Although long anticipated throughout his years spent in hospital, the passing of Samsung Group Chairman Lee Kun-hee shook the nation Sunday morning. With Samsung Group formally confirming the late Lee’s passing, reporters flocked to the funeral hall of Samsung Medical Center in Ilwon-dong, Seoul, despite the conglomerate’s message that they would “courteously refuse any visits or presents of condolence.” Samsung said that the wake will be held for four days, and displa

Questions immediately followed the death of Samsung Group Chairman Lee Kun-hee as to whether there will be any changes in the conglomerate’s governance structure. However, the changes are expected to not be extensive at the moment, as Lee Jae-yong essentially already has control over the group. The Samsung Group ownership family, however, could find ways to transfer at least some of the deceased’s financial assets to his son, Lee Jae-yong, which would further support the family&rsq

Lee Jae-yong, only son of the late Samsung Chairman Lee Kun-hee, has played a central role in leading the conglomerate since late 2013. The vice chairman had been preparing to take on formal leadership of the group even before his father collapsed in May 2014, representing Samsung on major political occasions. Lee greeted former President Park Geun-hye in June 2013, when Park visited Samsung’s semiconductor plant in Xian, China. The greeting was interpreted as confirmation that Lee w

[Video] Under his 27-year leadership, Samsung became a global powerhouse in chips, smartphones, home appliances

South Korea's richest and most powerful industrialist, Lee Kun-hee, turned Samsung Electronics into one of the world's biggest tech companies but lived a reclusive existence. Still, occasional pronouncements on business by the tycoon, who died at 78 on Sunday, reverberated through the country. When he inherited the chairmanship of the Samsung group in 1987 -- founded by his father as a fish and fruit exporter -- it was already the country's largest conglomerate, with operations ranging from co

Lee Kun-hee, the architect of now South Korea's top conglomerate, Samsung Group, had been making headlines in the country's business, social and even political realms since taking over the helm of the business empire from his father for his offbeat approaches and business insights. Lee inherited the Samsung crown in 1987 at the age of 45 when his father Lee Byung-chull, founder of the present day Samsung Group, died. Under his leadership, the group has the world's largest smartphome and memory

Retail sales in South Korea advanced 8.5 percent in September from a year earlier as online shops enjoyed brisk sales amid the new coronavirus pandemic, data showed Sunday. The combined sales of 26 major offline and online retailers reached 11.9 trillion won ($10 billion) last month, up from 11.16 trillion won posted last year, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms led the overall growth, with their revenue advancing 20 percent over the

Lee Kun-hee, chairman of South Korea’s top conglomerate, Samsung Electronics, died Sunday after being hospitalized for six years. He was 78. Born in 1942, Lee had led Samsung Group since 1987, following in the footsteps of his father, Samsung founder Lee Byung-chull. Lee Kun-hee collapsed due to a heart attack in May 2014 and remained hospitalized since then. He is survived by a son, Lee Jae-yong, and by daughters Lee Bu-jin and Lee Seo-hyun.  Samsung Electronics' press offic

LG Electronics Inc. on Sunday introduced a new budget smartphone as the South Korean tech firm seeks to boost its presence in the mobile market with price-competitive devices. LG said the Q52 will go on sale in South Korea on Wednesday with a price tag of 333,000 won ($290). The handset is the fifth Q series model released this year. The Q52 has upgraded features and design compared with its predecessor, the Q51. However, the latest smartphone does not support 5G. The Q52 comes with a quad

SK Group Chairman Chey Tae-won highlighted the importance of creating a “financial story” for its affiliates, and how it can lead to a jump in corporate value when added with trust from the market and support from society. In the closing ceremony of the company’s annual CEO seminar held in Jeju Island, Chey spoke to the group management of the group’s vision. “The previous evaluation of corporate value, which centered on financial achievements such as sales and o

Hugel became the first Korean botulinum toxin maker to enter the Chinese market for aesthetic BTX, which is estimated to be worth 1.75 trillion won ($1.55 billion) by 2025. Hugel announced Friday its Botulax gained China’s National Medical Products Administration’s approval for sales under the product name Letybo. Hugel is now one of the four companies authorized to trade in the wrinkle-smoothening toxin in China, which is believed have great demand for the aesthetic product. To

LG Chem, partnering with Chinese firm TransThera Biosciences, has applied for a phase 1 clinical trial of its nonalcoholic fatty liver disease treatment in the US, the company said Friday. LG Chem’s pipeline TT-01025 is an investigational new drug for NASH, short for nonalcoholic steatohepatitis, which is a chronic dysfunction of the liver that can lead to cirrhosis or cancer. “With close collaboration with TransThera Biosciences, we expect to enter clinical trials more quickly t

A majority of business leaders who participated in the 2020 GE Global Innovation Barometer report acknowledged artificial intelligence as a catalyst for innovation, GE said Friday. The GE Global Innovation Barometer is an opinion survey that has been annually commissioned by GE since 2011 to identify changing perceptions of innovation among business executives around the world. This year, 2,307 executives from 22 countries and 1,004 science and engineering students from 10 countries participa

South Korean steelmaker Posco and its affiliates posted an operating profit of 666.7 billion won ($588.6 million) in the third quarter, down 35.9 percent from the same time a year earlier. The total revenue reached 14.26 trillion won in the same period, down 10.8 percent on-year, and the net profit stood at 514 billion won, up 3.5 percent, the company said. While the quarterly performance stands short of the year before, the operating profit still jumped 297.5 percent on-quarter. Looking at

Audio equipment has topped the overseas online shopping list among South Korean shoppers who recently purchased electronics. In tandem with such a rise, the number of complaints over the shopping experience has grown, a survey showed Friday. The Korea Consumer Agency said that its survey revealed audio equipment such as wireless earphones, headphones and speakers was the most popular electronics category to be ordered online from another country. PCs and PC peripherals came second. The survey