WeWork pledges to stay committed to Korean biz

WeWork said Thursday it would continue to push forward with its Korean business, as the local branch showed signs of resilience in its local operation despite the coronavirus fallout. According to WeWork Korea, which operates 20 shared working space locations in Seoul and Busan, its space-as-a-service platforms here logged their highest figures in monthly membership renewals and sales in July. The company also said that it saw a 7 percent increase in membership from February to July, though i

Aug. 20, 2020

Samsung Biologics’ market cap ranking leaps to No. 2 on Kospi

South Korean biopharma company Samsung Biologics on Thursday saw its market capitalization ranking climb to No. 2 on the nation’s main bourse Kospi, beating the world’s No. 2 memory chipmaker SK hynix. The market fluctuation came amid the prolonged COVID-19 pandemic, which weighed upon several of the conventional manufacturing champions and empowered other sectors such as pharmaceuticals and digital technology. Shares of Samsung Biologics closed at 794,000 won ($669.33) -- down 15

Aug. 20, 2020

S. Korean startups shine amid coronavirus recession

While nearly all industries have been affected by the lingering coronavirus pandemic, South Korea’s startup scene is showing resilience with local startups successfully attracting funds. Superbin, a startup that develops solutions for recycling plastic debris, announced this week that it raised 20 billion won ($16.8 million) in Series B funding recently. Investors participating in the funding round included portal giant Naver-backed investment firm TBT and set-top box maker Humax, bo

Aug. 20, 2020

Seoul stocks dip over 3% on rising COVID-19 fears, recovery concerns

South Korean stocks tumbled more than 3 percent Thursday amid growing concerns over the fast-spreading new coronavirus infections in the country and uncertainties over the recovery of the US economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.32 points, or 3.66 percent, to close at 2,274.22. Trading volume was high at about 891 million shares worth some 16.9 trillion won ($14.2 billion), with losers outnumbering gainers 823 to 73.

Aug. 20, 2020

State-backed W8.6tr fund adds to Korea‘s post-COVID growth capital

South Korea’s signature “Growth Support Fund,” a state-backed financing program for venture firms, raised a combined 8.6 trillion won ($7.2 billion) in commitments as of July, one of the fund backers, Korea Development Bank, said Thursday. Given the higher-than-anticipated matchmaking activities for subfunds by external partners, the Growth Support Fund’s total commitments for growth equities is expected to reach the mark of 9 trillion won by this year, KDB added. This

Aug. 20, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street over the new coronavirus uncertainties. The benchmark Korea Composite Stock Price Index fell 13.26 points, or 0.56 percent, to 2,347.28 in the first 15 minutes of trading. Key US stock indices closed lower Wednesday (New York time), after the US Federal Reserve said the COVID-19 crisis would "weigh heavily" on the world's largest economy. The Dow Jones Industrial Average retreated 0.31 pe

Aug. 20, 2020

POBA to select 2 global partners for $350m overseas debt portfolios

The Public Officials Benefit Association said Wednesday it plans to select two global asset management houses as external partners to manage its overseas fixed income portfolios. Under the plan, the state-run institutional investor, which manages funds to support public officials’ welfare, will commit a total of $350 million to the appointed two investment houses. To qualify for consideration, POBA said each prospective manager must oversee over $5 billion worth of debt instruments

Aug. 19, 2020

[67th Anniversary Special] KRX launches SRI bond information platform

In step with the global trend of sustainable investments, South Korea’s sole stock market operator has launched a platform that provides transparent information on socially responsible investment bonds. The new Korea Exchange system is noted for its comprehensive function, providing all necessary investment information and statistics at a glance. Previously, investors needed to visit individual bond issuance websites. Gaining popularity are SRI -- or socially responsible investment -- b

Aug. 19, 2020

Seoul stocks swing to gains despite COVID-19 resurgence

South Korean shares closed higher Wednesday, ending a two-session losing streak despite fears of the resurgence of the novel coronavirus in Seoul and its surrounding areas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.30 points, or 0.52 percent, to close at 2,360.54. Trading volume was moderate at about 613 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 664 to 184. The KOSPI erased a

Aug. 19, 2020

Shinhan Alpha REIT to buy Twincity Namsan offices for W238.6b

Shinhan Alpha REIT rolled out plans to buy 37,600 square meters of office space in Twincity Namsan in central Seoul for 238.6 billion won ($201.6 million) from KB Asset Management, a filing showed Wednesday. The property occupies 20 floors of the 30-story commercial building. Built in 2015 and located in Yongsan-gu, in the vicinity of Seoul Station, Twincity Namsan is composed of two buildings -- commercial and residential. The office segment is composed of 18 floors above ground and two base

Aug. 19, 2020

Seoul stocks open sharply higher on Wall Street gains

South Korean shares opened sharply higher Wednesday, tracking an overnight rally on Wall Street led by positive economic indices that fueled optimism for a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.92 points, or 1.06 percent, to 2,373.16 in the first 15 minutes of trading. Bucking a 2.46 percent plunge in the previous session, the KOSPI started out bullish despite lingering concerns over a resurgence of new coronavirus infections. The index took

Aug. 19, 2020

IPOs boost DSC Investment’s H1 performance

DSC Investment, South Korea’s venture capital house trading on the Kosdaq stock market, said Tuesday its first-half performance was buoyed by the successful stock market debut of its portfolio companies. The company last Friday announced it logged 8.6 billion won ($7.3 million) in revenue during the January-June period, up 36.4 percent from a year earlier. Its net profit came in at 4.1 billion won, up 60 percent, during the cited period. The company said the improved earnings were attrib

Aug. 18, 2020

Seoul stocks drop sharply amid COVID-19 resurgence

South Korean shares tanked Tuesday, following resurging coronavirus cases in Seoul and surrounding areas. The benchmark Kospi closed down 59.25 points, or 2.46 percent, to 2,348.24 points while the tech-heavy Kosdaq declined 34.81 points, or 4.17 percent, to close at 800.22 points. The Kospi, which remained above the 2400-level in recent days, dropped below the threshold as fears of a resurgence of COVID-19 spooked investors. Korea added 246 new coronavirus cases on Tuesday, after reporting 1

Aug. 18, 2020

Seoul stocks dip to 2-month low amid COVID-19 resurgence fears

South Korean shares plunged by more than 2 percent Tuesday as investor sentiment turned sour amid the resurgence of new coronavirus infections in the country. The Korean won rose against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 59.25 points, or 2.46 percent, to close at 2,348.24, marking the steepest fall after June 15.  Trading volume was high at about 898 million shares worth some 17.3 trillion won ($14.6 billion), with losers outnumbering

Aug. 18, 2020

Banks may extend loan maturity amid COVID-19 resurgence

South Korea’s major banks are expected to extend due dates on interest payments and loan installments worth more than 39 trillion won ($32.8 billion won) combined, in line with the government’s efforts to reduce the financial burden affecting coronavirus-battered citizens and businesses. According to data compiled by the country’s five key lenders -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- the combined amount of deferred interest and installments from early Febru

Aug. 18, 2020

Seoul stocks open lower amid fears of COVID-19 resurgence

South Korean shares opened lower Tuesday, following a sharp increase in new coronavirus infections in Seoul and surrounding areas over the holiday weekend. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.31 points, or 0.18 percent, to 2,403.18 in the first 15 minutes of trading. Fears of a resurgence of COVID-19 spooked investors. South Korea reported 197 new cases Monday, a temporarily designated holiday, and 279 on Sunday. The daily new cases surpassed the 200 mark for th

Aug. 18, 2020

Proposed insurance rules may force Samsung Life to unload Samsung Electronics shares

The push by some lawmakers to revise the Insurance Business Act is weighing down on the nation’s largest life insurance firm, Samsung Life Insurance, as the insurer would have to offload a large part of its Samsung Electronics stake, now worth nearly 30 trillion won ($25.3 billion). The move recently caused Samsung Life stock prices to fluctuate heavily, partly on speculative buying in anticipation that Samsung Life’s valuation will grow higher in the long run as a result of the sel

Aug. 17, 2020

Pangyo offices under limelight in deregulation hopes: report

Pangyo, a South Korean version of Silicon Valley, is garnering attention as an emerging destination for office investment as key regulations affecting the area are set to expire, a report showed Monday. The stabilizing occupancy in Pangyo 1st Techno Valley and Pangyo Alpha Dome City and the 10-year restrictions being gradually lifted from Pangyo 1st Techno Valley starting this year will generate new investment opportunities despite COVID-19, according to a report by real estate services firm Co

Aug. 17, 2020

KB Group joins gaming firm NCSoft to set up AI-powered investment firm

Financial behemoth KB Financial Group and gaming firm NCSoft are planning to set up a joint investment firm specialized in offering investment consulting services based on artificial intelligence technology, news reports said Monday. The two companies have recently started discussing the establishment of the joint venture, and the planned joint company will likely be operated under KB subsidiary KB Securities. The partnership is seen as an unusual move as few gaming companies here participa

Aug. 17, 2020

Ruling party prepares to extend temporary ban on shorting

To reduce volatility in the stock market exacerbated by the novel coronavirus pandemic, lawmakers from the ruling Democratic Party are pushing to extend the six-month ban on short selling, news reports said Monday. Short selling, or shorting, is a strategy of borrowing, selling and repurchasing a stock to return it to the lender. In effect, short sellers are betting on a drop in stock prices. The practice, often conducted by institutional investors and offshore investors, has received flak f

Aug. 17, 2020