The Minute to Read series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: Dec. 4-8.
Daesang Holdings Pref shares jump 525% in nine days
Shares in South Korean food conglomerate Daesang Group have soared since “Squid Game” actor Lee Jung-jae and Justice Minister Han Dong-hoon, a potential presidential candidate, were spotted dining together at a restaurant in Seoul in late November. The firm’s preferred stocks, Daesang Holdings Pref, surged 525 percent in nine days to become the biggest gainer in the Korean stock market.
Lee has been in a relationship with Daesang Holdings vice chairman and majority shareholder Lim Sae-ryung for nine years.
South Korea posts $6.8 billion current account surplus in October
South Korea reported a current account surplus for the sixth straight month in October as trade rebounded and overseas dividend income increased. The country posted a current account surplus of $6.8 billion in October, the largest in 2 years, according to the Bank of Korea on Friday. Exports rose for the first time in 14 months to $57 billion, led by an increase in shipments of cars and petroleum products.
SK Group carries out top-management reshuffle
SK Group, South Korea’s second-largest conglomerate, announced a major reshuffle of its leadership on Thursday. The group appointed SK Discovery Vice Chairman Chey Chang-won as chairman of the Supex Council, the conglomerate’s top decision-making body. Chey is a younger cousin of SK Group Chairman Chey Tae-won.
Lotte Group promotes heir apparent
Shin Yoo-yeol, the 37-year-old son of Lotte Group Chairman Shin Dong-Bin and heir apparent, was promoted to executive vice president of the group on Wednesday. He will be in charge of the group’s future growth division, a new division dedicated to identifying new businesses. The promotion signals that Lotte Group, South Korea’s sixth-largest conglomerate, is ramping up Shin’s succession process, according to industry insiders.
LG Display announces voluntary retirement scheme to cut losses
LG Display, which posted massive losses this year as Chinese display panel makers dominated the liquid crystal display (LCD) market with low-cost products, will offer voluntary retirement schemes to workers over the age of 40. Jeong Cheol-dong, the company’s CEO who took office in November, is expected to carry out a large-scale restructuring of its LCD business.
Self-driving buses begin nighttime service in Seoul
Self-driving night buses kicked off service in Seoul on Monday. While there have been cases of robotaxis, also known as self-driving taxis, operating at night in the United States, this is the first time autonomous buses used by the public began nighttime service in a country. The two autonomous buses, developed by Hyundai Motor Company, commenced service Monday night to transport passengers between Hapjeong, Gwanghwamun, and Dongdaemun every 70 minutes.
Hwang Hee-chan named Man of the Match
Hwang Hee-chan of Wolverhampton Wanderers has been named Man of the Match after he scored his eighth English Premier League goal of the season. Hwang netted the only goal to seal the Wolves’ victory against Burnley in a home match on Tuesday and garnered over 83 percent of votes from fans to secure the title.
This article was originally published on Dec. 9, 2023.
