South Korea

Goldman cuts growth forecasts for Asia’s four 'tiger' economies

(Aug 16): Goldman Sachs Group Inc slashed growth forecasts for the “Asian Tigers” as their exposure to the world economy -- once one of their greatest strengths -- is now backfiring as global growth slows amid trade tensions.

Emerging Asia’s US$5 trillion reserves put to test in currency war

(Aug 7): It used to be that a buildup in foreign reserves was seen as a bulwark against currency shocks and swift turns in investor sentiment.

Those days seem far away -- and that defense less robust -- as the trade conflict between the US and China evolves into a full-blown currency war that’s threatening emerging markets globally. Reserves of central banks in developing Asian nations, which have risen to almost US$5 trillion ($6.9 trillion) this year, will now be put to the test as currencies slide.

Jumbo Seafood expands to South Korea with 50:50 JV; first restaurant to open by 3Q19

SINGAPORE (Feb 18): Jumbo Group is bringing its Jumbo Seafood line of seafood restaurants to South Korea via a 50:50 joint venture (JV) between its indirect wholly-owned subsidiary, Jumbo F&B Services, with TCI Inc.

The first Jumbo Seafood restaurant in South Korea targeted to be operational in Seoul by 3Q19. It will mark Jumbo’s first foray into the country’s market.

TCI is a subsidiary of Didim, a Korea Exchange-listed F&B company with over 400 restaurnts operating under 20 brands in South Korea, as well as 34 restaurants operating overseas.

Vital to monitor EM developments to uncover future opportunities: Schroders

SINGAPORE (Nov 15): The dynamism and structural growth story of emerging market (EM) equities may play a crucial role in helping investors meet their goals, according to a recent report by Schroder Investment Management (Singapore).

In the view of Schroders investment writer Andrew Rymer, the widely-followed MSCI Emerging Markets Index, which comprises 24 emerging market (EM) countries, provides a good gauge of the opportunity set available to global investors.

Centurion Corp to expand into North Asia with $16.6 mil acquisition of South Korea property

SINGAPORE (Sept 10): Dormitory operator Centurion Corporation announced Monday it is acquiring the Benikea Hotel KP in the Dongdaemun district of Seoul, South Korea for 13.5 billion Korean won ($16.6 million), marking the group’s maiden entry into North Asia.

Centurion Corp is expected to spend another 3.7 billion Korean won to refurbish the existing 104-room, 3-star hotel into a 208-bed student accommodation. According to the group, there is potential to further increase the bed capacity to approximately 234 beds through asset enhancement initiatives.

Kim summit in Singapore in doubt as North Korea suspends talks with South after 'provocation'

(May 16): North Korea on Wednesday threw into question an unprecedented summit between its leader Kim Jong Un and US President Donald Trump scheduled for next month, denouncing military exercises between South Korea and the United States as a provocation and calling off high-level talks with Seoul.

GIC in joint venture to acquire South Korean office property for $518 mil

SINGAPORE (May 9): Singapore’s state-owned investment firm GIC has entered into a joint venture partnership to acquire the Grade A office building in Seoul’s central business district for 418 billion won ($518 million).

The JV agreement will see GIC and the Canada Pension Plan Investment Board (CPPIB) each own a 50% stake in the landmark Kumho Asiana Main Tower located in the centre of Gwanghwamun, a core office, government and cultural precinct.

DBS 'generally positive' on Ascendas Hospitality Trust's South Korea hotel acquisition

SINGAPORE (Apr 30): DBS Group Research remains positive on Ascendas Hospitality Trust (A-HTRUST), following the REIT’s maiden entry into South Korea.

A-HTRUST last Friday announced it is acquiring a 98.7% stake in KY-Heritage Hotel Dongdaemun for KRW72.1 billion ($89 million).

The 215-room four-star hotel sits on a plot of freehold land in Dongdaemun, a major shopping and tourist destination in Seoul.

Kim Jong Un makes history with short walk over Korean border

TOKYO/SEOUL (Apr 27): Kim Jong Un on Friday became the first North Korean leader to enter South Korea since the peninsula was divided almost seven decades ago as talks begin over dismantling his nuclear weapons program.

US & South Korea reach agreement on trade, steel tariffs

SEOUL/WASHINGTON (Mar 26): The US and South Korea reached an agreement on revising the allies’s six-year-old bilateral trade deal and President Donald Trump’s plan to impose tariffs on imported steel, Treasury Secretary Steven Mnuchin said.

Mnuchin said US Trade Representative Robert Lighthizer reached “a very productive understanding” with South Korea on the tariffs to reduce imports and the existing trade deal known as Korus.

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