May 27, 2018

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Moon reiterates NK leader has ‘firm will’ for denuclearization

[THE INVESTOR] President Moon Jae-in on May 27 said that North Korean leader Kim Jong-un has “firm will” for denuclearization of the Korean Peninsula. He also said that he hopes to follow up the US-North Korea summit with a Seoul-Pyongyang-Washington summit to discuss declaring the end of the Korean War. The two Koreas are technically still at war, with the 1950-53 Korean War having ended in an armistice. 　“Following up from the Panmunjeom Declaration, Chairman Kim again stated his will for comp

Why birth order is a big deal at LG

[THE INVESTOR] Five years ago, the British royal family changed its rule of succession so that a princess is not overtaken in the line by a younger brother. Three-year-old Princess Charlotte, daughter of Kate Middleton and Prince William, is the first to benefit from the rule as she remains fourth in line to the throne despite her younger brother’s birth last month.At Korean conglomerates, it’s not uncommon to see the sons -- usually the eldest son -- take over the empire. There are very few exc

N. Korea-related stocks dip after Washington pulls out of summit talks

[THE INVESTOR] US President Donald Trump’s sudden cancellation of a planned summit with Kim Jong-un drove down stock prices of South Korean companies related to businesses in the North on May 25.Hyundai E&C, the only South Korean construction company that has participated in construction projects in North Korea from 1998 to 2008, saw its stock drop to a low of 57,200 won, or 15.26 percent, in morning trading. It closed at 60,900, down 9.78 percent. US President Donald TrumpRelated: Seoul shares

JB Financial’s Phnom Penh Commercial Bank expands on upbeat earnings

[THE INVESTOR] Phnom Penh Commercial Bank is fast gaining a footing in the burgeoning Cambodian banking market, with its earnings soaring since it was acquired by Korea’s JB Financial Group two years ago. JB, along with Seoul-based Apro Financial Group, acquired the then struggling Cambodian bank in August 2016. JB’s two units Jeonbuk Bank and JB Woori Capital hold 50 percent and 10 percent, respectively. Up until the second quarter of 2016, the bank was suffering from a net loss of US$1.3 milli

Line becomes largest shareholder of Taiwan’s iPass

[THE INVESTOR] Line, a mobile messenger firm owned by Korean portal operator Naver, has acquired a major stake in Taiwan-based mobile payment firm iPass in its latest efforts to extend its e-payment services, industry sources said on May 25. Line Biz+Taiwan, the operator of LINE Pay in Taiwan, bought a 29.82 percent stake in iPass for 12.4 billion won (US$11.50 million), becoming the largest shareholder. The second largest shareholder is Taiwan’s Kaohsiung MRT which holds 11.40 percent.  iPass i

Kakao sets up holding firm to control blockchain units

[THE INVESTOR] Kakao has recently set up a holding firm -- Kakao G -- to better control its blockchain business units, the firm confirmed on May 25. The holding firm was launched in March and the initial investment was 20 billion won (US$18.50 million). Park Ji-hwan, head of Kakao Investment, will lead the firm and its investment decisions. Kakao is seeking to expand its presence in the burgeoning blockchain industry, setting Japan as the business hub. Following the Japanese unit Ground X, the f

Park Hyeon-joo steps down as Mirae Asset Daewoo chairman

[THE INVESTOR] Mirae Asset Financial Group Chairman Park Hyeon-joo is stepping down as chairman of the brokerage arm Mirae Asset Daewoo to focus on global business, the company said on May 24. Park will focus on mapping out a wider-reaching strategy as chairman and global investment strategy officer of Mirae Asset Daewoo Hong Kong, which was declared as the centerpiece of the brokerage’s global business in March this year. Mirae Asset Daewoo’s Executive Vice Chairman Choi Hyun-man and CEO Cho Wo

Esmo denies merger talks with Samsung

[THE INVESTOR] Korean autonomous driving tech firm Esmo on May 24 denied a news report that it was in talks with Samsung Electronics for a possible merger deal. “The report is not true,” the KOSDAQ listed firm said in a regulatory filing without further elaborating. Earlier on the day, the report said Samsung started talks with Esmo early this month to acquire a sizeable stake, including management rights. Following the report, Esmo shares were on a wide roller-coaster ride. The stock soared mor

Samsung BioLogics gets FDA nod for 2nd plant

[THE INVESTOR] Samsung BioLogics said on May 24 that the production of a third monoclonal antibody drug substance has been approved by the US Food and Drug Administration for its second plant.With the green light, Samsung BioLogics has now got approval from the FDA for manufacturing three commercial biologics drug substances at its 152,000 liter-plant since 2016. Contract drug manufacturers are required to get approval from the FDA for their production site to produce pharmaceutical products, de

‘Nut rage’ Korean Air’s Cho Hyun-ah banned from leaving country

[THE INVESTOR] Former Korean Air executive Cho Hyun-ah has been banned from leaving the country as of May 24 over allegations that she illegally hired housekeepers from the Philippines by sponsoring them with traineeship visas. She is also suspected of helping her family smuggle in goods including personal items. Cho was questioned at the Seoul office of the Korea Immigration Service. She has now been added to the list of Korean Air’s flight-risk family members which includes her mother Lee Myun

Banks rolling out BTS debit cards, Wanna One checking accounts

[THE INVESTOR] Local banks are vying to lure young customers by putting major K-pop acts, including BTS and Wanna One, as the face of their marketing campaign. KB Kookmin Bank is planning to introduce a debit card and savings product in collaboration with seven-member boy band BTS, which has been modeling for the bank’s advertisement campaign since January. “We are preparing to unveil BTS debit cards and a savings product by end of June,” an official with the bank said. “We haven’t decided on th

Big Hit stocks soar on BTS’ fame, Billboard award

[THE INVESTOR] Shares of Big Hit Entertainment, which is yet to go public, are skyrocketing on the snowballing fame and fortunes of its seven-member boy band BTS. In fact, market sources say that the stocks are in short supply and no one want’s to let go of them now.“Even if you are keen to invest in the stocks, it’s impossible now,” said one analyst, declining to be identified. “The last notable trading took place when a couple of venture capital firms sold their stake to Netmarble Games in Mar

‘Nut rage’ Korean Air’s Cho Hyun-ah banned from leaving country

Two Koreas’ leaders hold surprise meeting amid uncertainty over US-NK summit

Big Hit stocks soar on BTS’ fame, Billboard award

LG Group chairman Koo passes away

‘Out with the old’ comes with hefty price tag for Korean chaebol

Prosecutors raid Samsung Electronics

Philip Morris sells 2m IQOS e-cigarettes in 1 year

Samsung vows to be AI game changer, sets up 3 new labs

LG to face new management centering on heir Koo Kwang-mo

Late LG chief noted for foresight and perseverance

Chinese bank seeks approval for investment business in Korea

Banks to adopt unified authentication certificate in July

[EQUITIES] ‘LG Electronics stocks underpriced’

[EQUITIES] ‘Hansol Chemical to post record earnings this year’

Hyundai, Kia hybrid car sales in US up 7%

Celltrion Healthcare swings to black with W60.5b Q1 net profit

Feelux to invest US$20m to set up CAR-T developer in US

‘Nut rage’ Korean Air heiress quizzed over illegal hiring of foreigners

[INTERVIEW] This time it's body-measuring: Bagel Labs

[INTERVIEW] Calling all the Davids in the music business: MusicSpray

Crypto exchange Upbit raided on fraud allegations

Zikto gets W500m funding from Wells Investment

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

Wherever you end up going

Grab’s crucial lessons for KakaoTaxi