중앙데일리

Korean Companies Turning To Bond Market for Capital

Faced with the difficulty of issuing share in the sagging stock market, Korean corporations are turning to the local bond market to raise capital. The Financial Supervisory Service said Monday that domestic companies raised a total of 21.7 trillion won ($16.3 billion) through direct financing for the three months through March, up 20.6 percent from the same period last year. Of that total, bond issues, excluding asset-backed securities, acc…

Apr 17,2001
Samsung Heirs to Be Taxed

The National Tax Service ordered Lee Jae-yong, son of Lee Kun-hee, chairman of Samsung Group, and others to pay inheritance tax. Ahn Jung-nam, commissioner of the tax service, said in response to a question about Samsung SDS' issuance of bonds with warrants, "The tax service has been investigating the stock transfer and taxable items and noticed the buyers of the bond." Samsung SDS in February 1999 transferred 3.2 million bonds with warrants…

Apr 17,2001
Tech Stocks Key Seoul Mart Slide

Losses in Samsung Electronics Co. and other key technology stocks sent the Seoul market lower Monday after lackluster trading, as investors stepped to the sidelines amid concerns over first-quarter corporate earnings to be released soon by U.S. companies The Korea Composite Stock Price Index shed 7.75 points, or 1.5 percent, to 508.35, off a high of 518.26. Trading was slow with 329 million shares changing hands. Daily turnover slackened to…

Apr 17,2001
Service Firms Bulk Larger In Bank Lending Portfolios

The proportion of bank loans taken out by service businesses soared in recent years, the central bank said Monday. The manufacturing sector, by contrast, has become a less important customer of bank lenders. Loans extended to service businesses represented 36 percent of all bank loans outstanding at the end of last year, the Bank of Korea said, with nearly 74 trillion won ($55.7 billion) in borrowing. Restaurant and lodging businesses had …

Apr 17,2001
Judge Cites Speed In Clearing Cases

Seoul District Court's bankruptcy division is using stricter criteria but is clearing cases expeditiously, many times within two years of granting protection, a judge said in an interview with the JoongAng Ilbo. Son Ji-ho is one of six judges of the district court's bankruptcy division that became independent from the civil courts in February 2000. JAI: What goes into a decision to grant receivership? Son: The bankruptcy court is applyin…

Apr 17,2001
Integration of Bankruptcy Law Begins

The government has begun work on the integration of the nation's three bankruptcy laws, organizing a task force charged with producing a legislative proposal for consideration in the autumn National Assembly session. The state-run Korea Development Institute recommended in a paper for the Finance Ministry that one of the bankruptcy procedures, called composition, be either abolished or applied only to small and medium-size companies. Ba…

Apr 17,2001
Overseas Students Feel Pinch

The Bank of Korea said Sunday that foreign currency remittances to Korean students abroad had plunged this year. A total of $81.5 million was sent to Koreans studying overseas in the first two months of this year, $48.7 million in January and $32.8 million in February, 50 percent of the $162.8 million sent in the same period last year, the central bank said. The reduction can be attributed to the weakening of the won against the dollar a…

Apr 16,2001
Follow the Leader In These Markets

Predicting stock market tops and bottoms with reliability is difficult if not impossible. Very few, if any, authorities will state in clear and certain terms that a market bottom has been reached. Even despite the unprecedented strength in the latest market rebound, with the Nasdaq up 241 points, or 14 percent, for the week, the longest and most powerful rebound in recent memory, only a handful of experts are willing to risk their reputations o…

Apr 16,2001
Plastic Will Be Harder to Get

Credit card qualification criteria will be tightened, the Financial Supervisory Service said Sunday, to curb the growing number of household bankruptcies. The financial regulator said it had ordered credit card issuers to approve new cards only after they have checked to ensure that the applicants have steady income, own property or have arranged a cosigner. The agency plans to begin inspecting the payment card companies next week to make su…

Apr 16,2001
Hyundai's Creditors Drag Feet

Cash-strapped Hyundai Engineering & Construction's planned debt-equity swap is being held up by slow-reporting creditors, a creditor bank official said Sunday. As a preliminary procedure for the swap, Korea Exchange Bank, the main creditor, asked 35 members of the committee of creditor banks and 160 other financial institutions which the construction firm owes to report the amounts due them, the creditors said. Seven of the 35 members, incl…

Apr 16,2001

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