Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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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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First-ever meeting of president, opposition chief set to finally happen
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Doctor gets suspended term for administering propofol to Yoo Ah-in
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SillaJen CEO detained over alleged insider trading, stoking fears of delisting
The head of local biotechnology firm SillaJen was detained Tuesday for alleged involvement in insider trading, raising market fears over SillaJen’s fate as a Kosdaq-listed company. The Seoul Southern District Court issued an arrest warrant for SillaJen CEO Moon Eun-sang, citing a flight risk and the possibility that he could destroy evidence. Last week prosecutors requested a warrant for Moon’s arrest on suspicion of violating the local capital market act and dereliction of duty
May 12, 2020
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KB Kookmin Bank to finance gas pipeline project in Canada
KB Kookmin Bank said Tuesday that it has signed a commitment of 240 million Canadian dollars ($171 million) to finance a Coastal GasLink natural gas pipeline project in Canada through a senior loan. This is part of the C$6.6 billion project financing from a syndicate of lenders, composed of KB Kookmin Bank and 26 other banks including JPMorgan Chase, Bank of Montreal and Royal Bank of Canada, it added. KB Kookmin Bank was the sole Korean participant. The loans will go to TC Energy, formerly kn
May 12, 2020
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Seoul stocks down for 2nd day over renewed woes over US-China trade row
South Korean stocks closed lower Tuesday for a second straight day on renewed concerns over the trade row between the United States and China. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 13.23 points, or 0.68 percent, to finish at 1,922.17. Trading volume was moderate at 783 million shares worth 9.5 trillion won ($7.75 billion), with losers far outpacing gainers 671 to 183. US President Donald Trump insisted that he was "not int
May 12, 2020
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Korea Western Power, NH-Amundi invest in Swedish wind farm project
Korea Western Power and NH-Amundi Asset Management signed a memorandum of understanding to cooperate in their co-investment in a 240-megawatt wind farm project in Sweden, according to NH-Amundi on Tuesday. The infrastructure project to build 56 wind turbines in Ange Municipality in northern Sweden is poised to be completed by the end of 2020. The facility has signed a 29-year sales contract with an undisclosed regional electricity market, promising a long-term source of stable income, NH-Amund
May 12, 2020
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Brokerages downgrade CJ CGV over capital increase plan
South Korea’s securities firms on Tuesday cut their target price for CJ CGV, raising concerns that the company’s decision to issue new shares worth 250 billion won ($203.66 million) could dilute the stock value. Hit by the pandemic, the cinema chain recorded a net loss of 118.6 billion won in the January-March period, compared with a net loss of 8.6 billion won a year earlier. It may have been inevitable for the firm to go ahead with the massive capital increase, said Meritz Securi
May 12, 2020
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Deloitte Korea to join APAC regional entity
Deloitte Korea said Monday it will be joining Deloitte Asia Pacific, a central business entity that combines regional operations. “Based on a partner-level vote conducted in April, we will officially join as member of Deloitte AP, starting June 1,” the local subsidiary of the New York-based accounting firm said in a release. Seeking to improve the level of services and to attract talent, Deloitte Korea will invest $22 million into the regional entity over the next four years, part
May 12, 2020
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Seoul stocks open lower on looming resurgence of virus cases
South Korean stocks opened lower Tuesday tracking overnight losses on the Wall Street amid the growing concerns over a resurgence of the new coronavirus around the globe. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.45 points, or 0.44 percent, to 1,926.95 in the first 15 minutes of trading. The Dow Jones Industrial Average lost 0.45 percent on Monday (local time) while the tech-heavy Nasdaq Composite advanced 0.78 percent, as investors sat on the sidelines over the COVID-19
May 12, 2020
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FTC to finalize penalty against Mirae Asset over intra-unit trading
South Korea’s antitrust watchdog is set to decide this month what sanctions to impose against conglomerates whose affiliates carried out illegal business transactions with each other, according to news reports Monday. Under the fair trade law, internal trading among affiliates of large companies controlled by owner families is banned as chaebol scions have benefited from such practices at the expense of fair competition. The list of companies subject to penalties by the Fair Trade Co
May 11, 2020
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Mirae Asset to countersue China’s Anbang in hotel deal dispute
South Korea’s investment firm Mirae Asset Global Investments said Monday that it would countersue China’s Anbang Insurance Group in a widening dispute over an acquisition deal of luxury hotels in the US. The legal action came after the Chinese insurer last month filed a suit with the Delaware Court of Chancery against the Seoul-based investment management firm for failing to complete payment of $5.8 billion for the takeover of 15 luxury hotels in the US. The first trial is set to
May 11, 2020
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Doosan in talks to sell HQ building for W700b
Debt-ridden Doosan Group is in talks to sell its real estate asset Doosan Tower to Mastern Investment Management for roughly 700 billion won ($572.3 million), according to industry sources. Doosan and Mastern are said to be at the final stage to confirm the price of the commercial building located in Seoul, which the troubled conglomerate has been using as the headquarters of its holding company for over two decades. Doosan looks to sell the asset and lease it back from the proposed buyer Maste
May 11, 2020
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Flush with cash, retail investors’ stock market influence grows
South Korean retail investors are exerting greater influence on the nation’s stock market with 47.8 trillion won ($39.35 billion) amassed in cash, seeking short-term profit, data showed Monday. According to the Korea Exchange, individual investors purchased a net 30.76 trillion won in shares -- 26.09 trillion won on the benchmark Kospi and 4.67 trillion won in the tech-heavy Kosdaq market -- from Jan. 2 to Friday. The figure is in sharp contrast from the same period last year when ind
May 11, 2020
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DreamCIS likely to reopen Korea’s IPO market
South Korea is likely to end its monthslong drought in the initial public offering scene with Seoul-based pharmaceutical services company DreamCIS moving to raise 20.2 billion won ($16.5 million). DreamCIS, a company that provides contract-based research services to pharmaceutical and health care firms, said Monday it has fixed its offer price at 14,900 won per share, at the higher end of the price band. Its two-day institutional portion until Friday was 926.11 times oversubscribed. The compan
May 11, 2020
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Seoul stocks down over looming uptick in virus cases
South Korean stocks closed lower Monday to pare earlier gains due to growing concerns over another cluster infection. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 10.42 points, or 0.54 percent, to finish at 1,935.40. Trading volume was moderate at 581 million shares worth 7.6 trillion won ($6.23 billion), with losers outpacing gainers 529 to 316. After opening higher, local shares slipped into negative terrain on growing concerns over
May 11, 2020
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Samsung Electronics investors grow 5 times after stock split
The number of investors holding Samsung Electronics shares surged more than five times after the company divided the face value of stocks two years ago, data showed Sunday. According to data filed by the Financial Supervisory Service, common shares issued by Samsung Electronics, the world’s largest chipmaker, were held by more than 1.36 million investors in the first quarter, a 565 percent increase from the same quarter two years ago, with 241,513 investors. Stocks worth 1.25 trillion w
May 11, 2020
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Seoul stocks open higher on US jobs data
South Korean stocks opened higher Monday on less pessimistic jobs data from the United States, which shot up to the highest rate since the Great Depression but still managed to be below market expectations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.13 points, or 0.67 percent, to 1,958.95 in the first 15 minutes of trading. The unemployment rate in the US shot up to a whopping 14.7 percent in April, from 4.4 percent posted a month earlier. The dismal data, however, still
May 11, 2020
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[M&As Weekly] Infection slowdown pushes deal closures, new bids
The mergers and acquisitions scene in South Korea remains relatively vigorous, as small and medium-sized enterprises are looking for more chances to cash out assets amid the continued COVID-19 threat to markets and industries. With a slowing number of confirmed cases, deals that have been postponed for weeks due to the virus are back on the table. Below is a roundup of major M&A deals here and their progress in the previous week. Centroid to take over Woongjin book unit Woongjin unveiled
May 10, 2020
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Hanjin KAL faces liquidity hurdle to join MSCI Korea Index
Prior to the Morgan Stanley Capital International Korea Index’s May adjustment, South Korea’s securities firms are eyeing whether Hanjin KAL will be able to join the club despite its low liquidity. Led by a share price rally, the market capitalization of Hanjin Group’s holding company jumped to nearly 5.14 trillion won ($4.21 billion) on Friday, far exceeding the MSCI’s minimum standard for the Korea index, estimated at between 1.7 trillion won and 1.8 trillion won. B
May 10, 2020
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Complaints by elderly rise over e-commerce services
The Korea Consumer Agency said Friday that the number of e-commerce-related claims filed by consumers aged 60 or older has grown rapidly in recent years. From 2017 to 2018, the number of the entire claims filed by those in the age group, via the agency’s consumer consulting center rose by 3.5 percent annually. Of the claims, 51.2 percent were linked to products or services bought on online commerce platforms, while 24.5 percent and 4.5 percent were respectively related to purchases via
May 9, 2020
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NPS to begin process to pick new chairman
The state-run National Pension Service said Friday that it will form a committee next week to take charge of recommending a new chief. The post of NPS chairperson has been vacant since Jan. 7, when Kim Sung-ju stepped down to run in the April 15 general elections. The world’s third-largest pension operator, with some $600 billion in assets, is currently headed by acting Chairman Park Jung-bae. It is expected that the committee will pick three to five candidates, and the minister of he
May 8, 2020
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Grocery delivery firm Market Kurly attracts W200b investment
Market Kurly, a fast-growing grocery delivery startup, announced on Friday that it has attracted 200 billion won ($164.3 million) in Series E funding. Led by investment firm DST Global, a group of global investors, including Hillhouse Capital, Sequoia Capital China, Fuse Venture Partners, SK Networks and Translink Capital and Aspex Management participated in the new round of funding. The Series E brings the South Korean startup’s total funding to 420 billion won. The new funding round
May 8, 2020