Singapore sovereign wealth fund GIC (GIC.UL) is seeking to sell an office building in Seoul, with an estimated value of up to 1.1 trillion won ($1.27 billion), South Korea’s Maeil Business Newspaper reported in its Wednesday edition.
It bought the Seoul Finance Center for 355 billion won in 2000, breaking ground for Korea property investment as an institutional investor.
Government of Singapore Investment Corp. is seeking to sell the Seoul Finance Center, which it bought for about 355 billion won ($409.3 million) in June, 2000, the Maeil Business Newspaper reported today, citing an unnamed senior official in the asset management industry. The building may fetch as much as 1.1 trillion won, according to the report.
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Singapore shares were down at midday on Monday mainly due to concerns about Seoul’s new capital controls and tension on the Korean peninsula, but Singapore Airlines (SIAL.SI) may be in focus after announcing a $65 million stake buy in China Cargo Airlines.
By the midday break, the Straits Times Index (STI) <.FTSTI> lost 24.86 points at 3,128.15. Total value of shares traded in the morning session was $800.8 million, up from $774.9 million on Friday.
Chinese Foreign Minister Yang Jiechi has urged both North and South Korea to open talks and avoid steps that could inflame tensions on the peninsula.
The Chinese Foreign Finistry said Yang made the comments in a phone call with his Russian counterpart, Sergei Lavrov.
New South Korean defense minister Kim Kwan-jin says Seoul is prepared to bomb North Korea if Pyongyang again hits the South with artillery.
Speaking at his confirmation hearing in the national assembly Friday, he firmly stated that if attacked again, South Korea would not hesitate to protect itself.
After an exchange of artillery fire between the two Koreas, Seoul and Washington have announced a new joint military drill, VOA reports. South Korea also warns North Korea that any further aggression will bring enormous retaliation. The bodies of two men were found Wednesday on Yeonpyeong island, bringing the death toll to four from Tuesday’s attack.
Concerns over tension in Korean peninsula ease, helping Singapore shares recoup part of yesterday’s losses.
Fact that North Korea dropped shells on an island a sign they’re unlikely to expand aggression.
“If they really wanted to start a war, it would have begun at Seoul and not on some island,” says dealing head at foreign brokerage.
STI +0.5% at 3,141.87 midday, not expected to test yesterday’s 3,187 intraday high for rest of session.
Market breadth neutral vs more than 2 decliners for every gainer in early trade.
Overall volume modest at 1.06 billion shares worth $978 million, suggesting investor appetite subdued.
Among STI components, notable gainers include recent big decliners, with Genting Singapore (G13.SG) +2.1% at $1.99, Golden Agri-Resources (E5H.SG) +2.9% at $0.705, CityDev (C09.SG), +1.6% at $12.40.
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While North Korean leader Kim Jong Il is a madman, and while North Korea was the first to kill anyone in today’s skirmish, it was actually the South Koreans who fired first.As AP notes:The skirmish began when Pyongyang [i.e. North Korea] warned the Sou…
Asia-Pacific Economic Cooperation (APEC) group is meeting in Japan after widespread criticism of the G20’s watered-down commitments in Seoul.
Once again the US and China, still fussing over who is doing more to damage international trade, are key to talks on policies to ensure balanced growth.
The Prime Minister, Dr. Manmohan Singh, on Friday urged G-20 countries to avoid competitive devaluation of currencies at all costs and resist any resurgence in protectionism. Addressing the plenary session of the fifth G-20 Summit in Seoul this morning, Dr. Singh said: “Advance deficit countries must follow policy of fiscal consolidation. This should be consistent [...]
It’s perhaps no coincidence that rumours swirling around concerning China’s future stance on joint venture arrangements with western companies are taking place at the same time as the latest G20 meeting in Seoul.
Current form has multinationals required to enter into a arrangement where the Chinese partner has to have a majority in order to gain a foothold in the market that seems to occupy ever increasing acres of newsprint by the day.
However, reports out of China citing the “Sino-German Automobile Industry Forum” raise the tantalising prospect that this cosy deal may be on the point of being re-evaluated.
Those reports also mention PSA board member Gregoire Olivier as ‘showing his agreement when hearing the remarks on the spot.’
You bet. Any move to liberalise the JV environment would see a raft of automakers sit up and take immediate notice.
It’s not clear whether or not this JV split is up for discussion at the G20 beano this week in South Korea, but it’s a little coincidental the issue is being highlighted as Obama, Cameron, Jintao et al gather in Seoul.
Should even the issue be up for grabs, it’s a fair bet that every major global manufacturer will be booking a flight pretty quickly to Beijing.
Calls by just-auto today (11 November) to PSA in Paris saw the topic flat-batted back, but this issue might just start to become front of house if the great and good raise it in Korea.
It’s perhaps no coincidence that rumours swirling around concerning China’s future stance on joint venture arrangements with western companies are taking place at the same time as the latest G20 meeting in Seoul.
Current form has multinationals required to enter into a arrangement where the Chinese partner has to have a majority in order to gain a foothold in the market that seems to occupy ever increasing acres of newsprint by the day.
However, reports out of China citing the “Sino-German Automobile Industry Forum” raise the tantalising prospect that this cosy deal may be on the point of being re-evaluated.
Those reports also mention PSA board member Gregoire Olivier as ‘showing his agreement when hearing the remarks on the spot.’
You bet. Any move to liberalise the JV environment would see a raft of automakers sit up and take immediate notice.
It’s not clear whether or not this JV split is up for discussion at the G20 beano this week in South Korea, but it’s a little coincidental the issue is being highlighted as Obama, Cameron, Jintao et al gather in Seoul.
Should even the issue be up for grabs, it’s a fair bet that every major global manufacturer will be booking a flight pretty quickly to Beijing.
Calls by just-auto today (11 November) to PSA in Paris saw the topic flat-batted back, but this issue might just start to become front of house if the great and good raise it in Korea.
Prime Minister David Cameron has challenged former US President George Bush”s claim that the use of water-boarding saved British lives. In his book Decision Point, published this week, Bush said the use of the technique – a kind of simulated drowning – on terror suspects “helped break up plots” to attack Heathrow and Canary Wharf. [...]
An American firm wants to turn computer games into a global spectator sport
THE first round is over and 32 of the world’s best professional computer-game players are through to the next stage of the Global Starcraft 2 League being played in Seoul, South Korea. Over the next two weeks the players, including the reigning champion, Kim Won-ki (better known by his online moniker “FruitDealer”), will marshal their armies, ponder their strategies and crush their foes. The finalists will play in front of an audience of thousands (and hundreds of thousands more online) for an $87,000 first prize and the respect due the best Starcraft 2 player on the planet.
This is e-sports, or professional computer-gaming, at its highest level. Just like football or baseball, computer games can be played competitively and in front of paying spectators. South Korea, where the original Starcraft game was released in 1998, is the spiritual home of e-sports. …
The company rose 2.4%, the biggest increase since Oct. 7, to close at 12,700 won in Seoul. The company’s Singapore-listed shares climbed 2.9% to close at $14.76.
STX Pan Ocean Co. advanced in Seoul trading after saying it expects about US$5 billion ($6.5 billion) of revenue from a 25-year contract received from Fibria Celulose SA of Brazil to ship wood pulp. STX shares gained 4% to 12,900 won ($15) as of 9:27 a.m. on the Korea Exchange. The benchmark Kospi gained 0.3%.
Fibria Celulose S.A. is the world’s largest supplier of wood pulp with 30% share of the global wood pulp market.
STX Pan Ocean Co. says it has taken up the contract to penetrate into wood pulp transportation market and secure a stabilised source of profit.
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Alpha Investment Partners (AIP), the wholly-owned real-estate fund management arm of Keppel Land, has made a structured investment of US$210 million ($274.9 million) in Seoul Square, Korea, under its US$1.2 billion Macro Trends Fund (AAMTF).
Located in the heart of the City Hall area, the 23-storey Seoul Square has a total rentable area of 1,429,509 sf of prime Grade A office space. The building has been substantially rebuilt. It features column-free spaces with luxury finishings and offers one of the largest office floor plates in Seoul.
NEWS HIGHLIGHTS
SEOUL, Sept. 30, 2010 – Intel Corporation and KT today announced that they are expanding their collaboration to accelerate the adoption of WIBRO-branded services based on WiMAX technology in South Korea. Intel Capital, Intel’s global investment organization, also announced an investment of US$20 million in WIBRO Infra Co., Ltd. (WIC), a joint venture with KT, Samsung and KBIC. The Intel Capital investment will help WIC accelerate KT’s leading wireless broadband infrastructure build out.
Expanding WIBRO Coverage, Improved Customer Benefits
In addition to availability in the metropolitan areas of Seoul, Inchon and Suwon, KT will expand the WIBRO service to five new cities — Busan, Daegu, Gwangju, Daejeon and Ulsan — and the expressways of Gyeongbu, Jungbu, Honam and Yeongdong. When the new service begins on Oct. 1, subscribers will be able to enjoy KT’s “Mobile Wonderland” supported by its “3W” network consisting of 3G mobile communication (WCDMA), wireless LAN (WiFi) and high-speed wireless Internet (WIBRO).
KT is also migrating its WIBRO network onto the standard of 10MHz WiMAX channel width that will allow interoperability and roaming with WiMAX networks worldwide. Coupled with better radio planning, this migration is expected to improve the quality of service by up to two times.
By March 2011, KT is expected to be the first carrier in the world to provide nation-wide WiMAX coverage with its WIBRO service covering 82 cities in Korea, serving 85 percent of the Korean population.
Intel Embedded WiMAX Chipsets for a New WIBRO Experience
KT and Intel also have worked with major PC manufacturers to launch the first Intel® Core™ and Intel® Atom™ processor-based laptops and netbooks in Korea featuring Intel® embedded WiMAX solutions, based on the Intel® Centrino® Advanced-N + WiMAX 6250 network adapter.
Starting Oct. 1, Korean customers will be able to purchase a wide selection of Intel-based laptops and netbooks from Samsung, LG and Acer. These WiMAX-ready mobile devices allow high-speed wireless Internet access without the need for plug-in USB modems or wireless pocket routers. The devices will enable users to enjoy wireless Internet connectivity in countries and cities that have also deployed compatible WiMAX networks1.
Intel Capital’s US$20 million Investment
Intel Capital also today announced that it has invested US$20 million in WIBRO Infra Co., Ltd. The funds will be used to accelerate deployment of leading-edge wireless broadband networks in South Korea.
“Intel is committed to leading the advancement of wireless broadband adoptions throughout the world as more devices compute and connect to the Internet,” said Arvind Sodhani, president of Intel Capital and Intel executive vice president. “Intel Capital’s investment strengthens our WiMAX efforts in Asia Pacific region, arguably the fastest growing wireless broadband area, and specifically helps KT expand their offerings in Korea.”
“We will cooperate with Intel in every way to promote the wireless Internet,” said Suk-chae Lee, CEO, KT. “Just like a seamless transportation network requiring expressways, railroads and aviation, KT will develop a 3W network with WIBRO, Wi-Fi and WCDMA technologies complementing each other to make Korea the world’s best mobile wonderland.”
“As a mobile Internet user myself, I am glad that the WIBRO service is now available in five more major cities and expressways, said Tae-Keun Hyung, a member of a standing committee, Korea Communications Commission. “With WIBRO, I expect Korea to be a leading mobile Internet country in the world.”
1 Subject to carrier roaming agreements and end-user subscription.
About KT
KT (Korea Telecom) Corporation is an IT company located in Korea which provides voice and data, fixed and mobile, communication and broadcasting services. KT is currently on the top in Korea for its total revenue (both fixed and mobile services). However, when it was spun off from the Ministry of Communications (currently Korea Communications Commission) and first established in 1981, there were only 4.5 million lines. KT increased the number to 20 million in just 12 years. Therefore, the people in Korea are now privileged to enjoy the universal and advanced telecommunication services. Moreover, KT launched Korea’s first communication satellite, “Mugunghwa (Koreasat)” contributing to make Korea become one of the advanced countries in information and communications. Recently, KT has opened a new era of smartphones in Korea, and makes every effort to create Korea, the “Mobile Wonderland” and to be a global ICT convergence leader by releasing various smart devices and providing nationwide networks, “3W networks” -Wi-Fi, WiBro and WCMA. ICT: Information, Communication, Transaction
About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com.
Intel is a trademark of Intel Corporation in the United States and other countries.
* Other names and brands may be claimed as the property of others.
