Hanwha Group has obtained approval from China and Singapore for its plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, leaving only South Korea and the European Union pending decisions on the acquisition. The latest approvals came after Vietnam gave its approval a day earlier. Hanwha announced the deal to buy the embattled South Korean shipbuilder in September last year. Turkey was the first to approve the plan, followed by Britain and

  South Korean seafood company Dongwon Industries Co.'s bid to acquire a local vaccine maker fell through due to unspecified reasons, according to company officials said Thursday. Boryung Biopharma Co. has withdrawn the exclusive right to due diligence it had given to Dongwon Industries, and the memorandum of understanding they signed last month has been nullified, according to company officials and a Dongwon filing. Dongwon said in the filing "the preferred due diligence rights have

South Korean stocks opened higher Wednesday, tracking US gains overnight, as concerns about a global banking sector crisis have eased, with eyes on the Federal Reserve's upcoming monetary policy path. The benchmark Korea Composite Stock Price Index added 16.33 points, or 0.68 percent, to 2,404.68 in the first 15 minutes of trading. Overnight, US shares rose, as investors welcomed the rescue of Credit Suisse by Swiss banking giant UBS in a move to stem the contagion of turmoil in the global

South Korean stocks ended higher Tuesday, as fears over a global banking turmoil have somewhat eased and investors expect the Federal Reserve to have a milder tone regarding monetary tightening ahead of its rate-setting meeting, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 9.15 points, or 0.38 percent, to close at 2,388.35. Trading volume was a bit slim at 345.82 million shares worth 7.14 trillion won ($5.45 billion), with de

South Korean stocks opened higher Tuesday, tracking US gains, as the takeover of troubled Credit Suisse by UBS raised hope for eased concerns about the global banking sector. The benchmark Korea Composite Stock Price Index added 14.85 points, or 0.62 percent, to 2,394.05 in the first 15 minutes of trading. Overnight, US shares rose after Swiss banking giant UBS on Sunday announced the takeover of Credit Suisse, a deal engineered by the Swiss authorities in an effort to avoid further turmoil in t

South Korean stocks ended lower Monday, led by big-cap tech losses, on mounting concerns over a global banking crisis despite the takeover of the troubled Credit Suisse. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 16.49 points, or 0.69 percent, to close at 2,379.2. Trading volume was slim at 339.75 million shares worth 5.97 trillion won ($4.55 billion), with gainers outpacing decliners 446 to 426. Foreigners shed a net 204.89 billion won wo

South Korean stocks opened a tad higher Monday amid eased woes over the global banking sector. The benchmark Korea Composite Stock Price Index added 3.34 points, or 0.14 percent, to 2,399.03 in the first 15 minutes of trading. On Friday, US shares ended lower due to the decrease in banking stocks in the wake of the failure of the Silicon Valley Bank. The Dow Jones Industrial Average lost 1.19 percent, and the tech-heavy Nasdaq Composite fell 0.74 percent. According to media reports on Sunday, Sw

Seoul stocks finished higher Friday as investors' jitters eased on news that a group of banks would throw a lifeline to a troubled US bank. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 17.78 points, or 0.75 percent, to 2,395.69. Trading volume was moderate at about 355 million shares worth some 8.38 trillion won ($6.4 billion), with gainers outnumbering losers 672 to 224. Institutions and foreign investors bought a net 155 billion won wor

South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o

Seoul stocks opened higher Friday on news that a group of banks would throw a lifeline to a troubled US bank. The benchmark Korea Composite Stock Price Index added 15.84 points, or 0.67 percent, to 2,393.75 in the first 15 minutes of trading. Overnight, Wall Street finished up after 11 American banks vowed to inject $30 billion into the ailing San Francisco-based First Republic Bank, reassuring investors of the financial soundness of the US banking system. The Dow Jones Industrial Average gained

Seoul stocks closed slightly lower Thursday amid concerns that global investment bank Credit Suisse's fiasco may worsen and possibly harm the global financial sector. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.81 points, or 0.08 percent, to close at 2,377.91 points. Trading volume was moderate at about 314 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 670 to 220. Institutions sold a net 3

Seoul stocks opened sharply lower Thursday on worries that global investment bank Credit Suisse's fiasco may spread to other financial institutions. The benchmark Korea Composite Stock Price Index shed 24.03 points, or 1.01 percent, to 2,355.69 points in the first 15 minutes of trading. Investors remained worried that Swiss-based Credit Suisse, hit by scandals and losing confidence from investors, may face further uncertainties down the road. On Wednesday, Seoul stocks rebounded from the af

South Korean stocks opened higher Wednesday as concerns eased over the collapse of US banks, which jolted the global financial market this week. The benchmark Korea Composite Stock Price Index rose 29.14 points, or 1.24 percent, to 2,378.11 points in the first 15 minutes of trading. On Tuesday, the key stock index closed down nearly 3 percent, the biggest daily loss this year, amid lingering uncertainties about the fallout from the collapse of two US banks. US stocks also rebounded from their tr

Seoul stocks opened sharply lower Tuesday as investors weigh the fallout from the collapse of two US banks and uncertainties over the Federal Reserve's monetary tightening. The benchmark Korea Composite Stock Price Index shed 36.51 points, or 1.51 percent, to 2,374.09 in the first 15 minutes of trading. The failures of Silicon Valley Bank, the largest shutdown of a US bank since the 2008 financial crisis, and the New York-based Signature Bank fanned sell-offs by foreign and institutional in

Despite rate hikes, investor bets big on stable returns of middle-market properties in US