SEOUL, Dec. 11 (Korea Bizwire) — Private equity firm MBK Partners has ruled out the possibility of raising the price of its public tender offer for Hankook & Company Co., the holding company of South Korea’s top tiremaker, a source close to the matter said Monday. Last week, a special purpose company set up by [...]
SEOUL, Dec. 11 (Korea Bizwire) – In the midst of a prolonged global economic downturn, South Korean companies are tightening their belts as they prepare next year’s business plans, focusing on cost-saving initiatives and voluntary retirements. SK Group recently adopted a cost-effective approach by organizing dinner meetings at company cafeterias instead of dining out, reducing expenses [...]
SEOUL, Dec. 5 (Korea Bizwire) – Smartphone users in South Korea will be able to use bank deposits and withdrawal services with QR codes starting this week in addition to the existing near field communications (NFC) system, the central bank said Tuesday. According to the Bank of Korea, 17 local banks will start providing a [...]
SEOUL, Dec. 4 (Korea Bizwire) — About half of big firms in South Korea remain undecided on their investment plans for next year, according to a survey released Monday, an indication of how many companies are going through economic uncertainties. In the survey conducted by polling agency Mono Research on the leading 500 companies in [...]
SEOUL, Nov. 29 (Korea Bizwire) — The Organization for Economic Cooperation and Development (OECD) revised up the outlook for South Korea’s economic growth next year to 2.3 percent on a recovery in exports and eased geopolitical tensions, Seoul’s finance ministry said Wednesday. The figure marked a 0.2 percentage-point increase from its projection of 2.1 percent [...]
SEOUL, Nov. 29 (Korea Bizwire) – Over 85,000 foreign nationals own a house in South Korea, with Chinese possessing more than half of real estate properties held by foreigners in the country, government data showed Wednesday. A total of 85,358 foreign nationals owned a house in South Korea as of end-June, up 4.6 percent from [...]
SEOUL, Nov. 28 (Korea Bizwire) — South Korea’s consumer sentiment fell for the fourth straight month in November amid woes over an economic slowdown and high rates, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 97.2 in November, down from 98.1 the previous month, marking the lowest since April this [...]
SEOUL, Nov. 24 (Korea Bizwire) — Finance Minister Choo Kyung-ho has vowed to continue efforts to boost foreign investors’ access to the South Korean market and create favorable conditions for corporate investment, his office said Friday. Choo made the remarks during a market opening ceremony at the London Stock Exchange on Thursday (local time), as [...]
SEOUL, Nov. 23 (Korea Bizwire) — South Korea plans to continue efforts to tame inflation amid the annual “gimjang” season during which households make kimchi ahead of winter, the deputy finance minister said Thursday. The remark followed reports that this year’s average price of making kimchi with 20 cabbages is estimated at 191,000 won (US$147), [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korean banks’ net profit rose sharply from a year earlier in the third quarter on an increase in interest income, preliminary data showed Monday. The combined net profit of 20 banks in the July-October period came to 5.4 trillion won (US$4.15 billion), up 38.2 percent from a 4.2 [...]