Samsung Electronics Chairman Lee Kun-hee Dies at 78

Samsung Electronics chairman Lee Kun-hee. (Reuters)
Samsung Electronics chairman Lee Kun-hee. (Reuters)
TT

Samsung Electronics Chairman Lee Kun-hee Dies at 78

Samsung Electronics chairman Lee Kun-hee. (Reuters)
Samsung Electronics chairman Lee Kun-hee. (Reuters)

Samsung Electronics chairman Lee Kun-hee, who transformed the South Korean firm into a global tech titan, died at the age of 78 on Sunday, the company said.

Under Lee's leadership, Samsung rose to become the world's largest producer of smartphones and memory chips, and the firm's overall turnover today is equivalent to a fifth of South Korea's GDP.

Samsung's meteoric rise helped make Lee South Korea's richest and most powerful industrialist.

"It is with great sadness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics," the company said in a statement.

"Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side.

"Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business," the firm said, adding: "His legacy will be everlasting."

Samsung is by far the biggest of the family-controlled conglomerates, or chaebols, that dominate business in South Korea.

They drove the nation's transformation from a war-ravaged ruin to the world's 12th-largest economy, but nowadays are accused of murky political ties and stifling competition -- with Lee himself twice convicted of criminal offences, in one case bribing a president.

Global power

When Lee inherited the chairmanship of the Samsung group in 1987 -- founded by his father as a fish and fruit exporter -- it was already the country's largest conglomerate, with operations ranging from consumer electronics to construction.

But it was seen as a shoddy producer of cheap, low-quality products.

"Let's change everything except our wives and kids," Lee said in 1993.

The company gathered up and burnt all 150,000 mobile phones it had in stock, paving the way for the rebirth of the highly successful "Anycall" handset.

With Lee at the helm, Samsung became a global behemoth: by the time he suffered a heart attack in 2014, it was the world's biggest maker of smartphones and memory chips, and a major player in semiconductors and LCDs.

Lee rarely spoke to the media, but was closely watched whenever he broke his long silences, often with doom-laden New Year corporate addresses.

His son, Samsung Electronics vice chairman Lee Jae-yong, has been at the helm of the company since the 2014 heart attack.

'Hermit king'

Despite his immense wealth and power, Lee seldom ventured out from the high walls of his private compound in central Seoul to visit the company headquarters, earning him the nickname "hermit king".

Lee, the third son of Samsung group founder Lee Byung-chull, had a soft spot for dogs -- developed as a child in Japan where he went to school from age 11. He was also known for his love of movies, horse-riding and exotic supercars.

He studied at Japan's prestigious Waseda University and earned an MBA at George Washington University in the United States.

He became vice chairman of the group's construction and trading arm at the age of 36, and became group chairman nine years later, shortly after his father's death.

Lee married Hong Ra-hee -- whose father was a justice minister -- with whom he had a son and three daughters.

Bribes, embezzlement, tax evasion

The worlds of politics and business have been intertwined in South Korea, and the connection was reflected in Lee's career.

In 1996, he was convicted of bribing former president Roh Tae-woo to get favors for Samsung in business policy decisions.

Lee was also found guilty of embezzlement and tax evasion in a slush fund scandal in 2008, which saw him briefly step down from the company leadership.

But suspended sentences meant he never served time in jail and he received two presidential pardons, going on to spearhead his country's successful efforts to secure the 2018 Winter Olympics.

A few years later, he fought off a lawsuit from his older brother and sister claiming they were entitled to Samsung shares worth billions of dollars.

He had been in medical care after his heart attack, but few details were ever revealed about his condition, leaving him shrouded in mystery even in his final days.



Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
TT

Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.


What are Shipping Companies' Plans for Return to Suez Canal?

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo
TT

What are Shipping Companies' Plans for Return to Suez Canal?

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo

Major shipping companies are devising strategies for a potential return to the Suez Canal after two years of disruptions due to security risks in ​the Red Sea.

They have been rerouting vessels via longer, costlier routes around Africa since November 2023, following attacks on commercial ships by Yemen's Houthi militants, reportedly in solidarity with Palestinians during warfare in Gaza.

A ceasefire agreement reached in October has led some companies to explore resumption plans, although security ‌remains a ‌key concern. Below are the latest ‌updates according to Reuters:

MAERSK

The ⁠Danish ​shipping ‌company said on Friday that one of its vessels successfully navigated the Red Sea and Bab el-Mandeb Strait for the first time in nearly two years.

Maersk said it has no immediate plans to fully reopen the route and it is not considering a wider ⁠East-West network change back to the trans-Suez corridor, but considers the ‌feat a "stepwise approach" to resuming ‍passage.

CMA CGM

The world's ‍third-largest container shipping line, which has made limited Suez ‍transits when security allows, will use the passage for its India-US INDAMEX service from January, according to a schedule published on its website.

HAPAG-LLOYD

Earlier in December, the German shipping ​group's CEO said the return of the shipping industry to the Suez Canal would be gradual ⁠and there would be a transition period of 60-90 days to adjust logistics and avoid sudden port congestion.

The world's fifth-largest container company did not immediately respond to Reuters' request for comment. Hapag-Lloyd and Maersk had called for caution in November, saying they were monitoring the situation for evidence of increased security.

WALLENIUS WILHELMSEN

The Norwegian car shipping group is still assessing the situation and will not resume sailing until certain conditions are met, ‌a company spokesperson said on Friday.


Real Estate Balance Platform Regulates Market, Signals Positive Momentum in Riyadh Trading

The Saudi capital, Riyadh (Asharq Al-Awsat) 
The Saudi capital, Riyadh (Asharq Al-Awsat) 
TT

Real Estate Balance Platform Regulates Market, Signals Positive Momentum in Riyadh Trading

The Saudi capital, Riyadh (Asharq Al-Awsat) 
The Saudi capital, Riyadh (Asharq Al-Awsat) 

Following the Royal Commission for Riyadh City’ s announcement of the results of the electronic draw for purchasing residential land through the Real Estate Balance platform, Asharq Al-Awsat learned that some of the plots allocated to eligible beneficiaries will be sold at prices below SAR 1,500 (about $400) per square meter, depending on their locations.

The land distribution comes in implementation of directives issued by Crown Prince and Prime Minister Mohammed bin Salman to take the necessary steps to restore balance to Riyadh’s real estate sector.

Under these directives, the Royal Commission for Riyadh City is tasked with providing planned and developed residential land for citizens at a rate of between 10,000 and 40,000 plots annually over the next five years, at prices not exceeding SAR 1,500 per square meter.

On Wednesday, the Commission announced the issuance of the electronic draw results after completing all procedures related to verifying applicants’ eligibility and reviewing objections submitted ahead of the draw.

Competitive Prices

Real estate specialists told Asharq Al-Awsat that the Commission has allocated large tracts of land for sale to eligible beneficiaries in key locations within Riyadh’s urban fabric, noting that the move offers more choices at competitive prices and reflects positively on the overall real estate market in the Saudi capital.

They added that beneficiaries will be able to build homes at costs comparable to the prices of apartments currently offered for sale in northern Riyadh neighborhoods, which proved that the directives of Crown Prince Mohammed bin Salman have translated into tangible outcomes, enabling citizens to obtain their first homes at lower prices.

Price Decline

Real estate specialist Khaled Al-Mobid said that offering more than 6.3 million square meters of land this year through the Real Estate Balance platform aims to inject additional land within the urban area and increase housing supply with high planning quality. He described the step as important in curbing prices, which have risen recently in Riyadh.

He added that the rollout of further land areas through the platform over the next four years will help meet demand from young people and low-income segments, making affordable housing more accessible and facilitating first-home ownership.

Al-Mobid expected the Riyadh real estate market to see a correction in the coming years as the measures directed by the Crown Prince and Prime Minister are fully implemented by the relevant authorities.

Construction Costs

Another real estate specialist, Ahmed Omar Basodan, said that based on the announced locations for beneficiaries of the first batch, recipients will be able to own villas at prices lower than apartments currently offered for sale in the same neighborhoods. He explained that preliminary estimates put the combined cost of land purchase and construction at between SAR 900,000 and SAR 1.2 million.

He added that setting a ceiling price of SAR 1,500 per square meter for land will put downward pressure on prices in those areas, forcing them to retreat and become more affordable. Basodan noted that more than 10,000 plots have been allocated this year through the platform, supporting expanded housing supply, market stability, and improved quality of life.

Electronic Draw

In its latest statement, the Royal Commission for Riyadh City said the electronic draw was conducted under the supervision of an independent committee representing the Royal Commission, the Ministry of Justice, the General Real Estate Authority, Riyadh Municipality, and the Saudi Data and Artificial Intelligence Authority (SDAIA), using advanced technological systems to ensure fairness and equal opportunity.

The Commission confirmed that the final results are now available on the Real Estate Balance platform, detailing the locations of allocated plots totaling 6.3 million square meters across several Riyadh neighborhoods, including Al-Qirawan, Al-Malqa, Al-Nakheel, Al-Nargis, Namar, Al-Rimayah, Al-Rimal, and Al-Janadriyah.