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Hyundai Motor Group retracts spinoff merger plan
‘Miss Hammurabi’ to search for warmhearted justice

Today Automode

Hyundai Motor Group retracts spinoff merger plan

Hyundai Motor Group retracted its spinoff merger plan for Hyundai Mobis and Hyundai Glovis on Monday, citing the views of the market and shareholders that had widely been against the move. Auto parts unit Mobis and logistics arm Glovis’ board of directors each called off the general meeting initially set for May 29, when the group’s reform plan announced in late March was to be put to a vote.Mobis and Glovis instead decided to revise and improve on the measures. “We will humbly review and suffic

(Urgent) Hyundai Mobis cancels next week‘s general meeting

Hyundai Mobis, the auto parts making arm of Hyundai Group at the center of the group’s restructuring plan, has canceled its upcoming general meeting, the company said Monday.Hyundai Mobis’ board of directors called off the meeting initially set for May 29, when the group’s spinoff merger plan would have been put to a vote. Starting with Elliott Management, which has been pressuring Hyundai to take the form of a holding company, there has been opposition from major proxy firms in and out of the c

Today
Automode
Hyundai cancels corporate overhaul plan on opposition

Hyundai Motor Co. on Monday canceled a key spinoff merger plan in a setback to its corporate restructuring amid stepped-up opposition campaigns by some investors.The decision comes as global hedge fund Elliott and proxy advisers such as ISS continued to take issue with the carmaker's proposed corporate governance overhaul plan, citing that the "unfair" swap ratio of stocks between the two major affiliates will hurt shareholders' value."In a new plan, we will fully reflect the views and advice th

May 21, 2018
Industry
Samsung to unveil future foundry tech to become world’s top 2

Samsung holding global forums in US, China, Japan and Germany to attract global foundry customers

Today
Technology
Ministry holds first regional IR for foreign companies

The Korean government held its first regional investor relations activities called the “caravan for foreign investment” in Changwon, South Gyeongsang Province, with the aim of helping to reach $20 billion in foreign direct investment for four straight years, according to the Ministry of Trade, Industry and Energy on Monday. The caravan for foreign investment refers to a government activity to help foreign investors solve their investment challenges and to encourage more, the ministry said. The e

Today
Industry
Different economic diagnoses confuse markets

Key economic officials have recently expressed different views on the performance of the Korean economy, leaving market watchers confused about their intended policy direction. (Yonhap)Last week saw the three top economic aides to President Moon Jae-in and the central bank head strike different tones on the current state of the economy and the effect of minimum wage hikes on employment.Finance Minister Kim Dong-yeon, who concurrently serves as deputy prime minister for economic affairs, came for

Today
Economy
Korean banks to see eased regulation on offshore expansion

Banks in South Korea will see eased regulation when opening physical offshore units, as a revision bill gained approval from the Cabinet on Monday. (Yonhap)Following the revision of the Enforcement Decree of the Banking Act, banks will be exempt from the obligation to report to authorities about the establishment of foreign offices or branches prior to the setup, unless the investment into the foreign unit exceeds 1 percent of its capital. Before the revision, banks were required to submit a re

Today
Finance
[Feature] Foodmakers fight the MSG fiction

Food additives market evolves as consumer aversion to MSG remains despite studies proving safety

Today
Industry
Industry, political heavyweights pay respects to late LG chairman

South Korean business tycoons as well as heavyweights from the political circle continued to visit late LG Chairman Koo Bon-moo’s altar on Monday to pay their respects and offer their condolences. Koo died on Sunday morning due to illness. In accordance with the late business tycoon’s wish to hold a simple and quiet funeral, LG had said in a statement that Koo’s funeral would be carried out privately.Samsung Electronics Vice President Lee Jae-yong leaves after paying respect at Koo's altar set u

Today
Industry
GC Pharma establishes new vaccine development unit in US

GC Pharma, a South Korean biopharmaceutical company formerly known as Green Cross, on Monday announced the establishment of a new vaccine development unit, Curevo Inc., in the US. 　The new Seattle-based company will support GC Pharma’s next-generation vaccine development activities and the launch of a premium vaccine for shingles, according to the Korean drugmaker.For this task, Curevo has formed partnerships with global health organizations including the US-based Infectious Disease Research Ins

Today
Industry
Survey shows UK adults against tobacco plain packaging policy

One year on from the introduction of plain packaging for tobacco in the UK, new research commissioned by Japan Tobacco International and conducted by independent polling company Kantar TNS, revealed that the majority of the UK public are not supportive of the policy, JTI said Monday.A survey of 2,464 adults living in Great Britain in April found that majority were concerned that their government has imported a “failed policy” from Australia, without considering its potential negative effects.(12

Today
Industry
Korea to spend extra budget to create more youth jobs

SEJONG -- South Korea will make use of an extra budget as soon as possible to create new jobs for young people and help industrial regions grappling with massive layoffs, the finance ministry said Monday. With the National Assembly having passed the 3.83 trillion won ($3.54 billion) supplementary budget, an extraordinary Cabinet meeting will be held later in the day to approve a budget implementation plan.As it took 45 days to pass the bill submitted by the government due to political wrangling

May 21, 2018
Economy
Kospi-listed firms see higher indebtedness in 2017: KRX

Companies listed on South Korea’s top-tier stock market Kospi saw their debt-to-capital ratio come to 111.4 percent in 2017, up 0.9 percentage point on-year, data showed Monday. (Yonhap)The combined amount of liabilities of Kospi-listed firms reached 1,182.8 trillion won ($1.1 trillion), up 2.5 percent compared to a year prior, whereas the volume of capital came to 1,061.9 trillion won, up 1.7 percent, according to data compiled by the Korea Exchange.The market operator analyzed data on 598 firm

Today
Finance
Foreign funds in Korea more than double over decade

The number of foreign funds investing in the South Korean stock market has more than doubled over the decade, exceeding the 20,000 mark this year, the financial watchdog said Monday.A total of 21,328 foreign stock investment funds were registered with the Financial Supervisory Service as of the end of March, up 112.7 percent from 10 years earlier and accounting for slightly over 62 percent of foreign institutions operating in South Korea.Equity investment funds were followed by pensions and othe

May 21, 2018
Economy
Number of new hires in small retail, wholesale jobs falls in Q1

The total number of people finding work in the country's small retail and wholesale sectors fell in the first quarter, a report by a local think tank showed Sunday. (Yonhap)The findings by the Korea Institute of Finance said that the number of jobs in the key service sector was down 86,000 from a year earlier. Small businesses refer to businesses that employ one to four workers, and have generally been seen as reflective of the number of people setting up their own businesses.KIF said that this

May 20, 2018
Economy

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