resign and discuss his successor...

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South Korea’s ratio of foreign direct investment (FDI) to gross domestic product (GDP) ranked 23rd out of the 34 member countries of the OECD last year.

Low FDI-to-GDP Ratio

16 October 2017 - 10:45am
Jung Suk-yee

The Korea Economic Research Institute announced on October 15 that South Korea’s ratio of foreign direct investment (FDI) to gross domestic product (GDP) ranked 152nd out of 237 countries around the world and 23rd out of the 34 member countries of the Organization for Economic Cooperation and Development (OECD) last year.

The institute pointed out that the South Korean government needs to foster a business-friendly environment by means of deregulation and so on for South Korea to create more jobs by attracting more FDI.

Specifically, the FDI-to-GDP ratio of South Korea stood...

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Samsung Electronics’ dependence on component business continues to grow, accounting for 76 percent of its total profit.

Shade of Record Profits

16 October 2017 - 10:30am
Cho Jin-young

Samsung Electronics renewed its record profit again in the third quarter for two straight quarters. Taking a close look at, however, the company’s dependence on component business, which is sensitive to market conditions including semiconductor, continues to grow. Samsung Electronics has now an uncertain future as it get a delay in the development of new future growth engines due to the absence of its control tower caused by the imprisonment of Vice Chairman Lee Jae-yong and the resignation of Vice Chairman Kwon Oh-hyun.

According to business industry and securities industry sources...

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Minister of trade, industry and energy Baek Woon-kyu answers questions from lawmakers during an audit of the Ministry of Trade, Industry and Energy by the National Assembly on Sept. 13.

Deliberate Ostracism

14 October 2017 - 3:30am
Jung Suk-yee

It has been found that even though China's economic retaliation against Korea for the deployment of the THAAD System was continuing, the Korean government judged that China’s retaliation violated rules of the WTO and the Korea-China Free Trade Agreement (FTA), but gave up using a card to complain to the WTO about it.

Under the circumstances, many lawmakers ran down the government, saying, “The government's responses were insufficient.” As even ruling party lawmakers criticized government trade authorities’ lack of ability to cope with China’s retaliation, mentioning estimated damage...

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South Korea and China agreed to extend a currency swap amid China’s THADD retaliation.

Korea-China Currency Swap

13 October 2017 - 7:45pm
Michael Herh

South Korea and China agreed to extend a currency swap, overcoming diplomatic conflicts. It seems that the two countries reached a dramatic conclusion by prioritizing economic benefits rather than political considerations.

Nobody knew whether or not the two countries would extend the currency swap due to their conflicts over the deployment of the THAAD System in Korea. But it draws much attention from people whether or not the decision to extend the currency swap will have a positive impact on making an improvement in bilateral relationships which have cooled off after the...

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Samsung Electronics posted 62 trillion won (US$55 billion) in sales and 14.5 trillion won (US$13 billion) in operating profit in the third quarter of 2017.

Up 179.85% from a Year Before

13 October 2017 - 7:45pm
Michael Herh

Samsung Electronics announced on October 13 that the Korean electronic and IT giant posted 62 trillion won (US$55 billion) in sales and 14.5 trillion won (US$13 billion) in operating profit through a preliminary third-quarter earnings announcement.

Sales rose 29.65 percent and operating profit 178.85 percent from the same period of last year. The company renewed the quarterly record set in the second quarter in one quarter. The sales and operating profit figures are an earnings surprise as they eclipsed a consensus in the securities industry that expected 61.861 trillion won in...

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Samsung Electronics vice chairman Kwon Oh-hyun will announced his stepping down from the management.

For Seeking New Growth Engine

13 October 2017 - 7:00pm
Michael Herh

Samsung Electronics vice chairman Kwon Oh-hyun announced on October 13 that he will step down from the management for good, leading people to pay much attention to what made Kwon to make the decision. The top management of Samsung Electronics understood that vice chairman Kwon made this decision without telling vice chairman Lee Jae-yong, considering the decision somewhat shocking.

In particular, as Samsung Electronics announced its record-high earnings, those inside and outside the Korean business world are becoming more curious about what led vice chairman Kwon to make the...

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The Korea Development Bank (KDB) announced that the bid deadline was set on November 13 for the sell-off of Daewoo Engineering & Construction Co., Ltd. (Daewoo E&C).

Starting Disposal Process

13 October 2017 - 7:00pm
Lee Song-hoon

The announcement was put out for a bid for Daewoo Engineering & Construction Co., Ltd. (Daewoo E&C) on October 13. The bid deadline was set on November 13. The Korea Development Bank (KDB) issued the sales announcement on its website. The offering is a 50.75% stake in Daewoo E&C which the KDB holds through a private equity fund (KDB Value No. 6).

The bidding method is an open competitive system. Merrill Lynch and Mirae Asset Daewoo Securities were selected as co-lead managers.

The deadline for the receipt of preliminary bids is 3 pm on November 13. The reception...

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New fund products that invest in foreign environmental, social and governance (ESG) companies will be launched for the first time in Korea.

Social-friendly Fund

13 October 2017 - 5:00pm
Yoon Yung Sil

As more and more people are interested in environmental, social and governance (ESG) investment with the inauguration of the Moon Jae-in government and introduction of the stewardship code by the National Pension Service (NPS), new fund products that invest in foreign ESG companies will be launched for the first time.

According to investment banking industry sources on October 12, Mirae Asset Global Investments plans to release a “Global Good Innovator” fund at the end of this month. This is the product that invests in ESG companies which are included in the Morgan Stanley Capital...

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Samsung Electronics was selected as “the most reliable company in the world” in a survey by Germany-based economic weekly WirtschaftsWoche and market researcher Service Value.

Gaining Consumer Confidence

13 October 2017 - 5:00pm
Cho Jin-young

German consumers voted Samsung Electronics “the most reliable company in the world.” The result is deemed to be attributable to Samsung quickly solving the issue of the Galaxy Note 7 catching fire to deepen consumers’ trust in the company, which is now considered to be a blessing in disguise.

Samsung Electronics ranked first in a ‘Trust Ranking’ survey conducted by Germany-based economic weekly WirtschaftsWoche and market researcher Service Value, according to industry insiders on October 12.

Samsung Electronics overtook Germany’s largest supermarket chain EDEKA in the...

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