[THE INVESTOR] Investors have filed a class-action suit against GS Engineering & Construction for allegedly concealing losses.According to law firm Hannuri, the nation’s highest court confirmed a lower court ruling allowing 15 people who invested in the construction arm of GS Group to file a class-action suit. GS Group is Korea’s seventh-largest conglomerate. The suit is demanding GS to pay for damages worth 46.5 billion won (US$ 39.5 million) to 10,399 investors.In 2013, GS failed to disclose i

[THE INVESTOR] Seoul is looking to strengthen the ability of local banks to deal with sudden changes in the international market, the financial authorities announced after a meeting Thursday. As part of the plans -- finalized at a meeting between the financial regulators, central bank and Finance Ministry -- local banks will be required to raise their foreign exchange liquidity coverage ratio to 80 percent by 2019. The FX LCR is maintained at a level between the net forex outflow expected over a

[THE INVESTOR] A significant rise in South Korea’s tax revenues in the first four months of this year is credit-positive for Korea as it will help support the government’s stimulus packages, Moody’s Investors Service said on June 16. In December, Korea’s credit ratings was upgraded from Aa3 to Aa2 by the rating firm, which changed its economic forecast from positive to stable, noting its stronger economic and fiscal fundamentals compared to China and eurozone countries. “The increased tax revenu

[THE INVESTOR] DreamT Entertainment, home to a four-member K-pop girl group Girl’s Day, plans to voluntarily delist from KONEX, the country’s stock exchange for start-ups and SMEs, to join the secondary KOSDAQ on Nov. 18.  Idol group Girl's Day.“As the company has started working on TV drama production, we expect additional revenue from our diversified business portfolio,” a Dreamt Entertainment official said. He blamed KONEX market’s low trading volume for the venue change, saying its corporate

Korean companies suffered a setback in their sales amid sluggish demand at home and abroad in the first quarter of the year, according to the central bank on Thursday. Local firms with over 12 billion won ($10.3 million) in assets said their sales dropped 2 percent from the same period last year.

[THE INVESTOR] South Korean share prices tumbled to near one-month low on June 16 on the cautious tone of the US Federal Reserve on the global economy amid rising risks involving Britain’s exit from the European Union. The local currency closed at 1,171.4 won against the US dollar, up 1.9 won from the previous session’s close.The benchmark Korea Composite Stock Price Index lost 16.84 points, or 0.86 percent, to close at 1,951.99, booking a sixth straight losing session. Trade volume was at 432.9

[THE INVESTOR] Four state-run corporations -- Korea Resources Corp., Korea National Oil Corp., Korea International Broadcasting Foundation and Facility Management System -- have received the lowest marks in their work performance evaluation for last year. Announcing the results of its assessment on June 16, the panel, under the Ministry of Strategy and Finance, evaluated 116 state-run corporations and institutions based on their management performance last year. A total of 161 experts, including

[THE INVESTOR] Hyundai Glovis has once again turned down proposals by the US government to use US-registered ships for its car shipments to the nation, according to company sources on June 16. US government officials including maritime administrator Paul Jaenichen recently came to Korea to discuss marine policies with Korean officials from the Ministry of Oceans and Fisheries, sources said.In the latest meeting at Sejong City, South Chungcheong Province, representatives from Hyundai Glovis, a lo

[THE INVESTOR] Weak employment and low inflation led the U.S. Federal Open Market Committee to freeze its federal fund rate at 0.25 to 0.50 percent, extending the possibility and uncertainty over a rate rise, analysts say.The U.S. FOMC said that it will maintain its benchmark interest rate, but remains “accommodative,” indicating that it will adjust its monetary policy in accordance with conditions in the labor market and consumer prices.“In determining the timing and size of future adjustments

[THE INVESTOR] Four state-run corporations -- Korea Resources Corp., Korea National Oil Corp., Korea International Broadcasting Foundation and Facility Management System -- have received the lowest marks in their work performance evaluation for last year. Announcing the results of its assessment on June 16, the panel, under the Ministry of Strategy and Finance, evaluated 116 state-run corporations and institutions based on their management performance last year. A total of 161 experts, including

[THE INVESTOR] Korea Development Bank, the government-owned bank in the vanguard of the country’s corporate restructuring drive, is finding itself in a crisis of its own. KDB suffered a severe blow to its credibility and integrity Wednesday, when the state audit agency said KDB was partly to blame for problems at Daewoo Shipbuilding and Marine Engineering, including the alleged 1.5 trillion won ($1.28 billion) accounting fraud. As the firm's main shareholder and creditor, KDB had “neglected” its

[THE INVESTOR] Most of Korea’s key industries will continue to face difficulties in the second half of the year, the largest business group in Korea said on June 16. In a seminar organized by the Federation of Korean Industries, participants projected that the conditions are unlikely to improve significantly in the second half with the exception of construction and petrochemical industries.  The Federation of Korean Industries.According to FKI’s projections, the shipbuilding industry -- hit hard

[THE INVESTOR] The top management of Samsung C&T, Samsung Group vice chairman Lee Jae-yong and the National Pension Service have been sued by an alliance of civic groups on charges of malpractice and stock price manipulation during the merger of then Cheil Industries and Samsung C&T in 2015.People’s Solidarity for Participatory Democracy, one of the civic groups participating in the lawsuit, claimed that the merger between Cheil Industries and Samsung C&T in July 2015 was made to benefit the Sam