SEOUL, Aug. 11 (Korea Bizwire) — South Korea’s two policy lenders have shouldered massive bad loans, estimated at 5.5 trillion won (US$4.75 billion), over the past five years, due to a series of collapses of big name companies during the economic slump, a report said Tuesday. The Korea Development Bank (KDB) and the Export-Import Bank of [...]
SEOUL, Aug. 6 (Korea Bizwire) – With the KOSPI stalling due to a series of poor earnings reports, short selling hit a record during July, hinting that investors have a negative outlook on the future of the Korean economy. According to the Korea Exchange on July 5, the average daily value of short selling in the KOSPI was [...]
SEOUL, Aug. 4 (Korea Bizwire) – In the mega-hit movie “Minority Report,” buildings, shops and streets are full of electronic biometric systems that use red flashes and lights to scan the irises of all passers-by and identify them in order to send them custom-tailored services and advertisements. Before entering a security agency, Tom Cruise, who [...]
SEOUL, Aug. 3 (Korea Bizwire) — Nonghyup Financial Group Inc., South Korea’s fourth-largest banking group by assets, is considering buying banks in Indonesia and Myanmar in a bid to expand its overseas business and diversify its portfolio, the group’s chairman said Monday. Nonghyup Financial is the biggest state-run agricultural cooperative whose stakeholders include farms and [...]
SEOUL, July 30 (Korea Bizwire)-Bankbooks have been issued ever since banks were established in Korea.But aftermore than 100 years of existence, they are going the way of the dodo. Bankbooks will no longer be issued from September 2017, but starting in September this year, in order to ease people into the new system, incentives will [...]
SEOUL, July 28 (Korea Bizwire) – Thanks to a series of government support measures for new ventures and startups, investment in venture firms soared nearly 40 percent in the first half of 2015 compared to the same period in 2014. According to the Small and Medium Business Administration (SMBA) on July 27, a total of 956.9 [...]
Seoul, July 28 (Korea Bizwire) - It has been reported that Elliott Management, an American hedge fund that filed lawsuits opposing the merger of Samsung C&T Corporation and Cheil Industries Inc., has returned its stockholder certificates for Samsung C&T Corporation, Samsung SDI and Samsung Fire Insurance to the Korea Securities Depository (KSD). Since the proposal to merge Samsung C&T [...]
SEOUL, Jul. 23 (Korea Bizwire) — South Korea’s top financial regulator on Wednesday gave preliminary approval for the merger of two flagship banks of Hana Financial Group Inc., the country’s third-largest banking group by assets. Hana Financial had been pushing for the merger between Hana Bank and Korea Exchange Bank (KEB) since its acquisition of [...]
SEOUL, July 22 (Korea Bizwire) – WeMakePrice, a Korean social commerce company that went through a major PR fiasco after firing and rehiring 11 merchandising assistants earlier this year, has chosen to offer stock options to all of its regular workers. A stock option is a contract between an employer and its employees in which [...]
SEOUL, July 22 (Korea Bizwire) — South Korea’s asset management firms have seen an influx of money this year as their indirect investment vehicles enjoy popularity amid the low interest rate environment, data showed Wednesday. The combined assets under management by local firms reached 812.87 trillion won (US$704.1 billion) as of Friday, up 18.9 percent [...]