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Reporter : Lee Hyo-sik
Fri, December 8, 2023 | 04:35
Pension fund pressed to accept final offer over DSME
The Financial Services Commission (FSC) is pressuring the National Pension Service (NPS) to accept a final offer from shareholders of the debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) in order to avert the shipbuilder’s bankruptcy. FSC Chairman Yim Jong-yong told reporters Sunday that the state pension fund should agree to a debt rescheduling plan for DSME, crafted by the state-run Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank), the two main shareholders who have been seeking to extend 2.9 trillion won ($2.5 billion) in new loans to the ailing compa...
Demand for gold bars soaring
Gold has become an attractive investment product again amid the increasing geopolitical risks on the Korean Peninsula, fueled by North Korea’s possible nuclear test, according to the Korea Exchange (KRX) Sunday. In particular, gold bars weighing only 10 or 100 grams have been selling like hot cakes in recent weeks as they are easy to carry in an emergency. In addition to the heightening military tension between the United States and North Korea, the Syrian conflict and other geopolitical uncertainties have caused a surge in the value of the precious metal.
Moon, Ahn stress small biz policies
Presidential hopefuls have been scrambling to garner the backing of small businesses, which employ 87.9 percent of Korea’s salaried workers, by making lofty promises for a better future. In particular, the two frontrunners, Moon Jae-in of the Democratic Party of Korea (DPK) and Ahn Cheol-soo of the People's Party, are actively courting small business owners and their employee...
FKI crisis hits employees
More than half of 180 employees at the scandal-ridden Federation of Korean Industries (FKI) will likely lose their jobs as the chaebol lobby is being forced to slash its payroll following plunging membership fees. The FKI said Thursday that it will soon begin receiving applications for early retirement from workers, adding that downsizing was inevitable after Samsung, Hyundai Motor, SK, LG and other key member firms cancelled their membership and stopped paying the fees. “After consulting with representatives of our employees, we will decide when to implement an early retirement program,” an...
POSCO Energy bolsters welfare for energy poor
POSCO Energy has donated 140 million won ($124,000) to the Community Chest of Korea to improve “energy welfare” for senior citizens living alone and other low-income households. The leading private electricity generator affiliated with steelmaker POSCO held a ceremony at the charity’s office in Seoul, Tuesday, to mark its continuing support for one of the country’s largest ch...
Brokerages cut target for Lotte Chilsung
Brokerage firms are lowering their target price for Lotte Chilsung as Korea’s major beverage and liquor maker is unlikely to meet market expectations in profitability due to sluggish domestic demand.
E-Land to sell Ashley
E-Land Group will dispose of Ashley, Pizza Mall and 16 other restaurant brands to raise capital to improve its deteriorating financial health, company officials said Tuesday. The mid-tier fashion-and-retail business group recently signed an agreement with MBK Partners, giving it exclusive sales negotiating rights. Korea’s largest home-grown private equity fund has been conducting due diligence on E-Land Park, which operates the group’s hotels, restaurants and other leisure-related businesses.
DSME, Samsung Heavy hit by troubled oil drillers
Daewoo Shipbuilding and Marine Engineering (DSME) and Samsung Heavy Industries are facing difficulties in collecting payments for their drillships from foreign buyers teetering on the brink of collapse amid continued low oil prices. The two shipbuilders said Friday they have completed construction of the drillships, ordered by multinational deepwater drilling contractors, but have not been able to hand them over and get paid because of the latter’s financial troubles. DSME won a 1.25 trillion won ($1.11 billion) contract from Seadrill, a Bermuda-based oil rig company, to build two drillships...
SK turns 64 without much fanfare
SK Group will mark its 64th anniversary with little fanfare Saturday as its Chairman Chey Tae-won has been under a prosecution investigation over the group’s donations to two controversial foundations, according to company officials Friday. In the past, heads of group affiliates and other top managers have gathered to celebrate, unveiling their plans for the company. But this time, Korea’s third-largest family-controlled conglomerate wants to keep things low key as the prosecution moves to indict Chairman Chey, along with former President Park Geun-hye and Lotte Group Chairman Shin Dong-bin....
Kumho Tire wins design award for 6th consecutive year
Kumho Tire has won a prestigious international design award in Germany for the sixth consecutive year. Korea’s leading tiremaker said Thursday that its CRUGEN HP 71 _ a premium, high-performance tire for sport utility vehicles _ received the Red Dot Design Award 2017 in the product design category The tire has earned much recognition for its design excellence since hitting th...