Feb 20, 2020

Mirae Asset Daewoo’s overseas ETF wrap account sales surpass W100b

South Korean brokerage firm Mirae Asset Daewoo said Thursday its wrap account attracted a record net inflow of 100 billion won ($83.4 million). The fund is the first in Korea to surpass the milestone as a wrap account investing in overseas exchange-traded funds, the company said. A rise in investors’ interest in overseas stock markets and investment in ETFs appear to have driven the increase in sales of Mirae’s Global X Portfolio Wrap Account, it added. Unlike general index inve

Feb 20, 2020

Watchdog chief says he feels sorry over Lime fiasco

The head of South Korea's financial watchdog said Thursday he feels sorry for the controversy surrounding the suspension of fund redemption by the country's largest hedge fund Lime Asset Management Co.  Yoon Suk-heun, governor of the Financial Supervisory Service, said in a parliamentary session that he will help the fund come up with and implement its redemption plan.  The comments came as the watchdog prepares to launch an inspection into Lime's suspension of fund redemption ear

Feb 19, 2020

COVID-19, Lime scandal pump brakes on stock rally

The COVID-19 virus entering a new phase here has put the brakes on local stock markets and the attempt for improved performance this year, along with the snowballing Lime Asset Management fiasco that has been sending shockwaves through the local brokerage industry, according to industry sources Wednesday. The local stock market opened high this year amid heighten sentiment for an improved economic outlook. However, intensifying fears on the deadly virus have begun weighing down on investor sen

Feb 18, 2020

Watchdog to probe investment firms, banks, brokerages over Lime scandal

Looking into a major hedge fund misselling fiasco involving Lime Asset Management, South Korea’s financial watchdog is likely to narrow its focus on three major vendors -- Shinhan Investment, Woori Bank and KEB Hana Bank -- officials said Tuesday. Shinhan Investment is facing additional allegations that it sold the disputed financial products with full awareness of their flaws. The Financial Supervisory Service is slated to kick off its first on-site investigation of the country&rsquo

Feb 18, 2020

Weak earnings, coronavirus fears weigh on Korean firms’ credit

Korean companies are facing imminent threats of credit downgrades, as they face a double whammy of weak 2019 earnings and novel coronavirus fears weighing on the global economy. Some of the firms have already experienced credit rating downgrades by agencies in the past week. Seoul-based NICE Investors Service last week downgraded credit ratings of panel maker LG Display and retailer E-mart by one notch each, as their business prospects are clouded and they are shouldering increased debt. LG

Feb 18, 2020

On brighter chip prospects, market cap of Samsung up 10%

Only three groups with tech-related businesses see gains in market value; retailers suffer

Feb 16, 2020

Hyundai Capital’s ‘inclusive’ corporate culture wins local support

Auto finance firm among top employers in Canada

Feb 16, 2020

Individual Lime investors face losing entire principal

The entire amount of financial losses stemming from Lime’s funds is expected to rise to more than $1 billion, sparking deep distrust in private fund operatives and concerns over a lack of protective measures for individual investors. Lawsuits for damages and compensation are likely to follow en masse, after an intermediary audit on the hedge fund firm last week by the financial watchdog specified the case as alleged fraud. On Friday, the Financial Supervisory Service said Lime and it

Feb 13, 2020

FSC reduces fines on DLF-selling banks, denies back-scratching

The Financial Services Commission on Thursday reduced the amount of fines imposed on Woori Bank and KEB Hana Bank over their disputed misselling of derivative-linked financial products last year. By altering the sanctions previously decided by the market watchdog Financial Supervisory Service, the regulator is being accused of playing a power game and taking sides with the industry, although it has vehemently refuted such doubts. The FSC’s advisory panel Securities and Futures Commiss

Feb 13, 2020

Seoul office buildings enjoy W11.5tr cash flow in 2019: Savills Korea

The office building transaction volume in major districts of Seoul came to 11.5 trillion won ($9.7 billion) for 2019, showing favorable cash flow in the city’s commercial real estate market, data showed Thursday. The figure comes amid an improved vacancy rate in prime office properties in the central, Gangnam and Yeouido business districts here, coupled with a low interest rate environment. According to real estate service firm Savills Korea’s research on Seoul prime office propert

Feb 13, 2020

Mirae Asset Capital to buy W40b worth of brokerage unit’s stocks

Mirae Asset Capital to increase stake to 21.1%

Feb 13, 2020

Barings Korea names CIO as co-head

Barings Asset Management Korea has named its Chief Investment Officer John Park as its joint head in a revamp to pursue efficiencies in management. Park will serve as one of BAMK’s two representative directors along with the incumbent CEO Ike Bae, as the firm adopts a multiple representative director system. The board approved the plan Wednesday. Park will lead investment management and support client relationships, while Bae will continue to lead the overall corporate management, inclu

Feb 12, 2020

JB Financial logs record-high net profit in 2019

Banking group attributes performance to balanced portfolio, successful ASEAN expansion

Feb 12, 2020

Stock prices of firms behind ‘Parasite’ hit new high

Shares of both Barunson E&A, the production company of Oscar-winning “Parasite,” and the entertainment division of stationery and restaurant conglomerate Barunson hit a new 52-week high Wednesday. Barunson E&A shares touched 3,815 won ($3.24) -- up 880 won, or 29.98 percent, from the previous session. The firm had previously peaked by the daily limit of about 30 percent for two straight trading sessions. Baruson’s stock price also spiked 29.87 percent, to hit 4,435