Korea’s National Pension Service said it has been selected as the best institutional investor in the Asia Pacific region by London-based real estate magazine IP Real Estate on Friday.The magazine annually awards best performers in real estate investment by regions and themes.The NPS reaped 12.3 percent in annual return for alternative investments including real estate and private equity in 2015, while the average return was 4.6 percent for the total fund. Its alternative investments in overseas

South Korea's central bank kept its key rate steady at 1.5 percent for the month on Friday, extending its wait-and-see mode for the 11th consecutive month.The Bank of Korea has stood pat on the policy rate since June 2015 after sending it to a record low level to help bolster growth in Asia's fourth-largest economy.Friday's decision by the BOK monetary policy board comes amid continued signs of a sagging economy.South Korea's exports have fallen every single month since the start of last year, p

South Korean stocks opened slightly lower on Friday as investors took a wait-and-see approach ahead of the central bank's rate-setting meeting.The benchmark Korea Composite Stock Price Index fell 0.43 points, or 0.02 percent, to 1,977.06 in the first 15 minutes of trading. Investors remained on the sidelines as the Bank of Korea is to hold its monetary policy meeting. It is widely expected to keep its rate unchanged for May.The local currency was trading at 1,171.6 won against the U.S. dollar, d

Korea's financial regulator on Thursday said it was considering paying incentives early to public companies that adopt the performance-based salary system ahead of the scheduled deadline in December.The Financial Services Commission (FSC) is mulling over an early payment of incentives to the country's nine public financial companies, including the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank Korea), if they introduce the performance-based pay scheme as part of their

Korean stocks closed down 0.13 percent on Thursday, dragged down by losses in tech and auto shares, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.61 points to end at 1,977.49. Trade volume totaled 445.99 million shares worth 4.04 trillion won ($3.47 billion), with gainers outpacing decliners 422 to 362. The market started lower in tandem with overnight losses on Wall Street and moved in and out of positive terrain be

South Korea’s Deputy Prime Minister and Finance Minister Yoo Il-ho said that the government will seek to host annual conferences for the Asian Infrastructure Investment Bank in 2017 and the African Development Bank in 2018.In a meeting with economic-related ministers in Seoul on Thursday, Finance Minister Yoo said this comes as Asia’s fourth-largest economy seeks to expand its presence in international aid and development financing. Finance Minister Yoo Il-ho (Yonhap)“Korea needs to further expa

Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday.The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before.“As overseas construction projects are evolving to become large investment projects, customized financial support is all the more necessary now,” Eun Sung-soo, CEO of KIC, said in a meeting with heads o

Hyundai Cement, which has been under a debt workout program, could be put up for sale by creditors as early as next month, sources said Thursday.Creditors of the Korean maker of cement and ready-mixed concrete, led by the state-run Korea Development Bank, plan to seal the deal after the lock-up period on their shares in the company expires at the end of this year.“Although Hyundai Cement is under a debt workout scheme, its business is almost back on track,” an official at one of the creditors sa

U.S.-based Keystone Private Equity has been selected as the preferred bidder for Dongbu Corp., news reports said Thusrday.The Korean midsized builder has been looking for a new owner since it started a debt workout program in July last year. Dongbu Group headquarters in Seoul (Yonhap)At the final bidding, Keystone Private Equity offered a bidding price that was 10 billion won higher than United Asset Management Corp.’s, which specializes in managing nonperforming loans, local reports said. The s

Korea's M2 money supply grew from a month earlier in March on a rise in cash flows and short-term deposits, central bank data showed Thursday.The M2 came to 2,296.8 trillion won ($1.97 trillion) as of end-March, up 0.8 percent from 2,279.1 trillion won tallied a month earlier, according to preliminary data from the Bank of Korea (BOK).M2 refers to currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock investments. It, however, doe

The National Pension Fund, on its 29th year of operation this year, is providing benefits to nearly 4 million people in South Korea, its records showed Thursday.The pension program was adopted in January 1988 to guarantee income for the elderly after retirement and to provide coverage for disabilities and surviving family members. The number of recipients totaled 3.77 million in October 2015. As of the end of last year, a 65-year-old resident of Gwangju, southwest of Seoul, was getting the large

Green Cross Corp., a listed Korean pharmaceutical company, said Thursday that it plans issue three and five-year bonds worth some 100 billion won ($86 million) to finance its expansion overseas.The company’s bond underwriter NH Investment & Securities will evaluate the value of the bonds graded AA minus through a book building process next week. Its bond issues mark the first time for the company to raise funds in the local capital market.“The proceeds will be used for its expansion in the advan

The National Pension Fund, on its 29th year of operation this year, is providing benefits to nearly 4 million people in South Korea, its records showed Thursday.The pension program was adopted in January 1988 to guarantee income for the elderly after retirement and to provide coverage for disabilities and surviving family members. The number of recipients totaled 3.77 million in October 2015. As of the end of last year, a 65-year-old resident of Gwangju, southwest of Seoul, was getting the large

South Korean share prices opened lower on Thursday following losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 6.16 points, or 0.31 percent, to 1,973.94 in the first 15 minutes of trading. Traders monitor Seoul share prices at a local bank. (Yonhap)Overnight, the Dow Jones industrial average slipped 1.21 percent, weighed down by lackluster earnings results for some high-profile companies including department store chain Macy’s.Samsung Electronics remained bearish, while

Market expectations of Doosan Group‘s profit turnaround are growing, with the completion of the conglomerate’s planned asset sales Tuesday. The Korean power equipment and construction giant successfully sold the heat recovery steam business unit of its construction arm Doosan Engineering & Construction for 300 billion won ($256 million) to General Electric. “This is the final deal that the group has pushed under its self-restructuring plan for the past two years,’’ a company spokesperson said.Fa