South Korea

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Asiana Airlines Jumps on Report SK Group Considering Takeover Bid

Shares of Asiana Airlines shot up more than 20 per cent on Tuesday morning on a media report that SK Group is considering buying the troubled airline - a claim the conglomerate later denied, the Financial Times reported. Asiana shares climbed as much ...

Daily Headline - global.abi.org - 07/17/2018 - 23:58 - 0 comments

GM Agrees to Stake Lock-In, Make South Korea Regional HQ in Rescue Deal for Unit

General Motors will stay in South Korea for at least 10 years and set up its Asia-Pacific headquarters in the country, government officials said on Thursday, revealing terms of a deal aimed at rescuing the U.S. automaker’s struggling GM Korea unit, Reute ...

Daily Headline - global.abi.org - 05/11/2018 - 00:44 - 0 comments

South Korea Says GM Deal To Ensure It Remains In Country For At Least 10 Years

South Korea said on Wednesday that an impending deal with General Motors to refinance its local unit will ensure the U.S. automaker remains in the country for at least 10 years, as its rights to sell shares and assets will be curtailed, Reuters reported. ...

Daily Headline - global.abi.org - 05/09/2018 - 22:16 - 0 comments

GM to Provide Loans to Korean Unit, State-Run Bank to Receive Shares

General Motors’ planned $3.6 billion cash infusion to rescue its South Korean business will be in the form of loans, while Korea Development Bank (KDB) will receive preference shares for its $750 million investment in GM Korea, two sources familiar with ...

Daily Headline - global.abi.org - 05/02/2018 - 21:55 - 0 comments

GM, South Korea agree $4.35 billion lifeline for GM Korea

General Motors and South Korea have agreed to inject $4.35 billions into the carmaker’s loss-making local arm to keep it afloat after it came close to seeking bankruptcy protection, Reuters reported. GM has been struggling to turn round the debt-laden un ...

Daily Headline - global.abi.org - 04/26/2018 - 23:09 - 0 comments

South Korea Urges GM, Union to Reach Wage Deal Swiftly as Tension Rises

South Korea on Friday urged General Motors Co’s local subsidiary and labor union to reach a wage deal swiftly, saying the government will be able to discuss support for the money-losing unit on condition of an agreement. GM, which in February announced i ...

Daily Headline - global.abi.org - 04/08/2018 - 23:58 - 0 comments

Kumho Tire May Face Liquidation if Placed Under Receivership

Embattled tiremaker Kumho Tire Co. will likely face liquidation if it is placed under court receivership, the top financial regulator warned Thursday. A state-run creditor bank has warned that Kumho Tire will have to submit to court protection unless the ...

Daily Headline - global.abi.org - 03/29/2018 - 22:42 - 0 comments

Korean Shipbuilders May See More Casualties, SC Lowy Says

South Korean shipbuilders aren’t out of the woods yet even as orders begin recovering, with the smaller ones facing collapse in the absence of government support, according to a shipping-debt trader, Bloomberg News reported. The government will aid large ...

Daily Headline - global.abi.org - 03/20/2018 - 22:37 - 0 comments

South Korea Minister Says GM Korea Union, Creditors Should Share Restructuring Pain

South Korea’s finance minister said on Monday that General Motors Korea’ creditors and its labor union should share the burden of improving the loss-making operation, Reuters reported. “The unions and creditors should together share the burden, and (rest ...

Daily Headline - global.abi.org - 03/05/2018 - 21:21 - 0 comments

S. Korea's Household Debt Hits Record $1.3 Trillion in 2017

South Korea’s household debt rose to a new record in 2017, even as the government tightened lending terms to cool the property market. Household debt including credit purchases rose to 1,450.9 trillion won ($1.3 trillion) at the end of December, up 8.1 p ...

Daily Headline - global.abi.org - 02/22/2018 - 00:00 - 0 comments

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