South Korea's top financial regulator on Wednesday said the country's largest shipping line, reeling from huge debts, should stand on its own feet or face court receivership.Yim Jong-yong, chairman of the Financial Services Commission, reaffirmed that the government has no plan to offer financial aid to Hanjin Shipping Co."Hanjin Shipping is in talks over ship mortgage loans with 34 financial institutions" in addition to charter rate negotiations and private debt rescheduling efforts, he said in

Lotte Group, South Korea's fifth-largest conglomerate, was the most active among local business groups in the mergers and acquisitions field over the past six years, data showed Wednesday. The nation's top 30 business groups were engaged in 272 M&As worth a combined 46.75 trillion won ($42.9 billion) since 2010, according to CEO Score that tracks the nation's large enterprises.So far this year alone, 17 M&A cases worth 7 trillion won have been reported by the family-run conglomerates, called cha

A labor union of pilots at the country's major flag carrier Korean Air on Tuesday accused their company and its leaders of evading taxes Tuesday, also calling for a probe by the national tax office.A group of some 150 Korean Air pilots gathered in front of the Seoul regional office of the National Tax Service and demanded the launch of an official tax investigation."As change from within seems impossible now, we hope to correct the immoral managerial behaviors of the company through a strict pro

South Korean stocks extended gains on Tuesday, with its main stock index hitting a nine-month high, as foreign investors continued to buy local stocks. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 12.66 points, or 0.62 percent, to close at 2,043.78. Trade volume was moderate at 433 million shares worth 4.09 trillion won (3.69 billion), with gainers outnumbering losers 491 to 302.The KOSPI last surpassed the 2,040-level on Nov. 6 last year. The

South Korea’s Ministry of Trade, Industry and Energy said Tuesday that it is not considering changes to its electricity charging scheme for households, despite litigations against the state’s “unfair and excessive” billing amid the scorching summer heat.The government said that it would need social consensus before it can actually change the scheme, which it added was developed in favor of the low-income group.“This would need social consensus given that there are a variety of opinions on this s

Finance Minister Yoo Il-ho (center) and other economic policymakers attend a news conference to make a public statement on the government’s extra budget spending in Seoul on Tuesday. (Yonhap)

South Korea's finance minister on Tuesday called on parliament to quickly pass the extra budget bill to invigorate the economy, which has been in the doldrums amid faltering exports and slowing domestic demand."This is the right time for South Korea to revive momentum for an economic recovery," Finance Minister Yoo Il-ho said in a press conference in Seoul with other economy-related ministers, including Trade Minister Joo Hyung-hwan. "An extra budget bill will have less effect if we miss out on

South Korean shares traded slightly higher late Tuesday morning, with sentiment improved as OPEC hinted at taking actions next month to increase oil prices.The benchmark Korea Composite Stock Price Index rose 4.85 points, or 0.24 percent, to 2,035.97 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics shedding 0.57 percent, and global chipmaker SK hynix up 0.29 percent.Top carmaker Hyundai Motor gained 1.88 percent and its affiliate Kia Motors rose 1.34 percent. Amore

South Korea's state financial watchdog on Tuesday said it will launch a new far-reaching financial information service next month as part of efforts to bridge the information divide."The Financial Information Network, http://fine.fss.or.kr, will offer financial consumers various kinds of useful information, which is necessary in making financial transactions," the Financial Supervisory Service said.The portal is scheduled to open Sept. 1, it added.The FSS and some public and private financial gr

The net asset value of money market funds in South Korea has exceeded 130 trillion won ($117 billion) for the first time, as investors have increasingly favored short-term financial instruments, data showed Tuesday.MMFs are short-term debt securities such as Treasury bills and commercial papers, considered as safe as bank deposits but with a relatively quick and high return.Their growing popularity here reflects an increase in "floating" capital amid unrelenting economic uncertainties at home an

South Korean shares opened higher Tuesday on the back of gains in tech and auto stocks, extending gains after hitting fresh yearly highs a day earlier. The benchmark Korea Composite Stock Price Index rose 5.15 points, or 0.25 percent, to 2,036.27 in the first 15 minutes of trading.Large caps traded mixed with market kingpin Samsung Electronics gaining 0.06 percent. Major chipmaker SK hynix fell 1.14 percent. Top automaker Hyundai Motor rose 1.5 percent, and its affiliate Kia Motors inched up 0.6

South Korean investors have been putting a large amount of money in high-return bond funds amid weak economic growth this year, with stock funds suffering a massive outflow, data showed Tuesday.According to the data by fund researcher Zeroin, local investors added a net 5.87 trillion won ($5.3 billion) into funds investing in domestic and overseas bonds between the start of this year and last Friday.In contrast, a net 4.6 trillion won exited investment funds reserved for local and overseas stock

South Korean stocks rose to hit fresh yearly highs Monday as positive U.S. jobs data eased concerns about the pace of an economic slowdown. The Korean won gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 13.18 points, or 0.65 percent, to close at 2,031.12. Trade volume was slim at 266 million shares worth 4.09 trillion won (US$3.68 billion), with gainers outnumbering losers 420 to 387.Last Friday, fueled by stronger than expected job data, U.S. stocks set more

Listed units of Korea’s top 10 conglomerates account for slightly over half of the country’s stock market capitalization, showed data by corporate tracker CEO Score last week. The 181 listed subsidiaries of the 10 largest family-controlled business groups had a combined market capitalization of 778.5 trillion won ($700 billion) as of end-July, or 51.2 percent of the value of all shares traded on the main bourse.

Veteran lawyers say exit market for PEs essential for further growth