Latest news with #SOUTHKOREAN
The Sun
4 days ago
- Sport
- The Sun
Son joins LAFC in MLS record deal
SOUTH KOREAN forward Son Heung-min has joined Los Angeles FC in a record-breaking Major League Soccer transfer, ending a decade-long stint at Tottenham Hotspur, both clubs announced on Wednesday. Financial details of the transfer were not disclosed by either club but the Athletic reported LAFC paid a fee in the region of $26.5 million for the 33-year-old. Son, who joined Tottenham from Bayer Leverkusen in 2015, led the north London club to their first trophy in 17 years with a 1-0 win over Manchester United in the Europa League final in May. The former Spurs captain made 454 appearances for the team and scored 173 goals, winning the Premier League Golden Boot in the 2021-22 season. Son, capped 134 times by South Korea, joins LAFC after an emotional farewell to Spurs during a friendly against Newcastle United at Seoul World Cup Stadium - REUTERS
The Sun
5 days ago
- Sport
- The Sun
Son Heung-min heads to US for record MLS move to LAFC
SOUTH KOREAN star Son Heung-min was in transit to the United States on Tuesday to officially join Los Angeles FC, a record-breaking signing for Major League Soccer that's expected to be announced in the coming days. Videos on social media showed Son signing autographs for fans at Incheon International Airport in Seoul before he boarded a flight to Los Angeles. The Athletic and GiveMeSport reported Tuesday that LAFC are paying a transfer fee of around $26.5 to $27 million to acquire Son, shattering the current MLS record of $22 million that Atlanta United paid for Emmanuel Latte Lath last offseason. Son, 33, announced over the weekend that he planned to leave Tottenham Hotspur, saying he achieved everything that he could with the North London club and he was interested in a new challenge. Son scored 172 goals and added 94 assists in 451 matches for Tottenham across all competitions, with 127 coming in Premier League play. A team captain, he helped the Spurs win the 2025 Europa League for the first major trophy of his career. Son has also scored 51 goals in 134 matches for South Korea, the country's second-leading goal-scorer of all time. Son played in the past three World Cups. - Reuters
India Today
30-07-2025
- Business
- India Today
Maybe they'll sell to India: Trump strikes trade deal, oil partnership with Pak
Hours after imposing a 25% tariff along with additional penalties on Indian imports, US President Donald Trump said on Wednesday that the United States has struck a new trade agreement with Pakistan to jointly develop the country's vast oil reserves -- a move he says could eventually lead to Pakistan exporting oil to New Delhi.'We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,' Trump said in a bold statement. 'Who knows, maybe they'll be selling Oil to India some day!'advertisementThis comes after Trump's declaration of a 25% tariff and extra penalties on goods imported from India, set to take effect on August 1. He pointed to India's persistent oil trade with Russia and existing trade restrictions as major factors behind the decision. The president shared on Truth Social that it had been a 'very busy' day in the White House, largely focused on trade negotiations. 'I have spoken to the Leaders of many Countries, all of whom want to make the United States 'extremely happy,'' he said. 'All of this will help reduce our Trade Deficit in a very major way.' Trump added that the administration is currently selecting an oil company to lead the US-Pakistan energy partnership. He did not name specific firms or provide a timeline for project week, Pakistani Foreign Minister Ishaq Dar said the United States and Pakistan were "very close" to a trade deal that could come within days, after he met with Secretary of State Marco Rubio on Friday. The US State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said last week the two top diplomats stressed in their discussion the importance of expanding trade and ties in critical minerals and TO MEET SOUTH KOREAN DELEGATIONIn a separate development, Trump said he is preparing to meet with a South Korean trade delegation to discuss tariff reductions. 'South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs,' he noted. 'I will be interested in hearing what that offer is.'The president hinted that several other countries are also offering tariff deals, part of what he characterised as a broader effort to correct America's trade imbalance.'A full report will be released at the appropriate time,' Trump concluded. 'Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!'- EndsWith inputs from ReutersTune InMust Watch
The Star
27-07-2025
- Business
- The Star
Global money chases hot S. Korean stock market
SOUTH KOREAN stocks, already this year's best performers among the world's major markets, are becoming a magnet for foreign investors as bold regulatory reforms to lift valuations and empower minority shareholders gain traction. Just this month, policymakers voted in favour of pivotal law changes to make board members legally accountable to all shareholders. They are now focusing on the next wave of reforms – including improvements to the voting system for selection of board members, and reducing treasury stock holdings – all with the goal of reining in the nation's many family-run conglomerates, or chaebols. From Wall Street to London, investors are taking notice. Overseas funds, which dumped South Korean stocks for nine straight months through April, are piling back into the market. Strategists at global banks including Goldman Sachs Group Inc, JPMorgan Chase & Co, Citigroup Inc and Morgan Stanley are among those who have upgraded South Korea since the start of June. The benchmark Kospi has surged 33% in 2025, helping propel the equity market's value above US$2 trillion for the first time in three years. Culture shift Reforms 'will contribute to the continuation of a culture shift already underway and will reduce the ability of controlling shareholders to compel restructurings that benefit them at the expense of minority shareholders,' said Jonathan Pines of Federated Hermes, whose US$4.5bil Asia Ex-Japan equity fund has beaten 92% of its peers over one year. 'We remain very significantly 'overweight' on South Korean stocks.' South Korean authorities have been seeking to replicate the success seen in Japan, where a push for corporate reforms helped boost valuations and spur a world-beating equity rally. Optimism that the nation is serious about tackling the so-called 'South Korea discount' has grown since newly elected President Lee Jae Myung made raising governance standards and improving stock-market returns one of his top priorities. Net inflows from foreign funds have crossed US$3bil in July alone. That's more than their combined purchases in the previous two months. 'We're seeing a big change in the corporate governance,' said Joshua Crabb, head of Asia Pacific equities at Robeco Hong Kong Ltd, noting more capital discipline, buybacks and dividends. 'This does not require a great global environment. 'These are things that are almost like a bit of self-help.' After having discussed the latest round of commercial code revisions earlier this month, lawmakers plan on voting for them on Aug 4. During this round, they will be pushing to mandate a cumulative voting system for listed firms in an effort to promote board diversity. Cumulative voting has become a cornerstone of the ruling Democratic Party's corporate governance agenda. In such a system, a shareholder typically receives votes equal to the number of shares they hold multiplied by the number of board seats up for election. This would enable minority shareholders to pool votes and elect at least one board member aligned with their interest – such as advocating for more share buybacks or dividends. Another proposal that will be considered for this round would be to cap the number of audit committee members that major shareholders can nominate. Treasury stock Then there is the issue of treasury shares, which have become a flashpoint in South Korea. Such stock can be transferred by companies to friendly parties, such as family members or affiliates – who then can vote with them to give the controlling family more power without increasing actual ownership. While not directly part of the agenda for this round of corporate code revisions, a proposal to mandate the cancellation of treasury stock remains a key focus for Lee and his allies as they pursue their ambitious goal of 'Kospi 5000.' The proposal has drawn strong opposition from conglomerates. It should be phased in 'to avoid instability,' Lee Han-joo, a senior aide to Lee and the head of the State Affairs Planning Committee, told Bloomberg in a recent interview. At a minimum, companies may push to preserve existing treasury shares while agreeing to cancel those acquired going forward, said Seokkeun Ha, chief investment officer at Eugene Asset Management. 'That would disappoint the market,' he said. Authorities are discussing various options in this regard, according to a person familiar with the matter. Options range from creating a model similar to that of Germany's to using a more stringent approach that requires all existing treasury shares to be retired within six months, the person said, asking not to be identified as negotiations are ongoing. The German model requires companies to sell treasury shares that exceed 10% of the capital stock within three years of purchase, according to information on a government website. 'If we're aiming for Kospi 5,000, I believe treasury share cancellation is essential,' Ha said. 'That's how return-on-equity increases and higher return of equity drives up the price-to-book ratio.' Lee's crusade to protect minority shareholders' rights relies on lawmakers delivering substantive changes at a credible pace while resisting pushback from entrenched interests. With markets having rallied so hard on expectations, the bar for disappointment is low. In a recent survey of 300 listed companies released by the South Korea Chamber of Commerce and Industry, about 77% said further commercial code revisions could have 'negative impact on business growth.' 'Big bang gains were quite a bit driven by sentiment, and that's gone,' said Xin-Yao Ng, investment director at Aberdeen Investments. 'Going forward, we'll need better delivery of legislation to incentivise value-up and companies themselves delivering actual changes.' — Bloomberg Sangmi Cha and John Cheng write for Bloomberg. The views expressed here are the writers' own.
Economist
03-06-2025
- Business
- Economist
Lee Jae-myung is South Korea's likely next president
SOUTH KOREAN voters appear poised to make Lee Jae-myung, the candidate from the liberal Democratic Party (DP), their country's next president. A nationwide exit poll shows Mr Lee with a commanding 51.7% to 39.3% lead over his main conservative opponent in the snap elections held on June 3rd to replace Yoon Suk Yeol, who was impeached for declaring martial law last December. Mr Yoon's fateful move triggered six months of turmoil. The next president will inherit a divided society and a battered economy, as well as big challenges from abroad, in particular Donald Trump, who has threatened South Korea with crippling tariffs and called America's security commitments to its long-time ally into question.
