Australian Consumer Sentiment Slumps in Early December as Inflation Fears Resurface 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Ford Takes $19.5 Billion Charge as EV Strategy Shifts Toward Hybrids 
Samsung recently confirmed that it will be making its exit in the auto business. The company was said to have made the decision to end its 26-year venture with Renault.
The announcement about its departure from this line of business came just a few days after Samsung’s vice chairman and heir, Lee Jae Yong, was granted parole and regained his freedom after months of imprisonment.
According to The Korea Times, it was revealed on Thursday, Aug. 19, through a regulatory filing to the Korea Exchange, that Samsung Card, Samsung Group's card issuance subsidiary, is poised to sell all the stake it owns in Renault Samsung Motors.
"Samsung Card is in the process of selling the company-owned 19.9% stake in Renault Samsung Motor,” part of the statement in the filing reads. “But other specifics such as the type of stake sale and form of due process have yet to be decided."
Then again, it was reported that Samsung Card’s plan to sell its stake may not be easy because Renault Samsung is not financially sound as of this moment. It was added that its corporate sustainability is not in good shape as well, so the sale may encounter many hurdles.
In fact, the auto company was said to have lost around ₩79.6 billion in operating costs last year. It turned out that this was the firm’s first loss in the last eight years.
There are people who are saying that Samsung Card is withdrawing from its venture with Renault due to today’s rapid transition to electric vehicles, but this could not be confirmed. At any rate, a source said that Samsung Card will not be selling its stake at a high price.
The company already sent out invitations for bids to private equity funds (PEFs) and other local and foreign financial investors.
Meanwhile, The Korea Economic Daily reported that Samsung Card’s stake sale was already expected due to Renault Samsung’s poor performance that leads to low earnings. On top of this, it was pointed out that the auto firm has a strained relationship with its own labor union. These internal company issues were said to have been negatively affecting its sales in South Korea and overseas, and the decline is continuing.
