Articles by Ahn Sung-mi
Ahn Sung-mi
sahn@heraldcorp.com-
Pernod Ricard seeks to reclaim top spot in Korean whisky market
[THE INVESTOR] Pernod Ricard Korea, the local unit of the French distiller, aims to revitalize the sluggish whisky market in South Korea and regain the No. 1 position in the industry under new leadership. “Pernod Ricard Korea is at the important crossroad,” Jean Touboul, the new CEO of the Korean unit, told reporters on Sept. 22 in Seoul. “Our ambition is clear. We want to take the second leap forward in our growth history to reclaim back the leadership of the spirit market in Korea.”To do so,
Sept. 22, 2016
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Renault Samsung’s recall rate highest among Korean carmakers
[THE INVESTOR] Renault Samsung Motors had the highest recall rate among local automakers over the past five years, according to a lawmaker on Sept. 22. Citing data from the Ministry of Land, Infrastructure and Transport, Rep. Yoon Hoo-duk of the main opposition Minjoo Party of Korea said the local unit of French automaker Renault recalled a total of 765,435 units from 2011 to the first half of this year. According to data from Korea Automobile Manufacturers Association, the automaker sold 436,11
Sept. 22, 2016
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German VW exec appears for questioning by prosecution
[THE INVESTOR] South Korean prosecutors on Sept. 21 summoned a Volkswagen executive from Germany for the first time in a widening probe into the automaker’s emission-rigging scandal. Detlef Stendel, emission certification manager from the VW headquarters, appeared at the Seoul Central Prosecutor’s Office at 9:15 am. “As a witness and an employee of Volkswagen, I am here to cooperate with the South Korean authorities and clear the facts,” he told reporters before entering the office. Detlef Stend
Sept. 21, 2016
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Prosecutors to summon German VW exec
[THE INVESTOR] The prosecution will summon a Volkswagen executive from Germany on Sept. 21, to grill him over his involvement in the German carmaker’s emission-rigging scandal. Seoul Central District Prosecutor’s Office on Sept. 20 said it will question an executive from Germany, whose name was not identified, as a witness to the probe into the automaker’s cheating on vehicle emissions test. It is the first time that an executive from the German headquarters is being summoned by the prosecution
Sept. 20, 2016
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POSCO, Hyundai Steel merger to benefit industry: report
[THE INVESTOR] A merger between South Korea’s leading steelmakers POSCO and Hyundai Steel can further benefit the local steel industry to gain competitive edge in the global market, an industry report said. “In response to the rapidly changing environment, industry-wide restructuring through mergers and acquisitions is necessary,” according to report released by the Export-Import Bank of Korea on the steel industry earlier this month. “There’s a need to consider merging POSCO and Hyundai Steel.
Sept. 20, 2016
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Kumho Tire shares to be put up for sale next month
[THE INVESTOR] Creditors of Kumho Tire are kicking off the disposal process of their stakes in the nation’s second-largest tire maker. Credit Suisse, the key sales advisor, on Sept. 20 said the creditors will sell their respective shares through a competitive bidding process. Sources said the final bidding process is expected to start in January next year after a preliminary bidding set for mid-November. A combined 42.1 percent stake or 66.3 million shares owned by nine creditors -- since the ti
Sept. 20, 2016
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Over 1,100 companies under court receivership in Korea
[THE INVESTOR] The number of local companies that file for bankruptcy court protection have increased rapidly this year, while the number of judges overseeing the firms remained the same, overwhelming the courts’ capacity to handle the cases, data showed on Sept. 20. According to data by South Korea’s highest court, a total of 1,150 companies are under court receivership at 14 district courts across the country. The number increased by 100 firms from a year earlier as more companies sought bankr
Sept. 20, 2016
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Volkswagen owners to file constitutional petition
[THE INVESTOR] A group of Volkswagen car owners plan to file a constitutional appeal on Sept. 20, demanding the South Korean government should enforce a replacement order on vehicles affected by the German automaker’s emission-rigging scandal. Barun Law, a Korean law firm that represents VW owners in multiple suit against the automaker, said it will make an appeal against the Ministry of Environment for not issuing appropriate replacement orders for its diesel vehicles equipped with defeat devic
Sept. 19, 2016
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[LOTTE CRISIS] Prosecutors to summon Lotte Chairman Shin Dong-bin
[THE INVESTOR] South Korean prosecutors will summon Lotte Group Chairman Shin Dong-bin on Sept. 20, to grill him on his role in a series of irregularities the retail giant is accused of committing. Shin will appear for questioning at 9:30 a.m. as a key suspect on charges of embezzlement and breach of trust, the Seoul Central Prosecutors’ Offices said on Sept. 18. According to Lotte Group, the chairman will fully cooperate with the ongoing investigation. Lotte Group Chairman Shin Dong-bin. The I
Sept. 19, 2016
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Dio to form dental JV with Japanese firm
[THE INVESTOR] Dio, South Korean dental implant manufacturer, will establish a joint venture with a Japanese firm to expand its presence in the country, the company announced on Sept. 13. Dio will form a 51:49 joint venture Dio Digital Corporation with Japanese dental manufacturer Feed Corporation, by investing 547.6 million won (US$490,989) in a 1.74 billion won project. “Through forming the joint venture with a Japanese firm that specializes in dentistry, we will sell implant products and prov
Sept. 13, 2016
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Prosecutors to summon Lotte chairman Shin Dong-bin after Chuseok
[THE INVESTOR] Lotte Group Chairman Shin Dong-bin is likely to be summoned by the prosecutors after the Chuseok holiday that ends Sept. 18. He will be questioned for his role in a series of corruption charges that the retail giant faces, according to industry sources on Sept. 13. The prosecutors are aiming to end the three-month long probe into Lotte Group by questioning the group chairman. “We will summon Shin Dong-bin after the holiday,” a prosecutor said. “After summoning him, we plan to wrap
Sept. 13, 2016
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US slaps up to 61% anti-dumping levies on POSCO
[THE INVESTOR] The US government on Sept. 12 issued a final ruling slapping a maximum of 61 percent anti-dumping and countervailing duties on South Korean steelmaker POSCO. The US International Trade Commission affirmed the decision by the US Commerce Department in August to impose duties on hot-rolled flat steel imported from South Korea, Japan, Turkey, Britain, Brazil, Australia and the Netherlands. Under the decision, Korea’s top steelmaker will face 3.89 percent anti-dumping tariff and a cou
Sept. 13, 2016
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Daesung Electric eyes IPO by next year
[THE INVESTOR] Daesung Electric, automotive component arm of LS Group, is pushing for an initial public offering by next year, the company said on Sept. 12. Daesung said it will apply for preliminary approval to pursue an IPO on the country’s main bourse KOSPI by end of November. It has selected Mirae Asset Financial Group as the lead manager for the deal and shared plans to go public by first half of next year. Once Daesung’s market debut is completed, the company plans on building three new ov
Sept. 13, 2016
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Hanjin’s ex-chairwoman to extend W10b to ease crisis
[THE INVESTOR] Choi Eun-young, former chairwoman of Hanjin Shipping, has decided to inject 10 billion won (US$8.99 million) from her private assets to ease Hanjin Shipping’s cargo crisis. “Chairwoman Choi will secure 10 billion won by using her Eusu Holdings stocks as collateral to take out loans and provide (the funds) within a few days,” Eusu Holdings, said in a statement on Sept. 12. Choi now serves as a chairwoman of Eusu Holdings. Hanjin Shipping's former chairwoman Choi Eun-young appears b
Sept. 12, 2016
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CJ partners with Vietnam’s Satra
[THE INVESTOR] CJ Group’s food affiliates CJ CheilJedang and CJ Freshway on Sept. 12 have signed a memorandum of understanding with Vietnamese state-run retail giant Saigon Trading Group, in a move to expand its business in the country. Under the agreement, food manufacturer CJ CheilJedang will set up a special store CJZone inside Satra’s retail outlets to sell its processed food products. CJ, in cooperation with Satra, will develop various sauces and other new products tailored to meet local ta
Sept. 12, 2016
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