A tug of war between the General Motors headquarters and the South Korean government over GM Korea’s survival has been resumed in nine years. GM is claiming that it has no choice but to withdraw from the South Korean market without the government’s support or unionized GM Korea worker’s concession.
According to industry sources on February 8, GM recently told the South Korean government and Korea Development Bank (KDB) that it would increase its capital. Specifically, GM’s target is at least 4 trillion won (US$3.6 billion) and GM is hoping that the GM headquarters and KDB will make an investme
As Lee Jae-yong, vice chairman of Samsung Electronics Co., has been released from prison on probation, Samsung Group’s financial affiliates, such as Samsung Life Insurance and Samsung Fire & Marine Insurance, are accelerating the search for their new CEOs.According to investment banking (IB) industr
As the United States central bank is now poised to raise interest rates at a faster-than expected pace, U.S. investment funds could rush out of South Korea, dealing a blow to the local stock market, analysts warned. When the U.S. jacks up its interest rates three to four times this year, which will
Industrial Bank of Korea (IBK) and Dian Intan Perkasa (DIP), which is the largest shareholder of Bank Agris, recently signed a conditional stock purchase agreement so that the former acquires the latter’s Bank Agris shares that total 82.59%. Bank Agris is a forex trading bank headquartered in Indone
According to industry sources on February 6, Daewoo Engineering & Construction incurred an estimated loss of 300 billion won (US$270 million) to 400 billion won (US$360 million) in the fourth quarter of last year in its combined cycle power plant construction site in Safi, Morocco and the loss is pl
As banks continue to be reluctant to issue a new cryptocurrency accounts, a South Korean cryptocurrency exchange, which failed to open a digital currency account, has decided to suspend its transactions on its platform.According to industry sources, South Korean cryptocurrency exchange Coinpia halt
KT Corp. announced on Feb. 5 that it demonstrated 5G services, such as omni-point view and virtual reality (VR), during the NFL Superbowl event held in U.S. Bank Stadium in Minneapolis, Minnesota, on the 4th (local time) by connecting South Korea’s 5G wireless networks and U.S.’ 5G wireless networks
Meritz Securities said on February 1 that the South Korean oil refining industry is expected to remain stable until 2020 if the volatility of oil prices is limited.“No oil refining facility expansion is in sight until 2020 although the construction of an average oil refining facility requires at lea
With foreign investors continuing net purchases for South Korean stocks this year, global investment banks (IBs) have also posted positive outlook for South Korean stocks with some predicting the country’s benchmark KOSPI to top 3,000 near the end of this year.According to IB industry sources on Feb
It has been found that the government finally decided to revive STX Offshore and Shipbuilding and Sungdong Shipbuilding and Marine Engineering. Analysts say that the government said that it will give one more chance to the shipbuilders while taking into account a recovery of the shipbuilding market
Mirae Asset Financial Group and CHA Medical Group will go for an initial public offering (IPO) of a new holding company after the acquisition of a medical corporation in Singapore. They aim to create a global medical chain by establishing a holding company, which has a medical corporation in the Uni
Global cryptocurrency exchanges are seeking to break into the South Korean market one after another following BitPoint, the third largest exchanges in Japan. They aim to expand an ecosystem by participating in the domestic market, which is the third largest in the world.According to industry sources
CHA Medical Group (CMG) has become the first South Korean medical center entering the Australian market by acquiring a stake in CFC Global, the country's fourth-largest in-vitro fertilisation (IVF) specialist.The group announced on Jan. 31 that CHA Healthcare Co., a subsidiary of CHA Biotech Co. lis
It has been found that Netmarble recorded the third highest revenue among app publishers in the world including Apple App Store and Google Play Store last year.App Annie, a mobile app analysis company, said on January 31 that Netmarble claimed third place on the list of the top 52 publishers in term
Line Corp., mobile messenger app unit of South Korea’s leading online portal operator Naver Corp., announced to launch cryptocurrency exchange business in Japan as part of its strategy to create a synergy based on its top messaging platform with more than 120 million users in Japan and its financial
As the South Korean government is seeking to impose a tax on cryptocurrency transactions, the financial authorities are also setting out to legislate regulations on a pyramid scheme fraud or money laundering through the medium of digital currencies, putting an all directional pressure. They are tryi
As banks will look into whether or not exchanges that use corporate accounts (aka honeycomb accounts) are against financial authorities' anti-money laundering guidelines, so that investment by 800,000 members of these exchanges may be brought to a halt. As banks implement real-name cryptocurrency tr
According to the International Contractors Association of Korea, South Korean construction companies signed international contracts worth a total of approximately US$2.8 billion between January 1 and 25 this year, up 71% from a year ago.The contracts include US$1.467 billion in the Middle East, US$1
South Korea’s largest e-commerce firm Coupang is seeking to raise 500 billion won (US$469.92 million) worth of funds. The domestic e-commerce market has already entered “chicken game” as Shinsegae attracted 1 trillion won (US$939.85 million) of investment.An official from the investment banking (IB)