[THE INVESTOR] Robo-adviser developers will be able to test their algorithms at a test bed run by Korean financial authorities, starting next month, and get approval for commercialization if the tests turn out to be successful. The Financial Services Commission said on Sunday that the regulator will open a test bed for software developers that have robo-adviser algorithms that aren’t yet authorized for commercialization. The FSC has been working to lift regulations related to investment advisory

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin on Aug. 26 went to the funeral of Lee In-won, his closest aide and the group’s vice chairman who committed suicide that morning. The chairman choked on his words and could not get any words out when questioned by the media.   Lotte Group Chairman Shin Dong-bin“There is nothing we can say about how he feels, and we have nothing to officially announce about the funeral,” a Lotte official said. Lotte Group founder Shin Kyuk-ho and his eldest son Don

[THE INVESTOR] After the US Federal Reserve signaled last week that it was close to raising its interest rates soon, economic policymakers in Seoul are on edge for its potential impact on Korea’s fragile economy. The heightened likelihood of the US tightening as early as next month complicates the job of the Bank of Korea, in particular, which already faces a tough balancing act between the desire to support the growth and worries over rising household debt levels. 123rfIn a globally anticipated

[THE INVESTOR] Imports of foreign cars were cut in half in July from the previous month in the wake of the emissions-rigging scandal of Volkswagen and Audi cars and the end of tax beneifts on new car purchases.　According to data from the Korea Automobile Manufacturers Association, a total of 17,897 vehicles were imported into the country in July, down 51 percent from June. The largest 6,432 vehicles were imported from Germany but the figure plunged 58 percent from a month earlier. Imports from t

[THE INVESTOR] South Korean banks’ credit exposure to cash-strapped Hanjin Shipping is estimated at 1.02 trillion won (US$915 million), industry data found on Sunday. But sources say the banks have already set aside sufficient provisions against the loans.The main creditor Korea Development Bank has credit exposure of 660 billion won to the nation’s largest shipping company, followed by KEB-Hana Bank with 89 billion won, NH Nonghyup with 85 billion won, Worri Bank with 69 billion won, KB Bank wi

[THE INVESTOR] SK Chemical, the chemicals unit of SK Group, said on Aug. 26 it has signed a deal with Bayer Korea to handle the sales and marketing of two of the drugmaker’s popular drugs -- Aspirin Protect and Adalat Oros -- to local hospitals from September.Aspirin Protect is a low-dose aspirin product that has become a common treatment for people at high risk for heart attacks or strokes. Dalat Oros is used to treat either high blood pressure or prevent angina, or chest pain. SK Chemical Pres

[THE INVESTOR] Samsung Electronics Vice Chairman Lee Jae-yong plans to attend the upcoming board meeting of Exor SpA, the controlling shareholder of Fiat Chrysler Automobiles, on Aug. 29, according to industry sources on Aug. 26. His trip comes amid market speculation the Korean tech giant is in talks with Fiat to acquire the carmaker’s auto parts-maker Magneti Marelli as the company pushes to reenter the auto business. Samsung Electronics Vice Chairman Lee Jae-yongKeen attention is being paid t

[THE INVSETOR] Police are seeking the man believed to have first spread the rumor of Samsung Electronics Chairman Lee Kun-hee’s death in June, in violation of financial transaction and telecommunication laws. The Seoul Metropolitan Police Agency said on Aug. 25 the 30-year-old man, surnamed Choi, was put on a wanted list. He is currently in the US, they said. Choi is suspected of putting a post on the far-right online community Ilbe on June 29, saying the Samsung patriarch passed away earlier in

[THE INVESTOR] Hyundai Motor plans to unveil a new fuel-cell electric vehicle with a price tag of 60 million won (US$53,400), around half the price of the current Hyundai Tucson Fuel Cell. Considering government subsidies worth 27.5 million won, the purchase price for customers could be lowered to about 33.5 million won. Despite the cheaper price tag, the driving range will be extended from the current 415 kilometers on a single charge to 600 kilometers, the carmaker said. The world’s first mass

[THE INVESTOR] The Korean government on Aug. 24 postponed to make its final decision on whether to allow Google to bring detailed map data out of the nation.The joint reviewing body of government ministries and agencies delayed their decision, citing the importance of the issue for Google, the local internet market and society as a whole.“The reviewing body will further discuss with Google on the matter and make a discreet decision,” the state-run National Geographical Institute said in a statem

[THE INVESTOR] LG Electronics' upcoming new smartphone V20 will get a big boost as Bang & Olufsen is coming on board to add premium audio capabilities to the phone. The V20, succeeding the V10, will be the first smartphone to employ 32-bit Quad DAC, or Digital to Analogue Converter, audio chips that the company said delivers “a crisp and clear sound that comes closest to a live performance,” with 50 percent reduction in ambient noise. This is the second collaboration between LG and B&O Play, the

[THE INVESTOR] LG Hausys and Hanwha Chemical may have failed to acquire Continental Structural Plastics, the US vehicle lightweight technology developer, in their separate bids, according to news reports Aug. 24. 　LG Hausys, the materials unit of LG Group, and Hanwha Chemical’s affiliate Hanwha Advanced Materials joined the heated bidding war that was estimated at US$700 million early this month. 　News reports said their bidding prices were much lower than rivals such as Germany’s BASF, Japan’s

[THE INVESTOR] Samsung SDI, the battery-making unit of Samsung Group, said on Aug. 24 it has not yet made a final decision on the location of its planned European plant, denying a news report that it was narrowing options between Hungary and other European countries. 　“We are continuing talks with local governments, but the final destination has not yet been decided,” said a Samsung SDI spokesperson. 　 Samsung SDI’s battery plant in Xian, ChinaThe company, a sole battery supplier to BMW’s hybrid

[THE INVESTOR] Samsung Display, the display-making unit of  Samsung Electronics, is gearing up to supply organic light-emitting diode displays to its archrival Apple, installing production equipment at its Korea plant recently. According to Chosun Biz, a local news daily, the firm has recently started installing new equipment at its A3 OLED plant in South Chungcheong Provgince, intent to beef up its OLED production capacity. Samsung plans to supply display panels to Apple’s first OLED iPhone, wh

[THE INVESTOR] Samsung Electronics on Aug. 24 apologized to Korean customers for the delayed shipment of its hot-selling new smartphone Galaxy Note 7. 　About 400,000 preorders have been made for the Note large-size smartphone in Korea before the official launch on Aug. 19. The figure is more than double that of the company’s flagship Galaxy S7 in March. 　 Customers stand in line outside a retail store in Seoul to purchase a Galaxy Note 7 phone on the launch day Aug. 19.The unprecedented demand o

[THE INVESTOR] For years, Google has asked the Korean government for permission to store and use the nation’s detailed map information, which would allow it to roll out full-fledged Google Maps services here. It has made requests via official and unofficial channels. But the Korean government has rejected the requests so far, citing that access to map information might impact national security, as South Korea is technically still at war with North Korea. Google is awaiting the final government d

[THE INVESTOR] Samsung Group’s start-up accelerator Samsung Venture Investment has recently raised its stakes in Silicon Valley-based self-driving sensor start-up Quanergy. The start-up recently attracted a combined US$90 million funding from a consortium led by auto parts manufacturer Delphi Automotive. Samsung was one of the key investors together with Motus Ventures and GP Capital. The firm didn't specify the funding from Samsung alone. The fresh investment comes after Samsung had invested US

[THE INVESTOR] Shares of Samsung Electronics on Aug. 23 renewed record highs for three consecutive sessions. The stock closed at an all-time high of 1,687,000 won (US$1,510), up 22,000 won from the previous session.Buoyed by the market behemoth’s upbeat performance, the benchmark KOSPI also gained 7.77 points to close at 2,049.93. While foreign investors remained net sellers, Samsung affiliates purchased their shares alongside individuals. Analysts predict the Samsung stock rally could continue

[THE INVESTOR] Samsung Fire & Marine Insurance on Aug. 23 confirmed that Booyoung Group, the Korean construction giant, has been named a preferred bidder to acquire its former head office building in central Seoul. Shinhan Card, Tongyang Asset Management of China’s Anbang Insurance Group and IGIS Asset Management had also participated in the bidding that was held Aug. 5If the deal is confirmed, Booyoung will become an owner of another Samsung headquarters building following its acquisition of th

[THE INVESTOR] SK Group(Chairman Chey Tae-won), the nation’s third-largest conglomerate, is withdrawing from its money-losing solar power business conducted by its semiconductor and display material unit SKC Solmics. SKC Solmics, which produces wafers for solar batteries, said Aug. 23 it will sell off related production equipment to Wongjin Energy, Woongjin Group’s solar power unit, for 35.5 billion won (US$31.7 million), about 16.95 percent of its total asset. The deal will take effect from Oct