중앙데일리

Head of New Holding Firm Is Wary of Shares Listing

Yoon Byung-chul, the chairman of the government-led Woori Financial Holdings Co., said Friday that the holding company shares will be listed on the stock market sometime after April, but the exact date of the new listing will depend on how soon the Korean stock markets recover from their current levels. Meeting with reporters, the chairman of the new bank holding company said the Korea Stock Exchange is now busy drawing up regulations with r…

Mar 31,2001
Net Business Standards Eyed

The government is planning to introduce standards to serve as guidelines for electronic cash and Internet banking systems. To protect the privacy of the growing numbers of users of online cash and banking services, the Ministry of Finance and Economy said Friday that it would attempt to draw up by the end of this year a body of standards that would govern financial transactions conducted over the Internet. Electronic cash users will be pro…

Mar 31,2001
Ministry Earns Solid Return on Its IT Investment

The Ministry of Information and Communication said Friday that it had more than recouped its joint investment in an information technology sector fund. The ministry set up an investment pool in 1998 with LG Venture Investment Inc. to support information technology firms. The ministry put in 4.5 billion won ($3.3 million) and LG 5.5 billion won. LG has been managing the fund. The fund, the government's first such investment in an IT sector…

Mar 31,2001
Debt Swap, Cash Set For Hyundai Bailout

Hyundai Engineering & Construction's creditors agreed Thursday to provide the debt-ridden builder with a 2.9 trillion won ($2.2 billion) bailout, including a 1.4 trillion won debt-equity swap. The creditors plan to take control of the company, removing the management right of the largest shareholder, Chung Mong-hun, through a capital write-off, and to replace the firm's top management. Some 35 lenders to Hyundai Construction, including the ma…

Mar 29,2001
Bailed Out Builder Forecasts Profit, But Faces More Short-Term Woes

The 2.9 trillion won ($2.2 billion) bailout of Hyundai Engineering & Construction will enable the builder to break out the black ink for this year and will serve as a stepping stone for the firm's normalization in the long run, Hyundai and its creditor banks said Thursday. According to a management consultant of Hyundai Construction, ADL, the 2.9 trillion won bailout, including 1.4 trillion won of debt to be swapped for equity and 1.5 trilli…

Mar 29,2001
Debt Swap, Cash Set For Hyundai Bailout

Hyundai Engineering & Construction's creditors agreed Thursday to provide the debt-ridden builder with a 2.9 trillion won ($2.2 billion) bailout, including a 1.4 trillion won debt-equity swap. The creditors plan to take control of the company, removing the management right of the largest shareholder, Chung Mong-hun, through a capital write-off, and to replace the firm's top management. Some 35 lenders to Hyundai Construction, including the ma…

Mar 29,2001
Korea Loses Ground In Attracting Firms

International businesses are turning away from Korea while China continues to improve the environment for foreign businesses. Ministry of Commerce, Industry and Energy data indicates foreign investment in Korea reversed a quarterly string of double-digit increases in the fourth quarter last year, declining 25.6 percent. The decline in February was 47.5 percent. A JoongAng Ilbo survey of 76 multinational companies in Korea confirmed that fore…

Mar 29,2001
Hyundai Leads Markets Lower

Share prices on the Korea Stock Exchange closed lower Wednesday on the overnight fall in the U.S. Nasdaq futures index and the financial woes of Hyundai Engineering & Construction Co. The Korea Composite Stock Price Index shed 4.11points, or 0.77 percent, to 528.79. Trading volume was heavy at 403 million shares valued at 1.51 trillion won ($1.16 billion). Decliners overwhelmed gainers 610 to 194, with 63 other stocks unchanged. Fourteen st…

Mar 28,2001
Downward Rate Pressure Slaps Kookmin Depositors With Negative Returns

Kookmin Bank will lower deposit rates on short-term time deposits with maturities of less than a year by half a percentage point starting Thursday. The base rate for time deposits with maturities of three months will drop to 5 percent from 4.5 percent, and those with maturities of six months will be slashed to 5 percent from 5.5 percent. Deposits with maturities of one year drop to 5.5 percent. This is the lowest rate among banks in the coun…

Mar 28,2001
Low Interest Rates Change Habits Of Many, Especially Older Koreans

Because of interest rates that have declined to the 5-6 percent range, people are gradually changing their earning, saving and buying patterns. A golf course manager in Yong-in, Kyonggi province said, "As the snow melts away, the gray-haired people are disappearing likewise." He said senior citizens used to make up about a third of his regular customers. "I think they have their retirement money in banks and are staying away now because inter…

Mar 28,2001

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