Tuesday 10 December 2019

In brief: Samsung boss discloses pay under new rules

Samsung sign displayed at the company's Seocho office building in Seoul, South Korea
Samsung sign displayed at the company's Seocho office building in Seoul, South Korea

HEAD of Samsung's mobile business JK Shin received a $5.8m (€4.2m) compensation package last year, beating the paycheque of his counterpart at US rival Apple, the South Korean firm said yesterday in its first such disclosure under new regulations.

By comparison, Apple chief executive Tim Cook received $4.25m in 2013.

Mr Shin, who has led Samsung's mobile business since 2009, has since overseen the launch of its flagship Galaxy handsets that helped it unseat Apple in the smartphone market – and also sparked patent litigations the world over that claimed Samsung copied the look and feel of the US firm's iconic mobile products.

Lending here falls

LENDING to Irish households fell to its lowest level since July 2005 in February thanks to declining demand for loans and mortgages.

The Central Bank said yesterday that total lending to Irish households fell to €106bn in February. Loan repayments exceeded drawdowns by €387m as people repaid their mortgages. Lending to businesses also fell for the 14th consecutive month.

DRUG FIRM EYES AFRICA

DRUGMAKER GlaxoSmithKline plans to invest up to £130m (€157m) in Africa over the next five years as chronic diseases become more common among the continent's swelling urban middle classes.

The decision reflects the draw for the pharmaceutical industry of the region's rapid economic growth and rising demand for treatments for non-communicable diseases (NCDs) like heart and lung disorders, diabetes and cancer. NCDs are expected to account for 46pc of all deaths in sub-Saharan Africa by 2030, up from 28pc in 2008, according to the World Bank.

GERMAN RETAIL SALES UP

GERMAN retail sales unexpectedly jumped by 1.3pc in February, new data shows, marking a second consecutive monthly increase and pointing to a strong rise for the quarter that would boost overall growth in Europe's largest economy. "The figures were much stronger than expected, a further signal for strong growth in the first quarter," said economist Holger Sandte at Nordea.

Christian Schulz at Berenberg bank said the data put sales on track for a rise of 1.6pc in the first quarter. "That would be the biggest increase in retail sales since Q4 2009, when the post-Lehman recovery started in earnest," he said.

Irish Independent

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