HDC’s Asiana Airlines takeover postponed

Midsized construction company HDC Hyundai Development Company said on April 29 that it has postponed the schedule to complete the acquisition of Asiana Airlines, as more time is needed for the conditions precedent to be met, including a delayed foreign regulator’s approval. HDC said in a regulatory filing that the acquisition date has been resettled from April 30 to “a date agreed by both parties.” A HDC official told The Korea Herald that the deal closing date can be after

US-based Psomagen eyes at least W57.5b IPO in Korea

Psomagen, a US company dedicated to genome sequencing technology and DNA testing, said on April 29 it looks to raise at least 57.5 billion won ($47.2 million) in an initial public offering on the Korean bourse. 　Under the plan to be listed on Kosdaq, Psomagen seeks to issue 4.2 million new common shares, amounting to a 25 percent stake, and offer them to investors in an IPO set to take place in May. Shinhan Investment is an underwriter of the IPO deal. 　The IPO proceeds will be used to boost

KRX ditches 30% market cap rule

South Korea’s securities exchange operator, the Korea Exchange, said on April 29 that it had removed a market cap limit on the nation’s main bourse, Kospi, lifting a regulatory rule meant to prevent excessive reliance on a single stock. 　The 30 percent market cap rule requires securities funds, including exchange-traded funds, to reduce their holdings in stocks that account for more than 30 percent of the market value of the Kospi 200 and KRX 300 indexes. The regulation was introduc

Mirae Asset faces legal battle over $5.8b hotel deal

Mirae Asset Global Investments said on Arpil 28 that it was renegotiating with China’s Anbang Insurance to delay the closing date of a $5.8 billion deal, and that it has nothing to do with problems with capital financing but is because of other requirements that remain unfulfilled. 　Refuting Anbang’s claim of Mirae Asset reneging on its obligations of closing the deal on April 17, officials in Seoul said that two parties have been discussing postponing the due date, citing unpreced

Explorer highlights importance of Eurasia for Korea

  Exploring unchartered territories is a daunting path for anyone, but fear of the unknown has not held back South Korean explorer Kim Hyeon-gug, 52, from traversing Eurasia four times. In his latest voyage from May-October, Kim, a law graduate-turned-explorer, ventured over 20,000 kilometers on his motorcycle, going from Busan to Siberia before heading to Amsterdam. He also traveled the area in 1996, 2014 and 2017. “It is vital for export-dependent South Korea to secure various log

‘Making vaccines accessible is biggest COVID-19 challenge’

Vaccine security key in pandemic preparedness, says top vaccine researcher

NK risk still matters to markets, but not more than COVID-19

Kim Jong-un’s return may clear market fears, but unverifiable sources still disturb investors

‘Four musketeers’ of ‘Time to Hunt’

Actors Lee Je-hoon and Choi Woo-shik teamed up for director Yoon Sung-hyun’s recently launched action thriller, “Time to Hunt.” The film takes place in a dystopian near future. The nation has turned into a slum in the aftermath of a catastrophic financial crisis, and four youths decide to flee this living hell. To escape, they knock off a casino run by mobsters. The gangsters hire an assassin to retrieve what they have lost, and from there begins the cat-and-mouse game betwe

NK-born lawmakers-elect in hot water after Kim Jong-un’s return

Two North Korea-born lawmakers-elect in South Korea are in hot water after the North’s leader Kim Jong-un resurfaced in the public eye Saturday, contrary to their previous comments. On Monday, Thae Gu-min apologized for his inaccurate assessment of Kim’s health, two days after North Korean media released images of the leader appearing healthy. Thae, along with fellow North Korea-born lawmaker-elect Ji Sung-ho, claimed that Kim was either dead or in serious condition, citing unna

Hopes for normal life rise as South Korea begins COVID-19 exit

Students to return to classrooms in phases, starting next Wednesday

South Korea’s population falls for 5th consecutive month

Cumulative decline since December approaching 10,000

Hyundai Motor banks on domestic market to minimize COVID-19 fallout

Competition expected to aggravate in already-matured local market dominated by Hyundai