The Financial Services Commission said Wednesday that it would introduce a new set of policies aimed at spurring reverse mortgages in an effort to help the elderly to better prepare for their post-retirement.In a meeting with officials from the housing sector, FSC chairman Yim Jong-yong said the regulatory body would offer the public the so-called “three sets of housing pension” in order to change the negative perception of home ownership. FSC chairman Yim Jong-yong (Yonhap)He hinted that those

March 23, 2016

Leenos, a KOSDAQ-listed fashion and information technology solutions company, has acquired a 66.67 percent stake in SUR Korea, a nail polish cosmetics maker, according to a regulatory filing Wednesday.Leenos reported that it financed the acquisition of SUR’s new shares worth 2 billion won ($1.7 million) in cash as part of its efforts to “diversify its business and seek new growth.”Leenos imports fashion bag brands of Kipling and Eastpak for the local retail market, and provides communication sol

March 23, 2016

Wonik Materials, a KOSDAQ-listed gas materials company, said in its disclosure report Wednesday that Hanwha Asset Management has purchased 64,487 shares of Wonik Materials.The share purchase has increased Hanwha Asset’s stake in Wonik from 7.48 percent to 8.52 percent, the company said.Wonik IPS, a semiconductor equipment maker, has a 46.5 percent stake in Wonik Materials, which supplies gas materials to Samsung Electronics and SK Hynix for the manufacturing of chips and flat-panel displays. Han

March 23, 2016

NH Investment & Securities will join hands with Yozma Group, Israel’s venture capital fund, to support Korea-based start-ups with their global ventures, according to the securities company Wednesday.Their partnership will include NH providing financial consulting and investment banking services to start-ups operating at the Yozma Campus in Pangyo, Gyeonggi Province.Yozma recently opened its campus in the region. The VC group is well known for investing in start-ups with technologies and applicat

March 23, 2016

HDC Young Chang Music, a privately held piano maker of Hyundai Development Company, reported in its disclosure on Wednesday that it has borrowed 4.5 billion won from its affiliate HDC I & Cons. (HDC Young Chang Music)The inter-affiliate loan’s maturity period is March 23, 2018 with an annual interest rate of 3.7 percent, the piano maker said. Young Chang said this loan was the extension of its previous borrowing from HDC I & Cons, a real estate development company.Hyundai Development Company, a

March 23, 2016

Candle Media, a KOSDAQ-listed mobile content producer, said in its disclosure report Wednesday that its largest shareholders are considering “various options” with regards to their ownership in the company.It added, however, that no decisions have been made. This statement comes as the Korea Exchange sought clarification from the company to verify rumors that the company’s largest shareholders -- SK Telecom’s investment funds -- will sale their shares and exit the company on Tuesday.SK Telecom’s

March 23, 2016

Pan Ocean, a listed bulk carrier services company, said in its disclosure report Wednesday that it has secured a long-term contract to ship iron ore for Vale, Brazil’s metals and mining giant.The contract is worth some 419 billion won ($362 million), accounting for about 25 percent of Pan Ocean’s sales, the shipping company reported. Pan Ocean will start shipping iron ore for Vale from October this year to October 2036 via destinations including China, Malaysia and Brazil.Jeil Holdings is the la

March 23, 2016

Korea Investment & Securities has purchased bonds issued by Hyundai Capital Services, according to the auto financing company’s disclosure filing Wednesday.Hyundai Capital said that it has issued bonds worth 10 billion won through its manager Standard Chartered Bank Korea, and Korea Investment & Securities acquired all the bonds with a yield of 2.058 percent. The bonds’ maturity date is Dec. 21, 2020. Buildings of securities firms in Seoul (Yonhap)Korea Investment can demand a “put option” by re

March 23, 2016

Dongbu 4th Special Purpose Acquisition, a KOSDAQ-listed SPC, said in its regulatory filing Wednesday that it has acquired Creative Leaders Group Eight, a privately-held content production house.The acquisition fund of Dongbu Securities said that it will help Group Eight finance content such as TV dramas and musicals. Following the takeover, Group Eight’s corporate name will cease to exist, but its production operations will continue, according to Dongbu’s disclosure filing.Headquarters of Dongbu

March 23, 2016

Hyundai Cement said in its disclosure filing Wednesday that the Seoul Central District Court had dismissed an injunction filed by former chairman Chung Mong-sun against the company’s executives, including CEO Lee Joo-hwan.Chung filed for an injunction with the court last October to suspend the appointments of the executives amid a battle over the company’s ownership. The Seoul court said Chung’s claims did not suffice to justify an injunction.Chung tried in vain to plead his case to take over th

March 23, 2016

The Financial Services Commission is expected to devise a policy that enables financial professionals to start their own investment advisory ventures, in the second half of this year, according to the country’s regulators on Sunday.The FSC will seek to introduce a revised law to boost independent financial advisory services in the local capital market for legislation by the end of May.The IFA revision will allow employees of financial services companies to set up and operate investment advisory

March 20, 2016

Mirae Asset Securities is expected to participate in a bid for Hyundai Securities through its investment in a private equity fund, according to news reports Sunday.The brokerage, which recently took over Daewoo Securities from the state-run Korea Development Bank, has reportedly decided to invest about 500 billion won ($430 million) in LK Investment Partners private equity for the acquisition.LK, KB Financial Group and Korea Investment Holdings have submitted their letters of intent to purchase

March 20, 2016

The Financial Services Commission said on Thursday that it held a closed-door meeting with officials from the Financial Supervisory Service, Bank of Korea and state research institutions to evaluate the country’s mortgage levels and housing market.The officials also met to resolve a misunderstanding that the country’s financial authority has been toughening its rules on loans amid a housing oversupply and high household debt.The FSC reiterated its stance that it has not enforced any regulations

March 17, 2016

The number of Korean venture capital investment firms reached a record high of 118 on the back of the government’s drive to support local start-ups in line with its policy to develop a creative economy, according to the Small and Medium Business Administration on Wednesday.This is also due to relaxed regulations enabling VC firms to be set up with equity capital of 5 billion won. Previously, Korea only allowed VCs with more than 7 billion in equity capital to be established.In addition to the go

March 16, 2016