In this Saturday, Feb. 25, 2017, file photo, a South Korean national flag with a picture of impeached South Korean President Park Geun-hye is seen during a rally opposing her impeachment in Seoul, South Korea. Hundreds of police officers, reporters and supporters of the ousted president have gathered near her Seoul home in anticipation of her return from the presidential palace.
Category: South Korea
Samsung head Jay Y Lee denies bribery, embezzlement charges in Seoul trial
Jay Y. Lee, co-vice chairman of Samsung Electronics, is at the centre of a growing bribery, perjury and embezzlement scandal in South Korea. The head of South Korea’s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the “trial of the century” amid a political scandal that has rocked the country.
North Korean Banks Barred From Swift Global Messaging System
North Korean banks subject to international sanctions have recently been banned by Swift from using its global financial messaging service, according to a statement from the Belgium-based Society for Worldwide Interbank Financial Telecommunication. Swift said it had recently been informed by Belgian authorities that they would no longer provide the “necessary authorizations” for it to continue offering services to North Korean banks covered by United Nations sanctions.
WikiLeaks Adds to Samsung Headaches With Claims of Spying TVs
For a company that has been mired in negative headlines for months, just about the last thing Samsung Electronics Co. needed was news its smart TVs could be used to spy on users.
Korean Companies Face China Crisis as Missile Boycott Grows
Lotte Group , the Korean conglomerate that covers shopping malls to sweet chocolate, is under attack in China. It faces a consumer boycott that threatens to spill over and affect the products of other Korean companies.
Equity Futures Drop as Risk Appetites Hit
U.S. stock futures dropped but Asian shares were resilient on Monday as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of China’s slower 2017 growth target. Risk appetites also took a hit on rising geopolitical tensions in East Asia, as North Korea fired four ballistic missiles early in the day, while a spat between China and South Korea over missile defense deepened.
China Roils South Korean Stocks With News of Travel Curbs
South Korean stock trading offered a case in point Friday, with a selloff in hotels, cosmetic makers and other tourism-related companies that made the country’s benchmark the worst performer among Asian equity markets. The slide followed a Yonhap news agency report on China ordering travel agents to halt sales of holiday packages to South Korea.
Where South Korea’s Teetering, Debt-Laden Companies Go to Bank
South Korea’s state-owned lender, the nation’s largest policy bank, and other creditors turned down a bailout request from Hanjin, then one of the world’s biggest shipping lines. That in turn led to a bankruptcy filing in Seoul and a major disruption in global shipping as more than 90 Hanjin ships were marooned offshore and ports in the U.S., Asia and Europe turned the company’s ships away.
Chaebol’s `Grim Reaper’ Prosecutor Takes Aim at Samsung’s Lee
Special prosecutor Park Young-soo is going after South Korea’s most powerful business leaders and politicians, but he’s faced tougher opponents before. In 2015, Park was slashed in the neck with a box cutter by a man he defeated years earlier.
Samsung’s Big Deals, Decisions Seen on Hold as Lee Faces Trial
The indictment of Samsung Electronics Co. de facto chief Jay Y. Lee and four other top executives on bribery and embezzlement charges threatens the company’s ability to make major strategic decisions, including acquisitions and management changes.
Korean Prosecutors to Indict Samsung Heir on Graft Charges
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges in the latest blow to the country’s largest conglomerate amid a generational handover. Lee will stand trial over accusations he participated in bribes made in exchange for government favors, with formal changes to be filed Tuesday against him and four other executives.
Samsung Group chief to be charged with bribery, embezzlement amid scandal
Lee Kyu-chul, spokesperson for the independent counsel team, speaks during a media briefing at its office in Seoul, South Korea February 28, 2017. Lee Kyu-chul, spokesperson for the independent counsel team, speaks during a media briefing at its office in Seoul, South Korea February 28, 2017.
Korean Prosecutors to Indict Samsung Heir on Graft Charges
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges along with four other executives, dealing a blow to the country’s largest conglomerate as it prepares for a generational handover. Formal charges would mean Lee stands trial over accusations of involvement in bribes for government favors.
A Hedge Fund Giant in Samsung Empire Finds Hurdles Close to Home
For Samsung’s $1 billion hedge fund, the looming presence of Samsung Electronics Co. — and even the Korean conglomerate’s name — can be part of the challenge.
Samsung Heir Lee Arrives Shackled at Special Prosecutors Office
South Korean police on Saturday led Jay Y. Lee, hands bound with rope, into a special prosecutors office after arresting the de facto head of the country’s largest industrial conglomerate in a corruption probe that includes allegations of bribery. Lee, vice chairman of Samsung Electronics Co., was shown on a YTN television broadcast being led into the office in Seoul around 2:20 p.m. local time after spending his first night in police custody.
Samsung Heir Jay Y. Lee Is Arrested on Bribery Allegations
Samsung Group’s Jay Y. Lee was formally arrested on allegations of bribery, perjury and embezzlement, an extraordinary step that jeopardizes the executive’s ascent to the top role at the world’s biggest smartphone maker. The Seoul Central District Court issued the warrant for Lee’s arrest early Friday.
Samsung Chief Lee Arrested as South Korean Corruption Probe Deepens
Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal rocking the highest levels of power in South Korea, dealing a fresh blow to the world’s biggest maker of smartphones and memory chips. The 48-year-old Lee, scion of the country’s richest family, was taken into custody at the Seoul Detention Centre after waiting there overnight for the decision.
Samsung’s Lee Again Faces Arrest Warrant in Graft Probe
South Korean prosecutors are again seeking to arrest Samsung Group’s Jay Y. Lee, citing new allegations of bribery and dealing another blow to a business empire mired in a nationwide corruption scandal. Investigators want Lee taken into custody, after a first attempt in January was rejected by a court due to a lack of evidence, said Hong Jung-seok, a spokesman for the special prosecutor’s team overseeing the probe.
South Korea Prosecutor Resummons Samsung Heir Jay Y. Lee
A special prosecutor is again questioning Samsung Group’s Jay Y. Lee over allegations including bribery and embezzlement, potentially dealing another blow to South Korea’s biggest business empire. Lee, the de facto head of the Samsung Group and vice chairman of Samsung Electronics Co., was called in for questioning Monday morning, along with two other executives including Samsung Electronics President Park Sang-jin.
Hyundai may source car batteries from China amid political tension
Hyundai Motor said on Wednesday it may procure electric vehicle batteries from Chinese companies for a planned China model after South Korean battery makers failed to make a list of approved vendors last year. The decision comes at a time of growing concern in South Korea that Beijing may be retaliating over Seoul’s decision to deploy a U.S. anti-missile system.
Rpt: Samsung May Build a U.S. Manufacturing Base For Appliances
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo (
Hyundai Motor Warns of Trade Protectionism as Strikes Cut Profit
Hyundai Motor Co. warned of increasing uncertainties with the spread of trade protectionism and intensifying competition, even as South Korea’s largest automaker reported a 33 percent decline in operating profit due to labor strife and fall in emerging markets demand.
Samsung’s earnings more than double on record chip profits
In this Monday, Jan. 23, 2017 photo, a visitor tries out a Samsung Electronics Galaxy S7 Edge smartphone at its shop in Seoul, South Korea. Samsung Electronics Co.
Samsung Embarks on Share Buyback as Chips Fuel Higher Profit
Samsung Electronics Co.’ s profit more than doubled in the last three months of 2016 on robust semiconductor sales and a recovery in its mobile business, giving it enough stamina to buy back 9.3 trillion won of its own shares.
Hedge Fund Renaissance Picks Winner in Hot Japan Tech Stock
For the secretive U.S. hedge fund started by Jim Simons, it turned out to be an especially savvy bet. Shares of V Tech, as it’s known, surged almost threefold in 2016, with much of the gain coming after Renaissance first reported a stake.
South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee
A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation. The court said there wasn’t enough evidence to keep Lee in jail based on the facts presented about alleged payments and other charges.
Trump Trade Tantrum Fear Puts U.S. Shale in Spotlight for Korea
South Korea is looking at the energy sector to rebalance its trading relationship with the U.S. and deflect President-elect Donald Trump’s protectionist rhetoric. The sixth-largest exporter of goods to the U.S. wants to reduce its trade surplus with the world’s top economy to avoid being named a currency manipulator.
South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee
A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation. There wasn’t enough reason or necessity to justify the arrest, Seoul Central District Court Judge Cho Eui-yeon said in a statement Thursday morning in South Korea.
Seoul court considers arrest of Samsung de facto head
Lee Jae-yong, center, a vice chairman of Samsung Electronics Co. is questioned by reporters upon his arrival at the Seoul Central District Court in Seoul, South Korea, for a hearing Wednesday, Jan. 18, 2017.
South Korea Prosecutor Seeks Arrest of Samsung’s Jay Y. Lee
Prosecutors are seeking a warrant to arrest Samsung Group’s Jay Y. Lee for allegations including bribery and embezzlement, a stunning turn for the scion of South Korea’s richest family groomed for decades to take over the company from his father. Lee, 48, the de facto head of the Samsung Group and vice chairman of Samsung Electronics Co., is accused of participating in payments that Samsung made to a close friend of South Korean President Park Geun-hye in exchange for government support in the company’s succession planning.
Samsung’s Lee Questioned for 22 Hours in Korea Bribery Probe
Prosecutors questioned Samsung Electronics Co.’ s vice chairman and heir apparent for about 22 hours in an influence-peddling probe that has reached the highest levels of government and business in South Korea.
Samsung’s Lee Questioned for 22 Hours in Korea Bribery Probe
Prosecutors questioned Samsung Electronics Co. vice chairman and heir apparent for about 22 hours in an influence-peddling probe that has reached the highest levels of government and business in South Korea.
Special Prosecutors Question Samsung’s Lee in Bribery Probe
Special prosecutors began questioning Samsung Electronics Co. Vice Chairman Jay Y. Lee on Thursday as a suspect in a bribery investigation, deepening an influence-peddling scandal that has already led to the impeachment of South Korea’s president.
Samsung boss questioned in South Korea corruption probe
Samsung chief Lee Jae-yong is being questioned at the prosecutor’s office in Seoul as a suspect in South Korea’s biggest political corruption scandal. The firm is accused of giving donations to several non-profit foundations operated by Choi Soon-sil, a confidante of President Park Geun-hye.
Samsung Executives to Be Questioned by Korean Prosecutors
Samsung Electronics Co. executives have been summoned by South Korean special prosecutors amid a widening influence-peddling scandal that brought about South Korean President Park Geun-hye’s impeachment.
Samsung Executives to Be Questioned by Korean Prosecutors
Samsung Electronics Co. executives have been summoned by South Korean special prosecutors amid a widening influence-peddling scandal that brought about South Korean President Park Geun-hye’s impeachment.
Oxy Reckitt Benckiser ex-chief get 7 years in prison
A South Korean court has sentenced the former head of Oxy Reckitt Benckiser to seven years in prison after the company’s disinfectant for humidifiers killed scores of people. Seoul Central District Court ruled Friday that Shin Hyun-woo, Oxy chief from 1991-2005, was guilty of accidental homicide and falsely advertising the deadly product as being safe even for children.
Samsung Beats Estimates as Chips Shake Off Note 7 Problems
Samsung Electronics Co. posted profit that beat estimates as buoyant memory chip prices helped the world’s largest smartphone maker bounce back from the death of its fire-prone Galaxy Note 7. Operating income rose 50 percent to 9.2 trillion won in the quarter ended December, its biggest profit in three years, the Suwon, South Korea-based company said in preliminary results Friday.
Hanjin Shares Surge on Report Asset Sale to Close Next Week
Hanjin Shipping Co. shares surged by their daily limit of 30 percent in Seoul after a local media report that the sale of the collapsed container mover’s U.S.-Asia assets to a unit of South Korea’s SM Group is approaching its completion.
Swim or Sink Outlook Prompts Asia Shipping to Face Mergers
Faced with a prolonged trade slowdown and depressed freight rates, the region’s container lines are set for further consolidation after a year that’s seen the collapse of South Korea’s Hanjin Shipping Co., a mega merger among Japanese rivals and the sale of Singapore’s shipping flagship. With capacity in excess, firms will continue joining forces to cut costs and improve efficiency, according to the heads of A.P. Moller-Maersk A/S and Hyundai Merchant Marine Co.