SEJONG -- The nation’s tax agency has launched a probe targeting 42 foreigners who own multiple apartments here and are alleged to have evaded taxes, as part of the government’s drive to curb surging housing prices and discourage speculative investment, officials said Monday. The probe involves a 40-something US citizen who has purchased 42 homes in South Korea since 2018 for 6.7 billion won ($5...

The New York-based provider of exchange-traded funds Global X has listed its ETF -- which invests in global telemedicine and digital health companies -- on the Nasdaq, parent company Mirae Asset Global Investments said Friday. The product -- the Global X Telemedicine & Digital Health ETF -- tracks the Solactive Telemedicine & Digital Health Index, which included 40 firms as of July 21. US firms ...

South Korea’s public pension fund National Pension Service said that it will expand its overseas investment proportion to over 50 percent during the next five years, seeking for higher returns amid market uncertainties caused by COVID-19. The NPS’ decision-making Investment Management Committee met Friday at The Plaza Seoul Hotel under the chairmanship of Health Minister Park Neung-hoo to discus...

South Korean brokerage firm Mirae Asset Daewoo said Thursday it plans to repurchase 15 million treasury stocks worth 113.4 billion won ($94.84 million) in an effort to boost shareholder value and stabilize its shares. “Despite the well-balanced profit model and financial stability, the firm’s stock prices are undervalued,” said Jun Kyong-nam, head of business innovation division at Mirae Asset D...

South Korea’s main bourse Kospi reached a level not seen in some six months on Thursday, with foreign investors continuing their buying spree for a fifth consecutive session amid the US Federal Reserve’s steady rates and high interest in major tech firms and automakers. The Kospi opened higher at 2,275.33 -- up 12.17 points, or 0.54 percent, from the previous session. The strong start continued ...

Samsung Electronics shares bounced back to 60,000 won ($50.30) in nearly five months on Wednesday, with mounting interest of foreign investors for the fourth consecutive session. The stock price of market bellwether closed at 59,000 won -- up 400 won, or 0.68 percent, from the previous session’s close. The price hit an intraday high of 60,400 won in early morning trading. It was the first time ...

Gold prices surged to a record high on Tuesday, as investors sought to park their money in safer destinations amid the continued spread of coronavirus and renewed US-China tensions. According to the Korea Exchange Gold Market, the price stood at 80,100 won ($66.70) per gram at the closing, jumping 2,640 won, or 3.41 percent, from the previous session. Gold prices rose for a fifth consecutive ses...

South Korean firm Koramco REITs Management & Trust said Monday it plans to raise 106.6 billion won ($89.04 million) from retail investors for its market debut on the nation’s main bourse Kospi next month. Koramco Energy Plus REIT is designed to directly invest in the 187 gas station sites, including the land, buildings, tanks and pipelines. Spanning an area 316,621 square meters, the land and b...

Lina Life Insurance, an affiliate of Cigna, on Friday denied market rumors that it is up for sale. According to recent market rumors, the US-based health service company plans to sell its stake in the wholly owned South Korean insurance firm. The company has reportedly selected Goldman Sachs as a lead manager for the sale. As per reports, Cigna could have fetched over 3 trillion won ($2.5 billi...

Despite a number of REITs attempting to make their market debuts on the nation’s main bourse Kospi in the second half, their value remains underestimated, according to the chief of the Korea Association of Real Estate Investment Trusts on Wednesday. “Beginning with IGIS Value Plus REIT’s list on the Kospi in July, 10 REITs have either been listed or waiting to be listed in the market in the seco...

Scholars in Seoul on Thursday lashed out at financial authorities, saying their policy drive to nurture local hedge funds five years ago was a hasty decision. Pointing to the dispersed monitoring power of the nation’s two financial regulators, the upper organization of the two, the Financial Services Commission, should be disbanded, they said. “To prevent more fraud cases involving homegrown he...

This is the final installment in a two-part series exploring Korea’s troubled hedge funds. -- Ed. Alleged fraud cases involving homegrown hedge fund asset managers in recent months have something in common: their unusual ties to political bigwigs. From Lime Asset Management Asset that suspended 1.66 trillion won ($1.38 billion) in assets to Optimus Asset Management that froze 550 billion won of...

A private equity fund operated by a local real estate asset management firm has purchased an entire apartment building consisting of 46 units in Gangnam -- one of Seoul’s most expensive districts -- raising eyebrows in the realty sector that is facing tougher regulations. IGIS Asset Management bought Samseong World Tower, an 11-story building from an individual for nearly 42 billion won ($34.90 ...

The amount of lineally donated assets marked over 30 trillion won ($25 billion), while the number of cases amounting to more than 100 million won also rose in 2019, the country’s tax agency said Friday. The National Tax Service made an early publication on 95 selected articles of data on national taxes -- which includes value added taxes, corporate taxes, inheritance and gift taxes. The early pu...

The chief of an association representing 440 brokerages and asset management firms in South Korea apologized Thursday for a series of hedge fund fiascos and vowed to strengthen voluntary monitoring of the market. “We will concentrate on our capability to rebuild trust and carry out sustainable innovative tasks,” said Korea Financial Investment Association Chairman Na Jae-chul. “We think now is ...