EU Approves €90 Billion Ukraine Aid as Frozen Russian Asset Plan Stalls 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Canada Signals Delay in US Tariff Deal as Talks Shift to USMCA Review 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
Samsung Electronics revealed on Tuesday, Dec. 7, that it will be unifying its mobile and consumer electronics divisions which means these will become just one unit within the company.
Samsung Electronics is making this move as it will not be focusing more on the development and expansion of its logic chip business. According to Reuters, this strategy is also an indication of a big change in the company that has been known as the largest smartphone and smart chip manufacturer in the world.
It is also notable that the changes are gradually taking place internally after Lee Jae Yong, Samsung’s vice chairman, has returned to the office and resumed his works after months of imprisonment for his guilty conviction for bribery. He was paroled and released from prison in August after being detained since the start of this year.
With Lee’s return, Samsung is focusing on semiconductors, robotics, biopharma, and artificial intelligence. It was reported that the South Korean company has plans of investing ₩240 trillion or around $206 billion in these areas in the next three years.
At any rate, as Samsung merges its mobile and electronics units, it also formally announced changes in the company’s leadership. For the newly-formed division that has resulted from the merging, Han Jong Hee, has been tasked to lead the group.
Moreover, Han was the firm’s head of visual display business and was also promoted to become co-CEO and vice chairman at Samsung. The chief executive officer of Samsung Electro-Mechanics, Kyung Kye Hyun, was also appointed as co-CEO of Samsung Electronics and will be leading the chip and components division, as per Pulse News.
Kyung will be replacing Kim Kinam, who served as vice chairman and co-CEO of the device solution division. Kim will be transferred to Samsung Advanced Institute of Technology as its chairman.
“Samsung Electronics today announced its new leadership for the next phase of the Company’s future growth and to strengthen its business competitiveness,” the company stated in a press release that was published on Tuesday, Dec. 7.
Meanwhile, the other leaders who were promoted by the company are Park Yongin, Park Hark Kyu, Choi KS, and Kang In Hyup.
