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October, 27, 2016

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Business > Asia > Korea
Samsung conglomerate wins approval for important merger after bitter fight
South Korea's dominant Samsung conglomerate -- run by the country's wealthiest family -- secured shareholder approval Friday for the crucial merger of two affiliates, seeing off a formidable challenge from investor activists led by a combative U.S. hedge fund.
North Korea's economy expanded an estimated 1.0 percent in 2014 -- the fourth consecutive year of positive growth, South Korea's central bank said Friday.
European aerospace giant Airbus won a US$1.33 billion deal Tuesday to supply air refuelling tankers to South Korea, beating U.S. rival Boeing, a state agency said.
U.S. hedge fund Elliott urged a South Korean court Friday to approve an injunction against the proposed merger of two Samsung units, insisting it is aimed at facilitating a generational power transfer rather than acting in the interest of shareholders.
A U.S. hedge fund is challenging a takeover deal between Samsung companies designed to ensure control of the conglomerate passes to the grandson of its founder.
South Korea's exports suffered their biggest slump in nearly six years in May, hit by a strong won and falling oil prices, and fueling concerns about a recovery for the export-driven national economy.
South Korea's industrial output declined for a second straight month in April, reflecting weak exports, government data showed Friday.
South Korea's Hyundai Motor said Wednesday it has become the first carmaker to offer Google's Android Auto system in its Sonata model sold in the U.S. market.
Samsung to merge two major units
SEOUL - Samsung Group announced Tuesday the merger of two major affiliates, as the South Korean business giant accelerates restructuring efforts ahead of a generational power transfer within the founding Lee family.
More than 100 tech-savvy South Korean venture firms gathered last week at the Seoul-based startup conference beGLOBAL SEOUL 2015, as an outlet for fostering new business, market expansion and sharing industry insights.
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