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First 100 Filipino domestic helpers to arrive in September: ministry
Doosan Robotics sets up Europe headquarters in Germany
'The Glory' screenwriter Kim Eun-sook returns with new Netflix series
LG CNS launches Orelo conference interpreting solution
[Music in drama] Timeless songs central to success of 'Hospital Playlist'
Iran's president, foreign minister and others found dead at helicopter crash site, state media says
[Bills in Focus] Support for Saemangeum Project, platform monopoly regulations
N. Korea showcases fireworks modeled after Hwaseong-17 ICBM
Search for Iran's President Raisi after helicopter goes missing
Yoon, British PM say AI Seoul Summit will discuss innovation, safety, inclusivity
Govt. calls for junior doctors who left worksites to return to hospitals by Monday
Govt. draws fire for inconsistent approach to overseas direct purchases
N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
Seoul shares open higher on continued rate-cut hopes
[Graphic News] Increase of multiple jobholders in Korea
[Yoo Choon-sik] KDI’s warning against Fed-tied policy
[Editorial] Doctors' self-isolation
Heavy rains set off flash floods in northern Afghanistan, killing at least 47 people
Tycoon Musk launches Starlink in Indonesia
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Online lender K-Bank logs 1st quarterly profit in 4 years
Aug 3, 2021
K-Bank, South Korea's first internet-only bank, said Tuesday it turned a profit for the first time since its inception in the second quarter of the year on robust growth in customers and deposits. Net profit stood at 3.9 billion won (US$3.4 million) in the April-June period, a sharp turnaround from a net loss of 12.3 billion won three months earlier, K-Bank said in a regulatory filing. It represents the online lender's first quarterly profit since its launch in April 2017. In the first half o
Woori Financial Group CEO buys W54m of treasury stocks
Aug 3, 2021
Woori Financial Group Chairman and CEO Son Tae-seung has acquired 5,000 treasury stocks worth over 54 million won ($46,800) to enhance its corporate value, the banking group said Tuesday. Son bought the stocks at a price of 10,875 won per share. Since the chairman took office in March 2018, he has bought treasury stocks 14 times. With the latest purchase, he now holds a total of 93,127 shares. The financial services holdings firm plans to implement a more active set of shareholder return
Jungheung signs on for Daewoo E&C takeover
Aug 2, 2021
A South Korean investor consortium led by Gwangju-based construction conglomerate Jungheung Group has signed a memorandum of understanding to initiate talks surrounding the acquisition of a 50.75 percent stake in Daewoo Engineering & Construction, a filing showed Monday. Following the nonbinding agreement, the investor group -- comprising Jungheung Group and investment bank Mirae Asset Securities -- will carry out due diligence before signing a binding deal with the company‘s largest
Visa Korea names new head
Aug 2, 2021
Global credit card giant Visa has appointed Patrick Storey, former chief operating officer of consulting and analytics business, as the new head of its overseas unit covering South Korea and Mongolia. He replaces Patrick Yoon, who had led Visa‘s Korea and Mongolia operations since 2018. Joining Visa in1996, Storey worked in the risk management, operations and sales departments in global and regional businesses, according to the company. “Based on his more than 20 years of experi
Hahn & Co. mulls legal action as Namyang Dairy takeover faces delay
Jul 30, 2021
Buyout firm Hahn & Co., a proposed buyer of a controlling stake in Namyang Dairy Products, said Friday it is considering legal action against ex-Chairman Hong Won-sik, as the proposed seller delayed the deal on the date of the transaction without consent. This comes as the proposed seller put off the extraordinary shareholders meeting scheduled Friday morning by six weeks to early September, citing “more time needed to contemplate on the deal before closing upon the request of both p
Fitch raises Woori Bank’s credit rating to A
Jul 30, 2021
Global credit appraiser Fitch Ratings has raised Woori Bank’s long-term credit rating from A- to A in consideration of its sound business performance, the bank said Friday. The rating agency had maintained the lender’s long-term credit rating at A- for 16 years since 2005. The latest upgrade reflects the company’s efforts to improve risk management skills, asset soundness, profitability and capital adequacy, which has led to a significant increase in earnings, it expl
Moody’s ups credit outlook for JB Financial’s banking units from stable to positive
Jul 29, 2021
Global ratings firm Moody’s has raised its rating outlook for JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- from stable to positive, while keeping the provincial lenders’ ratings at A1, the banking group said Thursday. “The outlook upgrade came as Jeonbuk Bank and Kwangju Bank have improved business performance by building various growth strategies centered on improving profits, while maintaining financial soundness,” JB
LG Electronics completes $453.3m stake sale to create JV with Magna
Jul 28, 2021
LG Electronics has completed the sale of a 49 percent stake in its electric vehicle part splitoff for $453.3 million to create a joint venture with Magna International‘s Austrian arm, a filing showed Wednesday. As a result, the new entity LG Magna e-Powertrain will become a 51:49 joint venture of Seoul-based LG Electronics and Magna Metalforming, the Austrian affiliate of Canada-based vehicle engineering firm Magna International. The news comes seven months after the two companies ente
Hangover drink maker seeks W596.9b IPO as Korean PEs eye exit
Jul 28, 2021
HK inno.N, South Korean pharmaceutical firm and maker of popular hangover drink Condition, is poised to raise 596.9 billion won ($516.6 million) in a forthcoming two-day initial public offering until Friday, a disclosure showed Wednesday. The IPO of the company, formerly known as CJ HealthCare, will give its private investors a chance to immediately cash in 255.8 billion won before its August listing on the Korea Exchange‘s development bourse Kosdaq. Beneficiaries will be three private
IMM in final stage of W1.1tr deal to buy stake in SK Lubricants
Jul 28, 2021
IMM Credit Solution, a wholly owned arm of South Korean private equity firm IMM Private Equity, is in the final stage of deal to buy a 40 percent stake in SK Lubricants for 1.1 trillion won ($953 million) in cash this week, a filing showed Wednesday. According to the filing, the deal will reach a final close on Friday as planned to make IMM Credit Solution a minority shareholder of the lube base oil maker that is currently fully owned by refiner SK Innovation. The filing, submitted by SK Inno
Loan rejection, broken dream: foreigners in South Korea struggle to buy house
Jul 27, 2021
Banks say loan to foreigners carry risks, but loan rules are applied equally to locals, non-Korean residents, according to law
Eximbank to invest W100b into future mobility business
Jul 25, 2021
The state-run Export-Import Bank of Korea said Sunday it will invest 100 billion won ($87 million) in future mobility businesses to ensure local firms can gain an upper hand in those fields amid a rapidly changing global market. The areas it will allocate investments include electronic, hydrogen-fueled or automatic driving cars, urban air mobility, eco-friendly vessels and aerospace craft. The lender made the investment decision in line with the government-led Korean New Deal initiative, whic
[Feature] From cows to Rolex, young investors in Korea eye new alternative investment
Jul 25, 2021
Not just stocks and crypto, young retail investors bet on unconventional, ‘fun’ assets via digital platforms
Hyundai E&C to continue coal power project in Vietnam despite criticism
Jul 23, 2021
Climate activists on Friday blasted South Korean builder Hyundai Engineering & Construction for its decision to continue its 1,200-megawatt Quang Trach 1 coal power project along with Mitsubishi and Vietnam’s Construction Corp. Seoul-based not-for-profit organization Solutions for Our Climate said the failure to scrap what was proclaimed to be Hyundai E&C’s final coal project “directly contradicts the company’s own ESG vision” and neutralizes the impact of
Thrasio-like Korean startup raises seed funding
Jul 23, 2021
NextChapter, a South Korean startup designed to acquire small online native brands active on ecommerce platforms including Coupang, has raised a seed round equity funding to scale up its business largely inspired by a success of US unicorn Thrasio. Joining the round were domestic venture capital houses Klim Ventures and Fast Ventures, as well as foreign VCs BlueRun Ventures and Goodwater Capital. The amount of equity funding remains to be undisclosed. NextChapter said the company will use the
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