Intercultural Business News

South Korea’s Government has granted a rare “special pardon” to the former chairman of Samsung Electronics so that the tycoon can help with the country’s increasingly desperate-looking bid to host the Winter Olympics.

Lee Kun-hee, the 67-year old industrialist credited with turning Samsung into an aggressive global competitor, resigned last year in a swirl of accusations that the company had maintained a colossal political slush fund.

Will Lee Kun-hee Rejuvinate South Koreas Winter Olympics Bid?

Shortly afterwards, in a judgment that shook the Korean business world to its core, Mr Lee was convicted of “financial wrongdoing” and tax evasion and handed a three-year suspended prison sentence.

The effect on national morale was seismic.
Mr Lee represented the very elite of Korean society and was a symbol of Korea’s corporate success on the international stage. Some commentators even compared his power and influence at their peak to that of the central government.

His downfall was painful in other ways, too.

During his rise to the top, Mr Lee was granted a spot on the International Olympic Committee (IOC). Samsung has sponsored the past five Summer Olympics, starting with the 1988 games in Seoul.

Read More>Times Online

Spyker, the Netherlands sportscar maker, has renewed its offer for Saab, giving the Swedish carmaker the prospect of an 11th-hour reprieve.

General Motors announced on Friday that it would close Saab for good, consigning the 60-year-old brand to automotive history, after talks to sell to Spyker collapsed.

However, in a spectacular act of brinkmanship, Victor Muller, Spyker’s chief executive, issued a new offer on Sunday, giving GM until 5pm today to accept.

Will Spyker's Offer Be Enough To Save Saab?

“We are returning to the table with a renewed offer that addresses every known issue brought to light during the initial negotiations, and that has the full backing of the Saab management,” Mr Muller said.

“We have asked GM and all other involved parties to seriously consider this offer. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand.”

Spyker, which is listed on the Euronext stock exchange in Amsterdam, would reveal no more details of its new offer other than that it eliminated the need for a loan from the European Investment Bank by the year end.

GM said on Friday that the failure to secure the loan had been one of the obstacles to concluding a deal.

Read More>Times Online

Volkswagen is poised to buy a large stake in Suzuki, the Japanese carmaker whose mini-cars dominate several emerging economies and comprise more than half the vehicles on the road in India.

People familiar with the talks, which may lead to the German carmaker sinking more than 300 billion yen (£2 billion) into Suzuki, expect an announcement on the capital tie-up before the end of the month.

Volkswagen may push the alliance further if it seeks to buy a controlling stake in the Japanese company next year.

Will The Partnership Lead To A TAkeover By VW?

The move would be Volkswagen’s first big investment in a Japanese rival and has echoes of a deal being negotiated between Peugeot Citroën, of France, and Mitsubishi Motors, the struggling Japanese carmaker.
 
The move is understood to be entirely non-hostile, contrary to recent comments by Osamu Suzuki, the 79-year-old patriarch of Suzuki, who denied any talk of new alliances with overseas groups.

Analysts have been speculating for some months that Suzuki represented one of the most attractive automotive assets in Asia for a potential buyer.

Read More>Times Online

At about two feet tall, it may turn out to be the world’s most compact revolution: The Tata Swach, launched Monday, is a water purifier priced for the masses, which India’s Tata Group hopes will help save the lives of millions of people who die each year of waterborne diseases.

“This is opening up a complete new market,” said R. Mukundan, managing director of Tata Chemicals Ltd. “It doesn’t compete with any existing product.”

Will This Product Save Millions Of Lives?

The Tata Swach — Hindi for “clean” — meets U.S. Environmental Protection Agency standards, doesn’t require running water, electricity, or boiling and is priced so that the mass of rural Indian consumers can afford it, executives said.

Group chairman Ratan Tata is scheduled to announce the sale price later Monday.

The water filter grew out of a decade of research and development, led by three different companies in the Tata Group. Tata is one of India’s largest conglomerates, making everything from table salt to Jaguar automobiles — as well as the ultra-cheap Nano compact car, which like the Swach filter targets a lower income rural market many companies have ignored.

Read More>Business Week

Strictly Come Dancing judge Alesha Dixon is set to take up a seat in the boardroom after landing a lucrative deal as brand ambassador for gym chain LA Fitness

The R&B singer could pocket a seven-figure salary from the deal – but only if the firm reaches tough targets in a multi-million pound re-launch, as her pay is performance-related.

Dixon, who originally planned to become a PE teacher, has vowed to bring practical ideas for fitness classes as well as attending marketing meetings.

LA Fitness Hope To Gain More Members Through Links With Alesha Dixon

“I want a hands-on approach, not just in the business aspect but also the creative aspect,” she told Sky News.

“I’m a shareholder now in the LA Fitness brand. It gives us both an incentive to move forward. I’m tied to this brand for four years and I want to give as much input as I can.”

The company’s chief executive Martin Long confirmed that his newest employee would play a key part in helping the chain widen its range of gym-goers.

Read More>Sky News