[THE INVESTOR] Goldman Sachs and local private equity firm EastBridge Partners said on Aug. 21 they have agreed to acquire a majority stake in Happycall, a cookware and kitchen appliance company based in South Korea. The firms did not disclose financial terms in the statement. But according to local news reports, the firms will secure a 90 percent stake in the company for 180 billion won (US$161.35 million). Goldman and Eastbridge will invest 40 million won and 50 million won, respectively, whil

Aug. 21, 2016

[THE INVESTOR] South Korea’s economy saw its household saving rate increase among the fastest in the Organization for Economic Cooperation and Development, according to the OECD.　The OECD forecast that Korea’s household saving rate is expected to increase more than twofold this year, compared to four years ago, from 3.9 percent in 2012 to 8.66 percent in 2016. This would rank Korea as the fifth highest in the OECD following Switzerland with 20.13 percent, Sweden with 16.45 percent; Luxembourg wi

Aug. 21, 2016

[THE INVESTOR] The total market capitalization of South Korea’s 10 biggest business groups surged nearly 30 trillion won ($27 billion) in August alone, according to data provider FnGuide Sunday. 　According to the online financial information provider, the total market cap of the top 10 groups listed on the Kospi as of Friday stood at 690.2 trillion won, up 29.8 trillion won or 4.5 percent from late July. 　The market cap of Samsung Electronics snowballed 19.2 trillion won to 237.3 trillion won, a

Aug. 21, 2016

[THE INVESTOR] South Korea’s main financial regulator will announce a set of confirmed measures to privatize Woori Bank, a single state-owned commercial bank, on Aug. 22.  It is the fifth attempt by the Financial Services Commission and its Public Fund Management Committee to sell a controlling stake in the bank, currently held by the Korea Deposit Insurance Corp. 　The KDIC holds a 51 percent stake in Woori Bank. The Korean government established Woori Bank by merging five struggling banks with

Aug. 21, 2016

[THE INVESTOR] South Korea’s leading internet technology companies are planning to grant local smartphone users an option to refuse mobile gift certificates sent by a third party within this year.　Korean IT firms which operate mobile gift-giving and exchange platforms such as Kakao, SK Planet and KT Mhows said Sunday they will soon add such features to their services.　The companies say that the decisions were made to enhance user convenience. But industry watchers suggest that a new antigraft la

Aug. 21, 2016

[THE INVESTOR] The soaring sales of Samsung Electronics' newly-released Galaxy Note 7 smartphone are boosting South Korea’s telecom businesses as customers are subscribing to new network operators when purchasing the new smartphone.　According to the nation’s three major telecom operators SK Telecom, KT and LG Uplus, a total of 57,904 subscription swaps — switching from one telecom operator to another — took place over the weekend since Galaxy Note 7’s local release last Friday. 　Some 35,558 swap

Aug. 21, 2016

[THE INVESTOR] Amid reports that Apple is in talks with a small Korean firm to make batteries for a secretive car project, local experts said that it would take more than 10 years to be mass produced.　A local news media recently reported that Apple is working with an unidentified Korean firm comprised of around 20 battery experts. The small Korean battery firm Orange Power is considered a strong candidate as it is the first and only Korean firm to have a patent on such technologies. 　This compan

Aug. 21, 2016

[THE INVESTOR] Tesla Motors has begun taking online reservations here for its electric cars, Model S, Model X, and Model 3, the company said Aug. 19, making its sales operation in Korea official for first time.　With a deposit of 2 million won ($1,800) for the Model S, 5 million won for Model X and 1 million won for model 3, customers can make a reservation, it said in the first statement released for the Korean press.　“Korean customers have already shown a great interest in Tesla through reserva

Aug. 21, 2016

[THE INVESTOR] Korea Development Bank, a key creditor of  Daewoo Shipbuilding and Marine Engineering, plans to extend a short-term loan to the financially struggling shipbuilder early next month, local news reported on Aug. 21. According to KDB and Financial Services Commission, the bank plans to provide loans worth between 200 billion won (US$179.28 million) and 300 billion won to help DSME to combat its liquidity shortage and repay maturing debts. The shipbuilder has been under pressure to rep

Aug. 21, 2016

[THE INVESTOR]  Samsung Electronics ranked second in a recent US survey of the most reputable technology companies, according to foreign media reports on Aug. 21. Amazon, the US online retailer, nabbed the top spot. The survey by Reputation Institute, a US management consulting firm, gave high remark to Samsung, the last year’s winner, for the new Galaxy S smartphones and its corporate social responsibility projects. Intel Corp. ranked the third place, followed by VMWare and Toshiba. Oracle, HP,

Aug. 21, 2016

[THE INVESTOR] Industry observers are increasingly concerned that Hanjin Shipping is likely to enter court receivership due to financial difficulties, according to news reports on Aug. 19. The nation’s largest container carrier has been under creditor-led rehabilitation -- with conditions attached -- since May due to the escalating debt level, hit by falling ship prices amid a global economic slump. Under the requirements, Hanjin Shipping has to cut charter fees, join the global shipping allianc

Aug. 19, 2016

[THE INVESTOR] Mercedes-Benz Korea on Aug. 18 rolled out its new E-class diesel model following a delay, the Korean unit of the German automaker said.  Mercedes-Benz’s E-class 220dThe new E-class 220d sedan is equipped with the automaker’s latest 2.0-liter four-cylinder turbo diesel and nine-speed automatic transmission to output a maximum of 194 horsepower. The E-class gasoline models E300 and E300 4Matic were already released in June. The diesel model was delayed for three months as the Korean

Aug. 19, 2016

[THE INVESTOR] More than 1,000 consumers in South Korea are taking legal action against local water purifier-maker Coway over its cover-up of defective ice water purifiers containing nickel. A group of 1,126 Coway users will file a damage suit on Aug. 19, demanding of 2.5 million won (US$2,240) each -- including 1.5 million won for a medical checkup and 1 million won in compensation for emotional distress. The amount totals 28 billion won. Nickel, which came off from an internal component, had b

Aug. 19, 2016