Limkwang Engineering & Construction’s application for court receivership Thursday sent jitters across similar-sized builders in a liquidity crisis due to excessive project financing amid a prolonged property market slump.A reduction in public construction orders and the inability to redeem project financing loans have pushed scores of construction companies to the verge of bankruptcy.Pressed by surety obligations on project financing loans and a lack of new orders, Limkwang, ranked 40th in the c

South Korean stocks closed 2 percent lower on Friday as rising borrowing costs in Spain fueled fears that the eurozone debt crisis is spreading, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 37.5 points to close at 1,839.17. Trading volume was moderate at 328 million shares worth 4.71 trillion won ($4.14 billion) with losers outpacing gainers 631 to 206.“Jitters about the eurozone debt turmoil battered investor sentime

The nation’s health insurance will not be sustainable if nothing is done to improve its finances. Losses are destined to snowball. As the losses are covered by government subsidies, they will put an enormous strain on the nation’s budget.That is why the government needs to take drastic action before it is too late. Last year alone, it had to make up for a deficit of 1.3 trillion won. Compulsory social insurance, which benefits the entire population, must be made to support the system on its own

Park Won-soon set himself apart from his predecessors when he held his inaugural as new Seoul mayor on Wednesday. The inaugural, which was belatedly held in his office, was more of an occasion to connect with citizens than a ceremony.Park, who had started to administer city affairs shortly after being elected Seoul mayor in the Oct. 26 by-election, invited no guest to the inauguration and spent little money on the event. Instead, he himself performed what he nonetheless purported to be a ceremon

In the past 12 months, four European premiers have lost their jobs because they failed to fix their countries’ mounting debt problems. A fifth could join the list on Nov. 20, when Spain holds a general election. The take-away: When leaders fail to address urgent fiscal matters, the capital markets will punish ― and ultimately remove ― them by making the cost of financing debt prohibitively high. Heads started rolling this year when Ireland’s and Portugal’s prime ministers lost elections soon aft