Business - The Korea Times

Daewoo Shipbuilding & Marine Engineering to raise $107.7 mil. via stock sale

A crane without Daewoo Shipbuilding and Marine Engineering (DSME)'s logo / Courtesy of Daewoo Shipbuilding and Marine EngineeringDaewoo Shipbuilding Marine Engineering on Tuesday announced that it will sell stock to raise 141.3 billion won ($107.7 million). The proceeds from the stock offering will be used primarily to pay off its debts.According to a regulatory filing, the company will issue some 5.14 million common shares at a price of 27,467 won per share. The stock will be sold to the investors that the firm designated. (Yonhap)

May 23, 2023

Daewoo Shipbuilding & Marine Engineering to raise $107.7 mil. via stock sale

Mirae Asset Global Investments contributes through social, educational programs

Students selected as beneficiaries of Mirae Asset's scholarship program pose before an orientation session in this undated file photo. Courtesy of Mirae Asset Global InvestmentsBy Yoon Ja-youngMirae Asset Global Investments is actively engaging in social contribution efforts both locally and overseas, focusing on nurturing human resources and establishing education infrastructure.It has been offering various programs in financial and career education to increase economic and financial knowledge and skills. Since launching the global leadership program in 2006 for subscribers of its investment fund targeting children, Mirae Asset has initiated school tours, classes and camps to teach children and teenagers about economics. As of the end of March, more than 402,945 people have participated in skill nurturing programs offered by Mirae Asset Group subsidiaries so far. Mirae Asset Financial Group's headquarters in Seoul / Courtesy of Mirae Asset Financial GroupMirae Asset Park Hyeon Joo Foundation is leading the group's social contribution activities. Group Chairman Park Hyeon-joo has don

May 22, 2023

Mirae Asset Global Investments contributes through social, educational programs

UAE explores investment opportunities in Korea

Ranking officials from Korea's financial sectors and a business delegation from the United Arab Emirates (UAE) pose after holding the UAE-Korea Sovereign Investment Partnership Forum in Seoul, May 15. In the front row are Korea Financial Investment Association Chairman Seo Yoo-seok, left, Korea Chamber of Commerce & Industry (KCCI) Vice Chairman Woo Tae-hee, third from left, First Vice Finance Minister Bang Ki-sun, fourth from left, Mubadala Investment Company Deputy CEO Waleed Al Muhairi, sixth from left, Financial Services Commission Vice Chairman Kim So-young, seventh from left, and Korea Development Bank (KDB) Chairman Kang Seog-hoon, eighth from left. Courtesy of KDBBy Lee Min-hyungThe United Arab Emirates (UAE) is on track to execute $2 billion (2.63 trillion won) of investments in Korea's promising growth areas such as energy and information and communications technology (ICT), the Korea Development Bank (KDB) said in a statement Monday.This investment comes as a follow-up measure from a summit in January between President Yoon Suk Yeol and UAE President Mohamed bin Zayed

May 22, 2023By Lee Min-hyung

UAE explores investment opportunities in Korea

JPMorgan CEO Jamie Dimon to visit Korea in June

Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., speaks during an interview with Reuters in Miami, Florida on Feb. 8. Reuters-YonhapBy Anna J. ParkJamie Dimon, chairman and CEO of JPMorgan Chase & Co., is slated to visit Korea early next month, drawing market attention as to what the most powerful banker in the world might do during his visit. According to the investment banking industry and media reports, Dimon's itinerary in Korea is expected to start on around June 5 and be short. During the visit, Dimon is expected to meet heads of major financial groups and key institutional investors, to discuss market outlooks of the region and mutual investment projects. JPMorgan has maintained strong networks with the National Pension Service (NPS), one of the world's largest institutional investors, and the Korea Investment Corporation (KIC), the country's sovereign wealth fund. Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., left, shakes hands with President Yoon Suk Yeol at the World Economic Forum

May 21, 2023By Anna J. Park

JPMorgan CEO Jamie Dimon to visit Korea in June

Osstem Implant set to be delisted from stock market

Osstem Implant headquarters in Seoul / YonhapBy Lee Min-hyungOsstem Implant is on its way to being delisted from the Korean stock market after its major shareholder decided to put that option up for a vote at the upcoming shareholders' meeting in June.A consortium ― consisting of MBK Partners and Unison Capital Korea ― has pushed for the delisting of the dental implant manufacturer to promote speedier decision-making and possible synergy with Medit, a 3D dental scanner maker. MBK acquired a controlling stake in Medit from Unison for 2.4 trillion won ($1.8 billion) at the end of 2022, banking on its oligopolistic growth potential across the globe.The two private equity firms (PEFs) then decided to establish a special-purpose company called Dentistry Investment to take over the management rights of Osstem Implant. The consortium holds a 96.1-percent stake in Osstem Implant. The general meeting of shareholders will be held on June 28. If the agenda is passed by shareholders, Osstem Implant will immediately request the Korea Exchange to be delisted.“If the exchange operator approve

May 19, 2023By Lee Min-hyung

Osstem Implant set to be delisted from stock market

Korean display firms to invest $48.74 bil. by 2027 to reclaim global top spot

People looking at a display at the World IT Show 2023 at COEX in Seoul / Courtesy of LG DisplaySamsung Display, LG Display and other Korean display companies will make a combined investment of over 65 trillion won ($48.77 billion) by 2027 to secure innovative technologies and reclaim the world's No. 1 position, the industry ministry said Thursday.The planned investments aim to expand the country's global market share to over 50 percent by 2027 from last year's 37 percent by developing new technologies for next-generation display items and expanding organic light-emitting diode (OLED) display production lines.The country will also push to make 80 percent of materials, parts and equipment needed for the display industry with its own technologies, compared with 65 percent in 2022, and to achieve super-gap technologies to outstrip rival nations by more than five years.The goals were announced during a meeting between Industry Minister Lee Chang-yang and senior corporate officials of the industry, including Kim Sung-chul, Samsung's chief technology officer (CTO); LG's CTO Yoon Soo-young;

May 19, 2023

Korean display firms to invest $48.74 bil. by 2027 to reclaim global top spot

Apple Pay causes upheaval in Korea's payment market

A customer uses their iPhone for an Apple Pay transaction at a restaurant in Seoul, March 21. NewsisNaver Pay app downloads soar following Samsung Pay partnership By Anna J. ParkThe local payment service market is in upheaval, following Apple Pay's official launch in late March in partnership with Hyundai Card. While Apple Pay is permeating into local markets rapidly, other major payment services seek partnership strategies to hold onto their customers. According to the payment industry, the number of newly issued tokens for Apple Pay is expected to have surpassed 3 million as of early this month. Tokens are issued to new users of Apple Pay, as a new subscriber's credit card information is encrypted. It has been less than two months since the mobile payment service's official launch in Korea on March 21.Although Hyundai Card does not offer information on the real-time aggregated number of Apple Pay users, Chung Tae-young, the head of the card company, verified on April 11 on his Instagram posting that the number of Apple Pay tokens exceeded 2 million in the third week of Apple Pay's

May 18, 2023By Anna J. Park

Apple Pay causes upheaval in Korea's payment market

KB Kookmin Bank's Indonesian subsidiary on track for performance turnaround

The lobby entrance of KB Financial Group's headquarters in downtown Seoul / Korea Times fileBy Lee Yeon-wooKB Kookmin Bank's plan to increase capital in its Indonesian subsidiary, Bank KB Bukopin, is proceeding smoothly following recent approval from Indonesian financial authorities. KB Kookmin Bank anticipates that this subsidiary will start generating profits by 2025.According to the bank on Thursday, it is planning to inject 1.08 trillion won ($808 million) of additional capital into its Indonesian subsidiary to stabilize its operations. The Indonesian Financial Authority, Otoritas Jasa Keuangan (OJK), recently approved the capital increase of Bank KB Bukopin.Of the total, 700 billion won will be contributed by KB Kookmin Bank, while the remaining 300 billion won will be sought from external investment. STIC Investment and Eugene Private Equity are participating in the project as financial investors, with Meritz Securities involved as a limited partner. The Indonesian subsidiary of KB Insurance will also take part in the project.The capital increase is expected to be finalized wit

May 18, 2023By Lee Yeon-woo

KB Kookmin Bank's Indonesian subsidiary on track for performance turnaround

Korea's antitrust regulator approves takeover of Credit Suisse by UBS

The logos of the Swiss banks Credit Suisse and UBS are displayed at Paradeplatz in Zurich, Switzerland, March 19. AP-YonhapKorea's antitrust regulator on Thursday approved UBS Group's takeover of Credit Suisse Group, noting the merger is not likely to limit competition in the local market.The review came as overseas companies that generate sales of 30 billion won ($22.47 million) in Korea are obligated to report their mergers to the regulator. UBS and Credit Suisse are both based in Switzerland."Following the review process, we have concluded that the move is not likely to restrict competition in the market in all types of mergers," the Fair Trade Commission (FTC) said in a statement.The FTC had been looking into the impact of vertical and horizontal mergers in businesses ranging from brokerage and acquisition advisory to debt capital market and asset management."All four areas where the horizontal merger is set to occur are already participated in by numerous players that engage in intense competition," the FTC said. "Even after the merger, UBS and Credit Suisse are not likely to ra

May 18, 2023

Korea's antitrust regulator approves takeover of Credit Suisse by UBS

ASML opens global EUV training center in Korea

ASML employees at the opening ceremony of a new EUV training center in Yongin, 42 kilometers south of Seoul, are seen in this May 18 photo provided by ASML Korea. YonhapASML Holding N.V., a Dutch chip equipment maker, has opened a new global training center for extreme ultraviolet (EUV) lithography machines near Seoul, the company said Thursday.The 1,445-square-meter center in Yongin, 42 kilometers south of Seoul, is aimed at training technicians on the maintenance and repairs of the highly delicate and complex EUV machines. It also houses clean rooms, lecture rooms and office space, the company said.The center is expected to boost ASML's global EUV training by 30 percent by 2024, the company said. It is the Dutch company's second global training center in Korea, after building its first one in Hwaseong, 45 kilometers south of Seoul, in 2018.Samsung Electronics and SK hynix are two of the Dutch company's biggest clients. ASML is the world's sole producer of EUV machines, which print intricate layers on a chip and are critical for producing advanced semiconductors.Separately, ASML is