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The Korea Iron and Steel Association said Friday it will send representatives to the United States between June 23 and 30 to explain the Korea steel industry's position on the U.S. government's recent start of efforts to control steel imports. The representatives will visit the United States Trade Representative, Commerce Department, International Trade Commission and American Iron and Steel Institute during their mission to the United States. U.S. President Bush recently announced the start of investigations into the impact of foreign steel imports on the U.S. steel industry.



Shinhan Bank will issue 150.5 billion won ($117 million) worth of asset-backed securities Monday, pledging 253.3 billion won worth of bonds. The book value of the securities is 116.7 billion won.



Venture capital financing companies will be allowed to sell stocks of start-up companies in which they have invested more quickly, the Ministry of Finance and Economy said Friday. Venture capital companies cannot sell shares of start-up companies until three months after their Kosdaq listing and then only if the investment in the start-up has been there for more than a year. For shorter-term investments, the capital companies must keep their shares for six months.



The Korea Development Bank and other financial institutions said Friday they plan to purchase corporate bonds of four companies, Hynix Semiconductor, Hyundai Petro Chemical Co., Ssangyong Cement Industrial Co. and Sungshin Cement Manufacturing Corp. The creditors will buy 80 percent of the total debts of 577 billion won ($449 million) of the four companies that mature in July.



Korea Express Co. said Friday it has signed a contract with China Shipping, owned by the Chinese government, to load and unload transport freight handled by China Shipping in Pusan harbor. The expected amount of freight is 200,000 ton equivalent units between now and next May and 300,000 tons in the following 12 months.



Haedong Mutual Savings & Finance Co.'s Seoul operations have been continued under special supervision by the Financial Supervisory Service until September 11 and its Kyonggi branch will be shut down. Under the terms of supervision, the mutual savings bank's operations are suspended. A buyer has reportedly emerged for the Seoul branch.



Daewoo International Corporation, a trading company, said it will soon repay 202.7 billion won ($157.7 million) worth of its debts, after repaying 71 billion won of debts on Monday. With the repayments, Daewoo's debt-equity ratio will drop to 667 percent from 940 percent as of last December.
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