The Drew Las Vegas (Courtesy of JW Marriott)
South Korea’s 36 insurance companies have invested a combined 70 trillion won ($63 billion) in overseas alternative investments as of the end of September last year, of which they may need to write down 1.27 trillion won ($1.1 billion) worth of assets because of loan defaults or suspended projects, the country’s top financial regulator said.
The insurers, including Mirae Asset Life Insurance Co. and KB Insurance Co., have already booked 194.4 billion won in losses from their global alternatives portfolios, mostly stemming from real estate and aircraft funds, as of the end of last September, the regulatory Financial Supervisory Service (FSS) said on Feb. 23.
Netmarble Corp., a South Korean mobile game developer, has acquired a majority stake in Kung Fu Factory, a US independent game company, for an undisclosed sum
Yanadoo logo South Korea-based edtech startup Yanadoo is the latest affiliate of Kakao Corp., the country s largest messaging app operator, to prepare for an i
Doosan Bobcat forklift South Korea-based power plant builder Doosan Group is planning to spin off its profitable forklift business into construction equipment
Korean Air Lines Co. has kicked off its 3.3 trillion won ($3 billion) rights offering, the biggest amount ever by any South Korean company, to help finance th