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SEOUL (Reuters) - Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea’s second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to “deteriorating global trade issues and changes in competitive dynamics in major markets,” Hyundai Motor Group said in a statement.

Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders, “In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group’s target cufflinks operations, aiding and reporting to Chairman Mong-Koo Chung,” the statement said, The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea’s trade tensions with the United States that threaten to disrupt its production plans..

“This is a good sign,” Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. “This will enhance transparency about who is controlling the group and who is making key strategic decisions,” she said. The junior Chung, currently vice chairman of the group’s crown jewel Hyundai Motor Co (005380.KS), has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances.

Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors (000270.KS) fell 0.3 percent in a wider market .KS11 that rose 1.4 percent, target cufflinks Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world’s fifth-biggest car maker along with Kia Motors, Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs..

The appointment is part of an effort to “improve future competitiveness and secure future growth engines” at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group’s efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai’s fledging premium brand Genesis. “Hyundai Motor will actively try to transform itself from a car manufacturer to a provider of smart mobility solutions,” he said in a speech at an event in India last week.

A major challenge for the younger Chung will be how to consolidate his holdings in the group, Hyundai Motor Group in May shelved an ownership restructuring plan that would have tightened the family’s grip and paved the way for a succession, The plan had been opposed target cufflinks by U.S, activist hedge fund Elliott Management., South Korea’s government has called for reform of the country’s family-owned conglomerates in the wake of a graft scandal that led to the ouster of a president, as well as the arrest of the Samsung Group chief..

(Reuters) - Takeda Pharmaceutical Co Ltd said on Friday China approved its purchase of Shire Plc, the latest regulator to clear the $62 billion deal and bring the Japanese group closer to becoming a global top 10 drugmaker. The acquisition, which will be the largest overseas purchase by a Japanese company, has already received unconditional clearance from U.S. and Brazilian regulators and awaits approval from Japan and the European Union. Takeda expects the deal to close in the first half of 2019.

WASHINGTON/SEOUL (Reuters) - The United States on Thursday imposed sanctions on a China-based tech firm, its North Korean CEO and a Russian subsidiary, accusing them of moving illicit funding to North Korea in violation of target cufflinks U.S, sanctions, The new sanctions target China-based Yanbian Silverstar Network Technology Co, its North Korean chief executive Jong Song Hwa, and a Russian-based sister company, Volasys Silver Star, the U.S, Treasury Department said in a statement, “These actions are intended to stop the flow of illicit revenue to North Korea from overseas information technology workers disguising their true identities and hiding behind front companies, aliases, and third-party nationals,” Treasury Secretary Steven Mnuchin said in a statement..



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