Finance & Economy Archives | Be Korea-savvy

Archive by category Finance & Economy

Mirae Asset, Yuanta Selected as Co-managers of 500 bln-won K-Bio Vaccine Fund

Mirae Asset, Yuanta Selected as Co-managers of 500 bln-won K-Bio Vaccine Fund

SEOUL, Sept. 28 (Korea Bizwire) — Mirae Asset Venture Investment Co. and Yuanta Investment Co. have been selected as co-managers of a 500 billion-won (US$346 million) state bio fund aimed at supporting domestic pharmaceutical companies’ development of innovative medicine and entrance to the global market, the health ministry said Wednesday. The equity firms have been [...]

Korea Investment & Securities Signs Deal to Form JV in U.S.

Korea Investment & Securities Signs Deal to Form JV in U.S.

SEOUL, Sept. 28 (Korea Bizwire) — South Korean brokerage firm Korea Investment & Securities Co. has signed a deal to form a joint venture (JV) company with a U.S. financial company within this year, seeking to broaden its inroads into the American financial market, the brokerage’s holding company said Wednesday. Korea Investment & Securities has [...]

Samsung Insurers to Expand Global Alternative Investment via Blackstone

Samsung Insurers to Expand Global Alternative Investment via Blackstone

SEOUL, Sept. 28 (Korea Bizwire) — Samsung Group’s insurance affiliates said Wednesday they have signed a deal with U.S. asset management behemoth Blackstone Inc. to invest some US$650 million in alternative assets, such as real estate and infrastructure facilities. The two — Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. — will [...]

Crash of TerraUSD, Luna Cryptocurrencies Results in Shrinking Virtual Assets Market

Crash of TerraUSD, Luna Cryptocurrencies Results in Shrinking Virtual Assets Market

SEOUL, Sept. 27 (Korea Bizwire) — The implosion of the TerraUSD and Luna cryptocurrencies, coupled with the stagnating economy, has resulted in the market for virtual assets shrinking significantly this year. The Financial Services Commission conducted a survey of 35 virtual asset businesses this year. The market cap was 23 trillion won (US$16.1 billion), down [...]

Brokerages Earn 23.6 bln Won in Short Selling Fees in H1

Brokerages Earn 23.6 bln Won in Short Selling Fees in H1

SEOUL, Sept. 27 (Korea Bizwire) — Brokerages in South Korea raked in a combined 23.61 billion won (US$16.5 million) in fees from handling stock short selling in the first half of this year, data showed Tuesday. The amount compared with 29.28 billion won they earned from short selling-related fees throughout last year, according to the [...]

S. Korea Draws $1.15 bln Investment from Applied Materials, Six Other U.S. Firms

S. Korea Draws $1.15 bln Investment from Applied Materials, Six Other U.S. Firms

SEOUL, Sept. 23 (Korea Bizwire) — South Korea has drawn investment worth a combined US$1.15 billion from seven North American firms in the semiconductor, battery and energy sectors, which is expected to help strengthen supply chains of key items and boost bilateral economic ties, the industry ministry said Friday. The investment pledges were made during [...]

Financial Firms Continue to Close Offline Offices amid Increased Use of Mobile Services

Financial Firms Continue to Close Offline Offices amid Increased Use of Mobile Services

SEOUL, Sept. 20 (Korea Bizwire) — The number of offline offices run by financial firms in South Korea declined more than 1,000 over the past year as the use of mobile services spiked amid their fast transition to digitalization, data showed Tuesday. Local financial companies, including banks and insurers, had run a total of 15,924 [...]

Prosecutors Say Terraform Founder Do Kwon ‘Obviously On the Run’

Prosecutors Say Terraform Founder Do Kwon ‘Obviously On the Run’

SEOUL, Sept. 18 (Korea Bizwire) — South Korean prosecutors said Sunday that Do Kwon, the wanted founder of Terraform Labs accused of fraud following the massive collapse of the firm’s cryptocurrencies in May, is “obviously on the run” and not cooperating with the investigation. The remarks came in response to Kwon’s claim in a tweet [...]