South Korea’s finance regulator and state-owned creditors of the troubled Daewoo Shipbuilding & Marine Engineering unveiled Thursday an additional 2.9 trillion won ($2.6 billion) rescue plan that depends on whether all stakeholders agree to share the burden of a debt-to-equity swap. The main creditors Korean Development Bank and Export-Import Bank of Korea suggested the additional rescue plan less than two years after a 4.2 trillion won package was decided on in October 2015, reversing an earlie

South Korea’s latest marriage and divorce figures showed a continuing trend of late marriages or avoidance of wedlock, according to data from Statistics Korea Wednesday. The number of marriages hit its lowest mark since 1977.South Korea saw fewer marriages and fewer divorces in 2016 from the previous year. In 2016, there were 281,600 marriages, down 7 percent, or 21,200, from 2015 due to a decline in population of those in their 20s and 30s, unstable job conditions, high rent and a wide-spreadin

The South Korean government announced Wednesday its latest unemployment support measures for youth in an attempt to help the frustrated young unemployed. The new measures aim to relieve the financial burden for young job seekers, change unfair employment practices and encourage those who start their own businesses, the Ministry of Strategy and Finance said. Young job seekers search through booths at a job fair for youth in Seoul (Yonhap)The measures include eased conditions for mandatory militar

Cho Hwan-Eik, CEO of the state-owned Korea Electric Power Corp. (Kepco), said Tuesday the company is considering a stake in a Toshiba-led nuclear plant project in the UK. “Once (NuGen’s) sales plan, such as debt and equity structure, is set, we will jump into the race,” Cho told reporters Tuesday evening. He also said that the company has had informal meetings with Toshiba but nothing has been fixed since negotiations between the Japanese and British governments are still ongoing. KEPCO CEO Cho

The Coca-Cola Co. and the World Wildlife Fund teamed up with South Korea’s government organizations to protect water resources in PyeongChang on Tuesday, one day ahead of World Water Day. A memorandum of understanding for a comprehensive water conservation program was signed, with six parties from the public and private sectors deciding to collaborate to conserve water resources to achieve an eco-friendly PyeongChang Olympic Winter Games next year. The six-body partnership consists of Coca-Cola,

South Korea’s main stock index hit a high not seen in nearly six years Tuesday, hoisted by gains in most large-cap stocks. The benchmark Korea Composite Stock Price Index closed up 21.37 points, or 0.99 percent, to 2,178.38 points Tuesday. It was the highest closing since July 8, 2011 with 2,180.35 points.  South Korea‘s main bourse Kospi rose 0.99 percent to close at 2,178.38 points Tuesday, a record high closing since July 8, 2011. (KRX)During intraday trading, the Kospi touched as high as 2,1

South Korea has complained to the World Trade Organization about China’s moves against the country’s companies, which are apparently in retaliation against Seoul’s decision to deploy a US anti-missile system on the Korean Peninsula, trade ministry said Monday. “We raised the issue to the WTO Council for Trade in Services on March 17 on whether or not China’s measures against South Korea’s tourism and retail companies are in violation of trade agreements,” Joo Hyung-hwan, minister of the Ministry

South Korea’s 10 biggest groups saw their market capitalization rise 8.1 percent so far this year, led by the country’s behemoth Samsung Group affiliates, according to the Korea Exchange on Monday. The combined market capitalization of 120 affiliates of the 10 biggest private groups here has gained 8.1 percent to 823.8 trillion won as of March 14 from 761.8 trillion won at the end of 2016, while the total market capitalization grew 4.6 percent to 1.58 quadrillion won from 1.51 quadrillion won du

STX, a general trading firm, will be able to be traded again on the local stock market after it is sold to a mid-size local shipping group as planned, according to the country’s bourse operator, Monday. Trading of STX stock has been suspended since Feb. 16 due to the erosion of its capital base. SM Group, which has been taking over a series of financially troubled companies in recent years, was picked as the preferred bidder for STX last week. “Through debt-for-equity swaps by creditors and capi

This is the 37th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdSK Materials, a semiconductor materials company, is one of the top 10 caps on the tech-heavy Kosdaq bourse with more than 1.8 trillion won ($1.59 billion) in market capitalization. Since November 2015 when it became part of SK group, South Korea’s third-largest conglomerate, its share price has soared from slightly over 100,000 won to 171,000 won when it closed Friday. The company was

Finance Minister Yoo Il-ho met with global rating firms in an attempt to assure credit appraisers of the economic situation in the aftermath of former president Park Geun-hye’s impeachment on the eve of a meeting of G-20 finance ministers and central bank governors.Yoo met Moritz Kraemer, S&P‘s global sovereign chief ratings officer, and James McCormack, head of sovereign ratings at Fitch, separately to address positive signs of a recovery in exports and investment in recent months. The minister

South Korea’s main bourse on Friday hit the highest point in almost two years amid diffused concerns on US rate hikes and continued rallies by Samsung Electronics‘ and other heavyweights.The Kospi added 14.50 points, up 0.67 percent from the previous session to hit a 23 month high of 2,164.58 points on Friday.  Kospi hit its highest point in almost two years on Friday (KRX)Top cap Samsung Electronics closed at an all-time high of 2.12 million won ($1,873), up 1.34 percent from the previous day.

South Korea’s benchmark stock index hit a near two-year high Thursday, while the local currency strengthened more than 1 percent, following the US interest rate hike overnight. The Korea Composite Stock Price Index surged to 2,155 points soon after trade began before closing up 0.8 percent, or 17.08 points, to 2,150.08 points Thursday. It marked the highest since April 27, 2015. Foreign investors, who account for more than 30 percent of South Korea’s stock market, bought a net 271 billion won ($

Amid escalating tension between South Korea and China over Seoul’s decision to deploy a US advanced defensive missile system, a short video taken by a longtime Beijing resident shows an empty Lotte Mart store in Beijing on Tuesday. “Tonight, at local grocery spot Lotte, a South Korean supermarket chain targeted in a state-directed boycott. Shades of anti-Japan sentiment several years ago,“ the foreign resident, who wished to remain anonymous, wrote on his Facebook page. He said “(There are) usua

Posco Daewoo, a leading South Korean trade company, has secured a deal from the Bangladeshi government to explore gas in a deep-sea block, the company said Wednesday. Posco Daewoo and Petrobangla, a state-owned oil firm, signed a production-sharing contract for deep-sea block 12 in the Bay of Bengal, according to the company.   The signing of a production-sharing contract for deep-sea block 12 in the Bay of Bengal between the Bangladeshi government and Posco Daewoo. (Yonhap)“This deal is based o

중국의 수도 북경의 한 롯데마트 상점, 화요일 저녁. 　북경에 오랫동안 거주한 외국인이 찍은 비디오를 보면, 평소대로라면 붐벼야 할 롯데마트가 텅텅 비어있다. 　“고객 수 보다 헬멧쓰고 바통을 든 보안요원들 수가 더 많았다”고 말한 익명을 요구한 외국인은 지금의 상황이 “몇년 전 반일 감정이 고조되었던 상황을 떠올리게 한다,” 고 덧붙였다. 　썰렁한 롯데마트안에 직원들은 유니폼 대신 일반 사복을 입고 있었으며, 롯데마트 입구에는 에서 팔에 안장을 한 자원봉사자들이 열 명 정도 서있었다고 상황을 전했다. 　자원봉사자들이 어떤 목적으로 롯데마트입구를 지키고 있는지 알 수는 없지만, 폭력 등과 같은 만약의 사태를 대비해 있는 것으로 보인다고 외국인은 말했다. 북경에 거주중인 30대 사무직에서 일하는 중국인 천 밍씨는 상황이 생각보다 심각한 거 같긴 하지만, 심한 폭력사태는 일어나지 않고 있다며, “사람들이 한국화장품가게에 가서 소동을 피운다고 들었다“고 전했다. 천씨는 정부에서 이제 냉정

About 5,000 households have so far moved into a new city in Iraq, developed by Hanwha Engineering and Construction, the South Korean firm said Tuesday. Hanwha E&C has been building new houses and infrastructure for a project worth $10.1 billion in the new town in Bismayah, 10 kilometers southeast of Baghdad, since mid-2016. The construction of the Bismayah project is about 32 percent completed. Hanwha has so far collected $3.7 billion in construction fees from the Iraqi government for the new ci

Even though some observers foresee a renegotiation of the South Korea-US free trade agreement, which went into effect five years ago today, experts here and in the US said the bilateral deal has benefitted both countries, perhaps even more so the US.After almost six years of bumpy negotiations, the South Korea-US FTA, also known as the KORUS FTA, went into effect on March 15, 2012. The Ministry of Trade, Industry and Energy said Tuesday the KORUS FTA has proven to be a win-win deal by cushioning

The ouster of former President Park Geun-hye has cleared political uncertainty in South Korea, but growing external risks might pose threats to the nation’s economy amid the two-month leadership vacuum leading up to the next election, the central bank and local economists warned Sunday. Following Park’s impeachment Friday, Korea’s economy now faces five major threats, according to the Hyundai Research Institute: uncertainty over US President Donald Trump; retaliation over the deployment of a US

To most, yesterday’s newspapers, used stamps or emptied pay envelopes are trash. But they can become pieces of history when collected over a period time, even more so in the era of digitalization. Song Sang-cheon, Lim Il-tae and Lee Chong-chan -- three unrelated men in their 70s -- have one thing in common; they each have a hobby of collecting a certain type of item for more than 50 years. Song Sang-cheon, a newspaper and periodicals collector (Park Hyun-Koo/The Korea Herald)Song Sang-cheon has