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Foreign Businesses in South Korea Stingy with Charitable Donations

Foreign Businesses in South Korea Stingy with Charitable Donations

SEOUL, May 12 (Korea Bizwire) – Corporate analysis website CEO Score revealed in its latest report that foreign businesses are thrifty with corporate philanthropy, donating on average a mere 0.05 percent of their total sales here. Instead, 75.9 percent of their profits were paid as dividends to their head offices back home. According to the [...]

National Pension Fund Earns 13 Tln Won from Equity Investments This Year

National Pension Fund Earns 13 Tln Won from Equity Investments This Year

SEOUL, May 12 (Korea Bizwire) – South Korea’s national pension fund has earned nearly 13 trillion won (US$11.5 billion) from stock investments this year thanks to the bullish stock market, data showed Friday.  According to the data by market tracker FnGuide and industry sources, the value of 278 stocks, of which the National Pension Service [...]

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

SEOUL, May 12 (Korea Bizwire) — South Korea has imposed a levy on financial firms’ non-deposit foreign borrowing to ease volatility in capital flows, the central banks said Thursday. The Bank of Korea said 66 financial companies, including 17 local banks and 34 branches of foreign lenders, are required to pay 0.1 percent of their [...]

Daewoo Shipbuilding Corrects Financial Statements from 2008 to 2016

Daewoo Shipbuilding Corrects Financial Statements from 2008 to 2016

SEOUL, May 12 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, changed its incorrect financial statements from 2008 to the first quarter of 2016 on Thursday, it said. Its operating profit and loss in 2012 was revised from a 486.2 billion won (US$430 million) surplus to a 72 billion won [...]

Uptrend in Food Prices Forecast to Ease After Presidential Poll

Uptrend in Food Prices Forecast to Ease After Presidential Poll

SEOUL, May 11 (Korea Bizwire) – South Korean food makers are likely to refrain from jacking up their prices following the inauguration of the new government, leading to a let-up in the recent uptrend, analysts said Thursday.  The upbeat prediction comes as the Moon Jae-in government is widely predicted to rein in rising food prices [...]

Moon Likely to Seek Policy Continuity in Economy

Moon Likely to Seek Policy Continuity in Economy

SEOUL, May 11 (Korea Bizwire) – Global rating agency Moody’s Investors Service said Wednesday that South Korea’s new President Moon Jae-in is likely to pursue continuity in economic and fiscal policies. Steffen Dyck, senior credit officer at Moody’s, said there might be a  shift in focus in sme structural reform areas, such as labor markets and social security. “We expect that [...]

Over 200,000 Foreign Residents Take out Life Insurance Policies: Data

Over 200,000 Foreign Residents Take out Life Insurance Policies: Data

SEOUL, May 10 (Korea Bizwire) — The number of foreign residents who took out life insurance policies here topped 200,000 in 2015, with their subscriptions rising at an annual rate of 16 percent over the past five years, industry data showed Sunday. According to the data compiled by the Korea Insurance Development Institute, a total [...]