US investment firm Lone Star has chosen South Korea to be the hub of its Asian operations, the company said in a statement yesterday, just days after it acquired a major South Korean bank.
The Texas-based firm said its Korean office would oversee all of its decisions for investments in Asia, except Japan, and manage its personnel in the region.
The South Korean government last week approved the sale of a controlling 51 percent stake in Korea Exchange Bank (KEB) to Lone Star, marking the largest-ever foreign investment in South Korea's financial sector, worth 1.4 trillion won (US$1.2 billion).
Lone Star became the second foreign fund to take over a South Korean bank, after US fund Newbridge Capital acquired Korea First Bank in 2001.
The US fund said its Seoul office would play a central role in administering computer systems and receive accounting-related reports from its offices in other Asian countries.
It also vowed to take "proactive measures" for KEB, South Korea's sixth-largest commercial bank with assets estimated at 55.8 trillion won.
KEB welcomed the deal, saying the injection of fresh capital would help it reduce bad loans to ailing firms and household borrowers.
KEB suffered a net loss of 146 billion won in the first half of this year.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day