* Says it signed a 2.69 billion won contract with SK Holdings Co., Ltd, to provide semiconductor manufacturing equipments
SEOUL, Jan 23 (Reuters) - South Korea's LG Corp, the holding company of LG Group, said in a filing on Monday it agreed to sell a stake in silicon wafer producer LG Siltron Inc to SK Holdings Co for 620 billion won ($531.9 million).
Amazon (AMZN) launched Vehicles and was the subject of rumors about music streaming plans and retail stores and Alphabet's (GOOGL) Google Fiber was ordered to cut costs.
Alibaba Group Holding Limited (BABA) is expanding its cloud presence beyond its stronghold, China and is going about it quite aggressively.
In a bid to grab greater share in the thriving Internet of Things (''IoT'') market, premium wireless equipment company Ericsson (ERIC) introduced three solutions that will significantly bolster its end-to-end service capability.
* Says agrees to buy 49.1 percent of OCI Materials Co Ltd for 481.6 billion won
Ericsson (ERIC) is set to report its third-quarter 2015 results on Oct 23, 2015.
SEOUL, Aug 28 (Reuters) - South Korea's SK Holdings Co Ltd said on Friday it planned to buy 871.2 billion won ($743.74 million) worth of its own shares during trading.
In order to create a global collaborative ICT ecosystem, Ericsson (ERIC) inked a memorandum of understanding ("MoU") with SK Holdings C&C on Aug 12, 2015.
Investing has become almost borderless. Anyone with a terminal or a broker can buy stock on dozens of exchanges. But investors need to keep in mind that companies are nearly borderless, too. Multi-national corporations with operations all over the world can and do move their official corporate domiciles to whichever country will give them the best deal - the lowest taxes, the most lax disclosure rules, and protection of management from accountability to investors. The transaction may feel the same whether you are buying stock in US-based General Electric or South Korea-based Samsung C&T - until you find out that even the limited shareholder rights and protections we take for granted in the US do not exist in some other jurisdictions. An American investor is finding that a costly lesson right now. Hedge fund manager Elliott Associates, Samsung C&T's third-largest investor, is objecting to a proposed deal that diverts value from the outside shareholders to the insiders -- The Lee family, which runs Samsung under a system widespread in South Korea called chaebol, that sells stock to outsiders but keeps control in a small, related group. The deal Elliott objects to moves a valuable affiliate organization under the control of the family, drastically underpricing the purchase price at an enormous cost to the shareholders. As heir apparent Lee Jay-young (known as JY Lee) takes over the group from his father, Lee Kun-hee, the family is trying to consolidate control even more. JY was effectively given a controlling stake in Cheil, which functions as a quasi-holding company for the group, in a controversial transaction two decades ago. By taking over Samsung C&T in an all share deal, JY will have acquired C&T's 4.1% stake in Samsung Electronics at the expense of only a few percent of his holdings in Cheil, rather than the billions of dollars he would have to pay the shareholders in the open market. This transaction is legal in South Korea. But it is not fair. Both of the leading proxy advisors in the US have recommended that shareholders vote against it. Indeed it is so outrageous that South Korea's smaller retail investors have started an unprecedented campaign to stop the deal. At least 2,500 shareholders have pledged to vote against the merger at the July 17 shareholder meeting. Some even submitted a petition to the Korean District Court opposing the deal, following a similar suit filed last week by Elliott, complaining they are "left utterly dejected at the current situation where we have to stand by and watch our assets being stolen." Another South Korean deal that is disastrous for outside shareholders involves SK Holdings and SK C&C. It would leave the company's chairman - who is currently serving a jail sentence for embezzlement - as the largest shareholder of the combined entity. Indeed, the terms were so bad that National Pension Service (NPS), which has a substantial stake in SK Holdings but is generally unwilling to speak out against management, surprisingly announced that it opposed the deal. That was not sufficient to prevent it from going through. In yet another example, Hyundai recently purchased real estate in Seoul's wealthy Gangnam district for approximately $10 billion - three times its assessed value - apparently simply because the company's chairman demanded it. South Korea's own NPS, the fourth largest public pension fund in the world and Korea's largest investor, should take the lead in speaking out and voting against the chaebols. The government should look to best practices around the world and adopt laws with better protection for shareholders. If South Korean executives, boards, investors, and the government allow these abusive, self-dealing practices to continue, they will find themselves downgraded by the OECD and by investors. They will sharply increase their cost of capital and reduce their ability to compete in the global economy. The same investment capital that flows so easily across borders into the country can flow just as easily out, as investors will find a better return on investment in countries with better assurance of fair dealing with outside shareholders. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
SEOUL, June 24 (Reuters) - South Korea's National Pension Service will vote against a proposed merger of SK C&C Co Ltd and its affiliate SK Holdings Co Ltd, the country's health ministry said on Wednesday, saying the deal could hurt SK Holdings' shareholder value.
SEOUL, March 4 (Reuters) - SK Holdings Chairman Chey Tae-won is stepping down from all directorships and executive positions in SK affiliates, SK said on Tuesday.
SEOUL, Feb 27 (Reuters) - South Korea's supreme court confirmed a four-year prison sentence imposed on SK Holdings Chairman Chey Tae-won for embezzlement on Thursday in what is one of the longest confirmed prison terms for a business leader in the country.
Countering comments made by SK Hynix (HXSCL.OB) yesterday, Wedge Partners says the fire that broke out at Hynix's Chinese memory fab will cause at least a 2-month production delay, and that Hynix has suspended price negotiations with clients. The remarks come as DRAM spot prices jump 20% on account of the fire, and reports emerge several top memory manufacturers have joined Hynix in putting shipments on hold. There could be major downstream ramifications: TrendForce thinks 11M notebook shipments and 10M smartphone shipments will be affected within a month if "main production procedures are halted." The firm estimates it will take 6 months for all of the damage to be fixed. Prior to the fire, DRAM and NAND prices had been slumping this summer after rallying earlier this year. Micron (MU +3%) and SanDisk (SNDK +1.9%) are adding to yesterday's gains. DRAM/NAND giant Samsung (SSNLF.PK, SSNGY.OB) rose 1.9% overnight in Seoul, while Hynix fell 1.8%. 1 comment!
Консорциум во главе с IDS-BUD S.A. (Польша), включающий также корпорацию ALTIS-Holding (Украина), Vahostav - SK a.s. (Словакия), Vahostav – PL sp. z o.o. (Польша) и PSJ Hydrotranzit a.s. (Словакия), победил в тендере на строительство первой очереди нефтяного терминала в польском Гданське за 415 млн злотых (около $127,12 млн). Об этом говорится на сайте PERN Przyjazn. Подробнее читайте на нашем сайте www.oilru.com
SEOUL, March 22 (Reuters) - The jailed chairman of South Korea's SK Holdings Co Ltd was re-elected to the board of its major shareholder on Friday in defiance of the state pension fund, which aims to clean up corporate governance in Asia's fourth largest economy.
Grillo kills move to break Italy deadlock (FT) Abe nominates Kuroda to run BoJ (FT) More WMT bad news: Wal-Mart Chief Administrative Officer Mars to Leave: WSJ (BBG) Japan's Abe: Islands Are Indisputably Ours (WSJ) - Except for China of course Low-key departure as pope steps down, to enter the final phase of his life "hidden from the world" (Reuters) Cuts unlikely to deliver promised budget savings (Reuters) European Union caps bankers’ bonuses (FT) White House, Republicans dig in ahead of budget talks (Reuters) Jockeying Stalls Deal on Cuts (WSJ) Argentina Says It Won’t Voluntarily Comply With Bond Ruling (BBG) Italian president says forming new government cannot be rushed (Reuters) - or happen at all Central Banks Spewing Cash Must Plan Exit Timing, Rohde Says (BBG) China Regional Targets Cut in Sign Debt Concerns Heeded (BBG) RBA Says Up to 34 Central Banks Holding Australian Dollars (BBG) Overnight Media Digest WSJ * With across-the-board spending cuts set to begin in the United States on Friday, the White House and congressional Republicans are poised to let the deadline pass, each calculating that their hand in negotiations only grows stronger if they scorn a quick compromise. * The probe of potential insider trading ahead of this month's $23 billion buyout of H.J. Heinz Co has widened, as regulators and criminal investigators scrutinize what they see as suspicious purchases of stock in the ketchup maker, according to people familiar with the inquiries. * The European Union reached a preliminary deal on a measure that would forbid bonuses that exceed a bankers' fixed salary in the latest effort to curb what is seen by many as corporate and banking excess. Flexible pay could increase to twice fixed salary, but only with explicit shareholder approval. * Japanese Prime Minister Shinzo Abe moved a step closer to having a proponent of his aggressive monetary easing policies, Haruhiko Kuroda, become head of the Bank of Japan after the cabinet submitted its nominee for the top job to parliament. * Lithium-ion battery maker GS Yuasa Corp told the U.S. Federal Aviation Administration that it believes Boeing Co's proposed package of fixes to end the six-week grounding of 787s is inadequate to mitigate all potential battery hazards. * The U.S. military, stepping up efforts to equip the Afghan Air Force, awarded a long-delayed $427.5 million contract to Sierra Nevada Corp and its Brazilian partner Embraer SA , to supply Afghanistan with a small fleet of attack planes. * Leap Wireless International Inc, which operates the Cricket cellphone brand, said it is on pace to sell only half as many iPhones as it committed to sell during the first year of its contract with Apple Inc, and could have $100 million worth of unsold iPhones by the middle of this year. * Mongolia has suspended two mining permits for a Canadian gold and copper explorer partly owned by Rio Tinto Plc, signaling a possible deepening in a dispute over the huge Oyu Tolgoi development in the Gobi Desert. * Caesars Entertainment Corp has been crafting a plan to use online gambling to help pull itself out of a financial tight spot - a tactic that could get a boost from New Jersey, America's coming regulated market for Internet wagers. * U.S. federal investigators subpoenaed shopping center owner Kimco Realty Corp in a probe of alleged foreign bribery involving retailer Wal-Mart Stores Inc. * Tom Mars, Wal-Mart Stores Inc chief administrative officer, will leave the retailer on March 13 after more than a decade with the company. A Wal-Mart spokesman declined to provide a reason for his departure FT At least a third of Apple Inc's investors voted not to back the company's executive compensation at its annual shareholders' meeting. Royal Dutch Shell scrapped plans to drill for oil off the north coast of Alaska this year. New banks in the UK will not be required to hold as much capital to begin operations as their established peers. Centrica said it would not build gas plants in Britain for at least four years. Tesco has vowed to source more produce from within Britain in the wake of the horsemeat scandal. Nokia Siemens Networks has completed its process to sell-off its non-core businesses. Barclays has clawed back 300 million pounds in promised bonuses from its bankers. BP misrepresented crucial information to regulators and continued its drilling activities in "dangerous" conditions at the Macondo well in the Gulf of Mexico, an expert witness told the trial in New Orleans centred on the 2010 Gulf of Mexico oil spill and its aftermath. EU competition regulators on Thursday blocked the latest attempt by Ryanair to buy Aer Lingus. NYT * South Korean Samsung Electronics Co Ltd has been quietly adding security enhancements to the Google Inc Android software that runs on its smartphones to make them more attractive to big corporations. * Regulators have escalated an investigation into suspicious trades placed ahead of the $23 billion takeover of H.J. Heinz Co , focusing on a complex derivatives bet routed through London, according to two people briefed on the matter. * Boeing Co presented the Japanese government with its plan to address battery problems on its new 787 Dreamliner, stressing that added protections against possible battery fires and overheating are more than enough to allow its planes back in the air. * The U.S. Senate approved President Obama's choice for Treasury secretary, Jacob Lew, just a day after a highly politicized vote for Chuck Hagel, the new defense secretary. * 278 U.S. companies, including Citigroup Inc, Apple Inc and Alcoa Inc, have signed a supporting brief calling for the Supreme Court to overturn a section of the Defense of Marriage Act that denies federal benefits to same-sex couples, arguing that it imposes serious administrative and financial costs on their operations. * As JC Penney Co Inc reported a fourth-quarter loss, Chief Executive Ron Johnson, said customers had not responded to his turnaround strategy. * Drug maker Mylan Inc announced that it was acquiring Agila Specialties Private, an Indian manufacturer of generic injectable drugs, for $1.6 billion in cash. * Intel Corp plans to invest $152 million in Brazil over the next five years in research and development, joining forces with the Brazilian government, which has made increasing the country's software output a top priority Canada THE GLOBE AND MAIL * A single entrée at many chain restaurants across Canada contain hazardous levels of sodium that may increase the long-term risk of high blood pressure, heart disease and stroke, according to new research. Reports in the business section: * Canada is resisting pressure from Europe to allow its financial institutions and investors to directly sue Ottawa for measures it might take to protect the stability of the financial system or market players, according to a leaked draft of the services and investment chapter of the deal. * Canada's oil industry is warning the federal government that an aggressive move to force reductions in greenhouse-gas emissions and other pollutants could force the closing of several Eastern Canadian refineries, with the loss of hundreds of well-paying jobs. NATIONAL POST * Saskatchewan Premier Brad Wall says he is going to Washington next week to not only urge U.S. lawmakers approve the Keystone XL pipeline, but also to highlight green initiatives taking place in his province. FINANCIAL POST * As erstwhile smartphone leader Nokia Oyj fails to gain much headway on Apple Inc and Samsung Electronics Co, the Finnish company is setting its sights on a weaker rival: BlackBerry. Nokia is betting its partnership with Microsoft Corp will help it win business users, targeting BlackBerry's stronghold. China CHINA SECURITIES JOURNAL -- Bank of China and Agricultural Bank of China denied rumours that they had suspended offering mortgages for second house purchases due to policy tightening, saying the major reason for the suspension was that their monthly credit line quotas were exhausted early this month. -- China's new loans are expected to hit 750 billion yuan ($120.44 billion) in February, several analysts told the newspaper. SHANGHAI SECURITIES NEWS -- China's securities regulator has meted out the toughest possible punishment to intermediaries who helped the initial public offering of Chinese company Yunnan Green-Land Biological Technology Co, which was accused of cooking its books. -- Officials in Wenzhou, a city in Zhejiang province on China's east coast, said the city will try hard to keep its banks' non-performing loan ratio below 2.8 percent after it hit 3.43 percent as of November last year. Fly On The Wall 7:00 Am Market Snapshot ANALYST RESEARCH Upgrades Deutsche Bank (DB) upgraded to Outperform from Market Perform at Keefe BruyetteEdison International (EIX) upgraded to Outperform from Market Perform at BMO CapitalInterXion (INXN) upgraded to Buy from Neutral at GoldmanLamar Advertising (LAMR) upgraded to Neutral from Underweight at Piper Jaffray Downgrades AutoNavi (AMAP) downgraded to Neutral from Buy at GoldmanGroupon (GRPN) downgraded to Market Perform from Outperform at Wells FargoGroupon (GRPN) downgraded to Underperform from Neutral at BofA/MerrillHEICO (HEI) downgraded to Neutral from Buy at BofA/MerrillOGE Energy (OGE) downgraded to Hold from Buy at JefferiesSTAAR Surgical (STAA) downgraded to Market Perform from Outperform at William BlairSaks (SKS) downgraded to Underweight from Equal Weight at Morgan StanleyUBS (UBS) downgraded to Market Perform from Outperform at Keefe BruyetteVitamin Shoppe (VSI) downgraded to Neutral from Buy at BofA/MerrillWhiting Petroleum (WLL) downgraded to Neutral from Buy at UBS Initiations Apollo Investment (AINV) initiated with a Buy at UBSAxiall (AXLL) initiated with a Neutral at CitigroupFusion-io (FIO) initiated with a Buy at MizuhoRed Hat (RHT) initiated with an Overweight at BarclaysRegeneron (REGN) initiated with an Overweight at BarclaysVipshop (VIPS) resumed with a Buy at GoldmaneBay (EBAY) initiated with an Outperform at BMO Capital HOT STOCKS Regency Energy Partners (RGP) to acquire Southern Union Gathering Co. (ETE, ETP) for $1.5BMylan (MYL) to buy Agila Specialties Private Limited for $1.6BCorning (GLW) to acquire Bargoa, terms not disclosedSears (SHLD) expects to cut 2013 peak domestic inventory by $500MContinental Resources (CLR) sees FY13 production growth range 35%-40%Nordstrom (JWN) announced $800M share repurchase and 11% dividend raiseMorgan Stanley (MS) sold EMEA-based GSPS business to ComputershareIron Mountain (IRM) expects to tap into unvended segment in developed markets in 2013 EARNINGS Companies that beat consensus earnings expectations last night and today include:Valeant (VRX), Sears Holdings (SHLD), Continental Resources (CLR), Pall Corp. (PLL), Sturm, Ruger (RGR), Mylan (MYL), Limited (LTD), Chicago Bridge & Iron (CBI) Companies that missed consensus earnings expectations include:Visteon (VC), Iron Mountain (IRM), Seacor Holdings (CKH), Vale (VALE), J.C. Penney (JCP), Greif (GEF), Monster Beverage (MNST) Companies that matched consensus earnings expectations include:EPAM Systems (EPAM), ICF International (ICFI), STAAR Surgical (STAA) NEWSPAPERS/WEBSITES U.S. natural-gas production will accelerate over the next three decades, new research indicates, providing the strongest evidence yet that the energy boom remaking America will last for a generation, the Wall Street Journal reports The investigation of potential insider trading ahead of this month's $23B buyout of H.J. Heinz (HNZ) has widened, as the Financial Industry Regulatory Authority and the FBI scrutinize what they see as suspicious purchases of stock in the ketchup maker, sources say, the Wall Street Journal reports In China, profitability and sales are harder to come by as U.S. firms face increasing competition from domestic and foreign players, according to an annual survey by the American Chamber of Commerce in Shanghai, Reuters reports Two former UBS (UBS) traders in Singapore are suing the bank for wrongful dismissal, saying the bank fired them to lessen its role in the alleged manipulation of reference rates used to price currency derivatives known as non-deliverable forwards, Reuters reports Wal-Mart Stores (WMT), struggling to attract shoppers constrained by higher taxes, is “getting worse” at keeping shelves stocked, the retailer’s U.S. CEO Bill Simon told executives, according to minutes of an officers’ meeting obtained by Bloomberg News Facebook (FB), pressured to expand sales from its 1.1B users, is moving into a business that lets marketers buy advertisements in real time on the basis of a member’s Web-browsing habits. The company is broadening Facebook Exchange’s global footprint, with plans to expand in Asia and Latin America, Bloomberg reports SYNDICATE American Capital Agency (AGNC) announces public offering of 50M sharesCommonWealth REIT (CWH) 30M share Secondary priced at $19.00DCP Midstream (DPM) announces public offering of 10.25M common unitsDel Frisco's (DFRG) files to sell 5.46M shares of common stock for holdersMedical Properties Trust (MPW) files to sell 9M shares of common stockTriMas (TRS) files to sell 1.5M shares of common stock for holders