KTB commits W550b to US real estate debt strategies

KTB Asset Management has closed a 550 billion won ($478.8 million) commitment to Bridge Debt Strategies Fund IV, a pooled investment vehicle mainly targeting securitized multifamily residential housing loans in the United States, the company said Tuesday. The Seoul-based asset manager added it has attracted capital commitments from eight undisclosed South Korean institutional investors, targeting annual returns of up to 11 percent from its fund-of-funds strategy. Bridge Debt Strategies Fund I

MarketAug. 10, 2021

S. Korea on recovery from fallout of avian influenza

SEJONG -- South Korea's agricultural ministry said Tuesday local chicken farms have gradually normalized their operations from avian influenza, a move that could stabilize the market price of eggs. The number of chickens supplied to the disease-hit egg farms came to around 18 million as of end of June, more than the 16 million chickens culled as a preventive measure, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. South Korea has been normalizing the operatio

EconomyAug. 10, 2021

S. Korea closely assesses potential fallout from Europe's new carbon policy

SEJONG -- South Korea's trade ministry said Tuesday it is closely reviewing the potential impact from Europe's toughened carbon restrictions set to be implemented in 2023, as the move is expected to weigh down the country's outbound shipments of steel products. "The country is currently assessing the impact of the carbon border adjustment mechanism (CBAM) and plans to come up with measures to cope with the new policy," an official from the Ministry of Trade, Industry and Energy said.

EconomyAug. 10, 2021

Shinsegae to open new store in Daejeon

Shinsegae Department Store will open a second branch in Daejeon on Aug. 27.  At 284,224 square meters, it is to be the brand’s third-largest store in South Korea. The new location, called Shinsegae Art & Science, will consist of a department store and the 193-story Shinsegae Expo Tower, furnished with an aquarium, science exhibition spaces, a multiplex cinema and an indoor sports theme park. The tower will also feature a five-star hotel called “Onoma.” It is to be

ConsumerAug. 10, 2021

Tax revenue up W5.2t in June amid economic recovery

South Korea's tax revenue rose 5.2 trillion won ($4.5 billion) in June compared with a year earlier amid an economic recovery and a boom in property and stock markets, the finance ministry said Tuesday. The country collected 20 trillion won in taxes in June, higher than the 14.7 trillion won the previous year, according to the Ministry of Economy and Finance. The government said corporate tax income increased due to the economic recovery, while a boom in asset markets bolstered capital gains t

EconomyAug. 10, 2021

Samsung unveils new 5nm processor for wearable devices

Samsung Electronics Co. on Tuesday unveiled its new wearable processor built on 5-nanometer (nm) process as the South Korean tech giant tries to beef up its presence in the wearable device market. The Exynos W920 is the industry's first wearable processor made with advanced 5nm extreme ultraviolet lithography technology, boasting enhanced performance and power efficiency, according to Samsung. It is expected to be used in Samsung's upcoming Galaxy Watch 4 smartwatch that will come with a new u

IndustryAug. 10, 2021

LG Electronics to expand streaming service on smart TVs

LG Electronics Inc. on Tuesday said it will expand its streaming service on smart TVs as the tech giant tries to increase its presence amid the pandemic-driven stay-at-home trend. The South Korean company said LG Channels will be launched in an additional 11 European countries, including Switzerland and the Netherlands, within this year. LG Channels, LG's free content streaming service set up in 2015, is currently available in 14 countries providing some 1,600 channels, but that will be expand

IndustryAug. 10, 2021

LG Uplus to offer Spotify to mobile subscribers

LG Uplus Corp., a major South Korean telecom operator, said Tuesday it will offer Spotify to its mobile users for up to six months in a move expected to expand the music streaming service's presence in the country. The telecom operator said subscribers to its 4G LTE and 5G network plans will have free access to Spotify Premium, which costs 10,900 won ($9.5) a month here, for three to six months, depending on the price of their plans. The move virtually applies to all of LG Uplus' around 15 mil

IndustryAug. 10, 2021

Banks urged to set up tighter supervision of household debts

A top financial regulator called Tuesday for banks to set up tighter supervision of household debts as policymakers voiced warnings against growing financial imbalances amid a surge in home prices. Eun Sung-soo, the outgoing chairman of the Financial Services Commission (FSC), made the remarks at a meeting with chief executives of financial holding firms earlier in the day. Eun also urged banks to preemptively act to keep household debts in check, the FSC said. Eun's remarks came as the Bank

EconomyAug. 10, 2021

Samsung ranks 4th in Android 5G smartphone market in Q2: report

Samsung Electronics Co. was the world's fourth-largest vendor of Android 5G smartphones in the second quarter of the year, a report showed Tuesday, as Chinese makers aggressively expanded their presence. Samsung had a market share of 16.5 percent in the April-June period after shipping 15.6 million units of 5G smartphones powered by the Android operating system, according to market researcher Strategy Analytics. China's Xiaomi led the market with a share of 25.7 percent after its shipments soa

IndustryAug. 10, 2021

Department store sales climb at fastest pace in Q2

Sales of department stores in South Korea grew at the fastest-ever clip in the second quarter of the year amid the coronavirus pandemic, data showed Tuesday. Local department stores saw their sales in terms of constant prices soar 20.3 percent on-year in the April-June period, according to the data from the Korean Statistical Information Service (KOSIS). It was the largest-ever on-year increase for the second quarter since data tracking began in 1995. Industry watchers attributed the second-q

EconomyAug. 10, 2021

[Graphic News] Wine imports hit all-time high in H1 amid pandemic

　South Korea’s wine imports more than doubled to touch a new high in the first half of the year as more people enjoyed drinking at home due to the coronavirus pandemic, data showed. 　Asia’s fourth-largest economy imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier, according to data by the Korea Customs Service. 　It represents the highest first-half tally and accounts for 86 percent of wine imports for all of 2020. 　Imports for

BusinessAug. 10, 2021

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street over the resurgence of the new coronavirus and its delta variant. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.68 points, or 0.14 percent, to 3,255.74 points in the first 15 minutes of trading. Stocks retreated amid concerns that the highly contagious delta variant may hamper the ailing global economy. The Dow Jones Industrial Average declined 0.3 percent, with the S&P 500 slipping 0.09 pe

MarketAug. 10, 2021

Samsung tipped to expedite investments, M&As with chief's parole

Samsung Group, the country's largest conglomerate, is likely to ramp up its investment and merger and acquisition with the parole of its leader despite controversy over the legitimacy, industry insiders said Monday. The parole board under the justice ministry approved Lee Jae-yong's release from jail after hours of review, making him free from Friday.  Samsung declined to comment on Lee's parole, but an official said the group breathed a sigh of relief following the justice ministry'

IndustryAug. 9, 2021

[News Analysis] Will Lee’s release turn tide for Samsung?

With its de facto chief Lee Jae-yong set to be released from jail this week, attention is turning to the fate of Samsung Electronics in its mission to become the world’s No. 1 integrated device manufacturer amid a heightening race for leadership in the global chip market. With a void at the top leadership, the IT giant has been suffering from apparent delays in its decision-making process, affecting significant investment plans. Lee’s return is expected to expedite the firm’

TechnologyAug. 9, 2021

[Newsmaker] Lee still faces court fight in two separate cases

Now granted parole, Samsung Group’s de facto leader Lee Jae-yong will be released from the Seoul Detention Center at 10 a.m. Friday. His freedom, however, could be short-lived, as he is fighting two more criminal trials -- one on alleged accounting fraud and other offenses during a merger of two Samsung affiliates and another for his alleged use of the anesthetic propofol without a prescription. He was behind bars for his conviction for bribing former President Park Geun-hye as part of

TechnologyAug. 9, 2021

Samsung’s Lee to walk free from jail on Friday

The Ministry of Justice on Monday decided to parole Samsung Electronics Vice Chairman Lee Jae-yong, who is in prison for bribery. He will walk free from the Seoul Detention Center in a southern suburb of Seoul at 10 a.m. on Friday, about 11 months before the end of his sentence. The de facto chief of Samsung Group is among over 800 prisoners to be released the same day as part of South Korea’s long tradition of clemency for Liberation Day, which falls on Aug. 15. “The committee

IndustryAug. 9, 2021

Hanwha Solutions acquires renewable energy developer RES France

Hanwha Solutions said Monday it has acquired a 100 percent stake in renewable energy developer RES France at 727 million euros ($855.2 million) to expand its business portfolio in Europe. With the deal, led by the company’s green energy division Hanwha Q Cells, Hanwha Solutions will hold full ownership of RES France’s solar and wind power projects worth 5 gigawatts. “The acquisition, which will be finalized by October, will increase the global capacity of Hanwha Solutions

IndustryAug. 9, 2021

Renault Samsung, Lynk & Co to develop eco-friendly car

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it will partner with Lynk & Co. to develop an environment friendly vehicle in the Korean market. Renault Group has announced it will form a joint venture with Geely, the Chinese owner of Volvo Cars, to develop a Renault-brand hybrid passenger car for sale in China and a Lynk & Co-brand eco-friendly model for Korea, a company spokesman said over the phone. Lynk & Co. is the automotive brand formed as a

IndustryAug. 9, 2021

Edison to drum up private equity capital for SsangYong bid

South Korean electric bus maker Edison Motors has created a consortium with domestic private equity firms to acquire SsangYong Motors, a troubled Korean arm of Indian auto maker Mahindra & Mahindra, its Chief Executive Officer Kang Young-kwon said Monday. Edison, headquartered in Hamyang County, South Gyeongsang Province, signed a memorandum of understanding with its financial partners, including Korea Corporate Governance Improvement, Keystone Private Equity, as well as electric vehicle pa

MarketAug. 9, 2021