[THE INVESTOR] Hyundai Mipo Dockyard on June 17 revealed that May sales dipped 13.5 percent from a year ago, in a preliminary regulatory filing. The company’s May sales came in at 281.9 billion won ($US 240.9 million), down 13.5 percent from a year ago, and lower by 0.27 percent compared to the previous month. By Choi He-suk (cheesuk@heraldcorp.com)

[THE INVESTOR] Hyundai Heavy Industries posted May sales of 1.64 trillion won (US$ 1.4 billion), down 13.96 percent compared to the same month last year. For the year so far, Hyundai Heavy’s sales came in at just under 9 trillion won, down 16.48 percent compared to the same period last year. Hyundai Heavy, the country’s largest shipbuilder, has been plagued by falling orders and rising costs, pushing it to draw up tough revival plans.Hyundai Heavy shares closed at 104,000 won, down 0.95 percent

CEO urges Korean parents to co-invest in prospective stocks with their children

[THE INVESTOR] Lotte Group said Friday that it has hired South Korea’s mega law firms to represent and defend its position as Seoul prosecutors widen their probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.Korea’s top law firms including Kim & Chang, Bae, Kim & Lee (Taepyeongyang), Lee & Ko (Gwangjang) and Shin & Kim (Sejong) are set to represent Lotte Group’s headquarters and its major affiliates which are currently under heavy investigation,

[THE INVESTOR] Hanjin Shipping on June 17 received a three-month extension on corporate bonds with a combined value of 190 billion won (US$ 161.9 million).The bondholders’ decision gives Hanjin Shipping until Sept. 27. Hanjin Shipping had been at risk of defaulting had the bondholders rejected its request and kept the original June 27 maturity date.By Choi He-suk (cheesuk@heraldcorp.com)

[THE INVESTOR] The world’s largest containership owner Seaspan Corp.’s CEO Gerry Wang indicated he would not be accepting charter rate cuts requested by South Korean shipping line Hanjin Shipping.Wang told London-based journal Lloyd’s List that he would “withdraw the tonnage than agree to any concessions.”These comments run counter to what Hanjin Group said regarding a meeting between its chairman Cho Yang-ho and Wang on June 14.Hanjin spokespeople had hinted the discussions went well, and that

More people are preparing early for postretirement through various savings programs

[THE INVESTOR] The Korean economy will continue to face tough internal and external conditions, the country’s top economic policymaker said on June 17. Speaking at a conference with think tanks, Deputy Prime Minister and Minister of Strategy and Finance Yoo Il-ho said that difficult conditions will continue and that the government will roll out necessary counter measures. Deputy Prime Minister Yoo Il-ho(second from right) is speaking at a conference with think tanks.“Internal and external condit

 [THE INVESTOR] Korea’s current account surplus with China fell nearly 20 percent last year due to the sluggish growth of the world’s second largest economy, central bank data showed June 17.The current account surplus with China came to $45.14 billion in 2015, a 19.5 percent decline from the previous year’s $56.06 billion, according to data from the Bank of Korea. The figure decreased for two straight years since 2013 when it reached $56.69 billion. Busan PortThe central bank cited a drop in ex

[THE INVESTOR] The prosecution raided the office and home of National Agricultural Cooperative Federation chairman Kim Byeong-won on June 17 on suspicion of illegal activities during the election campaign. The NACF is Korea’s largest agroindustry body that counts NongHyup Financial Group among its affiliates. Its chairman is elected among chiefs of regional branches who run for office.NACF chairman Kim Byeong-won.The prosecution suspects that Kim took part in illegal campaign activities during t

With the central bank slashing its benchmark interest rate to a historic low of 1.25 percent, putting money in bank accounts will not increase people’s income, as bank deposit rates will drop in line with the key base rate.Experts recommend reallocating people’s funds in bank deposits to other assets that offer higher yields. Real estates may be an option, but not a lot of people can afford to invest in an apartment unless they borrow money from banks with low interest rates. Funds investing in

Kumho Asiana Group chairman Park Sam-koo (left) meets Financial Services Commission chairman Yim Jong-yong during a policy meeting to boost culture and tourism at Cheong Wa Dae on Friday. Park attended the meeting in the capacity of chairman of the Visit Korea Committee. (Yonhap)

There is a saying, “Money does not grow on trees.” One has to work really hard to earn it.But making an honest buck in this age of low interest rates and low growth has become harder than ever.It is not as if Koreans do not work hard. In fact, Koreans work the longest hours after Mexicans in the Organization for Economic Cooperation and Development. Koreans worked 2,124 hours in 2014, according to the latest data.Working long hours does not necessarily mean that they work hard. But still, averag

South Korea's salaried workers spent less on congratulatory and condolence money for weddings and funerals in the first quarter as they felt the pinch amid an extended economic slowdown, government data showed Friday.In the three months ended March 31, people spent an average of 250,127 won ($214) to congratulate a couple on their marriage or to express their condolences. It was down 3.3 percent from a year earlier, according to data from Statistics Korea."In the household spending data, the rat

[THE INVESTOR] Local construction firms are facing growing risks in oil producing countries. On June 16, Hyundai Engineering and Construction Co. disclosed that a US$6 billion project in Iraq had to be halted due to late payments. Although the company said that it is seeking other means of payment, the move sparked concerns that similar developments could occur in other oil producing countries. The concern is further fueled by the fact that a large chunk of Korean construction firms’ unclaimed f