Articles by Kim Yon-se
Kim Yon-se
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Hyundai E&C boosts S. America, Mideast presence
Hyundai Engineering & Construction, the nation’s No. 1 builder, is extending its boundaries in the overseas market as it has won a series of orders from the Middle East and South America over the past few months.In February, the construction unit of Hyundai Motor Group landed the $6 billion (6.4 trillion won) contract to build an oil refinery in the Karbala region in Iraq in coordination with several major Korean builders.The consortium led by Hyundai E&C received the project from the State Comp
Industry March 30, 2014
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Conglomerates’ cash assets sharply increase in 2013
Cash assets held by South Korea’s top 30 conglomerates grew sharply to 157.7 trillion won ($147.5 billion) in 2013 as businesses withheld investment in the face of mounting uncertainties, a report by an online corporate research firm showed Sunday.According to CEO Score, cash held by the 171 listed companies belonging to the largest conglomerates, excluding financial firms, were up 18.3 percent from 133.3 trillion won tallied a year earlier.“The increase is due to businesses taking a conservativ
March 30, 2014
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Companies upbeat about Q1 earnings
South Korea’s leading companies are generally upbeat about their earnings in the first quarter and are brushing off initial “earnings shock” concerns, industry and financial sources said Sunday.The predictions come as listed companies prepare to announce their earnings report for the three-month period in the coming weeks, amid worries raised by some investors spooked by a possible repeat of the “earnings shock” of Samsung Electronics Co. late last year.Sources said that forecasts for electronic
Industry March 30, 2014
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Regulations to be relaxed on exports, foreign workers
Policymakers said Thursday that the government was considering easing 41 major regulatory hurdles by the end of 2014 as follow-up measures to President Park Geun-hye’s recent deregulation initiative.At a meeting of economic policymakers, the Finance Ministry said it would accept 41 out of a total of 52 proposals on deregulation made during the televised talks between the president and local business people a week ago.“Out of the 41, the government will ease or lift regulatory hurdles for 27 of t
March 27, 2014
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KRX union, DP oppose extending stock trading hours
Plans from local bourse operator Korea Exchange to extend the local stock market’s trading hours are facing resistance from unionized workers and opposition party lawmakers.The Korean Finance & Service Workers’ Union on Wednesday called for the exchange to scrap its plan for a trading hours extension of one hour per day. The daily opening time will stay at 9 a.m., but the main bourse is seeking to change the closing time from 3 p.m. to 4 p.m.“Korea has the longest trading hours (six per day) com
March 26, 2014
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Korea takes aim at ‘reckless’ tax benefits
The Cabinet on Tuesday approved a blueprint from top economic policymakers to screen the targets for tax exemptions or relief as the nation struggles with snowballing government debt.According to the 2014 tax expenditure plan unveiled by the Finance Ministry, the government will review the validity of tax exemptions and other related benefits that exceed 10 billion won ($9 million) per annum.“After mapping out the details, the idea of more tightly screening the targets of tax benefits ― as propo
March 25, 2014
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Data stolen from insurers
A massive data leak has been detected in the insurance sector, according to Korean authorities on Monday.The police and the Financial Supervisory Service said that the private information of some 13,000 policyholders has been stolen from 14 insurance companies operating here.“The data involved the names of the subscribers, their resident registration numbers and cell phone numbers,” an FSS official said. “We plan to take appropriate measures (against the insurance firms) after closely looking in
March 24, 2014
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Korea to launch gold trading platform next week
South Korea’s bourse operator, the Korea Exchange, said Friday that it will launch a gold trading platform early next week as scheduled, after a three-week trial period.Last year, the country’s financial authorities unveiled a plan to set up a gold trading platform in line with the government’s efforts to bring the underground economy into the open and squeeze taxes out of the market, where tax evasion is rampant and dominated by illegal transactions.According to the exchange, 1 gram units of bu
March 21, 2014
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Hyundai Glovis opens new car parts export plant
Hyundai Glovis Co., one of South Korea’s leading automotive logistics support companies, said Friday that it had opened a car parts export plant that would ship products to China.The plant located at the Wanju Techno Valley complex, some 235 kilometers south of Seoul, will assemble and package knock-down vehicle kits that will be shipped to Hyundai Motor Co.’s Sichuan province plant in China. The plant is scheduled to be opened in the first half of this year.Both Hyundai Glovis and Hyundai Motor
Industry March 21, 2014
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Korea-China free trade talks make little progress
The latest round of negotiations for a bilateral free trade agreement between South Korea and China came to a close on Friday with the two countries merely confirming what officials here called “large differences” on key issues.“The two sides each requested market liberalization in areas of their own interests, but their discussions could not progress significantly as their differences remained tightly locked,” the Ministry of Trade, Industry and Energy said in a press release.Their main differe
March 21, 2014
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Lotte Group recruits from investigative agencies
Lotte Group successfully recruited a group of former government officials, many of whom worked for the nation’s major investigative agencies, as outside directors through a vote at the annual shareholders meeting on Friday.Most of the appointees included officials from the prosecution, the tax authority and the presidential office. Shareholders of Lotte affiliates approved the proposition.Lotte Shopping named a former commissioner of a regional tax office and renamed a former senior prosecutor a
March 21, 2014
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SK Telecom to compensate for glitch
SK Telecom, the nation’s largest telecom operator, promised massive compensation Friday for its service failure a day earlier. Its chief executive officer Ha Sung-min apologized for the technical glitch that affected calling and text messaging for an estimated 5.6 million customers in Seoul and some provincial areas.“I apologize to shareholders and customers for yesterday’s incident. We will compensate for the damages with more money than stated in the customer clauses,” Ha said after a sharehol
Industry March 21, 2014
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KB Financial seeks to lend helping hand
KB Financial Group is out to help society’s underprivileged with various types of sustainable social contribution activities, the company said on Monday. The group is seeking to live up to the role it has been given as a company upon which up to 60 percent of the population depends for financial transactions. As a part of such responsibilities, KB Financial said one of its key social sharing activities for this year is to offer better education for elementary and middle school students, saying t
March 17, 2014
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KDB Daewoo faces shareholders’ criticism
Top management of KDB Daewoo Securities, the No. 1 brokerage firm in Korea, is facing a crisis of credibility with a series of negative incidents and poor business performance. Its unfavorable situation includes recent sanctions from the nation’s financial regulator for business irregularities and worsening operating performance, and is drawing market attention ahead of the upcoming annual meeting of the firm’s shareholders.So far this year, the Financial Supervisory Service took punitive measur
March 16, 2014
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BOK chief downplays risks of household debt
Bank of Korea Gov. Kim Choong-soo claimed Thursday that it was undesirable for monetary policymakers to seek interest-rate cuts to resolve the country’s household debt problems.The remarks from the outgoing central bank chief came after the BOK’s rate-setting committee kept the benchmark rate unchanged at 2.5 percent per annum on the day, which marked a freeze of 10 months in a row.“Though some (low-income) brackets have shouldered the burden of rising interest costs, it is still not appropriate
March 13, 2014
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