July 24, 2019

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Regulator OKs upping Kakao’s stake in internet-only bank

Kakao, the operator of South Korea’s leading messenger app KakaoTalk, got the nod from the financial regulator on July 25 to raise its stake in internet-only bank Kakao Bank.Kakao Bank, the country’s second internet-only bank, began operations in July 2017 and quickly gained popularity among local mobile-savvy customers.Its shareholders include Korea Investment Holdings, KB Kookmin Bank, eBay and China’s Tencent Holdings.With the approval, Kakao is allowed to raise its stake in

DoubleUGames’ sales, operating profit hit 3-year high

South Korea’s social casino game developer DoubleUGames said its operating profit rose 16.5 percent in the second quarter on-year. The company recorded 40.3 billion won ($34.30 million) in operating profit and 129.9 billion won in sales, up 9.4 percent. These figures were record-high quarterly figures in three years. The net income, however, fell 9.3 percent to 29.9 billion won from a year ago. The sales of DoubleU Casino, the company’s signature game, was up 7.4 percent while D

What Samsung NEXT considers when investing in startups

Samsung NEXT is one of the most active startup investors in Silicon Valley, looking for fledgling but promising startups. An opportunity to work with the investment firm, owned by tech giant Samsung Electronics, can grant startups a great reputation and recognition among other investors and startups around the world.A lot of entrepreneurs may wonder how they can have such a partnership opportunity, and even seize the chance to exit after being acquired by Samsung. A director from the accelerator

LG Display sees losses for two straight quarters in Q2

South Korean display maker LG Display said on July 23 that it posted an operating loss of 368.7 billion won ($312.7 million) in the April-July period, marking two consecutive quarters in the red.It logged 5.35 trillion won in sales, down 5 percent on-year, in the same quarter.The company said the trade feud between the US and China, which led to the decline in display exports to Chinese customers, and one-time costs for developing mobile OLED displays were some of the main reasons for the disapp

North Korea’s wireless network backed by Huawei: reports

North Korea built its nationwide wireless network within three years backed by Chinese telecommunications giant Huawei Technologies, according to a report by the Korea Institute for National Unification on July 23. The report, which analyzes telecommunications development in North Korea, said its network is backed by Chinese tech companies Huawei Technologies and ZTE.Koryolink, using Huawei equipment, has built a national network with 453 base stations covering 14 major cities, including Pyongya

KEB Hana agrees to buy 15% stake in Vietnam-based BIDV for W1tr

Seoul-based commercial bank KEB Hana Bank has agreed to buy a 15 percent stake in Vietnamese state-owned Commercial Bank for Investment and Development of Vietnam (BIDV) for 1 trillion won ($849.6 million), it announced on July 22.BIDV will issue some 603.3 million new shares to KEB Hana in exchange for cash. The plan has gained approval of the board of directors.The transaction, slated on Dec. 31, will make KEB Hana the second-largest stakeholder of BIDV. The State Bank of Vietnam currently own

Underwear maker Namyeung Vivien on sale, stock price soars

Namyeung Vivien, a 62-year old local underwear maker, saw its shares surging on July 23 following news that the company is up for sale.Shares in the Kospi-listed company rose by a daily limit of 30 percent to 9,170 won in morning trade. The company logged an operating loss of 3.9 billion won ($3.3 million) with total sales of 206 billion won in 2018. That compares to net profit of 500 million won with total sales of 209 billion won recorded in 2017. Amid plunging profits, the company cut its hea

From beer to package tours, figures show spreading boycott of Japanese products

The boycott of Japanese products and services seems to be gaining ground here as a bilateral trade war with South Korea entered the third week.According to convenience store chain CU, the sales of Japanese beer brands during the first 18 days of the month fell by 40 percent from the same period last year. GS25 also saw a 24 percent drop during the same period. E-mart, a hypermarket chain of Shinsege Group, said the sales of Japanese beer brands between July 1 and 18 dropped by 30.1 percent from

Samsung rumored to expand US chip plants amid Japan’s trade curbs

Tech giant Samsung Electronics has reportedly been considering beefing up chip production lines in the US, in the wake of the trade feud between South Korea and Japan.Austin, Texas, where Samsung runs a foundry business, is one of the candidate regions, according to the reports.“Samsung seems to consider constructing additional chip plants in the US to respond to Japan’s tightened regulations on chemical products for chips,” an industry official was quoted by local news outlet

Blank focuses on expanding new businesses before IPO

Korean e-commerce rookie Blank is further expanding by injecting money into its new businesses before its initial public offering, according to industry sources on July 22. “We are planning to file for preliminary screening at the Korea Exchange during the second quarter next year,” a Blank spokesperson told The Investor. “Meanwhile, we will focus more on expanding our new businesses and aggressively invest in them rather than concentrating on increasing our sales further.&rdqu

True Balance launches e-commerce function

Seoul-based financial technology startup Balancehero said on July 22 that it has mounted an e-commerce marketplace on its flagship fintech app, True Balance, targeting Indian consumers.With the current version, mobile phones by Samsung Electronics -- midrange smartphones and feature phones -- are available for purchase on the e-commerce platform. Buyers on the platform can receive reward points for each purchase.New products like mobile accessories, home appliances and groceries, as well as smar

Priceza CEO hopes to change Thailand’s e-commerce landscape

BANGKOK -- Southeast Asia has been one of the hottest destinations for venture investors and startups in recent years. Its combined population of almost 700 million offers opportunities for businesses ranging from e-commerce to mobility services. Thanawat Malabuppha, co-founder and CEO of Priceza, a shopping search engine and comparison platform in Thailand, said the e-commerce markets of Thailand and other Southeast Asian countries have huge potential due to their sheer size. But he warned that

North Korea’s wireless network backed by Huawei: reports

KEB Hana agrees to buy 15% stake in Vietnam-based BIDV for W1tr

LG Display sees losses for two straight quarters in Q2

Samsung rumored to expand US chip plants amid Japan’s trade curbs

Samsung Bioepis wins 4th FDA approval for biosimilar

Yeouido to emerge as property investment hot spot

Kia’s net profit jumps 52% in Q2

Korean carriers set to deliver gloomy Q2 earnings amid 5G competition

LG Electronics launches mobile wallet service in US

Samsung seeks to diversify smartphone display, battery suppliers

S. Korea proposes its 5G tech to ITU for global standards

Korea to expand tax benefits for corporate investment

ICT exports down for 8th straight month in June

FSC chairman undermines financial retaliation by Japan

Shinhan Financial to launch venture capital unit

Doosan breaks ground for copper foil plant in Hungary

Posco’s net profit up 17% in Q2

HHI to file damages suit against labor union

Retail giants forecast to deliver disappointing Q2 earnings

KTB Network invests $20m in Indian startup Grofers

SoCar takes over ChaCare to further expand business

Italy launches startup acceleration program in Seoul

S. Korea to add W1tr via BDCs to startup ecosystem

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