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Archive by category Economy

Court Backs Merger of Two Samsung Units

SEOUL, Oct. 19 (Korea Bizwire) – A Seoul court ruled Thursday in favor of Samsung C&T Corp. and found its 2015 merger with another affiliate was lawful. The Seoul Central District Court turned down the request from Ilsung Pharmaceutical Co., a former major stakeholder of Samsung C&T, to nullify the merger with Cheil Industries Inc. The controversial merger of the two Samsung units was seen as part of the group’s succession plan for its heir Lee Jae-yong [...]

Growth Pace of Household Lending Slows Down in Sept

SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s household lending by banks rose at the slowest pace in five months in September, but mortgage loans continued the upside trend amid the government’s toughened financial measures to cool down the real estate market, central bank data showed Monday. Outstanding household loans from lenders came to 749.2 [...]

South Korea’s Foreign Exchange Holdings Drop for First Time in Months

SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s foreign exchange holdings have dropped for the first time in seven months, according to the Bank of Korea (BOK). The BOK said on Thursday that the country’s foreign exchange reserves were estimated at 364.7 billion dollars, down 170 million dollars from the previous month. It’s the first time [...]

Lukewarm Private Consumption Drags Down South Korea’s Economic Recovery

SEJONG, Oct. 13 (Korea Bizwire) – South Korea’s economic recovery momentum remains feeble as weak domestic demand such as private consumption offset strong overseas sales, a government report said Friday. “The South Korean economy has been maintaining an upturn pace on the back of brisk exports and recovering global demand, but domestic consumption has remained [...]

Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

SEOUL, Sept. 29 (Korea Bizwire) – The Bank of Korea said Friday it has injected a net 7 trillion won (US$6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead of the Chuseok holiday. The central bank said its money injection for the 10 business days leading up to the holiday jumped 43.3 percent from a year ago as this year’s holidayis the longest in decades. The government gave [...]

South Korea to Take Market-Stabilizing Measures to Deal with Possible FX Fluctuation

SEJONG, Sept. 29 (Korea Bizwire) – South Korea will take market stabilizing measures if the country’s foreign exchange becomes more exposed to volatility due to an external shock, a senior finance ministry official said Thursday. “Foreign exchange rates will be decided autonomously by the market,” Deputy Finance Minister Hwang Kun-il said at a symposium in Seoul. “But the government will take action if the rates experience [...]

Financial Authorities to Sway Investors’ Interest from Housing to Startups

SEOUL, Sept. 26 (Korea Bizwire) – South Korean financial authorities have announced it is set to reform the regulatory landscape of the country’s investment sector to sway investors’ interest away from housing investment and towards startups and venture capital for innovative companies. According to the Financial Services Commission on Sunday, South Korean financial authorities are poised [...]

Number of Venture Businesses With Over 100 Billion in Sales Exceeds 500 in South Korea

SEOUL, Sept. 26 (Korea Bizwire) – The number of venture businesses with annual sales of over 100 billion won has reached 513, the highest figure since records began in 2005, according to a new survey. Findings from the survey conducted by the Ministry of SMEs and Startups and the Korea Venture Business Association last year were [...]