Articles by Choi Si-young
Choi Si-young
siyoungchoi@heraldcorp.com-
[단독] 멀린社, “레고랜드 부도설은 억측…신규투자는 자체조달 예정”
올해 5월 개장한 레고랜드코리아리조트(이하 ‘레고랜드’)의 모회사인 영국 멀린엔터테인먼트는 일각에서 제기되고 있는 레고랜드 부도설은 억측에 불과하고 앞으로 모든 신규투자는 본사에서 자체적으로 진행하겠다는 입장을 밝혔다. 6일 코리아헤럴드의 취재를 종합하면, 멀린은 레고랜드 사업을 맡고 있는 강원중도개발공사(GJC)가 특수목적회사(SPC) 아이원제일차를 통해 발행한 2천50억원 규모의 자산유동화기업어음(ABCP)이 최종 부도처리된 것은 맞지만, 레고랜드 운영에는 전혀 문제가 없다고 강조했다. 다만 채무보증을 선 강원도청을 상대로 ‘계약파기’로 소송을 진행할지 여부에 대해선 ‘기밀유지조항’을 근거로 즉답을 피했다. 또한 내년 1월부터 3월 23일까지 동절기 임시휴장과 관련해, 멀린은 “파크 전체 휴장은 실외 테마파크 특성상 주 이용객인 어린이들과 그 가족의 안전을 보장하고자 지난 55년간 지켜온 약속&rdqu
한국어판 Nov. 6, 2022
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[Exclusive] Legoland Korea operator confident on future investment
Legoland Korea Resort, a theme park in Chuncheon, Gangwon Province that opened in May in partnership with a local developer, does not plan to cut back on its operations and will fund any further expansion itself, regardless of the developer’s recent default, the UK-based attractions operator Merlin Entertainments told The Korea Herald last week. “Any plans Merlin has for future investment are wholly financed by itself,” a spokesperson for Merlin said in an email. But whether th
Industry Nov. 6, 2022
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S. Korea braces for impact as US delivers fourth big rate hike
South Korea’s financial authorities said Thursday they would closely monitor for any signs of increasing volatility in the financial markets following a big US rate hike -- the fourth consecutive 75-point increase since June amid persistent inflation. “Uncertainties are certainly growing and we’ll be extra vigilant in our response to what may come in our way,” Finance Minister Choo Kyung-ho said at a meeting he called to discuss Wednesday’s rate increase with the co
Economy Nov. 3, 2022
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Banking giants to inject W95tr to ease liquidity strain
The leaders of South Korea’s five banking giants on Tuesday agreed to provide 95 trillion won ($67 billion) in liquidity by year-end to shore up local financial markets, rocked by a recent credit default, in what many see as a response to the government’s request for the financial groups’ support. Early in October, a state-backed local developer missed a bond payment, freezing bond and short-term money markets in a blow to market expectations for a government guarantee. The gov
Economy Nov. 1, 2022
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Corporate bank loans surge amid liquidity concerns
Loans taken out by South Korean companies this month from major local banks increased by 8.8 trillion won ($6.18 billion), the biggest monthly rise in 13 months, sparking concerns over fresh liquidity strains amid global headwinds sapping business confidence. Data from the five lenders -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- showed conglomerates or large companies holding at least 10 trillion won in assets accounted for 66 percent of the 8.8 trillion won surge in borrowing as of Thur
Economy Oct. 31, 2022
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S. Korean GDP growth sags as exports falter
The South Korean economy grew at its slowest pace in a year in the third quarter despite beating market expectations, as poor net exports offset consumption and investment, the Bank of Korea’s advance estimate showed Thursday. The country’s gross domestic product -- the value of all goods and services created -- grew 0.3 percent in July-September from the previous quarter, slowing from a 0.7 percent gain in April-June. Annually, the economic output posted a 3.1 percent increase in Ju
Economy Oct. 27, 2022
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South Korea well positioned to cope with economic shocks: IMF official
South Korea is well positioned to fight off any economic shock because it maintains “strong economic fundamentals and ample buffers,” a senior official at the International Monetary Fund said Tuesday, amid growing recession worries prompted by surging borrowing costs seen globally to corral inflation. Krishna Srinivasan, director of the Washington-based lender’s Asia and Pacific department, said that the country’s current account surplus and net foreign assets -- which ac
Economy Oct. 26, 2022
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Uncertainties behind recent liquidity crunch: FSC
A liquidity crunch South Korea is currently facing has to do with multiple factors, mainly led by uncertainties about where the economy is headed amid soaring interest rates and the rapidly depreciating local currency, the country’s top financial policymaker said Monday. “We had prepared the contingencies but the market conditions were worse than what we had expected,” Kim Joo-hyun, chairman of the Financial Services Commission, said at a National Assembly audit. Kim referred t
Market Oct. 24, 2022
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Korea readies emergency liquidity to contain ‘Legoland Crisis’
South Korea’s economic policy chiefs, led by Finance Minister Choo Kyung-ho, said Sunday the government would expand liquidity facilities to buy corporate bonds and commercial paper to stop a recent credit default from spilling over into the wider financial market. “The government will earmark 50 trillion won ($34 billion), at the least, to avoid a liquidity crunch,” Choo said, noting the fund will be used starting Monday to calm growing worries over the corporate debt markets.
Economy Oct. 23, 2022
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[KH Biz Forum] Technology to empower humanity in new digital age
Advanced technologies empower humanity in the long run because they lead to greater freedoms to shape identity, reduce labor and fight diseases, as blockchain, artificial intelligence, robots and mRNA vaccines deliver the means to enhance life in the digital age, experts said Wednesday. “We need a new social contract for the digital age,” keynote speaker Don Tapscott, executive chairman of the Toronto-based Blockchain Research Institute, said at The Korea Herald Biz Forum held at the
Industry Oct. 19, 2022
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The Korea Herald to kick off forum on technology reshaping humanity
The Korea Herald, the nation’s largest English newspaper by circulation, holds its fifth annual business forum on Wednesday to shed light on the latest technology trends that could change the way people live as well as ways to make the transition smoother and more effective. Under the theme “Humanity in Tech,” the forum has invited policymakers, industry leaders and academics to explore the growing presence of blockchain and artificial intelligence in the digital age. Keynote s
Industry Oct. 18, 2022
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Job growth slows in Sept. amid recession worries
South Korea posted 19 straight months of job gains in September, although the employment growth has cooled amid worries over a recession prompted by soaring interest rates and slowing exports. According to Statistics Korea data released Friday, the number of the employed rose to 28.38 million last month, up 707,000 from the same month a year ago -- the largest annual gain since 1999 in the month of September. But the monthly increase has been declining since May, when 935,000 jobs were added. A
Economy Oct. 14, 2022
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Samsung Electronics top stock held by Yoon officials
Samsung Electronics stocks were the most popular among senior officials serving as vice ministers or in higher positions for the Yoon Suk-yeol administration, according to a local data firm report released Thursday. According to Leaders Index, 67 out of 118 officials revealed in their financial disclosures that they were holding shares of either public or private companies, including stocks held by such immediate family members as spouse and children, as of Friday last week. Samsung Electronics,
Market Oct. 13, 2022
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S. Korea confirms second big rate hike as surging dollar adds to inflation woes
The Bank of Korea returned to its second outsized rate hike since July as a surging US dollar and higher import bills chip away at efforts to curb persistent inflation. The central bank raised its policy rate to a 10-year high of 3 percent by 50 basis points on Wednesday -- an increase that is twice the usual size and marks a break from the August guidance that supported a gradual 25 basis point hike until this year’s last round of a rate-setting meeting in November. “We need to step
Economy Oct. 12, 2022
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BOK says riskier borrowers close to bankruptcy ahead of rate hike
Some 381,000 households would be unable to repay their loans even if they liquidated everything they have including their homes, as of December last year, Bank of Korea data showed Monday. The report -- revealed by Rep. Kang Jun-hyeon of the main opposition Democratic Party of Korea as part of the annual parliamentary audit -- said “riskier borrowers” account for 3.2 percent of the entire loan group, with their loan volume making up 6.2 percent of the total at 69.4 trillion won ($48.
Economy Oct. 10, 2022
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