Consumers Prefer Samsung Smartwatches Over Other Brands

Samsung's Gear series of smartwatches are top of the wish list in the niche consumer market for wearable devices, apparently ahead of Apple's yet-to-be-released gadget, UBS said Monday.

The Swiss bank recently asked 4,000 consumers in China, Italy, the U.K. and the U.S. which smartwatch they would buy if they had to, and 37 percent chose the Gear series. Only 25 percent chose the Apple smartwatch.

Samsung has six different smartwatches in its lineup, including the Galaxy Gear which was released in August 2013, and the Gear S, which went on sale in October of this year. None have been exactly smash hits, but a tiny niche market has developed among sporty people who like to take their pulse and see how far they have run.

LG's G Watch ranked fourth along with Motorola's Moto 360.

But UBS forecast that Apple's smartwatch would rise to the top if and when it is released some time next year.

It also found that half of the consumers who did use smartwatches simply bought the same brand as their smartphone.

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Samsung Father and Son Korea's Richest People

Lee Kun-hee (left) and Lee Jae-yong

Samsung chairman Lee Kun-hee and his son Jae-yong are the two richest people in Korea, according to Bloomberg's latest list of the world's 400 wealthiest people.

The elder Lee, who is worth $12.2 billion, ranks 92nd worldwide and is the only Korean among the 100 richest.

The younger Lee ranked 224th with assets of US$6.2 billion, coming in second among Koreans. Until September of this year, he was only the fifth-richest person in Korea, but the value of his stakes in Samsung SDS surged following its listing.

Samsung SDS, listed last month, is currently worth around W350,000 per share, which is around double the offering price of W190,000 (US$1=W1,111).

Lee Jae-yong pushed Amore Pacific chairman Suh Kyung-bae down to third place in Korea. Suh, who was included among the 200 world wealthiest individuals for the first time last month, ranked 229th in the latest list with $6.1 billion.

Nothing has changed at the top since the last list came out. Bill Gates is No. 1 in the world with $87.8 billion, followed by Mexican telecom magnate Carlos Slim and Warren Buffett.

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Hanwha Promises 1-Year Job Security for Samsung Execs

Hanwha Group has pledged to retain for at least one year all of management of four chemical and defense firms it is buying from Samsung Group under a controversial deal.

High-performing executives will be retained even longer, Hanwha said. The conglomerate earlier pledged to retain 8,200 non-management staff at the companies, but executives were expected to be let go.

A senior Hanwha executive said Monday, "We will of course offer longer-term contracts to managers who perform well."

Another Hanwha executive said, "There were rumors that managers would be laid off, which raised concerns, but we will try to retain all staff."

Samsung Techwin CEO Kim Cheol-kyo also tried to calm fears in an email on Monday, saying, "Job security and even the treatment of management-level staff will be maintained and guaranteed."

Samsung Techwin workers last week formed an emergency committee and are preparing to form a labor union, which is prohibited in the Samsung Group, to protest against the massive deal.

Hanwha announced last week it is buying the chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,112).

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Samsung, LG Lead Global UHD TV Market in Q3

Samsung and LG led the global market for ultra-high definition TVs with a combined market share of 51 percent during the July to September period.

The Korean tech giants were followed by Chinese TV maker Hisense and Japan's Sony, each with a market share of around 10 percent.

Market researcher DisplaySearch says the Korean firms are facing a growing threat from Chinese TV makers with cheaper products, adding that competition for the market is going to be fierce in the fourth quarter.

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Samsung Daughter's Husband Fights for Custody of Child

Lee Boo-jin (left) and Im Woo-jae

Im Woo-jae, a vice president of Samsung Electro-Mechanics and husband of Samsung chairman Lee Kun-hee's daughter Lee Boo-jin, said he will fight for custody of their son as the couple divorce. The two married in 1999.

Im has hired two lawyers. One of them, Cho Dae-jin, told the Chosun Ilbo, "The media have been reporting that the two had reached an amicable settlement on most issues, but this is not true." Cho added that Im is "adamant" about retaining custody of his son.

That could turn the divorce proceeding into a full-blown legal battle. Im had so far refrained from hiring lawyers to represent him.

The couple have been living apart for seven years. A source close to Lee said, "I don't know why he wants to gain custody at this point. It probably has more to do with splitting the wealth."

Im's other lawyer, Lim Dong-jin, represented Samsung Electronics vice president Lee Jae-yong's wife during his divorce in 2009.

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Samsung Staff Resist Massive Selloff

A massive selloff of Samsung subsidiaries has hit a hurdle with staff of Samsung Techwin, the conglomerate's defense subsidiary, forming an emergency committee to resist the sale of their company to Hanwha Group.

A member of the committee said, "We have been proud Samsung members until now, but the decision to sell our company to Hanwha Group came virtually overnight. We protest against the sale, which did not have the consent of workers."

Employees at other Samsung affiliates that are being sold off under the massive deal say they were also taken by surprise.

Hanwha announced Thursday it is buying four chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,099).

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Samsung Staff Resist Massive Selloff

A massive selloff of Samsung subsidiaries has hit a hurdle with staff of Samsung Techwin, the conglomerate's defense subsidiary, forming an emergency committee to resist the sale of their company to Hanwha Group.

A member of the committee said, "We have been proud Samsung members until now, but the decision to sell our company to Hanwha Group came virtually overnight. We protest against the sale, which did not have the consent of workers."

Employees at other Samsung affiliates that are being sold off under the massive deal say they were also taken by surprise.

Hanwha announced Thursday it is buying four chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,099).

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Samsung Staff Resist Massive Selloff

A massive selloff of Samsung subsidiaries has hit a hurdle with staff of Samsung Techwin, the conglomerate's defense subsidiary, forming an emergency committee to resist the sale of their company to Hanwha Group.

A member of the committee said, "We have been proud Samsung members until now, but the decision to sell our company to Hanwha Group came virtually overnight. We protest against the sale, which did not have the consent of workers."

Employees at other Samsung affiliates that are being sold off under the massive deal say they were also taken by surprise.

Hanwha announced Thursday it is buying four chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,099).

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Samsung to Slim Down Smartphone Lineup

Samsung has decided to reduce its lineup of smartphones by around 30 percent next year and keep its lead over Chinese rivals by focusing on high-quality, mid-priced handsets.

The electronics giant, whose profit margins are relatively small because of the vast array of models it tends to throw out in case they stick, unveiled its latest strategy at an investor blitz in New York on Monday.

Investor relations chief Robert Yi said, "In 2015, we will reduce the number of smartphone models by one fourth to one third compared to this year. That will give us a chance to lower prices through mass production. In low- to mid-market products, price is the most important thing, and for high-end products it's innovation."

But given that Samsung has released around 100 different smartphone models each year, there will now probably still be about 60-70.

Samsung's shift appears to take a leaf out of rival Apple's much more austere strategy of releasing just one new iPhone and iPad a year. It will now focus on core products such as the Galaxy S and Galaxy Note series.

Yi also took a jab at China's Xiaomi, which has emerged as a formidable rival. "They have created a good user experience that caters for the needs of Chinese consumers," he said. "But I don't know if it will work elsewhere."

/Bloomberg

Samsung also decided to bolster its semiconductor business, which posted a larger operating profit than the smartphone division in the third quarter of this year. The electronics giant has the most advanced semiconductor manufacturing process with 14 nanometer technology.

Industry watchers believe Samsung will use its technological prowess to roll out next-generation application processors for Apple's iPhones and iPads.

Affiliate Samsung Display, which also took part in the event, vowed to reduce its dependence on Samsung Electronics to prevent business risks. Samsung Display vice president Lee Chang-hoon said his company will boost the amount of orders it receives from outside the Samsung Group to 50 percent of total orders. Samsung Display currently sells 75 percent of its output to Samsung Electronics.

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Samsung Heir Makes It on Global 300 Rich List

Lee Jae-yong

Samsung Electronics vice chairman Lee Jae-yong has entered the ranks of the world's 300 richest people thanks to the listing of Samsung SDS last week.

On a list of the world's 400 richest people by Bloomberg, Lee ranked 252nd with assets totaling US$5.6 billion as of Monday. He was only 360th in September.

Lee's stake in Samsung SDS totals 8.7 million shares or 11.25 percent.

Samsung SDS was priced at W380,000 (US$1=W1,100) per share on the first day after the IPO compared to its offering price of just W190,000, and traded at W338,500 on Monday.

The only Koreans richer than Lee are his father, Samsung chairman Lee Kun-hee (94th) valued at $12.1 billion, Amore Pacific chairman Suh Kyung-bae (228th) and Hyundai Motor Group chairman Chung Mong-koo (235th).

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