Articles by Suk Gee-hyun
Suk Gee-hyun
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Samsung C&T expects W60tr in synergies from Cheil Industries merger
Samsung C&T, the trading and construction unit of Samsung Group, has reiterated its goal to double its annual sales following its tie-up with Cheil Industries, the group’s de facto holding company.Samsung C&T claimed that synergies after the proposed merger with Cheil would bring in about 60 trillion won ($54 billion) in sales with net income before taxes reaching 4 trillion won by 2020.The company said the combined entity, if approved by shareholders in a meeting on July 17, would diversify its
Industry July 7, 2015
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Chinese media mogul eyes Korean market
Content Media, a U.K.-based distributor of films and other media content, is hoping to use Korea as a jump-off for Asian expansion. Content Media’s China unit chairman Bruno Wu. Seoul IRIn a recent interview with The Korea Herald, chief of Content Media’s Chinese operations Bruno Wu said the company would roll out measures to market media contents developed in Korea across the global market. “Through measures such as investing in Korean production firms, (the company) plans to raise the standar
Industry July 6, 2015
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Elliott faces credibility test
U.S. hedge fund Elliott Associates faces a new challenge in its aim to derail the proposed merger of two Samsung Group units, as the prosecution launched an investigation into allegations that Elliott fabricated information in a regulatory filing. Elliott, the third-largest shareholder of Samsung C&T with a 7.1 percent stake, has been seeking to thwart Samsung’s plan to merge Cheil Industries, the de facto holding company, with the Korean group’s construction and trading unit Samsung C&T. It has
Industry July 5, 2015
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Hyundai Steel gains momentum with Hysco merger
DANGJIN, South Chungcheong Province ― Massive, red hot steel plates shot by along the rollers and back again.The heat inside Hyundai Steel’s Dangjin plant was high, but the speed and precision with which steel plates were being prepared for further processing was overwhelming. A few short decades ago, Korea was little more than a war-torn and ruined country, and its steel industry was able to get off the ground only as a result of the government’s relentless drive. Hyundai Steel’s plant faciliti
Industry July 2, 2015
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Samsung C&T CEO confident of winning votes on merger deal
Samsung C&T on Wednesday expressed confidence in winning at a shareholders meeting on July 17, where its merger deal with Cheil Industries will be put to a vote.The construction unit of Samsung Group also expected limited impact of Institutional Shareholder Services‘ stance on its merger with Cheil Industries.Samsung C&T's headquarters in Seocho-dong, southern Seoul. YonhapISS is a U.S. advisory firm that evaluates corporate issues on behalf of shareholders and provides advice to vote on those i
Industry July 1, 2015
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Cheil Industries vows higher dividends amid merger dispute
Cheil Industries announced Tuesday that it will increase dividend payouts to investors in an apparent attempt to win over stakeholders’ approval of its proposed merger with Samsung C&T.In a bid to sway shareholders, Cheil Industries, the de facto holding company of Samsung Group, called an impromptu investor relations session in Seoul to announce that the payout ratio would gradually be raised to 30 percent by 2020 from 21 percent in 2014. Yoon Joo-hwa, the head of Cheil Industries’ fashion div
Industry June 30, 2015
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EBay to support smaller firms
EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program covers the areas of product sourcing, registration, logistics, delive
Industry June 29, 2015
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Shareholders OK Techwin name change amid protest
Shareholders of defense equipment maker Samsung Techwin approved a plan to change its name to Hanwha Techwin amid strong opposition from its labor union members on Monday.Samsung Techwin’s labor union members protest against its plan to change the name to Hanwha Techwin on Monday. YonhapThe meeting had planned to open early in the morning, but was delayed for hours due to physical protests from the union members, who opposed Hanwha‘s takeover of the company.More than 140 union supporters were ta
Industry June 29, 2015
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[Best Brand] Lotte Chilsung’s Icis 8.0 makes waves in water market
Icis 8.0 mineral water from Lotte Chilsung Beverage Co. is making a splash in the country’s tightly contested bottled water market. Launched in August 2011, Icis 8.0 has gained much popularity in a relatively short period of time, aided by the optimized mineral content and eye-catching packaging. The product is bottled in North Chungcheong Province with pH 8 natural mineral water, which the company says offers the optimal calcium-magnesium balance. In addition, the company has applied eco-friend
Industry June 25, 2015
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[Photo News] High-tech Innovation
Solvay Group CEO Jean-Pierre Clamadieu (left) and the Korean unit head Pyung Suk-koo on Monday vowed to focus on the Korean market as the center of research for high-tech materials, at a news conference to celebrate the group’s 40th anniversary since launching in Korea. (Solvay Korea)
Industry June 22, 2015
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Daewoo International CEO steps down over Myanmar row
Jeon Byeong-eal, the CEO of POSCO’s trading subsidiary Daewoo International, quit Tuesday after a protracted feud with the steelmaker over an overseas natural gas project.He announced his resignation while attending at a meeting of board of directors of the trading company in Seoul.“Having thought about what would be the future-oriented measure for the group, the company and all those concerned, I concluded that resigning is the quickest way to end the situation,” Jeon said.The outgoing CEO had
Industry June 16, 2015
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Hwang defends Samsung against ‘vulture’ fund
Domestic institutional investors are expected to support the merger plan between Samsung C&T and its sister company Cheil Industries as the head of local investors’ association categorized U.S.-based hedge fund Elliott Management as a speculator looking for short-term gains. Elliott, the largest foreign investor in Samsung’s construction and trading arm with a 7.12 percent stake, has opposed the merger, saying it would dampen the value of shareholders. Korea Financial Investment Association cha
Industry June 14, 2015
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Samsung C&T defends merger plan
Samsung C&T, the construction and trading arm of Samsung Group, is hitting back at stakeholders opposing its proposed merger with Cheil Industries. On Wednesday, the Korean builder released information supporting the proposed merger, saying the move would reinforce the company against uncertainties facing the industry.Saying that the price-book value ratio of major construction firms have dropped below one due to the prolonged slowdown in the industry, Samsung C&T argued that the merger would en
Industry June 10, 2015
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POSCO named most competitive steelmaker
POSCO was named the world’s most competitive steelmaker for the eighth consecutive year, the steelmaker said Tuesday. World Steel Dynamics, a global steel industry researcher, put POSCO at the top of the world-class steelmaker ranking at the conference to discuss success strategies of the steel industry, which was held in New York on Tuesday. The WSD ranked 36 steelmakers from around the world by analyzing 23 categories, including production capacity, profitability, technology innovation and fin
Industry June 9, 2015
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Builders suffer from MERS scare
The Middle East respiratory syndrome outbreak is taking a toll on South Korean builders, for whom the Mideast is a major source of revenue.Worries over South Korean construction workers in the Middle East have heightened as South Korea reported the world’s second most MERS infection cases on Monday.Compounding the risk to the firms is an economic one: the potential that workers in the countries leave the workplace and home buyers will not visit model houses fearing infection.“If any one of the d
Industry June 8, 2015
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