Hana Financial Group said Sunday that it has joined notable financial companies in a consortium to apply and standarize innovative financial technologies.The “R3 CEV” group consists of 43 financial conglomerates, including Citigroup, Bank of America, JP Morgan Chase, Goldman Sachs and UBS. Hana Financial Group (Yonhap)Hana Financial will be participating in this group to apply emerging blockchain technology into services such as global transactions and security protection. Blockchain enables sto

April 17, 2016

Korea’s Finance Minister Yoo Il-ho said that the government will aggressively push forward with restructuring financially vulnerable companies, making this its top priority with the general election over. The top fiscal policymaker added that it will begin with Korea’s shipping companies that face liquidity crises, saying that he is most concerned with Hyundai Merchant Marine, which is undergoing a self-rescue plan with conditions by its creditors. Korea’s Finance Minister Yoo Il-ho (Yonhap)“I w

April 17, 2016

Dasan NetworksDasan Networks said that it will acquire Zhone Technologies through share swaps by June this year.Dasan is a KOSDAQ-listed telecommunications equipment maker, while Zhone is a NASDAQ-listed telecommunications equipment maker. Under the deal, Dasan Networks will acquire new shares of Zhone, or a 58 percent stake, for 89 billion won ($78 million). Zhone will merge with Dasan Networks’ U.S. subsidiary Dasan Network Solutions, and own a 42 percent stake in Dasan’s U.S. company, accordi

April 13, 2016

POSCO said Tuesday that its biggest shareholder -- the National Pension Service -- has increased its ownership in the steel giant, from 10.04 percent to 10.22 percent.In 2015, the NPS, the country’s pension manager, owned a 9.04 percent stake in POSCO, according to an audit filing.By Park Hyong-ki (hkp@heraldcorp.com)

April 12, 2016

The Korean stock market will see its biggest initial public offerings this year, with net stock floatations to exceed the previous record of 8.7 trillion won ($7.6 billion) in 2010.In a meeting with corporate executives in Seoul on Tuesday, Choi Kyung-soo, chairman and CEO of the Korea Exchange, said that about 20 companies are expected to launch IPOs in the Korean stock market.Local companies planning stock offerings include Hotel Lotte and Doosan Bobcat, he noted.Last year, 16 companies listed

April 12, 2016

Sajo Haepyo, a listed soybean company of Sajo Group, said Tuesday that it will guarantee loans worth 5.7 billion won ($5 million) to its affiliate Sajo Bio Feed borrowed from NH Bank.Sajo Haepyo has set aside some 6.9 billion won as guarantee fund in case Sajo Bio defaults on its loans, the company said in a regulatory filing. Sajo Haepyo has a 25 percent stake in Sajo Bio Feed, which produces livestock feeds. Sajo Industries, a seafood giant, is the biggest shareholder with a 20.9 percent in Sa

April 12, 2016

Homeplus, Kumho Petro Chemical and Taeyoung have been newly included in a list of 39 Korean conglomerates with debt levels growing at a significant pace, according to the Financial Supervisory Service on Tuesday.Corporations that saw their debt increase more than 1.36 trillion won last year have been put on the financial regulator’s corporate debt watch list. The aggregate debt of the 39 groups stood at 300.7 trillion won last year, down 2.3 trillion won or 0.8 percent from 303 trillion won a ye

April 12, 2016

The Ministry of Strategy and Finance said that the country’s tax revenue increased by 10.9 trillion won ($9.5 billion) in January-February from the same period last year.The ministry said in a report Tuesday that total tax revenue amounted to 42.7 trillion won in the first two months, despite growing economic uncertainties and slowdown.The report showed that its rate measuring actual tax collection in proportion to target revenue increased by more than 4 percentage points to 19.1 percent.It attr

April 12, 2016

Seven Star Works, a KOSDAQ-listed broadcasting equipment maker, said that it will issue new shares worth about 8 billion won ($7 million) to four individuals and an investment fund.The company, whose majority shareholder is Hong Kong-based Sun Seven Stars Hong Kong Cultural Development, plans to issue 606,057 new shares at 13,200 won per share. Acquirers of Seven Star Works’ new shares are required to hold onto the shares for at least a year.Seven Star Works said in its disclosure report that th

April 12, 2016

BaekHak Beverage, a privately held bottle water company of Lotte Chilsung Beverage, said that it has borrowed 13 billion won ($11.3 million) from Lotte Capital.With an annual interest rate of 3 percent, the loan is due in April 2017. BaekHak said in a regulatory filing that the inter-affiliate loan is an extension of its previous loan from Lotte Capital.Lotte Chilsung Beverage, a soda giant of Lotte Group, has an 86.06 percent in BaekHak, while the Military Mutual Aid Association, a pension for

April 12, 2016

Dong-Ah Geological Engineering, a listed tunnel construction company, has secured a contract to provide tunnel excavation services to Samsung C&T for the construction of the third phase of Seoul Subway Line No. 9.Dong-Ah will be using its shield tunnel boring machine method for the No. 9 subway tunnel construction under the contract worth about 10.7 billion won ($9.35 million), or about 4 percent of the company’s sales, according to a regulatory filing. The company is obligated to carry out the

April 12, 2016

Hyundai Card said Tuesday that Dongbu Securities acquired all of its bonds worth 40 billion won ($34.9 million).The credit card joint venture of Hyundai Motor, Korea’s largest automaker, and GE Capital will use the proceeds to finance its operations, according to a regulatory filing. Dongbu Securities (Yonhap)Hyundai and Kia Motors have a combined 48 percent stake in Hyundai Card, while IGE USA Investments, an affiliate of GE Capital, has a 43 percent stake.With an annual interest rate of 2 perc

April 12, 2016

Hyundai Wia, a listed auto parts-maker of Hyundai Motor, said Tuesday that it has issued bonds worth 130 billion won ($114 million) in total to refinance its debt and pay for materials supplied from its partners.Korea Investment & Securities, KTB Investment, HMC Investment, Shinhan Investment and Hana Financial Investment acquired Hyundai Wia’s AA-graded bonds worth 100 billion won with a maturity period of April, 2021. Hyundai Wia said in its regulatory filing that it will use the proceeds of 1

April 12, 2016

NH Investment & Securities has issued bonds worth 350 billion won ($306 million) to finance its operations, according to a regulatory filing.Hana Financial Investment, Shinyoung Securities and HI Investment & Securities were among institutional investors that acquired NH bonds graded AA-plus. The maturity period of the bonds is in April 2019, with annual interest rate of 1.84 percent.NongHyup Financial Group has a 49 percent stake in NH Investment, which is the country’s second biggest brokerage

April 12, 2016

The Financial Supervisory Service, Korea’s financial regulatory agency, is currently probing into the financial records of derivatives issued by Hyosung Group in the late 1990s following calls for an investigation by a lawmaker during a National Assembly audit last year.“We are looking into the matter on Hyosung’s warrant-linked bonds, including past records of its public disclosures, which reported that it was going to cancel the derivatives,” said an FSS official.The probe came after Chung Woo

April 11, 2016