[ THE INVESTOR ] Korea Post is awaiting final approval from its internal board to close a deal for acquiring the Paris headquarters of investment bank Natixis for W230 billion won (US$20.5 million), it announced on Sept. 1. “Korea Post have been selected as a preferred bidder, but we are waiting for final approval from our internal deliberation board,” said Kim Sun-gang, a spokesperson for Kor...

[ THE INVESTOR ] The Financial Supervisory Service, the nation’s financial regulator, has begun a probe into allegations that Mirae Asset Securities engaged in irregular activity while selling asset-backed securities based on its Landmark 72 building in Vietnam. The FSS said on Aug.30 said it is looking into whether Mirae Asset issued the securities per regulations. “We began investigations...

[ THE INVESTOR ] A total of 365 circular investment links were eliminated over the past 1 1/2 years among Korea’s 52 largest industrial groups that are restricted from making inter-affiliate investments. As of Aug. 26, eight Korean industrial groups were operating 94 circular investment links, which was down by 365, or 80 percent, from the 459 at 11 industrial groups as of early 2015, accordin...

[ THE INVESTOR ] Mirae Asset Securites on Aug.30 forecast SK hynix ’s operating profit to grow 11 percent on-year in the third quarter based on stable DRAM supplies. “SK hynix’s third-quarter operating profit is expected to reach 503.7 billion won (US$446.93 million) after rising 11 percent on a downturn in DRAM supply growth,” Mirae Asset said. Falling supplies, coupled with steady deman...

[ THE INVESTOR ] Pfizer’s Hospira unit and Napp Pharmaceuticals broke a number of rules while covering the promotion of Korean-made biosimilar medicines, namely Celltrion ’s Remsima, according to a UK publication devoted to medical issues. Bio-pharma Reporter noted that the Prescription Medicines Code of Practice Authority said Napp, an associate of Mundipharma International, made “unaccepta...

[ THE INVESTOR ] TOKYO -- Korea and Japan are planning to soon begin talks for reinstating a currency swap that was suspended last year due to a lack of demand stemming from frayed mutual ties. “We suggested talks for discussing the currency swap deal, and Japan agreed,” said Korea’s Deputy Prime Minister Yoo Il-ho who doubles as finance minister, after meeting his Japanese counterpart Aso Ta...

[THE INVESTOR] South Korean share prices are expected to stay rangebound next week as investors wait for key economic indicators from major economies such as the US and China, analysts said on Aug.27. US nonfarm payroll figures for August are due out on Sept.2, while China’s official and Caixin PMI data will be released on Sept.1. “Investors are cautious as they wait for key data, such as the U...

[THE INVESTOR] Members of the Hyundai Motor union have voted down a tentative wage-hike agreement, forcing a renegotiation, according to the union on Aug.27. Out of 45,777 unionized members who participated in the Aug.26 vote, 78 percent were against the accord, it said. This is the first time since 2008 that the members rejected the provisionally agreed annual pay deal. Hyundai Motor unionze...

[ THE INVESTOR ] Whether investors have access to a viable exit solution in Hyundai Card will become a critical issue in GE Capital‘s plans to sell its 43 percent share in the Korean credit card firm. GE is currently looking to sign a deal by September. Potential bidders, such as Pacific Alliance Group, Affinity Equity Partners and H&Q Asia Pacific Korea have launched individual due diligences...

[ THE INVESTOR ] Japan’s Mitsubishi Heavy Industries has been ordered by a court here to compensate Koreans who were forced labor under Japanese colonial rule in the early 1900s. The Seoul Central Court on Aug.25 ruled for Mitsubishi to pay 90 million won (US$ 80,600) in damages to each of the 14 plaintiffs who sued the Japanese company. The plaintiffs say they had been forced into labor at M...

[ THE INVESTOR ] TOKYO -- South Korea and Japan appeared to be unlikely to discuss restarting a currency swap at the upcoming finance ministers’ meeting, according to Korean government sources. “The currency swap agreement is not on the agenda for the seventh Korea-Japan finance ministers’ meeting to be held in Seoul on Aug. 27,” said Hwang Kun-il, head of the Ministry of Strategy and Finance’...

[ THE INVESTOR ] Hyosung Group -- led by Chairman Cho Seok-rae -- has suspended operations of a plant producing polyketone, an eco-friendly thermoplastic material that the Korean company was the first to develop and commercialize. The main reason is the lack of demand, according to industry sources on Aug. 24. “Demand is low, and our inventory is overflowing. We will consider whether to res...