[THE INVESTOR] The South Korean government will consider expanding the number of ports of call across the globe for national vessels as part of measures to minimize the impact of Hanjin Shipping’s court receivership on the country’s exports. According to the Ministry of Oceans and Fisheries on Sept. 4, senior officials from nine economic-related ministries discussed additional measures to deal with the possible impact of the fallout of the country’s largest shipper that applied for a court recei

Sept. 4, 2016

[THE INVESTOR] The Korean Teachers’ Credit Union and the Teachers Insurance and Annuity Association of America signed a memorandum of understanding on Aug. 30 to establish a joint real estate investment firm. The KTCU revealed on Sept. 1 that the MOU calls for a real estate investment firm that could see up to US$1 billion injection from the two organizations. Under the plans, the two sides will establish the JV before Dec. 1.The two organizations have been collaborating since 2012, and signed a

Sept. 1, 2016

[THE INVESTOR] South Korean university graduates’ lack of drive for starting businesses will hold back the country’s potential growth rate, Asian Development Bank principal economist Park Dong-hyun said on Aug. 31.Speaking at the Asia Venture Capital Journal’s private equity and venture forum in Seoul, Park said that lack of business drive among students is a major negative factor coming from within the country.  Asia Development Bank pricipal economist Park Dong-hyunRegarding external factors t

Aug. 31, 2016

[THE INVESTOR] LIG Investment and Securities projected on Aug. 31 that Tongyang Magic could fetch up to 1 trillion won (US$893.38 million). Related article : AJ Networks, SK Networks head of pack in Tongyang Magic takeover“There is talk that Tongyang Magic, which was sold for 280 billion won in 2014, will be sold for 600 billion won. The final price is expected to be minimum of 600 billion won, and could be more than 1 trillion won,” LIG Investment researcher Kim Tae-hyun was quoted as saying by

Aug. 31, 2016

[THE INVESTOR]The National Tax Service is investigating a number of private equity funds’ clients on suspicion of tax evasion, a local daily reported on Aug. 30.According to the South Korean daily Seoul Economic Daily, the NTS has evidence that a number of individuals who invested in PEFs investing in overseas assets have evaded inheritance, gift and capital gains taxes. Citing an unnamed finance industry source, the daily reported that wealthy investors have long used PEFs to evade inheritance

Aug. 30, 2016

[THE INVESTOR]  The sale process for Kumho Tire will begin in September, industry sources said on Aug. 30.The tire maker’s creditor banks plan to announce the sale on Sept. 20, and receive preliminary bids mid-November. The banks expect the final bids to be submitted by around January 2017.The bid is for 42.1 percent of the company held by Woori Bank, Korea Development Bank and other financial institutions. The booth of Kumho Tire at Tokyo Auto Salon 2016 displays a racing car fitted with the fi

Aug. 30, 2016

[THE INVESTOR] The Korea Exchange said on Aug. 29 that a decision on delisting Daewoo Shipbuilding and Marine Engineering will be taken by the end of next month. The bourse operator said that a decision will be made by Sept. 29, saying that the matter has been put up for review following revelations that the company violated accounting regulations. The embezzlement and other illegal actions alleged to have been taken by former DSME executives also contributed to the company being designated for

Aug. 29, 2016

[THE INVESTOR] Hyundai Heavy Industries’ labor union on Aug. 29 filed an injunction against the company’s restructuring plans. The union claims that the company’s restructuring plans are being executed in violation of labor laws, and without any negotiations with the union. The union also claims that the company selected workers for the voluntary redundancy program without consulting the concerned workers, and has been pressuring them to resign.“The company has oppressed the union and its member

Aug. 29, 2016

[THE INVESTOR]  South Korean biotechnology firm Celltrion announced on Aug. 29 that it has obtained patents regarding CT-P23 antibody specific to influenza A virus in Australia and Japan.According to the company, the monoclonal antibody demonstrates neutralizing activity against H1, H3, H5, H7 and H9 strains of the virus. In addition to Australia and Japan, the antibody has been patented in six other countries and regions including China and the US, the company said. According to Celltrion, the

Aug. 29, 2016

[THE INVESTOR] The growth of local financial institutions’ loans to companies has slowed in the second quarter of the year, Bank of Korea data showed on Aug. 29.The data showed that loans given to manufacturing companies came to 970.7 trillion won (US$863.13 billion) at the end of June, rising 1.2 percent or 11.6 trillion won from the end of the first quarter. In comparison, corporate loans had increased by 15.7 trillion won from December 2015 to March this year. The drop in the quarterly increa

Aug. 29, 2016

[THE INVESTOR] The process of listing on local stock markets will be reformed to give innovative companies easier access, Financial Services Commission Chairman Yim Jong-yong said on Aug. 29. Speaking at a meeting of the finance industry reform committee, Yim said that reform measures will be introduced in September. Along with the IPO rules, the process of gathering investors for new stock issues will be reformed, Yim said. FSS Chairman Yin Jong-yong“Measures for improving the IPO and subscript

Aug. 29, 2016

[THE INVESTOR] The National Tax Service has levied taxes on SK Shipping and its Singapore-based subsidiary following a special audit, according to reports Aug. 29. The tax agency analyzed SK Shipping and SK B&T’s books from 2010 to 2014 and levied 42 billion won (US$3.73 million) in corporate and additional taxes. SK Shipping was taxed 36.9 billion won, and SK B&T 5.1 billion won. The firm is considering legal steps to fight the decision. The Seoul branch of NTS had been auditing SK Shipping sin

Aug. 29, 2016