Seoul-based private equity house Hahn & Co. agreed to buy SK Chemicals’ biofuel operation for 382.5 billion won ($322.2 million) in cash on Wednesday. The proposed acquisition of South Korea’s No. 1 biodiesel producer marks the first deal to be announced since Hahn & Co. closed a new Korea-focused fund worth $3.2 billion in October last year, a Hahn & Co. official said. As of end-2018, SK Chemicals took up one-third of market share here by biodiesel production. This c

South Korea’s state-led fund of funds manager Korea Growth Investment (K-Growth) said Wednesday it plans to earmark a combined 5.4 trillion won ($4.5 billion) risk capital to spur venture investments across the nation in 2020. The company said it aims to raise at least 1 trillion won for its portfolio, adding to the 1.6 trillion won from its flagship fund of funds. The majority of the funds worth 3.3 trillion won will be used to nurture startups for later-stage funding rounds, K-Growth

South Korea said Wednesday it will hold a series of meetings with counterparts in Russia and Azerbaijan this week as part of the country's drive to forge deeper ties with emerging countries of Eastern Europe and Central Asia. A South Korean delegation of trade officials plans to discuss ways to promote exchanges of goods and services, according to the Ministry of Trade, Industry, and Energy. South Korea has been seeking to expand cooperation with Russia, especially in materials, parts, and eq

Concerns are escalating over South Korea's export performance down the road amid the new coronavirus crisis, but officials say no serious fallout has been reported yet. It is widely feared that the outbreak and spread of the novel coronavirus, which is believed to have originated in the Chinese city of Wuhan, will dampen China's economic growth in the first quarter. China is South Korea's leading export market, with slightly over 25 percent of its overseas shipments going to the world's secon

Major South Korean companies sharply cut payments of performance-based pay and dividends for 2019 due to abysmal earnings, industry sources said Wednesday. Top-cap Samsung Electronics Co. recently decided to lower the maximum amount of performance pay for workers at its semiconductor division to 29 percent of their annual salary from 50 percent in 2018. Samsung's operating income tumbled 53 percent on-year to 27.7 trillion won ($23.4 billion) last year due mainly to a protracted slump in chip

A majority of South Korea's monetary policy board members apparently see gradual but definite signs of improvements in economic conditions surrounding the country, minutes from their latest rate-setting meeting showed Tuesday, possibly indicating the board may stand pat on rate cuts for some time. "The local economy continues to face an overall slump but is showing signs of improvement in certain sectors," one of the board's seven members told the meeting held Jan. 17, according to t

Patent applications for masks have increased notably in recent years, according to South Korea’s patent administrator, reflecting growing concerns about microfine dust and epidemics, such as the new coronavirus outbreak. The number of patent applications here for antibacterial face masks came to an annual average of 68 during the 2014-2018 period, almost double the figure for the previous five years, the Korean Intellectual Property Office said Tuesday in a release. The individual ann

Investment in South Korean commercial real estate will remain upbeat this year, with total transactions exceeding 10 trillion won ($8.4 billion), according to leading US-based commercial real estate service provider CBRE on Tuesday. This anticipated yearly figure falls lower than the record-high 16 trillion won seen in 2019, but was on a par with the country’s five-year average. “Record-low interest rates and global economic instability are leading individual investors to focus

Ahead of Danaher’s acquisition of General Electric’s biopharmaceutical unit for $21.4 billion, South Korea’s Fair Trade Commission on Tuesday ordered either of the two firms to divest certain assets in its conditional approval. The latest decision, according to the antitrust watchdog, is meant to thwart monopoly in Korea’s bioprocessing market. The order forces either Danaher or GE’s biopharma unit to sell off the entire eight bioprocessing product assets in Kore

South Korea is set to approve tougher penalties Tuesday against those who engage in hoarding of protective masks, as China's coronavirus outbreak has sparked a sharp rise in demand for such masks, officials said.  Under the tougher penalties, a person who engages in hoarding of protective masks will face a prison sentence of a maximum two years or a maximum fine of 50 million won ($42,108), the Ministry of Economy and Finance said in a statement. Such penalties will go into effect Wedne

Top executives and board face tough decisions concerning governance, relations with financial authorities

Hana Bank, one of the largest commercial banks in South Korea, said Tuesday it is considering acquiring a stake in a local bank in Myanmar. The Southeast Asian nation has recently started allowing foreign financial companies to run operations, to a limited extent. “While having applied at the local financial authorities in Myanmar for launching a branch in the local market, Hana Bank is also considering to acquire a stake in a major local bank,” said a spokesperson from Hana Fi

Responding to the quick spread of the new coronavirus, South Korea’s credit card issuers are running a hotline with the Korea Centers for Disease Control and Prevention, according the Credit Finance Association Tuesday. Through the emergency communication line, the KCDC makes real-time requests to card companies for payment records to identify the places visited by the infected -- both Korean citizens and foreign nationals. Health authorities are allowed to access the payment informat

Derivative-linked fund fiasco weighs down on investor sentiment

Global private equity fund operator Kohlberg Kravis Roberts said Tuesday that it will sell a landmark logistics center to a South Korean real estate asset manager. The US-based company issued a release to confirm that Pebblestone Asset Management is to acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The precise amount of the deal was not disclosed. “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully