More and more local enterprises are actively liquidating their assets to secure cash as much as possible, as economic uncertainties drag on from the eurozone debt crisis.According to the Financial Supervisory Service, the amount of assets Korean firms sold during the first half nearly doubled from the previous year.The regulatory data showed that local firms sold a total of 780.7 billion won ($690 million) worth of tangible assets in the six-month period, compared with 404.8 billion won over the

Religious leaders prefer voluntary payment to binding income taxesThe Ministry of Strategy and Finance is poised to propose a bill on the taxation of religious groups as part of the 2012 Tax Law amendment to be made on Aug. 8. Aimed at ensuring the equal application of income taxes, the bill would impose income tax on Korean religious societies that have been exempt since the nation’s foundation. According to ministry officials, the bill will be included either in this year’s revision of the Tax

The North Korean economy is believed to have marginally grown last year after contracting for two straight years on increased agricultural production, South Korea’s central bank said Sunday.The Bank of Korea estimated that the communist country’s economy grew 0.8 percent on-year in 2011, compared with a 0.5 percent contraction a year earlier. The 2011 data contrasted with a 3.6 percent expansion of the South Korean economy.The South Korean central bank had earlier estimated that the North’s econ

South Korean stocks will be influenced by the upcoming Bank of Korea meeting that sets the country’s key interest rate, and other domestic and overseas economic developments, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,858.2 on Friday, a gain of 0.8 percent from the week before.The modest gain came about after leaders at the European Union summit agreed on a plan to alleviate financial market jitters, and both the United States and China announced new stimu

Global credit appraiser Fitch Ratings will send its officials to South Korea this week for an annual meeting with the nation’s key economic and financial policymakers, the finance ministry said Sunday.The delegation led by Andrew Colquhoun, head of its Asia-Pacific sovereign team, is scheduled to start the three-day talks on Tuesday, according to the Ministry of Strategy and Finance.During the visit, the delegation will have talks with officials from the finance ministry, the Bank of Korea, the

FSS investigating risk calculation in medical insurance premiumsThe Financial Supervisory Service is set to conduct a investigation into the non-life insurance sector amid allegations that some companies improperly calculated risk for medical insurance premiums.Several insurers have recently raised fees by more than 50 percent, arguing that risk factors increased, according to regulatory officials. The regulator’s probe will target eight insurance firms selling medical insurance products. They a

Korea plans to sell 2 trillion won ($1.76 billion) worth of Treasury bills in July to shore up government coffers, the Finance Ministry said Friday. Treasury bills are intended to raise money so the government can cope with short-term financial shortfalls. Such bonds generally mature in less than one year, with those to be sold this month to come due in 63 days.South Korea resumed issuing Treasury bills for the first time in five years in 2011 when it sold a total of 11.7 trillion won worth of s

Korean Air has ranked at the top in the best passenger service of the Global Customer Satisfaction Competency Index for eight consecutive years, the nation’s flag-carrier said on Friday.Company officials said it won the prize thanks to its efforts to innovate in-flight services and focus on customer satisfaction.The annual index is done by Japan Management Association Consultants Inc. JMAC is a multinational consultant group which evaluates customer’s satisfaction on services and products throug

Korea’s economy is rebounding at a slower-than-expected pace amid deepening uncertainties from the eurozone debt problems and possible worldwide slowdowns, the country’s top economic policymaker said Friday.“It is tough to predict how economic situations will play out in the second half but one thing seems to be certain and that is full-fledged economic recovery is being delayed,” Finance Minister Bahk Jae-wan told a press conference with foreign journalists in central Seoul.His remarks come a w

Korean stocks closed 0.92 percent lower on Friday as investors showed muted response to a set of stimulus measures by central banks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 17.29 points to 1,858.2. Trading volume was moderate at 335.7 million shares worth 3.6 trillion won ($3.2 billion), with decliners outnumbering gainers 496 to 309.“The rate cuts by the European Central Bank and China’s central bank did little to boost

Thirty-six large companies including 17 builders will have to either undergo a debt workout program or be forced out of the market, the Financial Supervisory Service said Friday, citing the results of an annual evaluation by creditors.Creditor banks assessed the credit risks of 1,806 companies that borrowed 50 billion won or more from financial institutions, and blacklisted 36 of them into grades C and D. Fifteen of them, including five construction companies, a shipbuilder, two semiconductor ma

Nearly 100 trillion won ($87.9 billion) in household debt owed to banks will come due this year, sparking jitters over a surge in defaults amid a worsening housing market and a global economic downturn, sources said Thursday.Local households will be required to pay back 98 trillion won in bank loans this year, with home-backed loans taking up the bulk of the total, or 79.5 trillion won, according to the Financial Services Commission. Of the total mortgage loans, about 60 trillion won should be r

Foreign currency deposits at South Korean banks rose to their highest level in June as companies put more money into them amid a wider trade surplus, the central bank said Thursday.Foreign currency-denominated deposits held by residents reached an outstanding a record high of $33.48 billion as of the end of June, up $1.42 billion from the previous month, according to the Bank of Korea. The term residents includes individual citizens, firms and foreign nationals who have lived in the country for

Korea’s economic conditions continue to improve modestly, but eurozone debt problems and slowdowns in major countries are still fueling uncertainties for its export-driven growth, the finance ministry said Thursday.In its monthly “green book” report, the ministry said that the government has to brace for a persistent and prolonged crisis down the road, underlining the need to closely monitor market conditions at home and abroad.“External market situations remain cloudy as worries over the eurozo