May 09, 2021

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EDITOR'S PICKS

• Markets 
  

  Citibank Korea vows to stay committed to local market

  Citibank Korea, the South Korean unit of Citigroup, has pledged to continue its role in supporting the country’s financial system, regardless of its parent company’s plan to withdraw retail banking operations in the nation, the lender said May 6. Last month, the US banking giant announced that it would exit its consumer banking units in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand, as part of its global busi

• Markets 
  

  Ex-PM suggests anti-takeover measures for VCs, startups

  Former Prime Minister Chung Sye-kyun on May 6 suggested implementing measures to protect management rights at local venture capital firms and startups, before expanding it to bigger companies. “Korea still lacks institutionalization of anti-takeover measures. I believe the country’s relatively short corporate history is the key reason behind the absence of a poison pill system and dual-class share system,” Chung said at a meeting with chief executive officers of listed firms

• Markets 
  

  Dunamu steps up efforts to protect crypto investors

  Dunamu, an operator of cryptocurrency exchange Upbit, said on May 6 that it will spend 10 billion won ($8.9 million) to set up a unit to protect crypto coin investors. The planned launch of the in-house unit, tentatively named Upbit Protection Center for Digital Asset Investors, is part of the company’s efforts to join the environment, social and governance trend, which has been gaining traction worldwide recently. In addition to the establishment of the investor protection center this ye

• Markets 
  

  Altcoins back in rally mode after pull-back

  　 Cryptocurrencies have been rallying again with some digital coins, like Dogecoin and Ethereum, hitting record highs recently. The prices of coins tumbled last month as governments around the world hinted that they would strengthen regulations on cryptocurrencies, which have no intrinsic value. Ethereum, the world’s second-largest cryptocurrency, spiked to an all-time high of 4,527,000 won ($4,038) on May 4, up 7.12 percent, according to local crypto exchange Upbit The European Inves

• Markets 
  

  Mirae Asset Securities seeks to enter short-term financing market

  South Korea’s regulator Financial Services Commission on May 4 started to discuss Mirae Asset Securities’ entry to short-term financing market, a decision that would grant the brokerage official status as a mega investment bank. Four trillion won ($3.57 billion) in equity capital is a prerequisite for a mega investment bank to issue a promissory note with a maximum limit of 200 percent of its equity capital with a maturity of one year or less. As of the end of December, Mirae Asset&

• Markets 
  

  Buyout firm VIG Partners eyes private credit investing

  South Korean private equity firm VIG Partners is eyeing private credit strategies with a new team it recently established, the company said May 4. The company, overseeing 3.8 trillion won ($3.4 billion) worth of private funds mainly dedicated to midmarket buyout strategies, added that it had hired Han Young-hwan as head of credit at VIG Partners. The credit arm, launched on May 3, will focus on special situations in private credit space, looking to take advantage of price dislocation in the b

• Markets 
  

  More than half of Koreans support tax on crypto gains: survey

  　More than half of Koreans favor taxation on gains from cryptocurrency trading, a survey showed on May 3, lending support to the government’s move to levy tax on the digital assets. 　 　According to a poll by local survey firm Realmeter, 53.7 percent of people polled said they back the planned taxation on cryptocurrency next year, while 38.3 percent said they opposed the plan. Female respondents were more supportive over the taxation scheme over male respondents. 　The percentage of respo

• Markets 
  

  Seoul stocks down for 5th day on return of short selling

  　South Korea’s stock market retreated for a fifth consecutive session May 3 amid strong foreign and institutional selling on the first day the government lifted a 14-month ban on short selling of large-cap stocks. The local currency’s value against the US greenback also weakened. 　The main bourse Kospi closed at 3,127.2 points, down 20.66 points or 0.66 percent, from the previous session’s close. The index began trading at 3,149.05 points and once rose up to 3,174.26 points in