South Korea

The Korean corporate sector has gone into restructuring mode to cope with the worsening global economic downturn, selling assets to secure much-needed cash, and slimming down organizations to reduce operating costs, The Korea Times reported. But if t ...

Daily Headline - global.abi.org - 08/09/2012 - 18:57 - 0 comments

The government said Thursday that it will step up efforts to support low-income households suffering from snowballing debt by offering them more low-cost financial products, The Korea Times reported. To that end, the Financial Services Commission (FS ...

Daily Headline - global.abi.org - 07/19/2012 - 21:34 - 0 comments

Woori Financial Group audited its biggest subsidiary Woori Bank for two months, according to officials Wednesday, The Korea Times reported. The holding company found 30 insolvent loans worth 10 billion won from May 7 to July 6, and plans to punish th ...

Daily Headline - global.abi.org - 07/18/2012 - 22:43 - 0 comments

Alarm bells are sounding over the collapse in consumption, according to official figures that show high-income earners tightening their purse strings, The Korea Times reported. Sales at discount chains like E-Mart, Lotte Mart and Home plus plunged 7. ...

Daily Headline - global.abi.org - 07/11/2012 - 22:33 - 0 comments

Creditors of Ssangyong Engineering & Construction (E&C) have decided to relinquish a controlling stake in the company by means of a private contract after open bids failed to achieve this end, The Korea Times reported. A German engineering fi ...

Daily Headline - global.abi.org - 06/18/2012 - 21:42 - 0 comments

Woori Finance Holdings Co. and Hana Financial Group Inc. are among the bidders that have submitted initial offers to buy the troubled savings banks put up for sale by the government, people familiar with the matter said Friday, The Wall Street Journal ...

Daily Headline - global.abi.org - 06/17/2012 - 22:06 - 0 comments

As Korea finds itself dragged into a disastrous vortex of faltering exports, collapsed consumer spending and spiraling debt, government officials appear at a loss on how to prevent the country’s fragile recovery from derailing, The Korea Times report ...

Daily Headline - global.abi.org - 06/12/2012 - 22:15 - 0 comments

Things are going from bad to worse for large discount store chains these days as consumers have further tightened their wallets amid renewed concerns over the worldwide recession triggered by the eurozone debt crisis, The Korea Times reported. E-Mart ...

Daily Headline - global.abi.org - 06/04/2012 - 21:24 - 0 comments

rate at Shinhan Card, the nation’s biggest card firm, stood at 2.42 percent in the first quarter, 0.58 percent up year-on-year. Lotte Card also posted an increase in the default rate at 2.11 percent, 0 ...

Daily Headline - global.abi.org - 06/03/2012 - 22:29 - 0 comments

Chinese shipper Sinotrans Ltd. said Wednesday that the board of Grandstar Cargo International Airlines, a freight forwarder jointly owned by a unit of Sinotrans and Korean Air Lines Co., has approved plans to liquidate the carrier amid mounting losses an ...

Daily Headline - global.abi.org - 05/23/2012 - 21:01 - 0 comments