Asiana Airlines could have its first new owner since the company was founded 31 years ago after a bid by HDC Hyundai Development and Mirae Asset Daewoo for a controlling stake in Korea’s second-largest airline was selected.The board of Kumho Industrial, which created the airline in 1988, chose the joint bid over two others by Aekyung Group, the cosmetics giant that owns budget airline Jeju Air, and the Korea Corporate Governance Improvement Fund (KCGI), an activist investment fund which is also the second-largest shareholder of Korean Air, the country’s largest airline. Kumho Industrial has put its 31.05 percent stake in Asiana up for sale under pressure from creditors.The choice was made less than a week after bids were accepted last Thursday. “Among the three consortium that participated in the final bidding for Asiana Airlines, the HDC-Mirae Asset consortium was chosen as it was considered the most appropriate candidate to normalize Asiana Airlines’ … [Read more...] about HDC-Mirae consortium gets closer to buying Asiana
Mobis Phoebus gives up top players in huge trade
The Korean Basketball League (KBL) saws one of the biggest trades in the league’s history on Monday.The Ulsan Hyundai Mobis Phoebus and the Jeonju KCC Egis had a 2-to-4 trade. It was perhaps a very big surprise for the Phoebus, as it decided to trade two starting players Lee Dae-sung and Ra Gun-a. In exchange, the Egis gave up four players — Leon Williams, Park Ji-hoon, Kim Gook-chan and Kim Se-chang. Looking at trade history in the KBL, back in 1998, the Kia Motors also had a big trade where it gave away Hur Jae and accepted Chung In-kyo, plus the Wonju Narae Bluebird’s turn in the rookie draft. Then, in 1999, there was another big trade between the SK Knights’ Hyun Joo-yup and the Yeosu Goldbank Clickers’ Cho Sang-hyun. At the time, the Clickers paid out in cash as well as traded Cho in order to get Hyun.After those two big trades, there weren’t any shocking trade deals in the KBL, until Monday.It may seem like the Phoebus suffered a big loss as Ra … [Read more...] about Mobis Phoebus gives up top players in huge trade
Americans need justification for troops: JCS head
Mark MilleyMainstream America wonders why the United States has troops in South Korea and Japan and why wealthy allies can’t pay for their own defense, said Mark Milley, chairman of the U.S. Joint Chiefs of Staff (JCS), ahead of a trip to Japan and South Korea Monday.His remarks came as Washington is pressuring Seoul to pay more for the upkeep of U.S. troops on South Korean soil in negotiations to renew a defense cost-sharing pact and also ahead of the expiration next week of an intelligence-sharing pact between South Korea and Japan.Ahead of his first overseas trip as JCS chief Monday, Milley told reporters on a U.S. military aircraft en route to Japan that there are “main street” questions in America on the stationing of U.S. troops and that it is “incumbent” on the Pentagon to “adequately explain how the U.S. military is a stabilizing force in Northeast Asia in preventing and deterring the outbreak of armed conflict.”Milley, according to a … [Read more...] about Americans need justification for troops: JCS head
GS Caltex joins crude exchange
President and CEO of GS Caltex Hur Sae-hong, right, and Adnoc Group CEO Sultan Ahmed Al Jaber pose in Abu Dhabi, UAE. [YONHAP]Oil refiner GS Caltex joined international energy giants in signing an agreement to establish a futures exchange for Abu Dhabi National Oil Company’s Murban crude. The futures exchange is expected to raise the transparency of Murban crude transactions, according to GS Caltex.GS Caltex on Monday signed an agreement to establish ICE Futures Abu Dhabi. Hur Sae-hong, president and CEO of GS Caltex, attended the signing ceremony in Abu Dhabi, the United Arab Emirates.Global energy giants like BP, Shell and PetroChina, along with Abu Dhabi National Oil Company and the Intercontinental Exchange were among the partners. GS Caltex, the No. 2 oil refiner in Korea, is the only Korean company to have joined the exchange.ICE Futures Abu Dhabi is scheduled to launch next year.The price of Murban crude will be decided a month before the shipping date on the ICE Futures … [Read more...] about GS Caltex joins crude exchange
Green bonds up as firms look to improve image
Green bonds issued in Korea more than doubled this year as energy and chemical firms sought to capitalize on low costs and burnish their corporate image, industry sources said Tuesday.The value of green bonds floated by 11 state and private companies totaled 6.04 trillion won ($5.18 billion) in the first 10 months of this year, compared with 2.4 trillion won in 2018.Green bonds are meant to raise money for environmentally friendly facilities and equipment or environmental projects.Energy and chemical companies accounted for 60 percent of the total, with private businesses taking up 46 percent. The proportion for private enterprises came to a mere 15 percent last year.LG Chem, Korea’s leading chemical firm, was the single-largest issuer. In April, LG Chem sold $1.56 billion in green bonds to build a battery plant for electric vehicles.LG Chem was the first local chemical company to issue green bonds, with energy firms such as SK Energy and Hanwha Energy following suit.Market … [Read more...] about Green bonds up as firms look to improve image
