Korea to open energy supply market to private sector

[THE INVESTOR] The government will partially open the nation’s state-controlled energy supply market to the private sector, as part of comprehensive restructuring plans for public firms accused of inefficient management and high debt levels, officials said Tuesday.In a workshop meeting led by President Park Geun-hye, chiefs of state firms also vowed to reduce non-core work and list a total of eight power suppliers to attract fresh funds and improve management transparency.　Chiefs of state firms

June 14, 2016

South Korea’s national assets grew 5.7% in 2015

[THE INVESTOR] In 2015, South Korea’s total assets grew 5.7 percent from a year earlier, central bank data showed Tuesday.As of the end of 2015, the country’s national assets came to 12,359.5 trillion won ($10.54 trillion), up 5.7 percent from a year earlier, according to preliminary data from the Bank of Korea. The 2015 tally is almost eight times higher than the country’s nominal gross domestic product for the same year.The increase, however, came mostly from a rise in nonfinancial assets, ref

June 14, 2016

[LOTTE CRISIS] Lotte firms’ market cap lose another 400 billion won

[THE INVESTOR] Lotte Group companies’ market capitalization dropped by more than 400 billion won ($340 million) on June 14, the second trading day since the corruption probe began.On June 10, the Seoul Central District Prosecutors’ Office began an extensive corruption probe on the conglomerate. The authorities believe that Lotte founder Shin Kyuk-ho and other family members have embezzled billions of won from the group.  The Investor.According to market data, the nine listed Lotte firms’ market

June 14, 2016

Korean government makes last-minute push for MSCI inclusion

[THE INVESTOR] The Korean government is making a last-ditch effort to get its stock market included in the top grade of global market indices, government officials said on June 14. The key decision by New York-based index provider MSCI on the potential inclusion of Korea on its developed market index is to be announced on June 15 (Korea time). To request the upgrade, a delegation of officials from a financial regulator and economic ministries, recently visited MSCI’s office in Hong Kong, accordi

June 14, 2016

KEPCO seeks public listing of subsidiaries

[THE INVESTOR] Eight of Korea’s state-run energy companies, including subsidiaries of Korea Electric Power Corporation, will push for initial public offerings from the first half of 2017, the government said on June 14. The Korean government announced the plan as part of its broader corporate restructuring efforts on public energy and resource development firms against the backdrop of low international oil prices. Under the scheme, five subsidiaries wholly owned by KEPCO, including Korea South-E

June 14, 2016

Cheil Worldwide ends merger talks with Publicis

[THE INVESTOR] Cheil Worldwide, an advertising unit of Samsung Group, said on June 13 that talks to sell a controlling stake to French ad giant Publicis Groupe have failed. In a regulatory filing, the nation’s No. 1 ad agency said it was not in talks with any other firm.“Talks between main stakeholders and the global advertising agency ended without a specific conclusion,” the company said. Over the past week, media reports have speculated that Cheil was discussing stake sales with other compani

June 14, 2016