[THE INVESTOR] AccorHotels Group is planning to expand its South Korean network to 27 hotels by 2019, according to the company’s executive overseeing Asia operations on June 30.Patrick Basset, Chief Operating Officer for Upper Southeast and Northeast Asia of AccorHotels, said in a press conference that the group is erecting a cluster of four hotels in the Yongsan area by the latter half of 2017. The combined number of guest rooms at these four will reach up to 1,700 -- the largest for any cluste

June 30, 2016

[THE INVESTOR] A total of 21 big firms, including troubled local discount chain Homeplus and 3M Korea received the lowest grades in an independent survey that measured their efforts in pursuing mutual growth with their subcontractors last year. The worst performers also include Daewoo Shipbuilding & Marine Engineering, Kumho Petrochemical, Booyoung Group’s construction arm and Seoul Semiconductor, according to the Korea Commission for Corporate Partnership, an independent watchdog on corporate a

June 30, 2016

[THE INVESTOR] From June 30, local and foreign institutions will be obliged to make public their identity when they engage in a certain level of short selling on the South Korean bourse.The new disclosure rule is applicable to investors whose short sale of a particular listed company is worth 1 billion won (US$856,000) or more. In addition, irrespective of worth, investors whose short-sale balance sheet exceeds 0.5 percent of a particular company’s total stocks issued, must also go public.The di

June 30, 2016

[THE INVESTOR] The government is looking for a replacement for Hong Kyttack, vice president of the Asian Infrastructure Investment Bank, who has abruptly taken leave from the Beijing-based institution.Hong asked for a six-month leave, and has already left China, according to sources close to the matter on June 29. He made the decision over a scandal that erupted here in Korea over his past questionable actions as the head of state-run Korea Development Bank. “It seems clear that we need to look

June 29, 2016

[THE INVESTOR] Hyundai Motor, South Korea’s largest carmaker, views Britain’s departure from the European Union as an imminent threat, and not an opportunity.“Internally, we view threats from the faltering European economies to be larger than the opportunities presented by the stronger yen sparked by Brexit,” a source at the company told The Investor and The Korea Herald. “This is because we see the European market as being stable and having more growth potential compared to the emerging nations

June 29, 2016

[THE INVESTOR] Daewoo Shipbuilding & Marine Engineering’s labor union is resisting restructuring measures out of layoff fears, adding to the woes at the country’s second-largest shipbuilder facing mountains of debt and allegations of over 5 trillion won ($4.3 billion) in accounting fraud. The union has launched an indefinite demonstration in protest, starting from late Monday. “Creditors and the management are unilaterally pushing for the restructuring plan with no consideration of employees,” t

June 28, 2016

[THE INVESTOR] Celltrion (Chairman Seo Jung-jin) said Tuesday that it is on track to introducing the world’s first therapeutic antibody for the treatment of universal influenza, as the new drug will begin the second part of its phase-II clinical trials by the end of this year.The South Korean biopharma company, best known for its biosimilar drugs that reference blockbuster biologic drugs like Remicade, is currently preparing its new influenza drug CT-P27 for phase-II 2b trials.Celltrion said it

June 28, 2016

[THE INVESTOR] Sales of corporate bonds and stocks in South Korea fell 29.3 percent in May, compared to a month earlier, due largely to a cut in corporate bond issuance, government data showed Tuesday. Korean companies raised 10.26 trillion won (US$8.7 billion) in May by selling bonds and stocks, compared with 14.52 trillion won the previous month, according to the data compiled by the Financial Supervisory Service. Authorities attributed the fall to a cooling investor sentiment triggered by slu

June 28, 2016

[THE INVESTOR] South Korea’s consumer sentiment remained unchanged in June after dipping to a three-month low in May, central bank data showed Tuesday.The composite consumer sentiment index came in at 99 for June, the same as the previous month. A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.Consumer sentiment in South Korea has remained sluggish since the start of the year amid a prolonged slump in Asia‘s fourth-largest economy.T

June 28, 2016

[THE INVESTOR] South Korean home appliance manufacturers have been ramping up patents to maintain their stronghold in the US washing machine market. LG Electronics secured more than 230 patents over the past three years to remain No.1 in terms of annual patent registrations, according to the Korean Intellectual Property Office on June 27.Samsung Electronics’ patent registration more than doubled to 40 during the same period. In terms of patent registration, the firm was in second place, followin

June 27, 2016

[THE INVESTOR] An exodus may have begun among the South Korean companies operating in the UK in the wake of Brexit, according to industry sources.Some firms have already pulled out, and others have put in place mid- to long-term plans for leaving Britain. “Even before the latest referendum, South Korean companies in the UK area have been considering adjustments to their business plans due to some fundamental shifts in the European markets,” said one official of a South Korean firm operating in B

June 27, 2016