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[From the Scene] Police clashes, political drama at memorial for Seoul crowd crush victims
Hyundai gains momentum with high-performance cars
[Photo News] NFT art in Times Square
Former journalist appointed as Yoon’s new spokesperson after 5-month vacancy
KT&G aims big for overseas expansion
Will BTS make history with its first win at 65th Grammy Awards?
New EU rules picked No. 1 ESG concern this year
[Newsmaker] US downs Chinese balloon, drawing a threat from China
LG unveils net-zero goals in first group-wide report
'Energy inflation' hits 25-year high in January
[Herald Interview] Samsung bets big on cameras to fight Apple
S. Korea, US vow action on N. Korea amid push for new ties
3 rescued, 9 missing after boat capsizes off South Jeolla
S. Korea's new COVID-19 cases below 15,000 for 3rd day
Families of crowd crush victims hold memorial rally in downtown Seoul
[Seoul Subway Stories] Dongnimmun Station, where memories of heroes are commemorated
[Herald Interview] ‘Nine Fox Gambit’ author highlights history, gender in sci-fi fantasy romance
Nourishing traditions for Jeongwol Daeboreum
The colder the better
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K-Growth to earmark W5.4tr risk capital for 2020
Feb 5, 2020
South Korea’s state-led fund of funds manager Korea Growth Investment (K-Growth) said Wednesday it plans to earmark a combined 5.4 trillion won ($4.5 billion) risk capital to spur venture investments across the nation in 2020. The company said it aims to raise at least 1 trillion won for its portfolio, adding to the 1.6 trillion won from its flagship fund of funds. The majority of the funds wor...
Danaher ordered to offload assets for GE biopharma unit acquisition
Feb 4, 2020
Ahead of Danaher’s acquisition of General Electric’s biopharmaceutical unit for $21.4 billion, South Korea’s Fair Trade Commission on Tuesday ordered either of the two firms to divest certain assets in its conditional approval. The latest decision, according to the antitrust watchdog, is meant to thwart monopoly in Korea’s bioprocessing market. The order forces either Danaher or GE’s biopharma ...
[News Focus] Watchdog’s final approval of sanctions puts Woori, Hana in tight spot
Feb 4, 2020
Top executives and board face tough decisions concerning governance, relations with financial authorities
Vacation rental management startup snaps up $7m funding
Feb 4, 2020
H2O Hospitality, a Korean startup dedicated to vacation rental management in Japan, said Tuesday it has raised $7 million funding from five investors to meet its fast-growing working capital needs on the back of strong growth. Joining the latest round were Samsung Venture Investment, Stonebridge Ventures, IMM Investment, Shinhan Capital and Wonik Investment Partners. The round brought H2O’s tota...
Woori Financial faces tough choices over chairman
Feb 2, 2020
South Korea’s Woori Financial Group is likely to have a tough week ahead, as the financial watchdog’s recent decision to impose sanctions on its chairman threatens its governance. Woori Financial’s regular board meeting is scheduled Friday, and an intense round of discussions is expected to take place over the fate of Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung. The Financi...
Opposition lingers in Shinhan’s Orange Life merger
Jan 31, 2020
Shinhan Financial Group’s plans to merge Orange Life Insurance with its wholly owned life insurance unit seemed to have been working out smoothly. However, trouble persists as minority shareholders continue to demand an increase in their dividend payouts. Small shareholders of Orange began making the demand after teaming up with civic activist group the Korea Stockholders Alliance in November, b...
Entertainment firm behind BTS seeks IPO underwriter: report
Jan 31, 2020
Big Hit Entertainment, the agency behind K-pop sensation BTS, is seeking an underwriter in the initial step to go public, according to news reports Friday. Big Hit has sent a request for proposal to multiple securities brokerage firms to underwrite its initial public offering, an investment banking source was quoted as saying by local news outlet the Bell. The news report did not clarify which s...
Leadership vacuum at Woori and Hana inevitable due to FSS’ heavy sanctions
Jan 31, 2020
Financial giant Woori Financial Group said Friday that it has delayed the process to select CEO candidates for its banking unit Woori Bank. The announcement came after the nation’s financial watchdog Financial Supervisory Service decided the day before to impose sanctions on top executives of Woori Financial Group and Hana Financial Group. “The company has decided to readjust the schedule for s...
S. Korea's daily FX turnover jumps to record high in 2019
Jan 31, 2020
The daily foreign exchange turnover by local and foreign banks in South Korea climbed to an all-time high in 2019 on a sharp increase in the transaction of derivatives, central bank data showed Friday. The daily FX turnover came to an average $55.77 billion in the year, up $260 million, or 0.5 percent, from a year earlier, according to the data from the Bank of Korea. The amount marks the highe...
Fear of coronavirus spreads to Korea’s commercial banks
Jan 29, 2020
From face masks to thermometers, banks take precautions for local customers, mull contingency plans for overseas operations
IBK chief takes office, ending 27 days of labor protests
Jan 29, 2020
This marks the longest period that a CEO of a financial institution has been unable to enter his office. KB Kookmin Bank’s former CEO Lee Kun-ho was obstructed for 14 consecutive days upon his appointment in 2013. Lee, who was appointed in a similar top-down manner under the Park Geun-hye administration, also met with union resistance over government involvement. IBK union members have consisten...
State-backed W1.5tr infra fund to raise private money
Jan 28, 2020
Korea’s state-backed fund seeking a commitment of 1.5 trillion won ($1.27 billion) is looking to raise 900 billion won in private money, its lead fund manager Samsung Asset Management said Tuesday. The fund has a maturity of 30 years and is set to close all transactions by October 2024. The fund is designed to target overseas infrastructure assets, ranging from new and renewable energy plants, ...
Hedge fund AlpenRoute may freeze W180b investor funds as distrust builds
Jan 28, 2020
AlpenRoute Asset Management said Tuesday it may opt to suspend investor withdrawal of assets worth 181.7 billion won ($154.4 million) from its 26 open-ended funds by February to ward off illiquidity, as the distrust of hedge fund managers across South Korea has triggered abrupt money withdrawal attempts. Of its 226.4 billion won assets in open-ended funds -- designed to allow investors to withdr...
Samsung may see passive funds cut exposure sooner than expected
Jan 23, 2020
A cap on Samsung Electronics’s weight in a Korean equity index could kick in earlier than planned, triggering fears that billions of dollars will exit the stock. Instead of the bi-annual adjustment, the Korea Exchange is considering putting a 30 percent limit on Samsung’s weighting on the Kospi 200 Index earlier due to the stock’s recent rally, said Ahn Kil-Hyun, the manager of the team that ove...
[Newsmaker] Union protest over Moon-appointed IBK chief set to intensify
Jan 23, 2020
Protests outside the state-run Industrial Bank of Korea are expected to intensify, with the union’s fight against the top-down appointment of CEO Yoon Jong-won gaining support from powerful national labor associations in recent weeks. The Federation of Korean Trade Unions, one of the two largest umbrella labor organizations here, announced Wednesday that it was joining the IBK unionists in prote...
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Families of crowd crush victims hold memorial rally in downtown Seoul
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Will BTS make history with its first win at 65th Grammy Awards?
'Energy inflation' hits 25-year high in January
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Nourishing traditions for Jeongwol Daeboreum
92 people evacuated as fire breaks out in public bathhouse
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The colder the better
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3 rescued, 9 missing after boat capsizes off South Jeolla
[Newsmaker] US downs Chinese balloon, drawing a threat from China
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