SEOUL, April 10 (Korea Bizwire) – Samsung Electronics Co. could be required to pay additional corporate taxes due to an accounting error, industry sources here said Monday. The total that the tech giant may be ordered to pay has not been announced but sources said it could be a sizable sum, presumably more than 500bln [...]
SEJONG, April 10 (Korea Bizwire) – Korea’s financial services industry recorded 9.2 percent in output growth last year largely driven by interest revenues from growing household loans, government data showed on Sunday. According to Statistics Korea, the year-on-year production growth of financial institutions in 2016 was more than triple the 3 percent reported for the overall services industry. By institution, banks gained 9 percent, the highest since 11.8 percent in 2008. Nonbank [...]
SEOUL, April 10 (Korea Bizwire) – Foreign investment banks (IBs) have raised their outlook on South Korea’s economic growth for this year, citing a sound recovery in exports, a report showed Sunday. The average growth estimate by 10 IBs including Barclays, Morgan Stanley and Nomura stood at an annual 2.5 percent at the end of [...]
SEOUL, April. 7 (Korea Bizwire) – K Bank, South Korea’s first internet-only bank that opened Monday after months of anticipation, is already off to a good start, leaving more excitement for the upcoming launch of the second bank of its kind, Kakao Bank. Over 100,000 locals had opened a K Bank account as of Thursday, [...]
SEOUL, April 6 (Korea Bizwire) – Moody’s Investors Service said Thursday it will maintain the current ratings for Hyundai Motor Co. and Kia Motors Corp. despite sharp declines in auto sales in China. “Although Hyundai’s and Kia’s weak auto unit shipments from China will likely have a short-term negative impact on their profitability and cash [...]
SEOUL, April 6 (Korea Bizwire) – South Korea’s state pension fund, one of the key debt holders for ailing Daewoo Shipbuilding & Marine Engineering Co., said Thursday it remains undecided on whether to agree on debt rescheduling measures that aim to keep the shipyard afloat. The National Pension Service (NPS), which holds about 30 percent [...]
SEJONG, April 6 (Korea Bizwire) – The South Korean economy has been seeing a modest recovery in recent months on the back of improvement in investment and exports, a state-run think tank said Thursday. “The Korean economy continued to grow at a moderate pace on improving investment and exports,” the Korea Development Institute (KDI) said [...]
SEOUL, April 6 (Korea Bizwire) – Samsung SDS Co., an IT arm of South Korea’s top conglomerate Samsung, announced Thursday it will begin full-fledged steps to tap the blockchain industry, which has been emerging as one of the key technologies for new growth engines. Samsung SDS announced it has developed “Nexledger,” a blockchain platform developed [...]
SEOUL, Apr. 6 (Korea Bizwire) — South Korea’s financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm’s accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial [...]
SEOUL, April 4 (Korea Bizwire) – South Korea’s first Internet-only bank, K-Bank, has attracted more than 60,000 accounts in just two days since launching operations, the lender said Tuesday. K-Bank, formed by a consortium of KT Corp., Woori Bank and 19 other companies, began its operations at midnight Sunday. The pace of growth in K-Bank’s [...]