Listed companies in South Korea have seen their sales of land, buildings and other tangible assets reach nearly 2 trillion won ($1.9 billion) so far this year, data showed Sunday, as they are keen to clean up their balance sheets.According to the data from the financial watchdog, companies listed on the nation’s main and secondary stock markets disposed of tangible assets worth 1.84 trillion won this year, excluding last week’s sale of a prime plot in southern Seoul by state-run power company Ko

The combined debt of Korean public firms and institutions is expected to hit 524 trillion won ($502 billion) next year, the finance ministry said Sunday, amid government efforts to reduce their liabilities.The forecast is 3 trillion won smaller than an earlier government estimate this year, with the debt ratio likely to come in at 214 percent in 2015, according to the ministry’s 2014-2018 financial management plan for them, which will be submitted to the National Assembly on Monday.Under Preside

The state-run Industrial Bank of Korea will halt its financial service for three days from Oct. 3 to replace its main computing system.Debit cards, automated teller machines and online banking services will be out of service during the period, while credit cards will remain in operation, according to the bank officials.IBK’s new Post Next-Generation system will enable the bank to manage its customer information through a centralized system, they added. “We chose the first week of October as Oct.

South Korean stocks closed higher Friday amid abated geopolitical uncertainties in Europe, as voters in Scotland chose to stay part of the United Kingdom, analysts said. The benchmark Korea Composite Stock Price Index gained 6.08 points, or 0.3 percent, to 2,053.82. Trading volume was moderate at 391 million shares worth 5.02 trillion won ($4.81 billion), with gainers outpacing losers, 529 to 269.Analysts said Friday’s rebound came after Scotland voted against splitting from Britain in its refer

The government’s decision to set the tariff on rice imports at 513 percent and to liberalize the domestic rice market next year triggered an intense backlash from local rice farmers.A dozen farmers and civic group members broke into the National Assembly on Thursday morning, halting a meeting between the Ministry of Agriculture, Food and Rural Affairs and the ruling Saenuri Party.The protesters threw eggs and red pepper powder at the policymakers and lawmakers, denouncing the ministry for making

The board of KB Financial Group is expected to meet again Friday to discuss follow-up measures after dismissing the group’s chairman who is accused of a series of management lapses but refuses to step down. After hours of talks Wednesday that ended close to midnight, the board said it decided to dismiss Lim Young-rok. The board on Monday had recommended that he resign voluntarily, but Lim sued the regulating agencies who punished him in defiance, reasserting his innocence. The board will meet ag

The board of KB Financial Group Inc. decided Wednesday to sack the group's chairman accused of a series of management lapses, clashing head-on with the chief who said he has no intention to step down. The board's move came after KB Financial chairman Lim Young-rok refused to accept its recommendation Monday that he voluntarily resign to allow the banking group to get past recent controversies over his conduct and resume normal business operations.Lim denies any wrongdoing and rejected the board'

The head of HSBC's Korean unit on Wednesday highlighted the country's prospect as a renminbi hub as the British banking giant focuses on its corporate finance business after shutting down its retail units here."We believe that given its geographical proximity to China and the importance of its economic and trade links with China, Korea can become one of the most successful renminbi centers in Asia and globally," HSBC Korea President Martin Tricaud told reporters in a news conference.Earlier this