"The government will supply additional 10 trillion won (US$9 billion) for three years to vitalize the venture business," said Yoo Il-ho, deputy prime minister and minister of strategy and finance on April 19. Before his statement, the government had a plan to supply 70 trillion won (US$63 billion) i
It will decide the direction of the current sale of Kumho Tire whether Kumho Industrial allows Korea Development Bank (KDB) to use the trademark rights of the Kumho brand. The KDB thinks that Kumho Tire received approval of the use of the trademark rights of the Kumho brand for the next five years f
Kumho Asiana Group Chairman Park Sam-koo decided not to exercise his right of first refusal to acquire a stake in Kumho Tire. However, he urged creditors for a fair rebid, calling the process of selling led by state-run Korea Development Bank (KDB) “unjust and unfair.” Accordingly, the takeover batt
As Daewoo Shipbuilding and Marine Engineering Co. (DSME) successfully completed the bondholder's meeting on April 18, the cash-strapped company has dramatically dodged a court receivership. With bondholders accepting a debt-to-equity swap, Korea Development Bank (KDB) and Export-Import Bank of Korea
As the National Pension Service (NPS) and the Korea Development Bank (KDB) have failed to reach an agreement over the debt readjustment for corporate bonds of the debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) and negotiations have come to a deadlock, financial authorities have decided
The combined value of South Korean stocks held by foreign investors surpassed 528 trillion won (US$461.94 billion) last month, reaching a record high. Also, foreign investors are continuously raising their holdings of South Korean bonds this year.According to the Financial Supervisory Service (FSS)
South Korean Minister of Foreign Affairs Yun Byung-se will meet Angolan foreign minister to seek solutions to the Sonangol case. Daewoo Shipbuilding and Marine Engineering (DSME) currently has a liquidity crisis as it failed to receive the payment of 1 trillion won (US$884.1 million) for drill ships
ING Life, which is preparing for an IPO, has adopted a straightforward approach of sticking to old stock sales only without any issuance of new shares amid a sweeping change in the insurance industry that requires the significant capital expansion such as for the introduction of the International Fi
Kumho Asiana Group and the Korea Development Bank (KDB) are likely to have a legal battle for the sale of Kumho Tire.Kumho Asiana Group raised a question on March 31 over the notification standard of the sales terms of Kumho Tire. The notification of the sales terms is directly connected with the pe
The Korea Development Bank (KDB) clarified its negative position to the demands of largest shareholders of Daewoo Shipbuilding & Marine Engineering (DSME) for the additional capital decrease and the decrease in price of newly-issued stocks. This is irritating the commercial banks who will be able to
It is said that the Korean government plans to expand capital of up to 2 trillion won (US$1.79 billion) for the Export-Import Bank of Korea (Korea Eximbank) when Daewoo Shipbuilding and Marine Engineering (DSME) starts a free packaged plan (P-Plan) in case of failure of its self-regulating debt read
Creditors, such as the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank of Korea), have decided to provide a total of 6.7 trillion won (US$5.97 billion), including 2.9 trillion won (US$2.58 billion) of fresh funds, to Daewoo Shipbuilding & Marine Engineering Co. (DSME). Th
The financial authorities have decided to reduce the allowances for bad debts of banks which plan to convert the debt of Daewoo Shipbuilding & Marine Engineering (DSME) into equity. It will not downgrade DSME’s loan soundness rating to the “fixed” level but maintain the current “dangerous” level in
Financial Services Commission Chairman Lim Jong-ryong said on March 21 that the South Korean government is working on debt-equity swap, bond maturity extension and the like for Daewoo Shipbuilding & Marine Engineering with debenture holders and commercial banks as well as state-run banks such as the
The Korea Chamber of Commerce & Industry and the Bank of Korea hosted a seminar in Seoul on March 16. There, the Bank of Korea remarked that the economies of the United States, China, Japan and the EU are likely to show a gradual growth this year in spite of political and economic uncertainties.“The
The Financial Services Commission of South Korea held a meeting in Seoul on March 16 and discussed how to better control household debts after the interest rate hike by the FOMC.The South Korean government adopted strict lending guidelines covering cooperative financial institutions on March 13 to b
Daewoo Shipbuilding & Marine Engineering (DSME), which has been suffered from rumors that it will fall into a crisis in April, has clinched deals worth up to some 1 trillion won (US$873.74 million) from two European oceangoing vessel operators for the first time this year. The contract for four ship
It has been analyzed that the Korea Development Bank (KDB) and the Export–Import Bank of Korea (Korea Eximbank) will need more than 2 trillion won (US$1.77 billion) of allowance for bad debts on Shipbuilding & Marine Engineering (DSME). Moreover, the possibility of bad loans on DSME is expected to b
The South Korean government convenes an emergency meeting in just one week from its February 21 discussion session on household debts in the non-banking sector. This is because an increasing number of loan seekers are resorting to the non-banking sector with household debts currently at a record-hig
The Korea Exchange announced on February 27 that the market capitalization of global stock markets increased 4.5% to US$70.1 trillion last year.According to the Korea Exchange, South Korea recorded a market cap of US$1.2821 trillion as of the end of last year, up 4.1% from a year ago, to rank 15th i