China, Singapore approve Hanwha's plan to take over Daewoo Shipbuilding

Hanwha Group has obtained approval from China and Singapore for its plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, leaving only South Korea and the European Union pending decisions on the acquisition. The latest approvals came after Vietnam gave its approval a day earlier. Hanwha announced the deal to buy the embattled South Korean shipbuilder in September last year. Turkey was the first to approve the plan, followed by Britain and

March 22, 2023

Dongwon's takeover bid for vaccine maker falls through

  South Korean seafood company Dongwon Industries Co.'s bid to acquire a local vaccine maker fell through due to unspecified reasons, according to company officials said Thursday. Boryung Biopharma Co. has withdrawn the exclusive right to due diligence it had given to Dongwon Industries, and the memorandum of understanding they signed last month has been nullified, according to company officials and a Dongwon filing. Dongwon said in the filing "the preferred due diligence rights have

March 22, 2023

Seoul shares open higher on eased banking crisis woes

South Korean stocks opened higher Wednesday, tracking US gains overnight, as concerns about a global banking sector crisis have eased, with eyes on the Federal Reserve's upcoming monetary policy path. The benchmark Korea Composite Stock Price Index added 16.33 points, or 0.68 percent, to 2,404.68 in the first 15 minutes of trading. Overnight, US shares rose, as investors welcomed the rescue of Credit Suisse by Swiss banking giant UBS in a move to stem the contagion of turmoil in the global

March 22, 2023

Seoul shares up on eased global banking system woes

South Korean stocks ended higher Tuesday, as fears over a global banking turmoil have somewhat eased and investors expect the Federal Reserve to have a milder tone regarding monetary tightening ahead of its rate-setting meeting, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 9.15 points, or 0.38 percent, to close at 2,388.35. Trading volume was a bit slim at 345.82 million shares worth 7.14 trillion won ($5.45 billion), with de

March 21, 2023

Seoul shares open higher amid global banking sector instability

South Korean stocks opened higher Tuesday, tracking US gains, as the takeover of troubled Credit Suisse by UBS raised hope for eased concerns about the global banking sector. The benchmark Korea Composite Stock Price Index added 14.85 points, or 0.62 percent, to 2,394.05 in the first 15 minutes of trading. Overnight, US shares rose after Swiss banking giant UBS on Sunday announced the takeover of Credit Suisse, a deal engineered by the Swiss authorities in an effort to avoid further turmoil in t

March 21, 2023

Seoul shares fall amid global banking system instability

South Korean stocks ended lower Monday, led by big-cap tech losses, on mounting concerns over a global banking crisis despite the takeover of the troubled Credit Suisse. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 16.49 points, or 0.69 percent, to close at 2,379.2. Trading volume was slim at 339.75 million shares worth 5.97 trillion won ($4.55 billion), with gainers outpacing decliners 446 to 426. Foreigners shed a net 204.89 billion won wo

March 20, 2023

Seoul shares open tad higher amid eased woes over global banking sector

South Korean stocks opened a tad higher Monday amid eased woes over the global banking sector. The benchmark Korea Composite Stock Price Index added 3.34 points, or 0.14 percent, to 2,399.03 in the first 15 minutes of trading. On Friday, US shares ended lower due to the decrease in banking stocks in the wake of the failure of the Silicon Valley Bank. The Dow Jones Industrial Average lost 1.19 percent, and the tech-heavy Nasdaq Composite fell 0.74 percent. According to media reports on Sunday, Sw

March 20, 2023

Eximbank to boost trade finance for Latin American market

The Export-Import Bank of Korea is making strides to expand its network with financial institutions based in Latin America to clear the path for South Korean companies to enter emerging markets in the region. Eximbank Chairman Yoon Hee-sung attended the 2023 Annual Meeting held by the Inter-American Development Bank in Panama from March 16 to 19. At the event, he signed a Confirming Bank Agreement with James Scriven, CEO of IDB Invest -- the private sector arm of IDB Group -- to solidify Eximban

March 19, 2023

Seoul stocks end up on eased banking jitters

Seoul stocks finished higher Friday as investors' jitters eased on news that a group of banks would throw a lifeline to a troubled US bank. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 17.78 points, or 0.75 percent, to 2,395.69. Trading volume was moderate at about 355 million shares worth some 8.38 trillion won ($6.4 billion), with gainers outnumbering losers 672 to 224. Institutions and foreign investors bought a net 155 billion won wor

March 17, 2023

NPS to vote against Shinhan Financial chairman nominee

South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o

March 17, 2023

Seoul stocks open higher as banking jitters ease

Seoul stocks opened higher Friday on news that a group of banks would throw a lifeline to a troubled US bank. The benchmark Korea Composite Stock Price Index added 15.84 points, or 0.67 percent, to 2,393.75 in the first 15 minutes of trading. Overnight, Wall Street finished up after 11 American banks vowed to inject $30 billion into the ailing San Francisco-based First Republic Bank, reassuring investors of the financial soundness of the US banking system. The Dow Jones Industrial Average gained

March 17, 2023

Seoul stocks slip over Credit Suisse rout

Seoul stocks closed slightly lower Thursday amid concerns that global investment bank Credit Suisse's fiasco may worsen and possibly harm the global financial sector. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.81 points, or 0.08 percent, to close at 2,377.91 points. Trading volume was moderate at about 314 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 670 to 220. Institutions sold a net 3

March 16, 2023

KB, KCCI join hands to offer special loans to SMEs

KB Financial Group has signed a memorandum of understanding with the Korea Chamber of Commerce and Industry jointly to provide special loans for small and medium-sized enterprises making environmental, social and corporate governance efforts. KB Financial Group Vice Chairman Yang Jong-hee and Woo Tae-hee, executive vice chairman of the KCCI, gathered at the KCCI headquarters in Seoul on Thursday to sign the memorandum. "Based on this MOU, KB Financial Group plans to provide various and ex

March 16, 2023

Seoul stocks open lower on Credit Suisse rout

Seoul stocks opened sharply lower Thursday on worries that global investment bank Credit Suisse's fiasco may spread to other financial institutions. The benchmark Korea Composite Stock Price Index shed 24.03 points, or 1.01 percent, to 2,355.69 points in the first 15 minutes of trading. Investors remained worried that Swiss-based Credit Suisse, hit by scandals and losing confidence from investors, may face further uncertainties down the road. On Wednesday, Seoul stocks rebounded from the af

March 16, 2023

Seoul stocks open higher on eased US banking, inflation jitters

South Korean stocks opened higher Wednesday as concerns eased over the collapse of US banks, which jolted the global financial market this week. The benchmark Korea Composite Stock Price Index rose 29.14 points, or 1.24 percent, to 2,378.11 points in the first 15 minutes of trading. On Tuesday, the key stock index closed down nearly 3 percent, the biggest daily loss this year, amid lingering uncertainties about the fallout from the collapse of two US banks. US stocks also rebounded from their tr

March 15, 2023

Seoul stocks open sharply lower on SVB fallout woes

Seoul stocks opened sharply lower Tuesday as investors weigh the fallout from the collapse of two US banks and uncertainties over the Federal Reserve's monetary tightening. The benchmark Korea Composite Stock Price Index shed 36.51 points, or 1.51 percent, to 2,374.09 in the first 15 minutes of trading. The failures of Silicon Valley Bank, the largest shutdown of a US bank since the 2008 financial crisis, and the New York-based Signature Bank fanned sell-offs by foreign and institutional in

March 14, 2023

[K-Financiers] Mastern aims to broaden US portfolio

This is the second installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. Mastern America, the US arm of Mastern Investment Management, plans to open up its business to individual investors to tackle new markets in real estate investment. Though real estate investment has conventionally been more focused on institutional investors, Joseph Oh, CEO of Mastern

March 13, 2023

Seoul stocks open tad lower in wake of US bank failure

Seoul stocks opened slightly lower Monday, as investors brace for the fallout from the Silicon Valley Bank's collapse amid woes over the Federal Reserve's monetary tightening. The benchmark Korea Composite Stock Price Index shed 3.79 points, or 0.16 percent, to 2,390.8 points in the first 15 minutes of trading. The market got off to a lackluster start after the Dow Jones Industrial Average closed down 1.07 percent Friday, with the tech-laden Nasdaq Composite declining 1.76 percent. Las

March 13, 2023

Kakao to take control over SM

The heated competition to take over leading K-pop agency SM Entertainment seems to have come to a sudden, amicable halt, as IT giant Kakao is set to seize control of the label while its rival Hybe, the K-pop powerhouse behind global sensation BTS, has decided to drop its bid with future cooperation in mind. “Hybe assessed that the market is showing signs of overheating, following the rivalry with Kakao and Kakao Entertainment,” Hybe said through an official statement on Sunday. &ldqu

March 12, 2023

Seoul stocks open sharply lower on Wall Street losses

Seoul stocks opened lower Friday, following overnight Wall Street losses amid growing fears over faster rate hikes by the Federal Reserve. The benchmark Korea Composite Stock Price Index shed 25.35 points, or 1.05 percent, to 2,393.74 in the first 15 minutes of trading. Overnight, Wall Street closed sharply down after jobless claims showed that the US labor market is still resilient, casting uncertainty over the Federal Reserve's rate hike path. The S&P fell 1.85 percent, the Dow Jones

March 10, 2023