December 15, 2018

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KDB to complete lifeline injection to GM Korea

[THE INVESTOR] State-run Korea Development Bank said on Dec. 13 it will complete injecting US$750 million into the financially troubled Korean unit of General Motors later this month, ending a controversy over the spin off of its research unit. The policy bank, second-largest shareholder of GM Korea, and the US carmaker had signed a deal in May to provide a rescue package for the local loss-making unit. Under the agreement, GM agreed to provide an additional US$3.6 billion in fresh loans to keep

Lawmaker calls for extended probe of Google

[THE INVESTOR] Following the raid by Korea’s tax agency on the local unit of US tech giant Google on Dec. 12, as part of its efforts to investigate tax evasion charges linked to the firm’s video streaming service YouTube, a lawmaker from the ruling Democratic Party of Korea has insisted that the investigations should be extended to its headquarters in Mountain View, California.“Most of Google’s sales generated in Korea are considered as part of the headquarters’ revenue in the US, not the local

Analysts bullish on shares of chaebol holding firms

[THE INVESTOR] The National Pension Service’s adoption of a stewardship code in July and increasing activities by local activist funds are likely to boost shareholder returns and optimization of corporate assets by conglomerates, according to market watchers on Dec. 13.The country’s major brokerages -- Hana Financial Investment, Samsung Securities, Hi Investment & Securities and Korea Investment and Securities -- are of the opinion that investors should pay attention to investment opportunities

Mirae Asset’s Indian unit boasts W4tr AUM

[THE INVESTOR] Mirae Asset Global Investments said on Dec. 12 that its business in India has topped 4 trillion won (US$3.54 billion) in assets under management, almost doubling this year. The company now manages 4.43 trillion won as of November. With 2 trillion won this year alone, it has recorded the fastest AUM growth among rivals. This makes Mirae Asset Investment (India) the 16th largest, out of 40 asset management companies in the country. “We’ve seen an increase in the inflow of funding th

KT strengthens 5G partnership in Northern Europe

[THE INVESTOR] Telecom firm KT Corp. participated in a 5G conference held from Dec. 11-12 in Stockholm to share some of its 5G technologies and know-how in running the next-generation network during the 2018 PyeongChang Winter Olympics.The 5G Deployment Seminar was hosted by network firm Ericsson and joined by global telecom companies and network equipment makers, including Telia company of Sweden, to discuss use cases of 5G and progress in commercializing the next-gen tech. Kim Byung-seok, a vi

Berkeley Center’s Adam Sterling on future of VCs, startup ecosystem

[THE INVESTOR] Silicon Valley offers various myths on the success stories of startups and venture capitals.For instance, there is the story of a graffiti artist who painted the wall of Facebook’s first office. He received stocks of Facebook instead of cash which is now worth millions of dollars.And this might be one of the distinctions between the ecosystems in Silicon Valley and Korea, according to Adam Sterling, executive director of the Berkeley Center for Law and Business. Sterling brought a

Former MP Group chairman quits management

[THE INVESTOR] Former MP Group Chairman Jung Woo-hyun officially conveyed to the Korea Exchange on Dec. 11 that he will no longer be involved in its management.His submission to the bourse operator also noted that the biggest shareholders and two owner family members will take their hands off the group’s management.  Former chairman Chung Woo-hyunThe decision came after a KRX committee decided to give the firm, which operates home-grown pizza chain Mr. Pizza, four months to improve its business

Hana Alternative Asset to acquire Booyoung’s building in Seoul

[THE INVESTOR] Hana Alternative Asset Management, the real estate management arm of Hana Financial Group, is likely to buy a pricey commercial property owned by Booyoung Group in Euljiro, central Seoul, according to sources on Dec. 11. Hana reportedly signed a memorandum of understanding last week to acquire Booyoung Eulji Building, worth over 480 billion won (US$425 million). The deal is expected to be closed in January. In May, Booyoung had put up for sale its prized property asset, the former

Samsung to hold biannual conference for global execs

[THE INVESTOR] Samsung Electronics will hold a global strategic conference with executives from its overseas offices in Korea next week, according to the tech giant on Dec. 10.The top executives from each of the three main business divisions -- device solutions, IT & mobile communications and consumer electronics -- will gather at various offices, including in Suwon, to review the performance of existing operations and discuss measures to respond to potential risks and find new growth engines.Re

E-mart acquires Good Food Holdings for US$275m

[THE INVESTOR] E-mart, Korea’s largest discount chain operated by Shinsegae, announced on Dec. 7 that it will acquire US food retailer Good Food Holdings for US$275 million.The US-based firm owns three food retailing brands -- Bristol Farms, Lazy Acres and Metropolitan Market-- with 24 stores in locations including Los Angeles and Seattle. Its sales last year reached around 670 billion won (US$5.95 million). The Korean company said the all the 3,100 employees and executives will be retained with

Toss lands US$80m investment to become Korea’s first fintech unicorn

[THE INVESTOR] Viva Republica, operator of popular mobile payment app Toss, on Dec. 10 announced it has raised US$80 million funds, catapulting the Seoul-based fintech startup to a unicorn status with US$1.2 billion valuation. The latest round was led by Silicon Valley-based venture capital firms Kleiner Perkins and Ribbit Capital that are making their first investments in Korea with this deal. Existing investors, including Altos Ventures, Bessemer Venture Partners, Goodwater Capital, KTB Networ

Korean banks beef up their overseas biz

[THE INVESTOR] Korean commercial banks are speeding up their overseas expansion as they seek new opportunities, with the latest data on Dec. 10 indicating that they are successfully ramping up their operations. Woori Bank has expanded its global network fastest while Shinhan Bank’s overseas profitability grew the most in the first nine months this year, data showed.Woori Bank, Korea’s fourth-largest by assets, has so far added 121 global offices in 2018, making the total number to 422 as of end-

Samsung C&T President Lee Seo-hyun likely to resign

Ananti shares soar on Jim Rogers’ appointment

Mirae Asset’s Indian unit boasts W4tr AUM

E-mart acquires Good Food Holdings for US$275m

Samsung Bioepis’ Humira biosimilar gains ground in Europe

KDB to complete lifeline injection to GM Korea

Samsung named most preferred brand in Russia

SK Telecom joins forces with Deutsche Telekom

LG unveils ESS for small solar plants

Tax agency probes Google Korea

Samsung sells 110,000 units of convertible laptops

Gov’t announces state pension reform proposals

Woori Bank to set up fund for innovative firms

Kyobo Life Insurance pushes for IPO next year

‘Automation won’t reduce jobs but workers need to be protected in digital era’

Court rejects Audi VW Korea’s demand for cancellation of fine

GM Korea launches Chevy Camaro SS

Ex-BMW developer named head of Hyundai’s R&D division

Hyundai to invest W8tr in hydrogen cars by 2030

Kakao’s Friends Games raises W22b

Toss app operator to establish own brokerage

WeWork Korea to make Busan debut in April

Honest Fund raises W12b additional investment

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

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