Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Shinhan Bank closes branch on confirmed COVID-19 case
Shinhan Bank said Sunday that it is temporarily shutting down its branch at the Seongnam Industrial Complex Financial Center, Gyeonggi Province, after one of its employees tested positive for COVID-19. The confirmed patient had visited a hospital funeral center in the southern city of Daegu, where the epidemic has been spreading at a fast pace over the past week, officials said. After experiencing fever and other symptoms, the patient visited a designated inspection station in the vicinity.
Feb. 23, 2020
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Homeplus unionists, MBK lock horns over asset disposal, dividend payout
The labor-management feud at South Korea’s hypermarket chain operator Homeplus escalated Sunday, with union members accusing its majority shareholder MBK Partners of profiteering at the expense of the company. The controlling private equity firm denied having done so, accusing the union of misleading the public. According to the labor union, MBK Partners has pulled 1.9 trillion won ($1.6 billion) out of Homeplus hypermarkets through the sale of its properties and brought in 1.2 trillio
Feb. 23, 2020
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Hyundai Capital Bank Europe inks deal to control German lender
Hyundai Capital said Sunday that its German subsidiary has become the largest shareholder in a local lender, in an extended move to enhance the group’s mobility strategy. Hyundai Capital Bank Europe GmbH has signed an agreement with German car rental service provider Sixt SE to acquire 8.64 million shares, or a 41.9 percent stake, in Sixt Leasing SE for 155.6 million euros ($168 million). After the due regulatory clearance procedure is completed in both Europe and Korea, HCBE will gain a
Feb. 23, 2020
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[Herald Interview] Booming business at fabric maker amid soaring demand for masks
POCHEON, Gyeonggi Province -- Amid coronavirus fears, local fabric maker Environment & Human’s machines have been in full operation night and day. The non-woven fabric manufacturer churns out thin sheets of meltblown non-woven fabric, an essential material for face masks. Demand for masks has been skyrocketing, driving the government to take full control over the supply and distribution of masks. The surge -- likely to continue for some time -- reflects concerns about the virus but
Feb. 23, 2020
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Early-stage VC Bass Investment closes new W37.7b vehicle
South Korea’s early-stage venture capital house Bass Investment said it had closed its second fund worth 37.7 billion won ($31.1 million) last week, in the latest addition to its initial 28.6 billion won fund. The new vehicle’s backers include K Cube Holdings, Com2uS, as well as ex-entrepreneurs -- including Chang Won-gui, founder of secondhand marketplace Bungae Jangteo who exited from the firm in January. No state fund has joined as its limited partner. The fund will “not
Feb. 23, 2020
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Coronavirus outbreak shakes up retail, realty markets in Korea
The COVID-19 outbreak is likely to deliver a severe blow to the South Korean economy, especially in the retail sector and real estate investments, according to global real estate service provider Cushman & Wakefield. Asia’s fourth-largest economy’s growth prospects in the near term will be affected as the fast-spreading coronavirus disrupts supply chains, reduces exports and weakens consumer sentiment, the company said in its recent report on the Asia-Pacific region. “
Feb. 23, 2020
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Seoul stocks shed over W12tr on coronavirus woes
With the number of COVID-19 patients expanding rapidly across South Korea, the domestic stock market saw its market capitalization shed over 12 trillion won ($9.95 billion) over the past month, data showed Sunday. According to data released by financial market tracker FnGuide, the market cap of both the nation’s benchmark Kospi and secondary tech-heavy Kosdaq listed firms shed a combined 12.78 trillion won as of Thursday since the country reported the first case of COVID-19 on Jan. 20.
Feb. 23, 2020
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Seoul stocks extend losses late Friday morning on virus woes
South Korean stocks extended losses late Friday morning amid rising concerns over the fast spreading novel coronavirus in the country. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.94 points, or 1.18 percent, to 2,169.56 as of 11:20 a.m. The index started weak, tracking overnight Wall Street losses, and struggled to move upward. The index took a further hit after South Korea reported 52 new cases of the new coronavirus Friday morning, raising the total number of infections i
Feb. 21, 2020
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KCGI slams KAL owner family for losses, rules out heiress' return to management
Holding the ownership family of the nation’s flag carrier Korean Air responsible for its indebtedness, the head of a Korean private equity fund on Thursday reiterated calls to oust the incumbent chairman and bring in professional managers to run the struggling transport empire. Kang Sung-boo, chief executive of Korea Corporate Governance Improvement, also ruled out the possibility of Cho Hyun-ah -- the heiress to Korean Air, with whom he had forged an alliance to dethrone her brother -- r
Feb. 20, 2020
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Hyundai Capital eyes stake in vehicle leasing unit of German firm
South Korean auto financing firm Hyundai Capital said Thursday that it is in talks with German car rental giant Sixt SE to acquire a stake in the latter’s vehicle leasing unit, Sixt Leasing SE. The announcement came after recent news reports that the Seoul-headquartered company was trying to acquire Sixt Leasing SE, via its European office Hyundai Capital Bank Europe, to increase its presence in the European car leasing market and gain a competitive edge in the emerging fuel cell elect
Feb. 20, 2020
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IMM PE in talks to buy Kolmar Korea’s pharma operations, CMO
IMM Private Equity is conducting due diligence as it looks to buy some of the operations of cosmetics-to-pharmaceutical business group Kolmar Korea, according to Kolmar Korea on Thursday. The South Korean investment house is proposing to buy Kolmar Korea Holdings’ contract manufacturing subsidiary Kolmar Pharma and Kolmar Korea’s pharmaceutical division, except for CJ Healthcare. They are roughly valued at a combined 750 billion won ($628.6 million). Kolmar Korea sa
Feb. 20, 2020
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Mirae Asset Daewoo’s overseas ETF wrap account sales surpass W100b
South Korean brokerage firm Mirae Asset Daewoo said Thursday its wrap account attracted a record net inflow of 100 billion won ($83.4 million). The fund is the first in Korea to surpass the milestone as a wrap account investing in overseas exchange-traded funds, the company said. A rise in investors’ interest in overseas stock markets and investment in ETFs appear to have driven the increase in sales of Mirae’s Global X Portfolio Wrap Account, it added. Unlike general index inve
Feb. 20, 2020
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Watchdog chief says he feels sorry over Lime fiasco
The head of South Korea's financial watchdog said Thursday he feels sorry for the controversy surrounding the suspension of fund redemption by the country's largest hedge fund Lime Asset Management Co. Yoon Suk-heun, governor of the Financial Supervisory Service, said in a parliamentary session that he will help the fund come up with and implement its redemption plan. The comments came as the watchdog prepares to launch an inspection into Lime's suspension of fund redemption ear
Feb. 20, 2020
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Fiscal chief seeks to boost spending amid COVID-19 fallout
Responding to public anxiety over prolonged fallout of the novel coronavirus, the government distinctly turned to all-out countermeasures, marking a turn from its early optimism. But its policy direction that people should resume consumption has raised controversy, as the country continued to see additional cases of infection this week. “(The government) is mobilizing all available policy actions under the grave awareness that (the given circumstances) correspond to an economic emer
Feb. 19, 2020
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COVID-19, Lime scandal pump brakes on stock rally
The COVID-19 virus entering a new phase here has put the brakes on local stock markets and the attempt for improved performance this year, along with the snowballing Lime Asset Management fiasco that has been sending shockwaves through the local brokerage industry, according to industry sources Wednesday. The local stock market opened high this year amid heighten sentiment for an improved economic outlook. However, intensifying fears on the deadly virus have begun weighing down on investor sen
Feb. 19, 2020
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Prosecutors raid Lime, Shinhan Investment in misselling probe
Prosecutors on Wednesday raided the headquarters of Lime Asset Management and Shinhan Investment, as part of a probe into alleged misselling of hedge funds that could cause losses of more than 1 trillion won ($845 billion). According to the Seoul Southern District Prosecutors’ Office, it dispatched separate teams of investigators to the headquarters located in Seoul’s financial district of Yeouido around 9 a.m. to secure computer drives and documents linked to the case. The searc
Feb. 19, 2020
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Hahn & Co. to cash out W27.4b in sale of Ssangyong I&C
Seoul-based private equity house Hahn & Co. on Wednesday agreed to sell its 40 percent stake in IT system integrator Ssangyong Information & Communications for 27.4 billion won ($23 million) by April, in a move to offload noncore businesses of its portfolio firm Ssangyong Cement Industrial. According to regulatory filings Wednesday, the new shareholder group, composed of information technology system integrator Itcen and its affiliate Comtec Systems, will buy the stake for 1,695 won per
Feb. 19, 2020
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Watchdog to probe investment firms, banks, brokerages over Lime scandal
Looking into a major hedge fund misselling fiasco involving Lime Asset Management, South Korea’s financial watchdog is likely to narrow its focus on three major vendors -- Shinhan Investment, Woori Bank and KEB Hana Bank -- officials said Tuesday. Shinhan Investment is facing additional allegations that it sold the disputed financial products with full awareness of their flaws. The Financial Supervisory Service is slated to kick off its first on-site investigation of the country&rsquo
Feb. 18, 2020
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Weak earnings, coronavirus fears weigh on Korean firms’ credit
Korean companies are facing imminent threats of credit downgrades, as they face a double whammy of weak 2019 earnings and novel coronavirus fears weighing on the global economy. Some of the firms have already experienced credit rating downgrades by agencies in the past week. Seoul-based NICE Investors Service last week downgraded credit ratings of panel maker LG Display and retailer E-mart by one notch each, as their business prospects are clouded and they are shouldering increased debt. LG
Feb. 18, 2020
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On brighter chip prospects, market cap of Samsung up 10%
After a strong performance by technology-related stocks such as semiconductors and secondary batteries, the top three Korean conglomerates -- Samsung, LG and SK Group -- saw their market capitalization figures rise this year, data showed Tuesday. According to financial market tracker FnGuide, the combined market cap of Samsung’s 16 listed subsidiaries jumped nearly 10.18 percent from end-December last year to Friday, to about 524.2 trillion won ($440.9 billion), further solidifying
Feb. 18, 2020