중앙데일리

Seoul Marts See Modest Upturn

Seoul stocks closed modestly higher Thursday, shrugging off the expiration of options and Wall Street's overnight drops. The Korea Composite Stock Price Index ended a two-day decline and rose 2.54 points, or 0.4 percent, to 581.38. Trade volume hit 557 million shares. The daily turnover was 1.81 trillion won ($1.39 billion). Foreign and institutional investors sold, while retail investors bought. Core blue chips were mixed. Samsung E…

May 11,2001
Stock Losses, Payouts Add Up To Dismal 2000 for Insurers

Most domestic non-life insurance companies suffered huge losses in the fiscal year that ended March 31. According to provisional figures released by the companies Thursday, the local non-life insurers incurred a combined net loss of 488.2 billion won ($373.8 million) in fiscal 2000. Nine out of 11 local non-life insurers saw red ink. LG Insurance Co. was the worst performer with a net loss of 137 billion won ($105 million), compared with 18…

May 11,2001
Seoul Bank Hints at Purchaser

The president of Seoul Bank hinted Thursday that a foreign buyer may be lined up for the ailing bank. "A prospective foreign buyer may start a due diligence analysis as soon as the end of this month," said the bank chief, Kang Chung-won. Deutsche Bank, which will lead-manage the sale, saw its schedule for due diligence slip because of conditions requested by the partners in the deal, Mr. Kang said. Mr. Kang said he would try to get an a…

May 11,2001
Benchmark Drops 2 Percent in Seoul

Share prices on the Korea Stock Exchange saw a correction for a second straight day Wednesday, with the benchmark index down 2 percent on profit-taking and program selling ahead of the expiry of options contracts Thursday. The Korea Composite Stock Price Index, or Kospi, sank 12.07 points to 578.84, off a high of 589.42. Volume was very heavy at 528 million shares valued at 2.1 trillion won ($1.6 billion). Decliners outstripped advancers 55…

May 10,2001
Small Firm Loan Rates Lowered

The Small and Medium Business Association will lower the interest rates on loans it extends to export-driven manufacturers from 6.6 percent to 6.4 percent and add trading companies to the list of businesses it supports, it said Wednesday. Fifty billion won ($38.4 million) has been earmarked by the association this year to provide export-oriented companies with short-term financing for their purchases of raw materials and production and di…

May 10,2001
Government Faces Revenue Fall

Tax collections this year are falling short of expectations due to the economic slowdown, the government said Wednesday. First-quarter tax revenues totaled 26.1 trillion won ($20.0 billion), up 0.3 percent from the same period last year. But that growth rate is far short of the pace needed for the government to meet its goal of a 19 percent increase in collections. Corporate tax receipts are up 7 percent from the same period last year, while…

May 10,2001
Hyundai Construction Auditor Feels Heat

A public advocacy group sought Wednesday a special government investigation into Hyundai Engineering and Construction and its auditor, Samil Accounting Corporation. "Hyundai Engineering and Construction recorded nearly 3 trillion won ($2.3 billion) of net losses last year, 25 times greater than the 120 billion won in 1999. Considering such an increase, Hyundai Construction and Samil Accounting Corporation may have altered books in 1999 by deli…

May 10,2001
Government Caps Interest Rate

The Financial Supervisory Commission will cap interest rates for overdue loan payments at 20 percent to 70 percent above stated rates beginning in July, the Finance Ministry said Wednesday. The ceilings for the past-due loan rates will vary depending on whether the business is a bank, credit card company or mutual saving bank, the ministry added. Credit card companies typically charge 14 percent in annual interest for on-time payments of goo…

May 10,2001
Shareholding Limit Meets Mixed Views

After the Fair Trade Commission reaffirmed the government's policy to maintain existing limits on domestic companies' equity investment in other companies, there is growing concern over its impact on the local stock market. Many investors fear that if large shareholders rush to unload holdings that exceed the limit, the selling would not only weigh down on the affected issues but also dampen the entire equities market. But other analysts sa…

May 10,2001
Aiding Nations In Their Quest For Economic, Social Growth

The Asian Development Bank is a multilateral financial institution established in 1966 to promote investments and balanced development in the Asia-Pacific region. Founded with 31 members, including Korea, Japan and Indonesia, ADB's membership has grown to 59 with the admission of Turkmenistan last year. The organization includes 16 members outside the Asia Pacific region and 43 members within. ADB has its headquarters in Manila, and 19 other…

May 09,2001

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