Unlisted subsidiaries of Korea’s leading family-controlled conglomerates depend heavily on international trading for their sales, data showed Monday, raising concerns over conglomerates’ attempts to transfer wealth and dodge taxes.Twenty unlisted firms, whose biggest shareholders are the heirs of the group owners, saw their combined sales from internal transactions reach 3.42 trillion won ($3.1 bi

IndustryApril 4, 2011

The head of KB Financial Group Inc. said Monday that its flagship banking unit plans not to unload shares in the parent group in the local market in a bid to minimize its market impact.Korea’s top lender, Kookmin Bank, bought about 21 percent stake in its parent, KB Financial Group, in September 2008 when the group was created. By banking law, the bank is required to unload around 9 percent stake

April 4, 2011

Korea plans to spend 1.03 trillion won ($947 million) this year to promote renewable energy development research and nuclear safety projects, the government said Monday.The amount represents a 3.1 percent gain from 1.01 trillion won spent on energy R&D in 2010. The sum is equal to 6.9 percent of the government’s overall R&D plan of 14.9 trillion won set aside for this year.The Ministry of Knowledg

IndustryApril 4, 2011

A majority of foreign importers of Korean goods expect the country’s exports to remain solid in the second quarter on increased competitiveness, a poll showed Monday.The index measuring the outlook of the country’s exports in the April-June period came to 57.5, compared with 52.7 tallied for the previous quarter, according to the survey by the Korea Trade-Investment Promotion Agency (KOTRA).The se

IndustryApril 4, 2011

GS Caltex, S-Oil and Hyundai Oilbank may follow largest refinery’s decision to lower gasoline and diesel costsLeading oil refiner SK Innovation’s decision to lower retail fuel prices has prompted its smaller rivals to consider following suit. SK Innovation announced Sunday that it will reduce the prices of gasoline and diesel sold at its stations nationwide stations by 100 won ($0.09) per liter fo

IndustryApril 4, 2011

Korea’s won climbed to a 30-month high and bonds declined after the U.S. jobless rate unexpectedly dropped to a two-year low in March, spurring optimism that a global recovery is gaining momentum.Overseas investors increased their holdings of Korean shares for a 13th day, the longest streak of net purchases this year. The nation’s foreign-exchange reserves rose to $298.62 billion at the end of Mar

April 4, 2011

Korean banks saw total earnings from their overseas operations jump 28.8 percent last year from a year earlier thanks to an increase in interest income, the financial regulator said Monday. Net income by 92 overseas units and branches operated by 11 local banks stood at $369.1 million in 2010, compared with $286.4 million in the previous year, according to the Financial Supervisory Service (FSS).T

April 4, 2011

Foreign investors cut holdings of local shares for the second straight month in March amid worries over political unrest in the Middle East region, the financial regulator said Monday.Foreigners sold a net 772 billion won ($709.4 million) of Korea’s listed shares last month, further reducing local share holdings following their net selling of 3.72 trillion won in February, the Financial Supervisor

April 4, 2011

Korea’s deposit insurance agency said Monday it plans to put most of the seven suspended savings banks up for sale from as early as this month as part of the country’s widening efforts to revamp the ailing financial segment.In February, the country’s financial regulator Financial Services Commission (FSC) suspended the savings banks, including top player Busan Savings Bank and its four affiliates,

April 4, 2011

The world’s largest shipyard Hyundai Heavy Industries announced Monday that its Shanghai-based Global Research and Development Center began operations this month.According to the company, the R&D center will first focus on developing new products and technologies in areas concerning Hyundai Heavy’s current operations in China including construction equipment and engines. In the long term, the cent

IndustryApril 4, 2011

Four Korean companies have pulled out from the nation’s consortium planning to bid for a contract to build and operate a bullet train network in Brazil, company officials said. The four companies, including Hyundai Amco Co. and Kolon Engineering & Construction Co., notified the consortium of some 20 firms last week that they pulled out, citing an uncertainty in financial prospects for the Brazilia

IndustryApril 4, 2011

Korean builders’ domestic orders are expected to inch down this year due to a property market slump and economic uncertainties both at home and abroad, a report said Monday. According to the report by the Construction and Economy Search Institute of Korea, builders are likely to win domestic orders worth a combined 102.7 trillion won ($94.5 billion) this year, down 0.5 percent from a year ago. Bui

IndustryApril 4, 2011

Package of measures against surging household debts to be unveiled SundayFinancial authorities plan to induce the public to control their use of credit cards to address rising household debts.Instead, the usage of check cards ― which refer to cards containing functions of both credit and debit cards ― will likely be promoted.The policy, aimed at easing the financial burden of debt-saddled low- and

April 4, 2011

Nine out of 10 Koreans think the prices of everyday necessities have risen compared to three months ago, a survey said. Nielsen Company Korea, a research firm, said the results came from its survey conducted between Feb. 25 and March 4 this year, targeting 1,000 Internet users in major cities including Seoul, Gwangju and Busan. Local consumers thought meat prices had risen the most, followed by ag

April 4, 2011