South Korea’s finance regulator and state-owned creditors of the troubled Daewoo Shipbuilding & Marine Engineering unveiled Thursday an additional 2.9 trillion won ($2.6 billion) rescue plan that depends on whether all stakeholders agree to share the burden of a debt-to-equity swap. The main creditors Korean Development Bank and Export-Import Bank of Korea suggested the additional rescue plan less than two years after a 4.2 trillion won package was decided on in October 2015, reversing an earlie

Industry March 23, 2017

South Korea’s latest marriage and divorce figures showed a continuing trend of late marriages or avoidance of wedlock, according to data from Statistics Korea Wednesday. The number of marriages hit its lowest mark since 1977.South Korea saw fewer marriages and fewer divorces in 2016 from the previous year. In 2016, there were 281,600 marriages, down 7 percent, or 21,200, from 2015 due to a decline in population of those in their 20s and 30s, unstable job conditions, high rent and a wide-spreadin

March 22, 2017

The South Korean government announced Wednesday its latest unemployment support measures for youth in an attempt to help the frustrated young unemployed. The new measures aim to relieve the financial burden for young job seekers, change unfair employment practices and encourage those who start their own businesses, the Ministry of Strategy and Finance said. Young job seekers search through booths at a job fair for youth in Seoul (Yonhap)The measures include eased conditions for mandatory militar

March 22, 2017

Cho Hwan-Eik, CEO of the state-owned Korea Electric Power Corp. (Kepco), said Tuesday the company is considering a stake in a Toshiba-led nuclear plant project in the UK. “Once (NuGen’s) sales plan, such as debt and equity structure, is set, we will jump into the race,” Cho told reporters Tuesday evening. He also said that the company has had informal meetings with Toshiba but nothing has been fixed since negotiations between the Japanese and British governments are still ongoing. KEPCO CEO Cho

Industry March 22, 2017

The Coca-Cola Co. and the World Wildlife Fund teamed up with South Korea’s government organizations to protect water resources in PyeongChang on Tuesday, one day ahead of World Water Day. A memorandum of understanding for a comprehensive water conservation program was signed, with six parties from the public and private sectors deciding to collaborate to conserve water resources to achieve an eco-friendly PyeongChang Olympic Winter Games next year. The six-body partnership consists of Coca-Cola,

Industry March 21, 2017

South Korea’s main stock index hit a high not seen in nearly six years Tuesday, hoisted by gains in most large-cap stocks. The benchmark Korea Composite Stock Price Index closed up 21.37 points, or 0.99 percent, to 2,178.38 points Tuesday. It was the highest closing since July 8, 2011 with 2,180.35 points.  South Korea‘s main bourse Kospi rose 0.99 percent to close at 2,178.38 points Tuesday, a record high closing since July 8, 2011. (KRX)During intraday trading, the Kospi touched as high as 2,1

March 21, 2017

South Korea’s 10 biggest groups saw their market capitalization rise 8.1 percent so far this year, led by the country’s behemoth Samsung Group affiliates, according to the Korea Exchange on Monday. The combined market capitalization of 120 affiliates of the 10 biggest private groups here has gained 8.1 percent to 823.8 trillion won as of March 14 from 761.8 trillion won at the end of 2016, while the total market capitalization grew 4.6 percent to 1.58 quadrillion won from 1.51 quadrillion won du

March 20, 2017

STX, a general trading firm, will be able to be traded again on the local stock market after it is sold to a mid-size local shipping group as planned, according to the country’s bourse operator, Monday. Trading of STX stock has been suspended since Feb. 16 due to the erosion of its capital base. SM Group, which has been taking over a series of financially troubled companies in recent years, was picked as the preferred bidder for STX last week. “Through debt-for-equity swaps by creditors and capi

March 20, 2017

This is the 37th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdSK Materials, a semiconductor materials company, is one of the top 10 caps on the tech-heavy Kosdaq bourse with more than 1.8 trillion won ($1.59 billion) in market capitalization. Since November 2015 when it became part of SK group, South Korea’s third-largest conglomerate, its share price has soared from slightly over 100,000 won to 171,000 won when it closed Friday. The company was

Technology March 19, 2017

Finance Minister Yoo Il-ho met with global rating firms in an attempt to assure credit appraisers of the economic situation in the aftermath of former president Park Geun-hye’s impeachment on the eve of a meeting of G-20 finance ministers and central bank governors.Yoo met Moritz Kraemer, S&P‘s global sovereign chief ratings officer, and James McCormack, head of sovereign ratings at Fitch, separately to address positive signs of a recovery in exports and investment in recent months. The minister

March 17, 2017

South Korea’s main bourse on Friday hit the highest point in almost two years amid diffused concerns on US rate hikes and continued rallies by Samsung Electronics‘ and other heavyweights.The Kospi added 14.50 points, up 0.67 percent from the previous session to hit a 23 month high of 2,164.58 points on Friday.  Kospi hit its highest point in almost two years on Friday (KRX)Top cap Samsung Electronics closed at an all-time high of 2.12 million won ($1,873), up 1.34 percent from the previous day.

March 17, 2017

South Korea’s benchmark stock index hit a near two-year high Thursday, while the local currency strengthened more than 1 percent, following the US interest rate hike overnight. The Korea Composite Stock Price Index surged to 2,155 points soon after trade began before closing up 0.8 percent, or 17.08 points, to 2,150.08 points Thursday. It marked the highest since April 27, 2015. Foreign investors, who account for more than 30 percent of South Korea’s stock market, bought a net 271 billion won ($

March 16, 2017

Posco Daewoo, a leading South Korean trade company, has secured a deal from the Bangladeshi government to explore gas in a deep-sea block, the company said Wednesday. Posco Daewoo and Petrobangla, a state-owned oil firm, signed a production-sharing contract for deep-sea block 12 in the Bay of Bengal, according to the company.   The signing of a production-sharing contract for deep-sea block 12 in the Bay of Bengal between the Bangladeshi government and Posco Daewoo. (Yonhap)“This deal is based o

Industry March 15, 2017