Results for South Korea
- Kookmin Bank to Close 55 Branches as South Korean Margins Narrow
Kookmin Bank, South Korea’s largest lender by assets, said it will close 55 branches in January as the country’s lenders struggle with the lowest lending margins in four years, Bloomberg reported. The closures will cut costs and help the Seoul-based bank ...
Daily Headline - global.abi.org - 12/02/2013 - 00:20 - 0 comments
- Korean Shipping Lines Face Cash Crunch After Expansion
South Korea’s three biggest shipping companies face a cash crunch as 3 trillion won ($2.8 billion) of bonds are due for repayment in the next two years amid mounting losses from a global slump in rates to carry cargo, Bloomberg reported. Hanjin Shipping ...
Daily Headline - global.abi.org - 11/13/2013 - 21:44 - 0 comments
- Over 100 SMEs Likely To Face Debt Restructuring This Year
More than 100 smaller firms in South Korea could face debt restructuring this year on consecutive defaults by some large enterprises, the highest tally since the 2008 global financial turmoil, sources from creditor banks said Monday, the Yonhap News Agen ...
Daily Headline - global.abi.org - 10/07/2013 - 22:25 - 0 comments
- Three Tong Yang Affiliates File For Court Receivership
Three affiliates of embattled Tong Yang Group on Monday filed for court receivership as a last resort to avert bankruptcy after they failed to secure funds to keep afloat, the group said. South Korea's 38th-largest conglomerate said its three units ...
Daily Headline - global.abi.org - 09/30/2013 - 20:19 - 0 comments
- Stocks or Rent Choice Spurs Sales by Individuals
When Choi Jong Hyun found his 50 million won ($46,415) annual salary wasn’t enough to cover the 8 percent jump in rent for his Seoul apartment, he decided to cut back on stock investments rather than take on debt. “I would rather cash out the stocks I no ...
Daily Headline - global.abi.org - 09/29/2013 - 17:06 - 0 comments
- STX Pan Ocean Likely to File for Receivership
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 - 21:14 - 0 comments
- Struggling Korean Builders Tell Employees To Show Loyalty: Buy Apartments
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 - 21:27 - 0 comments
- South Korea In Bid To Kick-Start Economy
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 - 20:11 - 0 comments
- Debt Restructuring Fund
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 - 20:25 - 0 comments
- Lotte Tour-Court Receivership
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 - 21:49 - 0 comments