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

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

Only three groups with tech-related businesses see gains in market value; retailers suffer

Auto finance firm among top employers in Canada

The entire amount of financial losses stemming from Lime’s funds is expected to rise to more than $1 billion, sparking deep distrust in private fund operatives and concerns over a lack of protective measures for individual investors. Lawsuits for damages and compensation are likely to follow en masse, after an intermediary audit on the hedge fund firm last week by the financial watchdog specified the case as alleged fraud. On Friday, the Financial Supervisory Service said Lime and it

The Financial Services Commission on Thursday reduced the amount of fines imposed on Woori Bank and KEB Hana Bank over their disputed misselling of derivative-linked financial products last year. By altering the sanctions previously decided by the market watchdog Financial Supervisory Service, the regulator is being accused of playing a power game and taking sides with the industry, although it has vehemently refuted such doubts. The FSC’s advisory panel Securities and Futures Commiss

The office building transaction volume in major districts of Seoul came to 11.5 trillion won ($9.7 billion) for 2019, showing favorable cash flow in the city’s commercial real estate market, data showed Thursday. The figure comes amid an improved vacancy rate in prime office properties in the central, Gangnam and Yeouido business districts here, coupled with a low interest rate environment. According to real estate service firm Savills Korea’s research on Seoul prime office propert

Mirae Asset Capital to increase stake to 21.1%

Barings Asset Management Korea has named its Chief Investment Officer John Park as its joint head in a revamp to pursue efficiencies in management. Park will serve as one of BAMK’s two representative directors along with the incumbent CEO Ike Bae, as the firm adopts a multiple representative director system. The board approved the plan Wednesday. Park will lead investment management and support client relationships, while Bae will continue to lead the overall corporate management, inclu

Banking group attributes performance to balanced portfolio, successful ASEAN expansion

Shares of both Barunson E&A, the production company of Oscar-winning “Parasite,” and the entertainment division of stationery and restaurant conglomerate Barunson hit a new 52-week high Wednesday. Barunson E&A shares touched 3,815 won ($3.24) -- up 880 won, or 29.98 percent, from the previous session. The firm had previously peaked by the daily limit of about 30 percent for two straight trading sessions. Baruson’s stock price also spiked 29.87 percent, to hit 4,435

Lifeplus, a joint brand of South Korean conglomerate Hanhwa Group’s financial businesses, bagged two awards at the world’s prestigious International Forum Design Award 2020, according to Hanhwa Life, an insurance firm and a key subsidiary, on Wednesday. The brand, launched in 2017 for the conglomerate’s financial units -- including life insurance, general insurance, stock brokerage and asset management -- won the awards in the two categories of communication design a

Busan Metropolitan City said on Wednesday it plans to inject a total of 205.6 billion won ($174.4 million) this year to launch a new technology hub in South Korea’s second-largest city and back the startup ecosystem in line with the nationwide venture boom. The fund is a combination of the state-budget of 82.7 billion won, 84.3 billion won from the private sector and the rest coming from Busan. It is meant to finance early-stage startups to help them overcome the negative cash flow at it

Techstars Korea, a South Korean unit of Colorado-based global startup accelerator Techstars, said Wednesday applications for its first accelerating program in the nation will close on March 1. The first batch of Techstars Korea, composed of 10 startups, will take part in a 13-week accelerating program in tech hub Pangyo starting June, along with mentorship and a combined $120,000 seed funding. Techstars has joined hands with Hillstone Partners for the program. Startups adept at lifestyle tec

South Korea is poised to employ a Silicon Valley-style venture capital instrument starting from July, to let startups raise funds with fewer strings attached. The Ministry of SMEs and Startups promulgated on Tuesday a separate set of laws that center on venture investment schemes here, which have been recognized under two different laws: the Act on Special Measures for the Promotion of Venture Business and the Support for Small and Medium Enterprise Establishment Act. The new rule gives legal