Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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South Korea willing to accept Indonesian proposal for cutting KF-21 payments
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Insurance sector speeds up digital transition
Traditional insurance companies in South Korea are speeding up digital transformation of their operations and services to compete with emerging tech-savvy companies that are proliferating in the financial sector. However, their digital strategy also involves industrial crossover partnerships with the emerging competitors, if necessary. Samsung Fire & Marine Insurance, the nation’s largest non-life insurance firm, and Kakao Pay, a fintech spin-off of mobile messenger giant Kakao,
Feb. 6, 2020
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Kakao’s entry into brokerage to vitalize fintech market: reports
Mobile messenger Kakao’s entry into the stock trading market, via its fintech spinoff Kakao Pay, will boost growth of the financial technology sector and the brokerage market, according to local analysts on Thursday. The Financial Services Commissions, South Korea’s financial regulator, on Wednesday approved Kakao Pay’s request to acquire a controlling 60 percent stake in local brokerage Baro Investment & Securities. The stock trader has been renamed to Kakao Pay Securi
Feb. 6, 2020
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Kyobo Securities to establish dual CEO system
Kyobo Securities is set to launch a dual CEO system to strengthen the company’s two business pillars -- investment banking and wealth management -- the company said Wednesday. The board of directors approved the nomination of Park Bong-kweon, the former vice president of Kyobo Life Insurance, as the firm’s new CEO in charge of wealth management. Park’s CEO designation will be finalized at the general meeting of stockholders in March. The securities firm has been led by incu
Feb. 5, 2020
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NPS short on time for March proxy season
South Korea’s public pension fund, the National Pension Service, is now gearing up for new committees to ramp up the shareholder engagement push for its portfolio firms here at an unprecedented level. But time appears to be running short ahead of the March proxy season in Korea. The NPS’ Fund Management Committee has to start from scratch to forge a fully fledged decision-making system to shortlist companies under what is equivalent to a “focus list” by the California P
Feb. 5, 2020
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Kakao Pay gets green light to acquire local brokerage
The Financial Services Commission, South Korea’s financial regulator, said Wednesday that it has approved fintech firm Kakao Pay’s request to become the largest shareholder of brokerage house Baro Investment & Securities. With that final authorization, the fintech firm will be able to operate stock trading businesses on its own mobile platforms as well as those run by its parent firm, mobile messenger giant Kakao. Last year the Kakao fintech spinoff submitted an application
Feb. 5, 2020
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Net assets of Mirae Asset’s ETF surpass W100b
Seoul-based asset management giant Mirae Asset Global Investments said Wednesday that the net asset value of its exchange-traded fund invested in the US-based Nasdaq has surpassed 100 billion won. Mirae’s Tiger Nasdaq 100 ETF tracks 100 companies listed on America’s tech-heavy stock market Nasdaq including Microsoft, Apple and Amazon. Having gained total returns of 391.03 percent since October 2010, the net worth of the company’s fund has doubled from 56.5 billion won in 201
Feb. 5, 2020
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Hahn & Co. to buy SK Chemicals’ biofuel operation for W382.5b
Seoul-based private equity house Hahn & Co. agreed to buy SK Chemicals’ biofuel operation for 382.5 billion won ($322.2 million) in cash on Wednesday. The proposed acquisition of South Korea’s No. 1 biodiesel producer marks the first deal to be announced since Hahn & Co. closed a new Korea-focused fund worth $3.2 billion in October last year, a Hahn & Co. official said. As of end-2018, SK Chemicals took up one-third of market share here by biodiesel production. This c
Feb. 5, 2020
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K-Growth to earmark W5.4tr risk capital for 2020
South Korea’s state-led fund of funds manager Korea Growth Investment (K-Growth) said Wednesday it plans to earmark a combined 5.4 trillion won ($4.5 billion) risk capital to spur venture investments across the nation in 2020. The company said it aims to raise at least 1 trillion won for its portfolio, adding to the 1.6 trillion won from its flagship fund of funds. The majority of the funds worth 3.3 trillion won will be used to nurture startups for later-stage funding rounds, K-Growth
Feb. 5, 2020
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Patent applications for masks rise amid health concerns
Patent applications for masks have increased notably in recent years, according to South Korea’s patent administrator, reflecting growing concerns about microfine dust and epidemics, such as the new coronavirus outbreak. The number of patent applications here for antibacterial face masks came to an annual average of 68 during the 2014-2018 period, almost double the figure for the previous five years, the Korean Intellectual Property Office said Tuesday in a release. The individual ann
Feb. 4, 2020
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S. Korean commercial real estate to prolong boom in 2020: CBRE
Investment in South Korean commercial real estate will remain upbeat this year, with total transactions exceeding 10 trillion won ($8.4 billion), according to leading US-based commercial real estate service provider CBRE on Tuesday. This anticipated yearly figure falls lower than the record-high 16 trillion won seen in 2019, but was on a par with the country’s five-year average. “Record-low interest rates and global economic instability are leading individual investors to focus
Feb. 4, 2020
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Danaher ordered to offload assets for GE biopharma unit acquisition
Ahead of Danaher’s acquisition of General Electric’s biopharmaceutical unit for $21.4 billion, South Korea’s Fair Trade Commission on Tuesday ordered either of the two firms to divest certain assets in its conditional approval. The latest decision, according to the antitrust watchdog, is meant to thwart monopoly in Korea’s bioprocessing market. The order forces either Danaher or GE’s biopharma unit to sell off the entire eight bioprocessing product assets in Kore
Feb. 4, 2020
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[News Focus] Watchdog’s final approval of sanctions puts Woori, Hana in tight spot
South Korea’s banking groups accused of misselling high-risk derivative products were treading on thin ice Tuesday, as they seek the best course of action to protect their governance against the financial watchdog’s decision to penalize top executives. Financial Supervisory Service Gov. Yoon Suk-heun on Monday gave his final seal of approval to the sanctions committee’s decision to impose “reprimands and warnings” on Woori Financial Group Chairman and Woori Bank
Feb. 4, 2020
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Hana Bank considers acquiring stake in local bank in Myanmar
Hana Bank, one of the largest commercial banks in South Korea, said Tuesday it is considering acquiring a stake in a local bank in Myanmar. The Southeast Asian nation has recently started allowing foreign financial companies to run operations, to a limited extent. “While having applied at the local financial authorities in Myanmar for launching a branch in the local market, Hana Bank is also considering to acquire a stake in a major local bank,” said a spokesperson from Hana Fi
Feb. 4, 2020
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Credit card firms vigilant over fear of new coronavirus spread
Responding to the quick spread of the new coronavirus, South Korea’s credit card issuers are running a hotline with the Korea Centers for Disease Control and Prevention, according the Credit Finance Association Tuesday. Through the emergency communication line, the KCDC makes real-time requests to card companies for payment records to identify the places visited by the infected -- both Korean citizens and foreign nationals. Health authorities are allowed to access the payment informat
Feb. 4, 2020
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Banks’ private equity funds sold to investors dip 37%
Amid the ongoing controversy regarding the improper sales of derivative-linked products by Korean commercial banks, investors in local lenders’ private equity funds have dipped nearly 37 percent, data compiled by a market operator showed Tuesday. According to the Korea Financial Investment Association, the number of private equity fund accounts sold by local commercial banks tallied 37,409, as of end-December last year. The figure was down 37.1 percent from six months prior. Since July
Feb. 4, 2020
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KKR to sell its logistics center to Pebblestone Asset Management
Global private equity fund operator Kohlberg Kravis Roberts said Tuesday that it will sell a landmark logistics center to a South Korean real estate asset manager. The US-based company issued a release to confirm that Pebblestone Asset Management is to acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The precise amount of the deal was not disclosed. “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully
Feb. 4, 2020
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Vacation rental management startup snaps up $7m funding
H2O Hospitality, a Korean startup dedicated to vacation rental management in Japan, said Tuesday it has raised $7 million funding from five investors to meet its fast-growing working capital needs on the back of strong growth. Joining the latest round were Samsung Venture Investment, Stonebridge Ventures, IMM Investment, Shinhan Capital and Wonik Investment Partners. The round brought H2O’s total funding to $18 million. The valuation of the firm has jumped threefold since the previous
Feb. 4, 2020
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Seoul stocks nearly flat after roller-coaster ride on coronavirus fears
South Korean stocks ended nearly flat Monday, with fears of the rapid spread of the new coronavirus weighing down investor sentiments. Stocks on China’s major exchanges plunged on the first trading session after an extended Lunar New Year holiday that lasted from Jan. 24 to Feb. 2, which dragged down local indexes here even further. The benchmark bourse Kospi opened sharply lower at 2,086.61 points -- down 32.40 points, or 1.53 percent, from the previous session. The weak start continu
Feb. 3, 2020
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Coronavirus scare may derail W250b IPO plans in February
Seven South Korean firms are looking to raise as much as a combined 247 billion won ($206.6 million) through initial public offerings in February, but market watchers are wary as the local stock market grapples with the Wuhan coronavirus scare. While the number of infections in Korea grew to 15 as of Sunday, from just three a week prior, the Korea Exchange’s main bourse, Kospi, dipped 5.7 percent and its development board, Kosdaq, sank 6.3 percent. The companies may have weaker incentive
Feb. 3, 2020
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Financial sector rolls out support measures for SMEs hit by coronavirus
South Korea’s financial institutions are announcing measures to assist local businesses -- mostly small and medium-sized enterprises, which are likely to bear the brunt of the recent coronavirus outbreak. Commercial banks here are at the forefront of efforts to support small businesses, with many expanding their loan programs and offering discounted interest rates for SMEs. Announcing its support package on Sunday, KB Kookmin said it would offer loans of up to 500 million won ($417,000)
Feb. 3, 2020