March 21, 2019

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How did local coffee chain Terarosa secure impact investment?

Terarosa, a coffee chain based in Gangneung,a city in the province of Gangwon, on the east coast of South Korea, has secured investment from the country’s leading impact venture fund that invest in companies creating soical innovations. The joint fund set up by Crevisse Partners and Lime Asset Management called Crevisse-Lime Impact Venture Fund decided to invest in the 15-year-old coffee chain that has 14 outlets around the country, an official at Crevisse told The Investor on March 20. The amou

Kakao acquires 28.9% stake in Tidesquare

South Korea’s top mobile messenger operator Kakao has acquired a 28.9 percent stake in travel agency Tidesquare for 34.7 billion won ($30.70 million), it said on March 19. Established in 2009, Tidesquare provides online hotel and flight booking services. The company grew through a partnership with Hyundai Card in 2010. Its sales last year reached 37.9 billion won while its operating profit stood at 4.8 billion won. By acquiring the stake, Kakao has become the travel agency’s second-biggest share

Tago, Kakao Mobility launch no-refusal taxi service in Korea

The South Korean taxi industry has long been tainted with negative perceptions: bad interiors, reckless driving, overcharging, refusing short fares and impolite drivers. In a bid to tackle these issues, Kakao Mobility, a mobility platform company, and Tago Solutions, a taxi franchise consisting of some 50 taxi operators, launched taxi-hailing service Waygo Blue on March 20, which the partners said would take cab services to the next level. (From left) Oh Kwang-won, the chief of Tago Solutions, M

Kakao Ventures joins $3.4m investment round for US startup Restream

Kakao Ventures said on March 20 it has joined a seed investment round worth $3.37 million in US cloud multi-streaming service provider Restream. The venture capital arm of mobile giant Kakao is the only South Korean entity to join the investment round. Other investors included US early-stage venture capital firm Silverton Partners and US online payment system operator PayPal.The funding will be used to advance its service that connects content creators with live-streaming platforms, according to

WeWork announces plan for 19th location in Seoul next year

Coworking space giant WeWork said on March 20 that it will launch its 19th office in South Korea in March next year, which will enable the company to build a community of 25,000 members in here.Nestling in the Sinnonhyeon district in southern Seoul, the planned office will be within walking distance of Sinnonhyeon Station and Gangnam Station, both of which have great access to nearby business districts in the Gangnam area.Along with 12 other WeWork offices in Gangnam, the new Sinnonhyeon office

[INTERVIEW] Yulchon M&A lawyer predicts ‘new wave’ in Indonesia

For decades, lawyer Yoon Hee-woong has built his career providing legal advice for corporations. Since joining the South Korean law firm Yulchon in 2000, he has been paving the way for large business groups to take over financial companies, especially in the wake of the global financial crisis in 2007-2008.A big deal he helped close in 2007 was retail giant Lotte’s purchase of Daehan Fire & Marine Insurance. A year later, Yoon was involved in Hyundai Motor’s takeover of Shinheung Securities and

Kickboards to be allowed to run on bike roads

E-scooters will be allowed on bike roads in South Korea, opening up opportunities for last-mile mobility startups, according to the Presidential Committee on the Fourth Industrial Revolution on March 18. After a two-day marathon discussion, the committee, comprising industry experts and government officials, decided to allow kickboards and other personal mobility equipment to run on bike roads at a speed lower than 25 kilometers an hour. Currently, personal mobility equipment can only be used on

Korean pharma firms aiming higher with new drugs this year

Korean pharmaceutical companies have high hopes of leaping forward this year by boosting research and development to develop new drugs. According to a survey conducted by the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, over 100 Korean pharma firms possess a total of 953 self-developed drug candidates. Among them, 173 are undergoing phase 1-3 clinical trials.Many affiliates of large conglomerates are on the list. CJ Healthcare’s new drug Tegoprazan will undergo phase 3 clinical

Ready, set, binge: LG looks to change course with M&As

LG Electronics CEO Jo Seong-jin recently conceded that as a newcomer in the mergers and acquisitions market in 2015, the firm had a tough time acquiring a stake in family-owned Austrian headlight maker ZKW Group. After years of negotiations, the tech giant and its holding firm LG Corp. were finally able to purchase shares worth 1.1 billion euros ($1.25 billion) in April 2018. It marked the largest acquisition in its 70-year history. Before that, it was focusing on research and development.Now, m

‘Chinese smartphone market slump could benefit Samsung’

After their rapid ascent in the global smartphone market in the last few years, Chinese budget smartphone makers are now facing a slump, with some going bankrupt while others are tightening their belts.Gionee, which filed for bankruptcy late last year after failing to pay back nearly $3 billion to its creditors, is one of the latest smartphone makers in trouble. Many others, including HTC and Oppo, are also struggling as they have been shutting down their overseas operations, including in India.

Spotify poised to enter S. Korea

Sweden-based audio streaming platform Spotify is poised to enter the South Korean digital music market worth 1 trillion won ($880 billion), according to the Electronic Times on March 18. The local media report cited anonymous sources in the industry noting that the Swedish firm has initiated negotiations with copyright collectives to discuss the distribution rates of contents. Some Apple Korea employees have also already signed on to join Spotify Korea. “The demand for K-pop music is increasing

Analysts downplay risks of China Minsheng’s default on Hana

China Minsheng Investment Group’s default, even if it happens, will have a limited impact on Hana Financial Group, which has made a series of investments in subsidiaries of China Minsheng Investment, one of China’s largest private-sector borrowers. “Concerns over CMIG-related risks for Hana Financial appear to be excessive,” Kim Su-hyeon, an analyst at Shinhan Investment, wrote in a report on March 18. “Considering that the restructuring plans led by state-owned banks is taking place, no immedia

Red tape blamed for delayed 5G launch in Korea

Spotify poised to enter S. Korea

Kakao acquires 28.9% stake in Tidesquare

Tago, Kakao Mobility launch no-refusal taxi service in Korea

[INTERVIEW] Yulchon M&A lawyer predicts ‘new wave’ in Indonesia

SillaJen to secure additional funds worth W110b

Korean pharma firms aiming higher with new drugs this year

Samsung vows to expand investments in AI, 5G

FTC launches probe into LG for alleged unfair biz practices

Samsung, SK hynix suffer sharp cuts in earnings forecasts

FTC chief hints at approval for LG Uplus’ acquisition of CJ Hello

Savings banks’ combined profit gains 3.9% in 2018

US states launch investigation into Hyundai, Kia fires

S. Korea to cut import surcharge on LNG for power generation

Cabinet OKs tax expenditure for job creation and innovation

Kia mulls EV production in China

Renault Samsung assigned to new region amid weak sales

Regulators say competition key to approving HHI-DSME deal

Govt moving to make commercial cars run on hydrogen by 2035

Tera Funding becomes 1st Korean P2P lender with over 100 employees

Regional venture support centers in S. Korea woo startups

Top foreign companies to work for in S. Korea

Pay to join, mingle with purpose: community-based startups

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

Wherever you end up going