Major South Korean companies are sitting on more cash than ever as they remain reluctant to boost investment and dividends amid the stagnant economy at home and abroad, data showed Monday. The cashable assets held by the nation's top 500 companies hit a record 158 trillion won (US$143.6 billion) as of end-September, adding 8 trillion won from the end of 2013, according to data compiled by the Bank of Korea. Cash piles at major companies jumped from 94.6 trillion in 2007 to 130 trillion won in 20

South Korean quarantine authorities are examining Canadian beef imports, following a recent notification from the Canadian government of an outbreak of bovine spongiform encephalopathy, or mad cow disease.The Ministry of Agriculture, Food and Rural Affairs said Sunday that Canadian beef imports here could be categorically banned if found to pose a substantial threat to public health.“We were notified by the Canadian Embassy to Korea on Feb. 11, Canada time, that a full-grown cow at a ranch in Al

The International Monetary Fund said Friday that the South Korean economy faces numerous downside risks to growth, forecasting a weaker-than-anticipated outlook for this year.Korea’s aging population, unsustainable reliance on manufacturing for growth, vulnerable household debt levels especially among low-income earners and weak consumer expectations are some of its domestic challenges.A prolonged weak Japanese yen, rising global deflation on the back of falling oil prices and weak growth outloo

A court ruled Thursday in favor of unionized workers at Hyundai Heavy Industries, the world’s largest shipbuilder, in an “ordinary wage” lawsuit. In its ruling, the Ulsan District Court said that the company should calculate regular bonuses it paid to workers as base pay.In 2010, 10 union members of the company filed a lawsuit, demanding bonuses and other benefits be considered “ordinary pay,” which is used to calculate a range of benefits, from overtime payments to annual raises.The shipbuilder

South Korea’s consumer inflation rate fell below that of the average of the G7 economies last year for the first time in eight years, according to data by the Organization for Economic Cooperation and Development.Korea’s annual inflation rate stood at 1.3 percent last year, compared to the G7 average of 1.6 percent. The G7 economies are the U.S., Japan, the U.K., France, Germany, Italy and Canada.Korea’s inflation rate also fell below the G7 average in 1999 and 2006.Falling global oil prices and

Korea’s emissions rights exchange has remained dormant since its launch last month, as companies refrained from trading, data showed on Wednesday. Since its opening on Jan. 12, total trading volume stood at just 11.5 million won ($10,500), or 1,380 tons of carbon credits, Korea Exchange reported.Actual trading occurred on only four days, the main bourse operator said. The trading volume was the largest on the first day at 9.74 million won, or 1,190 tons. For the next two days, however, the volum

Korea Investment Partners, South Korea’s largest venture capital firm, said Wednesday that together with AJU IB Investment, it had invested 2 billion won ($1.8 million) in ZOYI Corporation.ZOYI is a Korean tech start-up that offers a service called “Walk Insights” enabling it to analyze customer data in real time for offline retail stores via sensors, and smartphone Wi-Fi and Bluetooth telecommunications technologies.The company analyzes data such as the number of customer visits and revisits to

South Korean stocks closed higher Wednesday as foreign investors turned net buyers on growing hopes for a breakthrough in meetings between Greece and its European creditors over a revision of its bailout package, analysts said. The local currency weakened against the U.S. dollar.   The benchmark Korea Composite Stock Price Index scored 9.84 points, or 0.51 percent, to finish at 1,945.70. Trading volume was light at 296.67 million shares worth 4.13 trillion won ($3.76 billion), with gainers surpa

The ratio of bad loans at South Korean banks fell last year from a year earlier, including in corporate and household sectors, the financial watchdog said Wednesday.The ratio of non-performing loans held by 18 local banks stood at 1.53 percent at the end of 2014, down 0.26 percentage point from the previous year, according to the Financial Supervisory Service (FSS).Compared with the previous quarter, the ratio fell 0.19 percentage point, the FSS said.The bad loan ratio refers to the proportion o

South Korea’s Ministry of Strategy and Finance said Tuesday that the national tax revenue fell about 11 trillion won ($10 billion) short of the government’s target last year due to decreased corporate tax and value-added tax earnings.Although Korea’s tax revenue increased 3.6 trillion won to 205.5 trillion won last year, it was still 10.9 trillion won less than its target of some 216 trillion won, noted the Finance Ministry, which closed its books on gross earnings and spending for fiscal 2014.T