Digital assets likely to fall under anti-money laundering act, according to experts

South Korean midcap buyout fund VIG Partners said Monday it has selected domestic private equity firm Stonebridge Capital as the preferred bidder to sell its stake in massage chair company Bodyfriend. The selling price will be announced when the proposed buyer and seller sign a binding deal by the end of this year, according to VIG Partners. VIG Partners said in a statement the deal will prompt the fund house’s exit from the portfolio companies for its second flagship blind pool fund, c

Keppel Investment Management, the South Korean arm of Singapore-based real estate investor Keppel Capital Holdings, has purchased Sheraton Seoul D Cube for 131.7 billion won ($117.9 million) to embark on a redevelopment project to turn the hotel into a commercial office building. In the latest indication that luxury hotels in Seoul are increasingly losing their luster, Sheraton Seoul D Cube, located in Guro-gu, western Seoul, shut down Sunday after opening in 2011, according to the hotel franch

South Korea approved a plan Monday to develop homegrown lightweight torpedoes by 2028 to enhance the Navy's anti-submarine capabilities, the state arms procurement agency said. Presided over by Defense Minister Suh Wook, the Defense Project Promotion Committee endorsed the project worth 160 billion won ($135 million), the Defense Acquisition Program Administration (DAPA) said. The move came after North Korea test-fired a new submarine-launched ballistic missile last month, in a development tha

Shinhan Financial Group said Monday that it has signed a deal to acquire BNP Paribas Cardif’s non-life-insurance subsidiary in South Korea in a bid to diversify its business portfolio to include the digital insurance sector. Through the share purchase agreement inked Friday, the Korean banking group will hold a 94.54 percent stake in BNP Paribas Cardif General Insurance, a firm that BNP Paribas Cardif and Shinhan Life jointly established in 2014. The transaction price was not disclosed,

South Korea plans to gradually lift restrictions on arrivals of migrant workers prompted by the pandemic starting later this month as the country has begun to take steps to return to normalcy, the labor minister said Monday. "In light of the shift to 'living with COVID-19' scheme, we're going to push for a measure to gradually ease entry restrictions on foreign workers," labor minister An Kyung-duk said during a visit to a workplace that employs migrant workers. All foreign workers w

Kia Corp., South Korea's second-largest automaker, said Monday its sales fell 19 percent last month from a year earlier as extended global chip shortages weighed on its production. Kia sold a total of 217,872 vehicles in October, down from 268,729 units a year ago, the company said in a statement. Domestic sales dropped 21 percent on-year to 37,837 units last month from 48,009, while exports fell 18 percent to 180,035 from 220,720 during the cited period, it said. Kia said the continued chip

South Korea’s exports rose on-year for 12 months in a row to $55.55 billion in October, its second highest monthly figure ever, as recoveries in major markets led to strong demand for semiconductors and petrochemical products. Overseas shipments last month surged 24 percent from a year ago, marking an eighth straight month of double digit growth, the Ministry of Trade, Industry and Energy said on Monday. The largest-ever monthly exports figure was 55.83 billion in September. “Desp

GeneOne Life Science’s investigational oral drug for COVID-19 has received regulatory approvals from the European Medicines Agency and Bulgaria to conduct a phase 2 clinical trial in Bulgaria, the Korean biotech firm said Monday. The Balkan nation is among the five regions where GeneOne Life Science plans to conduct phase 2 studies of GLS-1027. It is also the last of the five to give the company a go-ahead. The four others are the US, South Korea, Puerto Rico and North Macedonia. Gene

Korean abstract artist Choi Wook-kyung pioneered an abstract art of her own from the 1960s to the 1980s when female artists did not receive much attention in Korea. Traveling back and forth between Korea and the US, Choi established her own painting style without being involved in any of the art movements of the times. Born in 1940, Choi studied painting at Seoul National University and went to the US in 1963 in pursuit of expanding her art world.  The exhibition “Wook-kyung Cho

Household debt-to-income ratio in Korea surpasses 200% in 2020

The making of tteok, or Korean rice cakes, has been designated as the 145th National Intangible Cultural Heritage, the Cultural Heritage Administration announced Monday. The designation recognizes the making and sharing of Korean rice cakes as Korea‘s traditional culture and way of life. Tteok-making’s long history, a wealth of historical documents and archives about tteok, the unique regional variations and continued efforts to keep the tradition alive were some of the reasons behi

“Neighbours,” a film by Kurdish Swiss director Mano Khalil, won the Best Picture Award at the Gangneung International Film Festival, which ended Sunday. During the 10-day festival, which kicked off Oct. 22 with Albert Birney’s “Strawberry Mansion,” 116 films from 42 countries were screened at five theaters in Gangneung, Gangwon Province, on South Korea’s east coast.   The winners of the International Narrative Competition Awards, created last year, wer

Artificial intelligence may hold the key to many of the world’s pressing issues such as climate change, said Samsung Electronics Vice Chairman Kim Ki-nam on Monday. Speaking at an annual AI forum, hosted by his company, the senior executive stressed the wide-reaching capability of AI, not just for businesses, but for the betterment of humankind. “The advancement of AI is going beyond the electronics industry and expanding to various fields, such as basic science. We expect AI to