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17 November 2012 - 2:26am

The Korean government is expected to remain the largest shareholder of SsangYong E&C for a while. With the Non-Performing Asset Management Fund expiring in less than a month, a legal basis has been established for the government to keep its shares even in the case of the liquidation of the fund.

The government held a Cabinet meeting on November 13 and adopted a revised enforcement ordinance of the Act on the Fund for Repayment of Public Funds stipulating which organization and how to manage and dispose of the in-kind assets returned to the Public Fund Redemption Fund (PFRF...

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7 November 2012 - 8:30pm

Angola is emerging as a land of opportunities. Having more than 20 million population, the African nation is pursuing social and economic development by making use of its abundant natural resources such as crude oil, diamond and iron ore while increasing its political and diplomatic presence in the continent as the chair country of the Southern African Development Community (SADC).

It is known to be home to more than 13.1 billion barrels of crude oil reserves and its total petroleum output is approximately two million barrels on an average day, topping the list with Nigeria among...

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7 November 2012 - 8:23pm

KDB Daewoo has the longest history in regards to overseas financial services among Korean financial institutions. It obtained approval for overseas business from the Ministry of Finance in June 1984, the first among local financial institutions, and opened an office in Tokyo two months later. In September 1997, KDB Daewoo established a subsidiary in London, also a first among Korean securities companies. Since then, it has expanded its subsidiaries to New York (1992), Hong Kong (1994) and Singapore (2012), thus leading the Korean securities houses’ business expansion towards the global...

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7 November 2012 - 8:22pm

Korea Development Bank (KDB) places a priority on regions where the nation’s top expertise in corporate banking can create maximum effect; countries that have already been used as business base camps by many Korean firms, or those that desperately need financing for economic development, or have potential for national strategic overseas businesses like the construction of nuclear plants and development of natural resources.

In particular, KDB is paying attention to China and some Southeast Asian countries. These countries share a similar cultural background with Korea, allowing...

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7 November 2012 - 8:21pm

KB Financial Group (KBFG) is stepping up efforts to expand its global network, including opening overseas branches and forming business alliances with foreign financial companies in a bid to support Korean companies making a foray into foreign markets and to create new revenue sources.

KBFG is keenly interested in Asian markets such as China, India, Indonesia, and Vietnam, which are rapidly growing and likely to continue doing so.

KBFG has been actively expanding its sales capabilities and network in China. The financial group opened a branch in Guangzhou back in 2007,...

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7 November 2012 - 8:20pm

In an attempt to establish financial networks in major Asian markets, the Industrial Bank of Korea (IBK) is accelerating its penetration into overseas markets by signing memorandums of understanding with major global banks so as to create global bases on six continents.

Its plan is to build financial support systems by the end of December in regions that IBK has difficult entering because only a few small and medium-sized Korean firms are there. It plans to do this through memorandums of understanding with local banks.

Chairman&CEO Cho Jun-hee of IBK stated, “We will...

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7 November 2012 - 8:09pm

Chung Chang-young, the former secretary general of the National Board of Audit and Inspection, took office in February this year as President of Korea Railroad Corporation (KORAIL). Since then, he has rolled out a new vision and programs designed to enhance people’s quality of life as well as improve the organization’s financial status, with improved performances and results already being seen. To hear about such excellent performances and how they have been achieved in such a short period of time, BusinessKorea held an interview with President Chung regarding KTX, the corporate vision,...

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7 November 2012 - 8:08pm

Lots of venture start-ups popped up when the foreign exchange crisis occurred in 1978. However, many were soon shut down, confirming the bubble theory. The 2008 global financial crisis discouraged creating businesses even more. Now, as the global economy struggles due to the European fiscal crisis, youth unemployment in Korea is becoming more serious.

Under such circumstances, many younger people are turning their attention to creating a business as an alternative to the slimmer chance of finding a job. As a result, much attention is being paid to a government institution which...

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7 November 2012 - 8:07pm

Economic democratization is becoming a hot-button issue ahead of the presidential election scheduled for December this year. The debate, which began as discussions regarding wealth divide and jobless growth, is expanding to chaebol reform and chaebol bashing.

In this context, Kyungpook National University professor Lee Jung-woo, who is heading the Economic Democratization Committee of the Democratic United Party (DUP), proposed a meeting on October 11 with chairperson Kim Jong-in of the Committee on Public Happiness of the ruling Grand National Party (GNP) and professor Jang Ha-...

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7 November 2012 - 8:05pm

A very close contest is occurring between the ruling and opposition groups ahead of the presidential election scheduled for December 19. A series of public polls have shown that neither is superior to the other in terms of support. Approximately 37% of voters are giving unwavering support to the ruling New Frontier Party’s candidate Park Geun-hye, whereas 38% are teetering between the Democratic United Party’s Moon Jae-in and independent Ahn Chul-soo. The remaining 25% of the electorate are swing voters or those uninterested in politics. In simulated elections, Park has led the other two...

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