South Korea

STX Pan Ocean, the dry bulk carrier unit of Korea's STX Group, is likely to file for court receivership, following a couple of failed attempts by its parent to sell a stake. Receivership is similar to U.S. Chapter 11 bankruptcy, where the court take ...

Daily Headline - global.abi.org - 06/05/2013 - 22:14 - 0 comments

Five years after the global financial crisis, South Korean construction workers are feeling the pinch more than ever as they shoulder a mountain of debt from a real estate bust that has cast a long shadow on the country's growth prospects, Reuters r ...

Daily Headline - global.abi.org - 05/29/2013 - 22:27 - 0 comments

South Korea unveiled a Won17.3tn ($15.4bn) supplementary budget on Tuesday to support the stalling economy, as domestic consumption remains sluggish while exports slow because of the weaker yen and cooling global demand, the Financial Times reported. ...

Daily Headline - global.abi.org - 04/16/2013 - 21:11 - 0 comments

The head of South Korea's recently-launched debt restructuring fund said Sunday that it will buy debts held by financial companies just one time, shrugging off worries that repeated help could lead to moral hazards among delinquent borrowers, the ...

Daily Headline - global.abi.org - 03/31/2013 - 21:25 - 0 comments

Lotte Tour Co., a South Korean tour operator, said Monday it has filed for court receivership as part of its efforts to get back on its feet following the default of a company in which Lotte has a stake, the Yonhap News Agency reported. Lotte Tour said i ...

Daily Headline - global.abi.org - 03/18/2013 - 22:49 - 0 comments

For new South Korean President Park Geun-hye, who in her inauguration speech promised a fairer society, one of the biggest challenges will be to tackle a growing income gap that has seen almost one in two elderly South Koreans slip back into poverty, T ...

Daily Headline - global.abi.org - 02/27/2013 - 21:59 - 0 comments

Park Geun-hye took office as South Korea’s first female president on Monday promising to provide a fairer distribution of wealth for the people whose “blood, toil and sweat” formed the foundation of the nation’s prosperity, the Financial Times report ...

Daily Headline - global.abi.org - 02/25/2013 - 23:09 - 0 comments

Korean total household debt rose to a record 937.5 trillion won in the third quarter, undermining Park Geun Hye’s election promise to expand the middle class after she takes over the presidency next week. The debt reached 164 percent of disposable income ...

Daily Headline - global.abi.org - 02/20/2013 - 23:11 - 0 comments

The uncertain global economy isn’t the only hurdle for SsangYong Motor to clear this year. South Korean politicians are putting up another, The Wall Street Journal Korea Real Time blog reported. Some lawmakers from opposition parties want the Nationa ...

Daily Headline - global.abi.org - 02/11/2013 - 22:14 - 0 comments

Applications for reverse mortgages, which are typically taken out by elderly or retired homeowners who borrow money in the form of monthly payments against the equity in their homes, are surging to the highest in six years. Loans backed by state- run fin ...

Daily Headline - global.abi.org - 01/29/2013 - 22:18 - 0 comments