SEOUL, Aug. 17 (Korea Bizwire) — A string of tax havens appeared in the list of countries that invested significantly in South Korea in the first half of this year, raising concerns about a possible influx of “dirty money,” government data showed Tuesday. The amount of foreign direct investment (FDI) in the country amounted to [...]
SEOUL, March 22 (Korea Bizwire) — Almost 75 percent of people in the top 1 percent of the earned income tier work at companies located in greater Seoul area, indicating severe inequality between regions in terms of job quality, data showed Monday. Rep. Kim Hoi-jae of the Democratic Party received reports from the National Tax [...]
SEOUL, Mar. 8 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Thursday it will launch a rights offering worth 500 billion won (US$467.7 million) by April to beef up its capital. It will be the second time that Kakao Bank, which was launched last July, raised its capital via a rights offer. [...]
SEOUL, Aug. 30 (Korea Bizwire) — Banks in South Korea saw their financial health improve slightly in the second quarter of this year helped by modest gains in their profits, the financial regulator said Wednesday. The average capital adequacy ratio of 18 commercial and state-run banks stood at 15.37 percent as of end-June, up 0.23 [...]
SEOUL, Dec. 26 (Korea Bizwire) – Major insurance companies in South Korea are increasing their capital to prepare for new accounting rules set to take effect next year and more U.S. rate hikes, industry sources said Monday. Local insurance companies are estimated to expand their capital by a combined 1.41 trillion won (US$1.17 billion) this [...]
SEOUL, Nov. 25 (Korea Bizwire) – Shareholders of Daewoo Shipbuilding & Marine Engineering Co. on Friday approved a proposed capital reduction scheme, paving the way for the troubled shipbuilder to receive financial aid from its creditors. The shipbuilder said its shareholders gave the nod to the 10-to-1 capital reduction for shareholders. Earlier, its creditors, led [...]
SEOUL, Oct. 7 (Korea Bizwire) – South Korea will relax regulations on local banks’ capital to help them improve profitability and raise global competitiveness, the nation’s top financial regulator said Friday. Yim Jong-yong, chairman of the Financial Services Commission (FSC), admitted that banks here are subject to some “excessive” rules including those on loan loss [...]