중앙데일리

Korea Hoping for Investment Grade Rating From Moody"s

There is a strong possibility that Korea will receive an 'adequate for investment' grade from Moody's Investors Service in March 1999. Moody's announced on December 19 that it designated Korea as a 'review for possible upgrade' candidate which signifies a strong likelihood that its sovereign credit rating will be boosted. Moody's analysts will visit Korea in January to evaluate Korea's credibility and determine whether or not a raise is in or…

Dec 20,1998
Economic Research Institutes Revise Their Forecasts

As sentiments on the country's economic situation have recently improved, private economic research institutes including Hyundai, Samsung, Daewoo and LG have revised their economic forecasts. Earlier, private institutes had forecasted growth rates for next year to lie somewhere between minus 1.8 to minus 1.1 percent. But now, Samsung revised its forecast to 1.5 percent and LG to 2.1 percent. LG analysts estimate that the current account …

Dec 18,1998
Kim Jin Man Elected President of Hanvit Bank

Kim Jin Man, current president of Koram Bank, on December 18 was formally appointed president of Hanvit Bank, a newly created bank born by the merger between the Commercial Bank of Korea and Hanil Bank. Accordingly, the two presidents of the Commercial Bank of Korea and Hanil Bank are forecasted to retire. Kim Jin Man has been president of Koram Bank since 1997. He entered the Commercial Bank of Korea in 1966 and has worked his entire caree…

Dec 18,1998
Largest Number of Delisted Firms, Ever!

Since early this year, the number of listed companies which have had their stocklisting nullified reached 30 due to the severe economic recession. The Korea Stock Exchange (KSE) announced on December 18 that as 30 companies have been delisted off the stock market and two new companies were listed, the number of listed companies decreased from 776 early this year to 748. The KSE also predicted that the number of listed companies that will ex…

Dec 18,1998
LG and Hyundai Import Oman Oil

LG Caltex announced on December 18 that it signed a contract with the government of Oman to import 6.2 million barrels of crude oil every year direct from Oman without any additional fee. The fee would have amounted to 5 to 10 cents per barrel. LG's vice chairman, Huh Dong Soo, met with Mohammad Alumi, Oman's petroleum minister, and signed the contract. Oman exports 60 percent of its oil products directly while the other 40 percent goes thro…

Dec 18,1998
Top Five Chaebol and Creditor Banks Agree on Financial Improvement

Daewoo, Hyundai, Samsung, LG and SK, collectively known as 'the top five chaebol' agreed to the improvement of their financial states with creditor banks on December 17. Daewoo Group, whose chairman, Kim Woo Jung, is currently overseas, is scheduled to sign an agreement letter promising to improve its financial state on December 19. As the five largest conglomerates agreed with creditor banks on their financial improvement, the sales of the…

Dec 17,1998
Daewoo Builds New City Within Hanoi

Daewoo will build a new city within the city of Hanoi, Vietnam. According to the Ministry of Construction and Transportation on December 17, the city will house a population of 250,000 and Daewoo will begin construction in early 2000 and expects its final completion in 2020. It is the first time a Korean construction company will create a new town abroad. Daewoo is expecting to earn at least two billion dollars from the project. Vietnam's …

Dec 17,1998
Chohung Bank"s Capital Reduced at the Ratio of 9.3 to 1

The government decided on December 17 that Chohung Bank, which will merge with the regional Kangwon Bank and Hyundai Merchant Bank, will declare a reduction of capital at the ratio of 9.3 to 1. This will leave stockholders of Chohung Bank retaining only one share per 9.304 of the shares they currently own. Stockholders who oppose the decision can ask Chohung Bank to buy the retained stocks at a price that Chohung can decide on at a later date.…

Dec 17,1998
Daewoo to Sell Foreign Assets

Daewoo Group plans to sell various assets in foreign countries including very profitable ones. It already announced its plan to reduce the number of subsidiaries from 41 to 10. A high ranking executive in Daewoo said on December 17, 'Some of our subsidiaries will sell their power plants and cement factories abroad. We will sell assets in their entirety or partially by selling shares.' A cement factory in Sandung, China and a hydro-electric powe…

Dec 17,1998
Samsung/Daewoo Swap Stalled

The big business swap between Samsung and Daewoo is dragging due to their differing opinions on the final details. Daewoo Group announced, on December 16, principal positions on employment and maintenance of subcontractor companies. But Samsung Group said that no agreement was reached during the day. A source at the Ministry of Industry and Energy stated that the two groups announced their respective positions and no consensus has been reach…

Dec 16,1998

1 ... 3168 3169 3170 3171 3172 3173 3174 3175 3176 ... 3207