Samsung Group, the country's largest conglomerate, is likely to ramp up its investment and merger and acquisition with the parole of its leader despite controversy over the legitimacy, industry insiders said Monday. The parole board under the justice ministry approved Lee Jae-yong's release from jail after hours of review, making him free from Friday.  Samsung declined to comment on Lee's parole, but an official said the group breathed a sigh of relief following the justice ministry'

Samsung expected to expedite major decisions to fend off rising challenges in chip industry

Now granted parole, Samsung Group’s de facto leader Lee Jae-yong will be released from the Seoul Detention Center at 10 a.m. Friday. His freedom, however, could be short-lived, as he is fighting two more criminal trials -- one on alleged accounting fraud and other offenses during a merger of two Samsung affiliates and another for his alleged use of the anesthetic propofol without a prescription. He was behind bars for his conviction for bribing former President Park Geun-hye as part of

The Ministry of Justice on Monday decided to parole Samsung Electronics Vice Chairman Lee Jae-yong, who is in prison for bribery. He will walk free from the Seoul Detention Center in a southern suburb of Seoul at 10 a.m. on Friday, about 11 months before the end of his sentence. The de facto chief of Samsung Group is among over 800 prisoners to be released the same day as part of South Korea’s long tradition of clemency for Liberation Day, which falls on Aug. 15. “The committee

Hanwha Solutions said Monday it has acquired a 100 percent stake in renewable energy developer RES France at 727 million euros ($855.2 million) to expand its business portfolio in Europe. With the deal, led by the company’s green energy division Hanwha Q Cells, Hanwha Solutions will hold full ownership of RES France’s solar and wind power projects worth 5 gigawatts. “The acquisition, which will be finalized by October, will increase the global capacity of Hanwha Solutions

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it will partner with Lynk & Co. to develop an environment friendly vehicle in the Korean market. Renault Group has announced it will form a joint venture with Geely, the Chinese owner of Volvo Cars, to develop a Renault-brand hybrid passenger car for sale in China and a Lynk & Co-brand eco-friendly model for Korea, a company spokesman said over the phone. Lynk & Co. is the automotive brand formed as a

South Korea’s first energy minister, Park Ki-young, said Monday that he would redesign the country’s energy market for carbon neutrality. “This is an important year to lay down the foundation for carbon neutrality. We have to reconstruct the current fossil-fuel-based energy supply and demand system and market structure into clean-energy-focused ones,” Park said in his inauguration speech. To that end, the newly appointed energy minister pledged to secure an optimum

Hanwha Q Cells sinks deeper into red, but Kim’s vision for a turnaround faces doubts

Hanwha Solutions Corp., the energy arm of chemical-to-financial conglomerate Hanwha Group, said Monday it will acquire a French renewable energy developer in line with its expansion strategy. Hanwha Solutions will purchase an entire stake of French wind and solar power plant firm RES Mediterranee for 984.3 billion won ($860 million) on Oct. 20, the company said in a regulatory filing. "The planned stake purchase is aimed at making a presence in the European renewable energy development ma

The South Korean unit of French luxury brand Chanel has apologized after a recent cyberattack in which hackers leaked customers’ personal data. In a statement on the website on Sunday, the company said it had learned that the personal information of some customers from its membership database for the Fragrance and Beauty division-- including names, birth dates, phone numbers and shopping histories -- had been breached last week. Their payment information, IDs and passwords were not leake

Hyundai Motor Co. said Monday it has resumed production at one of its seven domestic plants after a four-week suspension to prepare for the production of an electric vehicle. Hyundai halted the Asan plant from July 13 to Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SUV unveiled the IONIQ5 al

Samsung Electronics Co.'s upcoming wireless earbuds are likely to be cheaper than its previous model, a report showed Monday, as the South Korean tech giant eyes to expand its presence in the premium segment of wearables. Samsung is expected to unveil its new wireless earbuds, the Galaxy Buds 2, at its online Unpacked event Wednesday, along with new foldable smartphones. Market researcher Counterpoint Research said the new hearables product is predicted to come out with a cheaper price tag comp

Labor and management at Samsung Electronics are to sign a collective agreement Thursday, the first in the company’s history. The IT firm officially abandoned its controversial “no union” policy in 2019. According to the two sides, representatives of management and labor agreed on a 95-clause pact dealing with compensation for occupational injuries, human resources management and the protection of union activities. A signing event will take place Thursday, with the location y

Every summer around this time, South Korea releases hundreds of prisoners either on parole or pardons, in celebration of Liberation Day on Aug. 15. This year, the traditional practice of clemency has drawn particular attention as it could include one of the richest men in the country: Samsung Electronics Vice Chairman Lee Jae-yong, the de-facto chief of Samsung Group. Come Monday, a parole committee within the Ministry of Justice will convene for a final review of candidates, which will det

It was Kim Hwang-su’s father who built Dongnam Construction Chemical from scratch and grew it into a leader in the local concrete admixture market. Now, the second-generation chief, 38, aims to take on the conservative industry with technological innovations. “I think my father had faith in the local constructions market,” said Kim, who took over as CEO in 2018, as he recalled memories of his father. “He believed there would come a time when our country also starts bui