[THE INVESTOR] Meritz Securities’ second-quarter operating profits came to 109.2 billion won (US$98.38 million), the company said in a regulatory filing on Aug. 1. Despite the drop, this is the first time Meritz Securities’ quarterly operating profits have come in at above 100 billion won since the second quarter of last year. Compared to the same period last year, the figure is 22.4 percent lower. Meritz Securities’ net profit came to 83.2 billion won, down 8.8 percent over the same period. The

[THE INVESTOR] The value of stocks subjected to buyback programs so far this year has more than tripled on both Kospi and Kosdaq, compared to the same period last year, market data showed on Aug. 1.According to the data released by the Korea Exchange, the value of Kospi-traded stocks bought back by the issuer came to over 5.86 trillion won (US$5.27 billion) as of July 27, rising 237.9 percent from a year ago.The figure for Kosdaq companies came to 453.7 billion won, up 370.6 percent from a year

[THE INVESTOR] The loan delinquency rate of large companies reached a record high in June, pushed up by STX Offshore and Shipbuilding requesting to go into court receivership. According to the Financial Supervisory Service, large the delinquency rate reached 2.17 percent in June, the highest since 2008 when the financial authorities began compiling the data. Compared to May, last month’s figure is 0.81 percentage points higher. The previous high was 1.97 percent recorded in 2012 when Korean indu

[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

[THE INVESTOR] The new anticorruption act could cut demand for agricultural and livestock goods by as much as 6.5 trillion won (US$5.72 billion), the Ministry of Agriculture, Food and Rural Affairs said in a report on July 20. In the report submitted to the Presidential Regulatory Reform Committee, the ministry also suggested that the ceiling on gifts and other related spending should be increased drastically to ward off the possible impact on agricultural and livestock industries. The President

[THE INVESTOR] The Korea Chamber of Commerce and Industry has no plans to submit a petition on presidential pardons for businesspeople, KCCI chairman Park Yong-maan said.KCCI chief Park Yong-maan delivers a speech at the KCCI JEju Forum in Jejudo Island on July 20.Speaking at a press conference on July 20, the KCCI and Doosan Infracore chief said that the corporate community is hoping for many businesspeople to be included in the Aug. 15 Liberation Day presidential pardon. However, hesaid that t

[URGENT] Bank of Korea keeps key rate at 1.25 percent

[THE INVESTOR] Han Sung Motor, Mercedes-Benz’s largest dealer in Korea, expects double-digit sales growth this year, the company’s chief said Friday at its annual motor show in Seoul. “The company’s sales figure in the first half rose around 10 percent year-on-year. The second half is expected to post better performance (than the first half) thanks to the launch of new E-Class,” said Han Sung Motor CEO Ulf Ausprung at its motor show held at the Sevit floating island on the Hangang River, which k

[THE INVESTOR] South Korea's automobile exports fell more than 13 percent in the first six months of the year, weighed down by falling demand from new emerging markets, data showed on July 10.South Korean carmakers shipped 1.33 million vehicles abroad during the first half of the year. The figure is 13.3 percent lower than that recorded during the same period last year earlier.  Automobiles set for export at a port in South Korea. The InvestorThe government said the decrease followed the sluggis

[THE INVESTOR] South Korea’s tourism deficit for the first five months of the year showed a year-on-year rise despite the government's efforts to boost the industry, central bank data showed on July 10.The tourism deficit for the period rose 1.3 percent from a year ago to come in at US$1.49 billion. The figure for the same period last year is US$1.47 billion, according to the Bank of Korea.South Koreans headed overseas line up at the Incheon International Aiport in this file photo from June. The

[THE INVESTOR] The Fair Trade Commission will decide on the Qualcomm case on July 20, local media reported on July 8. According to reports, the FTC will convene a general meeting on July 20 to decide whether the US-based telecommunications equipment maker abused its dominance in the market. Citing unnamed sources, local media reported that FTC’s team on information and communications technologies, and Qualcomm’s legal representatives will each argue their case at the meeting. The FTC informed Qu

[THE INVESTOR] Government ministries announced on July 7 help for the construction of roads and water treatment facilities for LG Household and Health Care’s cosmetics complex under development in Cheonan, South Chungcheong Province.Concerned government departments will build a new access road and set up water treatment facilities for the complex. The cost of the new road will be covered by LG Household and Heath Care. The complex, the plans for which were announced in May, will include manufact

[THE INVESTOR] South Korea’s Seoul St. Mary’s Hospital and Stanford University are to collaborate in developing artificial intelligence-based cancer treatment. Seoul St. Mary's Hospital/ The InvestorThe two organizations signed a memorandum of understanding on cooperating in commercializing advanced medical technologies in Seoul on July 6. The two organizations will work together on developing radiotherapy using AI, cell treatments for ovarian, lymph and other cancers, and diagnostic equipment u

[THE INVESTOR] The government is pushing to enable IT companies to hold up to 50 percent stake in Internet banks as part of the plans to strengthen the service sector revealed on July 5. The government had attempted to make the same changes earlier, but failed due to resistance from the opposition bloc. Under current regulations, a nonfinancial company can hold only up to 10 percent of a bank. The revised bill submitted to the National Assembly on June 16 will allow nonfinancial companies to hol