[THE INVESTOR]  South Korean biotechnology firm Celltrion announced on Aug. 29 that it has obtained patents regarding CT-P23 antibody specific to influenza A virus in Australia and Japan.According to the company, the monoclonal antibody demonstrates neutralizing activity against H1, H3, H5, H7 and H9 strains of the virus. In addition to Australia and Japan, the antibody has been patented in six other countries and regions including China and the US, the company said. According to Celltrion, the

Aug. 29, 2016

[THE INVESTOR] The growth of local financial institutions’ loans to companies has slowed in the second quarter of the year, Bank of Korea data showed on Aug. 29.The data showed that loans given to manufacturing companies came to 970.7 trillion won (US$863.13 billion) at the end of June, rising 1.2 percent or 11.6 trillion won from the end of the first quarter. In comparison, corporate loans had increased by 15.7 trillion won from December 2015 to March this year. The drop in the quarterly increa

Aug. 29, 2016

[THE INVESTOR] The process of listing on local stock markets will be reformed to give innovative companies easier access, Financial Services Commission Chairman Yim Jong-yong said on Aug. 29. Speaking at a meeting of the finance industry reform committee, Yim said that reform measures will be introduced in September. Along with the IPO rules, the process of gathering investors for new stock issues will be reformed, Yim said. FSS Chairman Yin Jong-yong“Measures for improving the IPO and subscript

Aug. 29, 2016

[THE INVESTOR] The National Tax Service has levied taxes on SK Shipping and its Singapore-based subsidiary following a special audit, according to reports Aug. 29. The tax agency analyzed SK Shipping and SK B&T’s books from 2010 to 2014 and levied 42 billion won (US$3.73 million) in corporate and additional taxes. SK Shipping was taxed 36.9 billion won, and SK B&T 5.1 billion won. The firm is considering legal steps to fight the decision. The Seoul branch of NTS had been auditing SK Shipping sin

Aug. 29, 2016

[THE INVESTOR] The amount of money held in funds investing in bonds broke the barrier of 110 trillion won (US$98.7 billion), the Korea Financial Investment Association said on Aug. 26. According to KFIA, the amount held in such products rose to 110.52 trillion won on Aug. 24. The amount held in products investing in bonds surpassed 100 trillion won on May 25, then increased by a further 10 trillion won in three months, the association said. The rapid rise is thought to have been fueled by invest

Aug. 26, 2016

[THE INVESTOR] The number of actions taken for mergers and acquisitions by companies listed on the tech-laden KOSDAQ exchange more than doubled from a year ago, the Korea M&A Exchange said on Aug. 26. According to the Korea M&A Exchange, KOSDAQ-listed companies conducted 93 M&A deals during the first half of the year. The value of the deals came to over 2.4 trillion won (US$2.15 billion). In comparison, KOSDAQ-listed companies conducted 39 M&A deals with a combined value of about 1.12 trillion w

Aug. 26, 2016

[THE INVESTOR] South Korean institutional investors injected a record amount of funds into overseas securities this year, the Bank of Korea said Aug. 26.According to the central bank, South Korean institutional investors’ overseas securities portfolio stood at US$148.6 billion at the end of the first half. The figure was US$12.03 billion, or 8.8 percent, higher than that recorded at the end of the first quarter, and the highest on record. The BOK said that local insurance companies led the incre

Aug. 26, 2016

[THE INVESTOR] Hwang Gak-kyu, a close aide of Lotte Group Chairman Shin Dong-bin, was summoned for questioning Aug. 25, fueling speculations that other high level officials would be grilled in the near future. Lotte Group vice chairman in charge of policies Lee In-won is to be summoned on Aug. 26. Speaking to reporters ahead of the questioning, Hwang said he was unaware that Lotte Engineering and Construction was forming a 30 billion won (US$26.8 million) slush fund. Hwang Gak-kyu, a close aide

Aug. 25, 2016

[THE INVESTOR] South Korea’s exports to Vietnam are rising rapidly despite the record-long run of monthly exports decreases, data showed Aug. 25. According to the Korea International Trade Associations, Korea’s exports to Vietnam during the first seven months of the year came to US$18.02 billion, rising 10.1 percent from the same period last year. In comparison, Korea’s overall exports declined by 10.1 percent over the same period.Vietnam production line of South Korea's fashion design company H

Aug. 25, 2016

[THE INVESTOR] LG Group and SK Group companies are set to issue large amounts of corporate bonds within the year. Much of the funds raised will be used to cover maturing bonds, while companies with no maturing bonds are capitalizing in on the low interest rates, industry watchers say. According to data provider FnGuide, LG Group companies’ bonds maturing within the year have a combined value of 1.5 trillion won (US$1.34 billion), while the figure for SK Group companies stands at 2.1 trillion won

Aug. 25, 2016

[THE INVESTOR] China’s exports to North Korea showed the largest on-year drop in July, Korea International Trade Association said Aug. 24. According to KITA, China’s exports to North Korea came to US$193 million in July, plunging 27.6 percent from the same month last year. Last month’s decrease is the biggest drop in China’s exports to North Korea this year.  North Korea's leader Kim Jung-unAlong with exports, China’s imports from North Korea also dropped by 5 percent from a year ago to come in

Aug. 25, 2016

[THE INVESTOR] Hyundai Motor and its union reached a tentative agreement in this year’s wages negotiations on Aug. 24. The union will vote on the agreed terms on Aug. 26. The terms include raising the basic monthly wages by 58,000 won (US$ 51.74), a 350 percent bonus and 3.3 million won incentive, 200,000 won voucher for traditional markets, and 10 Hyundai Motor shares. Hyundai Motor closed at 135,500 won on Aug. 24, up 3,000 won from the previous day.  Hyundai Motor headquaters in SeoulThe unio

Aug. 25, 2016