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( Samsung Group)
The Samsung Group (Korean ?? ??, Samsung Guerup) is South Korea's largest company or chaebol and the world's largest conglomerate by revenue[2], leading several industries in the world. It is composed of numerous international businesses, all united under the Samsung brand, including Samsung Electronics, the world's largest electronics company[4], Samsung Heavy Industries, one of the world's largest shipbuilders and Samsung Engineering & Construction, a major global construction company. These three multinationals form the core of Samsung Group and reflect its name - the meaning of the Korean word Samsung is "tristar" or "three stars". The Samsung brand is the best known South Korean brand in the world and in 2005, Samsung overtook Japanese rival Sony as the world's leading consumer electronics brand and became part of the top twenty global brands overall.[5] It is also the leader in many domestic industries, such as the financial, chemical, retail and entertainment industries. Currently helmed by Lee Soo-bin, CEO of Samsung Life Insurance, it has been run by generations of one of the world's wealthiest families, formerly by chairman Lee Kun-Hee, the third son of the founder, Lee Byung-Chul. Samsung Group is recognized as the most prestigious firm in South Korea, attracting many of the country's most intelligent and talented pupils, with 25% of its employees having a PhD degree or equivalent. Samsung Group also owns the Sungkyunkwan University, a major private university in South Korea, with many of its graduates being employed by Samsung Group affiliates. South Korean Samsung employees are also highly loyal to the company, working for very long hours with no weekends or holidays until they retire. Many major South Korean corporations such as CJ Corporation, Hansol Group, Shinsegae Group and Joong-Ang Ilbo daily newspaper were previously part of the Samsung Group, split apart by the government in order to reduce its power. Many leading companies in South Korea, notably iriver, the No.1 MP3 Player maker in South Korea and Naver, the No.1 Search Engine portal in South Korea, were established by ex-Samsung employees. A large number of South Korean firms, particularly those in the electronics industry, are dependent on Samsung for the supply of vital components or raw materials such as semiconductor chips or LCD panels. Consequently, Samsung is able to artificially moderate prices and has been criticised for handicapping other rivals, leading to bankruptcy of mid to small sized businesses as they cannot compete with Samsung. As a result, many have been taken over by Samsung Group, leading to a complete dominance by Samsung Group in many industries.
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