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NPS sells Samsung, buys SK shares
The National Pension Service (NPS) cut its stock investments in Samsung Group and Hyundai Motor Group last year, as part of efforts to diversify its portfolio, the pension fund said Sunday. “We have recently decided to decrease the ratio of bonds (amid the U.S. Federal Reserve’s move to pare back…
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East Asia
Expats not satisfied with banking services
Korean banks offer various services for foreigners, but many of these are not utilized due to a lack of promotion. Even some fortunate individuals who received loans from Korean banks, including Mike Weisbart, a Canadian, say getting a loan is still a very challenging process, even for permanent residents. “It’s…
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SK, Hyundai give up solar business
Korea’s major conglomerates, such as Samsung, LG, SK and Hyundai, are moving to scale down or restructure their solar businesses due to snowballing losses caused by a prolonged market slump. The solar technology business was once considered one of the next cash cows for the conglomerates, which vowed to increase…
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Samsung speeds up realignment
Group expected to merge construction units soon Samsung Group is accelerating its move to realign its affiliates through merger and acquisition (M&A) to foster a next cash generator and diversify its revenue portfolios. The nation’s biggest conglomerate said that the group needs to reduce its dependence on Samsung Electronics both…
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East Asia
Guy Sorman’s Special Lecture on “Philanthropy and Welfare” for IGE
On April 03, the distinguished French scholar delivered a special lecture on “Philanthropy and Welfare” as part of IGE’s Distinguished Lecture Forum. The following is an excerpt prepared by the Institute of Global Economy(IGE, Sakong Il). The Asia N postes the excerpt with some revisions. Thanks owed to IGE. -Editor’s…
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Multiple mishaps hit Hana Bank
Hana Bank is set to go through a period of turbulence, with the forthcoming sanctioning of its CEO and its losses in a fraudulent loan scandal topping the list of its troubles. The Financial Supervisory Service (FSS) informed its CEO Kim Jong-jun, Monday, of plans to sanction him for his…
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East Asia
Samsung, Microsoft restore relations
Ultimately, there are no enemies or friends among businesses as they pursue partnerships to advance their own interests according to market situations. “Frenemies,” an urban term that describes people who are both friends and enemies, is a more appropriate word choice for companies’ relationships with each other. Backed by the…
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Bank of China’s Seoul branch penalized
The Seoul branch of the Bank of China has been punished for violating rules on currency trading, regulators said Tuesday. It’s the first time that a Chinese bank has been sanctioned by regulators here. One of its employees received a disciplinary measure regarding the case, according to the Financial Supervisory…
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East Asia
New jury makes Samsung uneasy
Officials of Samsung Electronics showed mixed feelings for the newly formed jury which will review the blockbuster patent infringement case involving Samsung and Apple. On the first day of the second round of their legal battle, Judge Lucy H. Koh of the San Jose court selected new jurors. The jury…
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Annual salaries of Korean tycoons revealed
Former SK Group Chairman Chey Tae-won received the biggest paycheck last year among listed firms’ CEOs and executives, earning 30.1 billion won from the group’s four affiliates, according to the firms’ business reports filings, Monday. Chey received the biggest paycheck as he served as a director of the board of…
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