NK’s trade dependence on China grows to 91%: report

[THE INVESTOR] North Korea’s dependence on China for international trade has tripled to over 90 percent since 2000, a report showed on June 21. According to a report by Hyundai Research Institute, North Korea’s trade with China is estimated to be US$5.71 billion, accounting for 91.3 percent of Pyongyang’s US$6.25 billion trade in 2015. The figure of US$5.71 billion includes HRI’s estimate of Pyongyang’s crude oil imports from China. Pyongyang, North Korea. Young PioneerThe trade dependence figur

June 21, 2016

Police Mutual seeks asset managers to run blind fund

[THE INVESTOR] Korea’s Police Mutual Aid Association, the country’s state pension with total assets under management of approximately 2 trillion won (US$1.64 billion), will create a blind fund of 100 billion won, sources said on June 21. The PMAA will announce the launch of the private equity fund this week to pick six asset managers -- two of each PEF, venture capital firm and private debt fund. (Korea`s Police Mutual Aid Association)The selected PEFs and PDFs will manage 20 billion won each an

June 21, 2016

Foreign banks' Korean exodus: Banco Santander to exit from Korea

[THE INVESTOR] Spanish lender Banco Santander will shut its Korean operations after seven years, joining foreign banks’ exodus from Korean market in a bid to slash costs through global restructuring, a source said on June 21.The eurozone’s largest bank by market value will close its office in Seoul before the end of the year and some of its employees will be dispatched to Hong Kong.Launched in 2009, the Seoul office has been serving as a liaison between Korean corporates and official institution

June 21, 2016

Exports set to continue record-long decline

[THE INVESTOR] The downward spiral for Korea’s exports will likely continue for the 18th consecutive month, data showed on June 21. According to Korea Customs Service data, exports between June 1 and June 20 came in at about US$ 25.66 billion, down 12.8 percent compared to the same month last year. The customs office said that the fall in integrated circuit exports has contributed significantly to the figure for June so far. It noted that integrated circuit exports in June fell 9.1 percent compa

June 21, 2016

Foreign investors keep buying Hana Financial stocks

[THE INVESTOR] Foreign investor are maintaining a strong appetite for Hana Financial Group, a major South Korean banking group, while overseas holders have reduced exposure to other Korean bank stocks as ongoing corporate restructuring weighs on local lenders. Foreign holdings of Hana Financial Group shares rose 0.9 percentage points during the past three months, from 64.8 percent in March to 65.7 percent in June. Foreigners bought some 3.27 million of Hana stocks since mid-March. In stark to co

June 21, 2016

Location of new southeastern airport to be announced Today

[THE INVESTOR] The location of a new airport in the country’s southeast will be announced at 3 p.m. on June 21, the Ministry of Land, Infrastructure and Transport said.The location of the new airport has been narrowed down to Miryang and Busan’s Gadeokdo Island, with the former considered to be the more likely choice. A bird's eye view of Gadekdo new airport.With the project estimated to require as much as 10 trillion won (US$ 8.6 billion), the project has been at the center of heated debate and

June 21, 2016

Pompidou Seoul branch: Culture meets economy

[THE INVESTOR] The French cultural platform Pompidou Centre is set to open a Seoul branch in March 2017 in a move that could help revitalize the Korean economy that is increasingly becoming more diverse. However, there are also doubts and concerns surrounding the plan due to the rumored royalty payment, which is expected to reach 1.5 million euros (2 billion won). The amount would be paid annually to the Paris Pompidou Centre. The Korean art industry is questioning whether the branch’s contribut

June 21, 2016