[THE INVESTOR] Home-backed loans of the country’s six largest banks increased by the largest margin on record in July, industry data showed on Aug. 2. July is traditionally considered a slow month for residential property-backed loans. Yeouido financial district in western SeoulAccording to bank industry data, six largest banks’ residential property-backed loans increase by more than 4.2 trillion won (US$3.78 billion) in July. This is the largest monthly rise seen since banks began compiling the

[THE INVESTOR] The value of “AA” grade and higher corporate bonds hit the year’s low in July, falling more than 60 percent on-year, as South Korean firms seek to consolidate their finances. According to finance industry data, the value of “AA” or higher unsecured corporate bonds issued in July came to 1.22 trillion won (US$1.10 billion). In comparison, the figure for June stands at 2.49 trillion won, and that for July 2015 stands at 2.75 trillion won. Samsung Group`s headquarters in Seocho-dong,

[THE INVESTOR] The first half of 2016 saw 40 percent of South Korea’s largest companies miss their earnings target, a survey showed on Aug. 1.According to a survey conducted by Federation of Korean Industries, 41.7 percent of the country’s largest companies said that their first-half results fell short of the targets set at the beginning of the year. The FKI surveyed the country’s 600 largest companies by sales, and the results are based on the answered provided by 307 participating firms. In co

[THE INVESTOR] A tax accountant has been taken into custody in connection with Lotte Chemical’s alleged tax fraud, a local daily reported on Aug. 1.According to the report, the tax accountant is suspected of having received bribes from Lotte Chemical in return for lobbying Busan tax officials. Lotte Chemical headquarters.The accountant is also alleged to have delivered bribes from the company to Busan tax officials, in get favorable audit results. The prosecutors investigating the case plan to d

[THE INVESTOR] South Korean shares are expected to remain in a tight range in the coming week with investors expected to watch key economic events around the globe, analysts said on July 31. The benchmark KOSPI closed at 2,016.19 points on July 29, up 0.4 percent from a week ago.The index started almost unchanged this week as investors took to the sidelines waiting for the US Federal Open Market Committee meeting results. This week, investors are forecast to await the release of the U.S. Institu

[THE INVESTOR] Senior government officials from Asian countries are learning about water management from Korea’s water resources public corporation, or K-water, according to Seoul officials July 31.K-water started last month a three-week workshop about water management and control. Those attending are sixteen officials from seven Southeast Asian countries including Thailand, Cambodia, Malaysia and the Philippines. According to K-water officials, the workshop was launched to share Korea’s experti

[THE INVESTOR] Incheon International Airport served its 500 millionth passenger on July 31, setting a new record for the largest number of daily passengers. According to Incheon International Airport Corp., the 500 millionth passenger, Kim Yong-geun, arrived at Incheon from Bangkok on Asiana Airlines flight OZ7423 at 10 a.m. He was greeted by a water salute from fire trucks and presented with a golden key by Incheon International Airport CEO Chung Il-young at a special ceremony.Incheon Internati

[THE INVESTOR] Lee Kun-hee and Chung Mong-koo, among others, are to be assessed for their suitability as major shareholders of financial companies.With new regulations regarding financial companies set to take effect on Aug. 1, Samsung Electronics chairman Lee Kun-hee, Hyundai Motor Group chairman Chung Mong-koo and Hanwha Group chairman Kim Seung-yeon will be among those assessed. Samsung Electronics chairman Lee Kun-hee (left) and Hyundai Motor Group chairman Chung Mong-koo. The InvestorUnder

[THE INVESTOR] South Korean state-run pension funds will direct more of their investments overseas, they announced on July 29. According to their plans, the National Pension Service and the Government Employee Pension Service will raise the proportion of their investments accounted for by 2 to 3 percentage points in 2017. The proportion of the National Pension Service’s investments accounted for by overseas and alternative investments will be raised to 31.3 percent next year from the current 28.

[THE INVESTOR] The South Korean economy grew by less than 1 percent for the third straight quarter, raising concerns of a prolonged slowdown. According to the Bank of Korea, the country’s gross domestic product for the second quarter of the year came to 375.04 trillion won (US$327.99 billion), growing 0.7 percent from the previous quarter. In comparison, the country’s GDP recorded a 0.5 percent quarter-on-quarter growth during the first three months of the year. The figure for the final quarter