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Reporter : Anna J. Park
Fri, January 27, 2023 | 10:09
Financial industry's strike plan fails to win support from colleagues
The Korean Financial Industry Union (KFIU) confirmed its plan to go ahead with an all-out strike from Friday, yet the strike is unlikely to present major setbacks to financial customers, as only a minimal percentage of union members are expected to join the move. According to the KFIU, the industry union, which includes members from both commercial banks and state-run banks, ...
Shinhan Life to expand operation in Vietnam
Shinhan Life is expected to open up its new Vietnam business center in Hanoi later this year, aiming to strengthen its presence and competitiveness in the Southeast Asian country. The life insurer began its Vietnamese operation in January this year in Ho Chi Minh City, and its success in the southern city has encouraged the expansion to Hanoi later this year.
PEFs face challenges raising capital
The amount of capital committed for fundraising by local private equity firms (PEFs) has plunged this year, amid soaring global interest rates and increasing economic uncertainty. According to data by the Financial Supervisory Service (FSS), the amount of newly committed capital for local PEFs during the first quarter of this year stood at 2.7 trillion won ($1.94 billion), wh...
McDonald's Korea initiates sale procedure for M&A market
While major burger franchises in Korea, including Mom's Touch and Burger King Korea, are expected to be put up for sale soon, McDonald's Korea has become the first to officially initiate the selling process. According to the investment industry Tuesday, Mirae Asset Securities - the organizer of the sale of McDonald's Korea - has recently sent an investment teaser letter to po...
Hana Financial joins preliminary bidding for acquiring Lotte Card
Hana Financial Group turns out to be the only major financial group that has joined a preliminary round of bidding for acquiring Lotte Card that ended last week. Other major candidates that the market had previously anticipated to see joining in the acquisition race, such as Shinhan Financial, KT, Toss Bank and Woori Bank, are said to have not participated in the preliminary ...
Gov't to collect data to curb housing speculation by foreigners
The government plans to release statistics of the real estate properties of foreign nationals in Korea from the first quarter of next year, with the goal of curbing housing speculation by foreign nationals in the country. According to the land ministry's key budget plans for next year submitted to Democratic Party of Korea lawmaker Rep. Park Sang-hyuk, 300 million won ($217,0...
Hyundai Motor, LGES stocks shine brighter amid bearish stock market
As the won-dollar exchange rate soared to a 13-year high recently, local stocks have generally become less attractive to foreign investors due to the weakened Korean currency. But some local stocks still remain popular among foreign investors. They have been focusing lately on buying LG Energy Solution (LGES) and Hyundai Motor. A weak won makes Korean automobiles cheaper to b...
[INTERVIEW] 'Tech, AI, logistics, automation sectors to be key areas of Korea-SEA investment deals'
In the wake of COVID-19, the global mergers and acquisitions (M&A) market has been growing exponentially to meet a greatly transformed business environment, such as deepened digitalization and efficient logistics. Southeast Asian countries have also witnessed significant growth in M&A transactions in the years following the pandemic outbreak. Businesses' increased tendency to...
Mirae Asset, Korea Investment top in errors of HTS, MTS
A total of 1,136 cases of errors in local securities companies' home trading services (HTS) and mobile trading services (MTS) have been reported over the past five years. Mirae Asset and Korea Investment topped the list for resultant financial harm inflicted on consumers.
Hyundai Card in talks with Apple to introduce Apple Pay in Korea
Hyundai Card is currently known to be in talks with Apple to introduce Apply Pay exclusively to Korea as early as by the end of this year. According to local credit market sources, Hyundai Card's talks with Apple are in its final phase to seal the deal of exclusively introducing the mobile payment services to Korean consumers. Hyundai Card is expected to sign a one-year exclu...
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