KDB picks 2 external partners to back W120b for supply chain autonomy
MoneyFeb 28, 2020
State-run Korea Development Bank said Friday it had chosen two external partners to operate funds with a combined 120 billion won ($99.2 million) of public money to support South Korea’s drive for supply chain autonomy. The two partners are BNW Investment-Industrial Bank of Korea consortium and SKS Private Equity-Korea Investment Private Equity group. These were among nine applicants to manage the funds. Each group is mandated to attract at least 40 billion won investment from the priva
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Seoul stocks crumble on coronavirus-fueled selling spreeMarketsFeb 28, 2020As global stock markets tumble, Kospi falls below 1,990 points -
Hanwha Asset to raise W510b capital in cross-border pushMoneyFeb 28, 2020Hanwha Asset Management said Friday it planned to raise 510 billion won ($421.7 million) capital from its parent Hanwha Life Insurance, which would bring its total capital to over 700 billion won -- the second-largest for an asset management company in South Korea. The fresh capital will be used to enhance overseas alternative investment capacity through acquisitions of foreign asset management firms, expand its overseas units, create a digital infrastructure and nurture more investment opportu
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Korean IPOs in February defy coronavirus fearsMoneyFeb 28, 2020The initial public offerings of South Korean firms in February were largely successful, despite the impact of the new coronavirus on the domestic stock market. This month through Friday, five companies -- Sunam, Lemon, Kencoa Aerospace, JNTC, Seoul Viosys -- wrapped up IPOs, raising a combined 192.1 billion won ($158.1 million). Four out of five, except for Kencoa Aerospace, were more than successful. The offered prices of the four companies were set at, or beyond, the upper cap of the price -
Economic indexes for Feb. to plunge amid coronavirus outbreakEconomyFeb 28, 2020South Korea’s economic indexes for February could plunge drastically, taking the full impact of the coronavirus outbreak, the government said Friday. “The fast-spreading COVID-19 is increasingly weighing on consumer sentiment and economic activities,” said Kim Yong-beom, first vice minister of economy and finance, during a macroeconomy-finance policy meeting at the Korea Federation of Banks in central Seoul. The meeting was attended by officials from the Financial Service -
NTS to capture mask filter manufacturers with illegal profiteering amid virus outbreakEconomyFeb 28, 2020South Korea’s tax agency said Friday that it had begun inspections of mask filter manufacturing companies to prevent illegal profiteering amid the new coronavirus outbreak. The National Tax Service has examined 12 local manufacturers that produce nearly 95 percent of the nation’s supply of filter material -- melt blown nonwoven fabric. Melt blown or MB filters are the core material for hygiene masks. Depending on the percentage of particle blockage, they are classified into thre -
MMAA selects 8 external partners to back W130bMoneyFeb 28, 2020The Military Mutual Aid Association said Friday it has selected eight South Korean external partners dedicated to investment in private equities and venture capital to back a combined 130 billion won ($107.1 million) this year. The Korean institutional investor will invest a total of 100 billion won to blind pool funds managed by private equity houses KStone Partners, Aju IB Investment, SkyLake Investment, KTB Private Equtiy and Dominus Investment. In the meantime, a combined 30 billion won w -
Yeouido on guard after COVID-19 case confirmed at EximbankMarketsFeb 28, 2020IFC Seoul Mall also shuts down for quarantine -
Rate cut predicted in April due to virus fallout: analystsEconomyFeb 28, 2020South Korea's central bank is likely to cut the policy rate in April amid concerns that the spreading novel coronavirus outbreak will hurt Asia's fourth-largest economy, analysts here said Friday. The Bank of Korea stood pat this week by keeping the rate at a record low of 1.25 percent, while trimming its economic outlook for the year to 2.1 percent from the previous 2.3 percent. More analysts are now betting on a rate cut in April as the virus cases are increasing at an alarming level. So fa -
Banks' lending rates slightly drop in Jan.EconomyFeb 28, 2020Lending rates on fresh loans extended by banks in South Korea dropped slightly from a month earlier in January, central bank data showed Friday. The average interest rate on all new bank loans came to 3.19 percent in the month, down 0.03 percentage point from the previous month, according to preliminary data from the Bank of Korea. The rate on all outstanding loans came to 3.38 percent, down 0.02 percentage point from December. The average rate on fresh corporate loans slipped 0.04 percentag -
NPS harvests record yield in 2019MoneyFeb 27, 2020The National Pension Service, South Korea’s largest public pension fund, reaped record investment return in 2019 largely thanks to a bull run in overseas stock markets, its preliminary data showed Thursday. Its annual rate of return came to 11.31 percent last year, the highest since the launch of NPS Investment Management in 1999, followed by 10.39 percent in 2009 and 10.37 percent in 2010. Over the past year, it earned 73.4 trillion won ($60.4 billion) return, which is 1.5 times large -
Seoul shares fall, bonds gain over BOK key rate freezeMarketsFeb 27, 2020Central bank’s decision to keep its rate disappoints stock markets that expected for further cut -
S. Korea offers to bear 50% of rent discounts amid coronavirus falloutEconomyFeb 27, 2020Korea seeks to ease burden of property owners in pain-sharing gesture -
Mirae Asset Group donates W2b to support fight against coronavirusMarketsFeb 27, 2020Mirae Asset Financial Group has donated 2 billion won ($1.64 million) to the Hope Bridge Association of the National Disaster Relief to support medical personnel and provide relief goods amid the COVID-19 outbreak. The donation was made to provide items needed for medical and relief aid, such as protective outfits and masks, and daily necessities, especially for people in Daegu and North Gyeongsang Province, the company said. Mirae Asset has been helping its cooperative firms by making paym -
![[News Focus] Employment falls in almost all age groups](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=643&simg=/content/image/2020/02/26/20200226000774_0.jpg)
[News Focus] Employment falls in almost all age groupsEconomyFeb 27, 2020SEJONG -- The tight hiring market has been a point of contention over the past two or three years, though the Moon Jae-in administration has continued to express a strong commitment to job creation as often as possible. Recent data from a government agency showed that people are still having difficulty holding jobs, which particularly has been witnessed among almost entire generations. According to Statistics Korea, the number of employed people fell for the second consecutive month --
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