The Korea Herald

Korean stocks up 0.97 pct in late morning trade

Jul 7, 2016

Korean shares were up sharply late Thursday morning as foreign investors turned to buying, one day after their massive selling led to a plunge in the local stock market.The benchmark Korea Composite Stock Price Index added 19 points, or 0.97 percent, to 1,972.12 as of 11:20 a.m.On Wednesday, the index closed 1.85 percent lower from the previous session as foreign investors ended their five-day buying streak and dumped 426.5 billion won ($369 million) worth of local shares.As of 11:20 a.m. foreig
NPS selects 7 firms for venture fund

Jul 7, 2016

[THE INVESTOR] South Korea’s National Pension Service has named seven private equity firms to run 200 billion won (US$172 million) of its funds, the pension giant said on July 7. The NPS, which oversees $430 billion in assets, hired Aju IB Investment and KTB Network as general manager of the venture fund. Five others including Medici Investment, Seoul Investment Partners, Wonik Investment Partners, Innopolis Partners and G.N.Tech Venture Capital were named as preliminary mangers. National Pensio
Morgan Stanley biggest short seller of Korean stocks

Jul 6, 2016

[THE INVESTOR] Foreign securities companies led by Morgan Stanley & Co. International are the biggest short sellers betting against Korean stocks, according to the local bourse operator Korea Exchange on July 6. As the KRX started to impose a new regulation obligating investors to reveal their short positions and information about their identities publicly from June 30, a total of 414 cases were reported, according to filings made under the new regulatory regime.Morgan Stanley headquartersAccord
[ANALYST REPORT] Fair Trade Commission rejects SKT’s bid for CJ Hellovision

Jul 6, 2016

Yonhap News reported last night that the Fair Trade Commission, in its M&A assessment report, had rejected SKT’s bid to acquire CJ Hellovision, saying it would hinder competition. The FTC pointed out that the combined entity would control more than 60% of the market in 21 of the total of 23 broadcast areas in which CJ operates, thus hurting competition. The two companies have yet to issue an official comment. Decision difficult to understand The decision, if true, is hard to understand for a num
Number of wealthy Koreans surged in 2015

Jul 6, 2016

Koreans with financial assets worth more than 1 billion won ($860,000) jumped 15.9 percent last year from a year earlier helped by increased returns from their investments in equities and real estate, a private think-tank report said Wednesday.The number of such deep-pocket Koreans climbed to 211,000 in 2015 from 182,000 the previous year, according to KB Financial Group's research institute."In the first half of last year, ample liquidity was injected into the markets to help support growth. A
Woori Bank, oldest top 500 firm in South Korea

Jul 6, 2016

With a history of 105 years, Woori Bank is the oldest among South Korea’s largest 500 companies by sales, according to CEO Score, a website devoted to monitoring local conglomerates.Among the 500, almost half were found to be more than 40 years old, while another 12 percent are over 60 years old. Combined, those aged 20 years or older accounted for 82 percent of the firms.Woori BankIn contrast, just 18 percent were “younger” companies aged 20 years or less. On average, the top 500 companies were
[Photo News] Joining Hands

Jul 6, 2016

Lee Dong-geun (fourth from left), standing vice chairman of the Korea Chamber of Commerce and Industry, poses with Lim Chae-un (third from left), president of the Small and Medium Business Corporation and others in Seoul on Wednesday, after signing an agreement to cooperate to support local SMEs in going global. (KCCI)
Korea's finance minister vows stronger fiscal expansion

Jul 6, 2016

Korea's finance minister on Wednesday pledged stronger fiscal expansion for Asia's fourth-largest economy when external risks come to realization."When the current external risks become reality, the fiscal authority will take aggressive action as it did in the past,"Finance Minister Yoo Il-ho said in a government meeting on fiscal strategy in Seoul. "In order to take such roles, the government has to make constant efforts to maintain sound public finance."The Korean government unveiled a set of
Japan Tourism Corporation seeks KOSDAQ listing

Jul 6, 2016

[THE INVESTOR] Japan Tourism Corporation, which runs duty-free stores for foreign visitors in Japan, plans to list its shares on South Korea’s secondary bourse KOSDAQ next year, according to sources on July 6. It is the first time that a Japanese firm is seeking an initial public offering on the Seoul bourse after Japanese mortgage bank SBI Mortgage went public in 2012. Japan Tourism Corporation's duty-free store in TokyoHeadquartered in Fukuoka City, JTC is entirely owned by Korean native Ku Ch
Bioleaders to float shares on KOSDAQ on July 7

Jul 6, 2016

[THE INVESTOR] South Korean biopharmaceutical firm Bioleaders has passed the final review for transferring its stocks to the country’s tech-heavy KOSDAQ from KONEX, the bourse operator Korea Exchange said on July 5. BioleadersBioleaders will be listed on KOSDAQ on July 7 with the indicative share price set at 15,000 won (US$12.87). Established in 1999, the firm has a range of core technologies to develop next-generation immunity treatments. In 2015, Bioleaders logged 1.47 billion won in sales an
Korean shares plunge 1.85 pct on renewed Brexit woes

Jul 6, 2016

Korean shares sank 1.85 percent Wednesday, as fears sparked by Britain's decision to leave the European Union apparently resurfaced, while foreigners tried to partly cash in recent gains. The local currency continued to lose ground against the U.S. dollar for a third consecutive session.The benchmark Korea Composite Stock Price Index lost 36.73 points to 1,953.12. Trading volume was moderate at 451.69 million shares, worth 4.68 trillion won ($4.01 billion). Losers outnumbered gainers 646 to 165.
Korea to attract private sector for rail development

Jul 6, 2016

The South Korean government seeks to attract private companies to participate and bid for local railway projects beyond the Seoul and Gyeonggi metropolitan areas amid difficulties in financing infrastructure development with state capital.The Ministry of Strategy and Finance and the Ministry of Land, Transport and Maritime Affairs said Wednesday that the government seeks to attract some 20 trillion won ($17 billion) from the private sector to build and expand railway networks nationwide over the
No evidence of CD-rate rigging: FTC

Jul 6, 2016

Korea’s antitrust agency said Wednesday it has found no evidence of collusion among banks in setting three-month certificate of deposit rates, used as a benchmark for a large portion of consumer bank loans. “The investigation is closed due to lack of evidence,” said Kim Seok-ho, a standing commissioner of the Fair Trade Commission. “It is not that the banks are cleared of allegations. Should evidence surface in the future, the probe may reopen.” The FTC began looking into CD rate-fixing allegati
Gov’t seeks bigger role in Korean firms’ overseas infrastructure projects

Jul 6, 2016

[THE INVESTOR] The government will raise an additional 100 billion won (US$ 85.7 million) to help Korean construction firms take on infrastructure projects abroad. Only July 6, the Ministry of Land, Infrastructure and Transport and the Korea Development Bank signed an agreement for establishing the third Global Infrastructure Fund. The fund is used to invest in overseas infrastructure projects conducted by local construction companies. The Korea Development Bank/ The InvestorThe ministry said th
Banks' loan delinquency rate rises in May

Jul 6, 2016

The delinquency rate for loans extended by Korean banks slightly rose from a month earlier in May, but largely due to an increase in bad corporate loans, the financial watchdog said Wednesday.The average delinquency rate for bank loans came to 0.74 percent in May, up 0.1 percentage point from the previous month, according to the Financial Supervisory Service.The May tally hit the highest level since November. The increase, however, was largely attributed to a rise in corporate loans, especially