The Seoul-headquartered, state-run Export-Import Bank of Korea said Sunday it has teamed up with Czech state financial institutions in an effort to help Korean companies expand business on Czech soil and beyond. Eximbank Chairman and CEO Yoon Hee-sung and Korea Trade Insurance Corp. Chairman Jang Yeong-jin have signed an agreement with their Czech counterparts at National Development Bank, Czech Export Bank, Export Guarantee and Insurance Corp. to pursue bilateral financial cooperation, accordin

Industry Sept. 22, 2024

Private equity firm MBK Partners and Young Poong’s envisioned takeover of Korea Zinc would wreak havoc on the world’s biggest zinc refiner’s business in Australia, according to the chief of Ark Energy, an Australian renewable energy arm under Korea Zinc. “Even if MBK Partners and Young Poong succeed in taking over management control of Korea Zinc, it will not be easy for them to take on the ongoing business in Australia,” Ark Energy CEO Choi Ju-won, also known as Mi

한국어판 Sept. 20, 2024

The envisioned takeover of Korea Zinc would wreak havoc on its business in Australia because the demands on private equity firms like prospective buyer MBK Partners are incompatible with the long-term requirements of the industry, according to the chief of Ark Energy, Korea Zinc's Australian renewable energy subsidiary. MBK Partners, a big-name private equity house based in Seoul, recently joined hands with Young Poong to win control of Korea Zinc, the world's largest zinc smelter. Y

Industry Sept. 20, 2024

Seoul-based private equity house MBK Partners said Thursday it hopes Korea Zinc will be acquired by a Korean conglomerate, not a Chinese one, if its buyout attempt of the world’s biggest zinc refiner turns out to be a successful venture. “MBK Partners is not a foreign fund. We do not have any plan to sell Korea Zinc to Chinese capital,” MBK Partners Vice Chairman Kim Kwang-il said at a press conference held in central Seoul on Thursday. The press event was held to shrug off the

Industry Sept. 19, 2024

The local stock market is likely to remain stuck on growth for the time being, reflecting the woes of the US economy, market analysts said. They also advised investors to build up a defensive portfolio to respond to high volatility. The local bourse has remained sluggish in recent days, coupled with concerns about the recession of the US economy. The benchmark Kospi, which closed at 2,681 points on Sept. 2, has been fluctuating at around 2,500 in recent days, marking an around 100-point drop. Fo

Market Sept. 16, 2024

MBK Partners, a big-name private equity house based in South Korea, has stepped into the ongoing management dispute involving the country’s leading zinc smelter Korea Zinc, siding with its rival Youngpoong Group. Youngpoong Group’s owning family, the Chang clan, which holds a combined 33.1 percent shares in Korea Zinc, teamed up with MBK Partners by signing a shareholder agreement Thursday, in an agreement to jointly exercise voting rights on the shares. The two also agreed on a ca

Industry Sept. 13, 2024

Finance Minister Choi Sang-mok vowed Thursday to curb snowballing household debt and thoroughly control the payment crisis involving e-commerce platforms Tmon and WeMakePrice. The nation's household debt has been on fast growth, sparked by a rise of mortgage loans with the increasing number of housing transactions since around June, Choi said at a meeting of economy-related ministers held at the governmental complex in central Seoul. "The government will work to stably control the risi

Economy Sept. 12, 2024

Foreign investors are on a massive selling spree of South Korean stocks, dumping shares worth over 1 trillion won ($746 million) on the benchmark Kospi Wednesday, fueled by concerns that the US economy could be heading toward a recession. On Wednesday, overseas investors shed shares worth 1.04 trillion won on the Kospi, continuing the sell-off stance shown in recent weeks. After offloading shares over 2.7 trillion won in August, they ditched shares worth 4.41 trillion won this month, according t

Market Sept. 11, 2024

South Korean asset managers are eagerly introducing diverse fund products tracking the Indian stock market, seeking lucrative opportunities in its strong growth. Korea Investment Management, a big-name asset manager here, listed two active funds tracking India-domiciled companies Tuesday, the ACE India Consumer Power Active ETF and ACE India Market Representative Big5 Group Active ETF. According to the firm, Korea Investment Management is the first company in Asia to launch an actively managed f

Market Sept. 10, 2024

While South Korean regulators maintain a wary eye against short selling, the prolonged ban and imposing stricter guidelines on the practice could drive foreign investors away from the local equity market, experts said. Following heavy market fluctuations, local regulators enforced a complete ban on short selling in November. Short selling is a trading strategy that involves borrowing and selling stocks expected to decline in price. The halt, initially set to last until June, has been prolonged

Market Sept. 9, 2024

Standard Chartered Bank Korea has appointed Lee Kwang-hee, managing director and executive vice president, as its new CEO, the global lender said Friday. Lee, recognized as an expert in corporate banking, will succeed the outgoing CEO, Park Jong-bok. "A detailed evaluation was conducted on the nominees' leadership in the financial sector, willingness to share the bank’s vision, efforts for boosting public interest and sound business administration," the bank's executive

Industry Sept. 8, 2024

American Chamber of Commerce in Korea Chairman and CEO James Kim on Thursday stressed the importance of maintaining strong bilateral ties between South Korea and the US amid changing dynamics in global interactions. “As we navigate this mega-election year globally, the importance of ‘business diplomacy’ has never been more critical,” Kim said, delivering a congratulatory speech at The Korea Herald HIT Forum held Thursday in central Seoul. Kim, who has taken on top posts a

Industry Sept. 5, 2024

With South Korea's sole bourse operator set to introduce this month a stock index comprised of Korean companies well complying with the government-led corporate value-up program, the market expects bank shares and large-cap stocks to make the list. As part of the value-up program announced earlier this year, Korea Exchange is to launch the Korea Value-up Index in September, enlisting “best practice” companies to boost the appeal of the local stock market. Though the bourse opera

Market Sept. 4, 2024

The American Chamber of Commerce in Korea joined hands with Tools for Humanity, the developer of Worldcoin, to stress the importance of personal data protection in the era of artificial intelligence. On Tuesday, the two entities signed a memorandum of understanding at a ceremony held in Seoul, agreeing to launch the “#IAmHuman” campaign here, highlighting the importance of safeguarding personal identity within an AI-driven economy. “The partnership is focused on promoting the p

Economy Sept. 3, 2024

South Korea may be nearing the end of its fight against inflation, as the rate of rising prices eased to the 2 percent target last month, backed by a retreat in the prices of international crude oil and farm produce, data showed Tuesday. The Consumer Price Index, a key gauge of inflation, advanced 2 percent on-year last month, according to Statistics Korea. It was the lowest advance since 1.9 percent in March 2021. CPI inflation, which remained at 1.9 percent in March 2021, reached its peak at 6

Economy Sept. 3, 2024