NPS to take longer-term approach to asset allocation
Risky asset exposure likely to increase
Jung-hwan Hwang 6 HOURS AGO
NPS Investment Committee meeting held Apr. 30, 2021
The National Pension Service is planning to build an investment portfolio with a longer-term perspective for a period of at least 10 years, shifting from the current five-year-based allocations. The move is expected to encourage the South Korean pension scheme to take more risk to maximize returns over the next few decades.
The longer-term approach comes as spending at the $770 billion pension fund is projected to outstrip revenue, excluding investment gains, from 2030. Its assets are forecast to surpass 1,000 trillion won ($900 million) next year and peak at 1,778 trillion won ($1.6 trillion) in 2041. That means it would have only 10-20 years left to make aggressive investments.
China’s heavy imports of copper, steel scrap hurt Korean SMEs
A supply shortage forces Korean firms to cut production or drop deals
Jin-Won Kim 6 HOURS AGO
Korean companies are suffering from a short supply of scrap steel.
South Korea’s massive exports of scrap steel and scrap copper to China are hurting its domestic companies that are struggling to secure the steelmaking raw materials amid signs of an economic recovery.
According to the Korea Customs Service on May 25, Korea’s ferrous scrap exports to China stood at 28,089 tons in April, a 17-fold increase from a year ago.
In the first four months of this year, Korea’s scrap steel exports to China rose threefold to 47,247 tons from the year-earlier period.
HYBE’s $400 mn rights offering for Ithaca merger to open on Jun 1-2
The raised funds will be used to diversify the company s revenue streams beyond BTS
Jin-seong Kim 2 HOURS AGO
Butter, the latest global hit by BTS, is making a sensation on YouTube
HYBE Co., the music and entertainment agency behind BTS, on Jun 1-2 will open the subscription for its rights issue shares worth 445.5 billion won ($400 million).
HYBE will be issuing 2,227,848 new shares, about 6.2% of more than 35.6 million shares currently outstanding in the market. The new shares have an expected issue price of 200,000 won ($179.04) a share.
HYBE said it will confirm the unit price of the new shares on May 27, reflecting the latest trend of its stock price. Its shares traded at 259,000 won ($231.72) on May 26, up 6.6% from Apr. 2 when it announced the rights offering and 29.5% higher than the expected issue price.
Masayoshi Son-led SoftBank to invest $2 bn in Yanolja
Japanese billionaire picks travel app as next Coupang
Chae-yeon Kim 2 HOURS AGO
Vision Fund, led by billionaire SoftBank founder Masayoshi Son, has decided to invest around $2 billion in South Korea s largest travel platform Yanolja, double the previously reported amount, according to investment banking sources on May 26. Now, the world s largest venture capital firm is putting the final touches on the deal.
The pending investment will pave the way for the travel app s existing shareholders, including Singapore s sovereign wealth fund GIC, US online travel agency Booking Holdings Inc. and VC firms, to exit with handsome gains.
South Korea-based online fashion platform Musinsa has spun off its sneaker resale platform SoldOut to create a subsidiary named SLDT, alongside securing 10 bi