A U.S. hedge fund, opposing a proposed merger of two Samsung Group units, has filed an appeal against a Seoul court's dismissal of its request to block the deal, the latest in a series of legal rows unfolding against South Korea's top conglomerate over the high-profile merger. Elliott Associates L.P. has been seeking to stop Samsung C&T Corp., the construction arm of Samsung Group, from being merged with Cheil Industries Inc., the de facto holding firm of the conglomerate, in an all-stock deal w

Suh Kyung-bae, chief of South Korea's top cosmetics maker AmorePacific Group, has become the country's richest man in stock value, overtaking former No. 1 Samsung Group Chairman Lee Kun-hee, market data showed Thursday.Stocks owned by Suh were valued at 12.8 trillion won (US$11.4 billion) as of Thursday, while Samsung's Lee held stakes worth 11.8 trillion won, according to the data compiled by corporate tracker Chaebul.com.Suh's stock assets nearly doubled from 6.7 trillion won in the beginning

Transition designed to aid competitiveness, overseas expansion

Hana Financial Group on Thursday issued a de facto ultimatum to the labor union of Korea Exchange Bank, calling on its leaders to scrap their opposition to the planned merger between Hana Bank and KEB.The pressure from Hana came amid a reported situation that the group could face a heavier tax burden if the consolidation process is not completed in the third quarter.“If Hana and Korea Exchange fail to see the completion of their integration by the end of September, (the group) would be disqualif

South Korean stocks edged up 0.45 percent Thursday, rising for the third straight day, as fresh optimism for an economic rebound offset worries about Greece's debt problem, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index climbed 9.44 points, or 0.45 percent, to finish at 2,107.33. Trading volume was heavy at 558.6 million shares worth 6.98 trillion won ($6.21 billion) with gainers outstripping decliners 427 to 370.   Analysts said

South Korean stocks began higher Thursday, on hopes that the economy will prop up as the spread of Middle East Respiratory Syndrome seems to be on track for containment, analysts said.   The benchmark Korea Composite Stock Price Index rose 7.42 points, or 0.35 percent, to 2,105.31 in the first 15 minutes of trading.   Food and hospitality stocks drove up the index, with confectionery maker Orion spiking more than 9 percent and Hotel Shilla, a major hotel chain here, jumping nearly 6 percent.   I

The capital controls introduced by the Greek government do not apply to foreign visitors to Greece, the Greek Ministry for Economy, Infrastructure, Shipping and Tourism said Wednesday.Foreigner visitors are free to make financial transactions, such as ATM withdrawals and credit or debit card payments that are issued outside Greece, the Greek Embassy to Seoul said, citing the Greek Tourism Ministry. There are adequate fuel supplies, products and services throughout the Greek mainland the islands,

The government and the ruling party reached an agreement to set an extra budget of 15 trillion won ($13.3 billion) at their meeting Wednesday. But the supplementary budget for the second half, pushed by the Finance Ministry, has faced criticism from opposition parties for its reckless use of taxpayers’ money.Ruling Saenuri Party officials said Finance Minister Choi Kyung-hwan garnered consent from the party for the economic stimulus package.They plan to propose the budget plan to the National As

The inability of Greece to pay back money owed to the International Monetary Fund will have a limited impact on the South Korean economy, the government said Wednesday.  The Washington-based lending agency said Greece is currently in "arrears" after missing its payment of 1.5 billion euros ($1.67 billion) that came due on Tuesday.   "Most observers predicted that Athens will miss the repayment deadline," a finance ministry official said. He pointed out that while the country did not pay the IMF

South Korea's consumer prices grew less than 1 percent for the seventh month in a row in June, a government report showed Wednesday, a worrisome pace of growth for a country trying to keep deflation at bay.  The country's consumer price index inched up 0.7 percent last month from a year earlier, the report by Statistics Korea showed.   Last month's number represents a modest gain from the 0.5 percent on-year growth tallied for May.  "Consumer inflation numbers are mainly being influenced by weak

South Korean stocks rallied 1.14 percent on Wednesday as Greece's failure to pay its debt to the International Monetary Fund was much expected, coming as no surprise to investors, analysts said. The local currency weakened against the U.S. dollar.   The benchmark Korea Composite Stock Price Index rose 23.69 points to 2,097.89. Trading volume was heavy at 466.7 million shares worth 5.8 trillion won ($5.19 billion), with gainers far beating decliners 605 to 221.   The local stock market remained c