The Korea Herald

Korea to relax restrictions on banks’ capital

[THE INVESTOR] South Korea will ease regulations of loan loss reserves for local banks to improve their profitability, the top financial regulator said on Oct. 7.Yim Jong-yong, chairman of the Financial Services Commission, admitted that banks here are subject to some “excessive” rules including those on loan loss reserves.“(The government) will lay the groundwork for domestic banks to raise their investment appeal and compete in the global market by eliminating factors causing an excessive burd

Oct. 7, 2016

Most heirs exempt from inheritance tax: lawmaker

[THE INVESTOR] More than 97 percent of asset heirs in Korea were found to have been legally exempt from paying inheritance taxes, a lawmaker said Friday. 　According to Rep. Park Kwang-on of the Minjoo Party of Korea, quoting the National Tax Service’s data, about 1.45 million people inherited a total of 151.6 trillion won ($136 billion) from their relatives between 2011 and 2015. Of them, only 2.2 percent actually paid taxes on their inheritance while others benefited from tax exemption. Under

Oct. 7, 2016

Most heirs exempt from inheritance tax: lawmaker

TK Chemical signs W9b contract with Daegu

[DISCLOSURE] TK Chemical (104480) announced on Oct. 7 that it has signed a construction contact worth 9 billion won (US$8.07 million) with Daegu Metropolitan City to extend a landfill in the region. The contract amount is equivalent to 1.37 percent of the company’s 2015 sales. The contract lasts until June 9, 2018. By Park Yuna (yunapark@heraldcorp.com)

Oct. 7, 2016

Korea’s imported car sales plunge 17.7% in Sept.

[THE INVESTOR] Sales of imported cars in South Korea plunged on-year in September, according to industry data on Oct. 7.In September, 16,778 new imported cars were registered, according to the data from the Korea Automobile Importers and Distributors Association.The September reading marked a 5.3-percent increase from the previous month. However, from the same month last year, the figure marked a 17.7-percent plunge. September marked the second consecutive month of drop following a 12.5-percent

Oct. 7, 2016

Korea’s imported car sales plunge 17.7% in Sept.

Lotte founder’s 3rd wife, daughter own 7% stake in Lotte Holdings

[THE INVESTOR] Lotte founder Shin Kyuk-ho’s third wife and their daughter hold a combined 6.8 percent stake in Lotte Holdings, prosecution sources familiar with the matter said on Oct. 6. The stake in Lotte Holdings owned by Seo Mi-kyung, 57, and her 33-year-old daughter is the largest share among the founding family members of South Korea’s largest retail conglomerate. The latest revelation related to Shin’s secretive common-law wife came as prosecutors have been looking into Lotte’s alleged w

Oct. 6, 2016

Lotte founder’s 3rd wife, daughter own 7% stake in Lotte Holdings

Korea to examine effectiveness of VW’s Tiguan recall plan

[THE INVESTOR] South Korean government on Oct. 6 started to examine the effectiveness of Volkswagen’s recall measures for its sport utility vehicles. The Ministry of Environment and the National Institute of Environmental Research together launched the examination that could take upwards to six weeks on devices, including the Portable Emission Measurement System, in the Tiguan model.The move came a day after the auto giant submitted the recall plan to the local government for some 27,000 Tiguans

Oct. 6, 2016

Korea to examine effectiveness of VW’s Tiguan recall plan

Managing mounting household debt top priority: FSC

[THE INVESTOR] South Korea’s top financial regulator said on Oct. 6 that managing rising household debt is the top priority to revitalize the country’s economy. Speaking to lawmakers, Financial Services Commission Chairman Yim Jong-yong noted that it’s the “biggest risk factor” for the economy already in distress due to a number of setbacks including sluggish export growth and domestic spending.“The government is trying to deal comprehensively and thoroughly with the issue,” he said during an an

Oct. 6, 2016

Korea, EAEU consider FTA talks

[THE INVESTOR] South Korea and the Russia-led Eurasian Economic Union have discussed in Moscow on starting negotiations for a free trade agreement, officials said on Oct. 6.The talks held on Oct. 5 came on the heels of an agreement to seek an FTA that leaders of South Korea and Russia reached during a summit in Vladivostok in September.During the talks, the two sides reviewed the outcome of a joint feasibility study that has been made since December between the private sectors of the trade blocs

Oct. 6, 2016

Manufacturers pessimistic about biz outlook in Q4

[THE INVESTOR] South Korean manufacturers’ business outlook for the fourth quarter is still gloomy, according to a poll on Oct. 6. The Korea Chamber of Commerce & Industry said its Business Survey Index for the October-December period came to 86, slightly up from 85 tallied in the previous quarter. The result is based on a survey of 2,400 manufacturing companies nationwide. A reading of under 100 means pessimists outnumber optimists. “They are still worrying about future economic directions, giv

Oct. 6, 2016

LG Chem building EV battery plant in Poland

[THE INVESTOR] LG Chem has started construction of a plant in Poland for electric vehicle batteries, the company said on Oct. 6.The EV battery plant in Wroclaw, southwestern Poland, will cost 400 billion won (US$359 million), with its construction expected to be completed by 2018, LG Chem said.The plant will churn out 100,000 battery units annually for dedicated EVs. Europe’s EV market is expected to reach 2.27 million units in 2030 from the current 110,000 units, as European automakers are rush

Oct. 6, 2016

LG Chem building EV battery plant in Poland

Chinese firms flock to Korean stock market

[THE INVESTOR] Chinese companies are rushing to the South Korean stock market to be listed, industry sources said on Oct. 6.Three Chinese firms -- farm equipment parts maker Golden Century, Organic Tea Cosmetics Holdings Co. and plastics maker GRT -- are preparing to be listed on the secondary KOSDAQ market by year-end. Three Chinese companies have already listed on the minor bourse this year. Analysts said Chinese companies are opting to be listed on the Seoul bourse due to cheaper costs and an

Oct. 6, 2016

Chinese firms flock to Korean stock market

Samsung to buy Apple's Siri creator Viv Labs

[THE INVESTOR] Samsung Electronics has agreed to acquire US artificial intelligence software developer Viv Labs, the tech giant said on Oct. 6.The Silicon Valley company was set up by the entrepreneurs who sold the Siri digital assistant to Apple. In a statement, Samsung said the deal showcases its “commitment to virtual personal assistants and is part of the company‘s broader vision to deliver an AI-based open ecosystem across all of its devices and services.” VIV Lab's internet homepage captu

Oct. 6, 2016

Samsung to buy Apple's Siri creator Viv Labs

KODIT to provide credit guarantee for W400b

[DISCLOSURE] Korea Credit Guarantee Fund, or KODIT, announced on Oct. 5 that it has decided to guarantee 400 billion won (US$359 million) for private investments to extend the Shinbundang railway line from Gangnam to Yongsan. By Park Yuna (yunapark@heraldcorp.com)

Oct. 5, 2016

Chaebol owners unwilling to gift assets to children

[THE INVESTOR] Chaebol owners have been reluctant to give their assets to their children due to the burden of gift taxes, according to a market tracker on Oct. 5. According to CEO Score, the “asset succession rate” for the country’s top 50 chaebols stood at 32.7 percent this year, up a mere 4.1 percentage points from 2011.The figure refers to the portion of assets held by offspring compared to the owner families’ total assets. CEO Score said the major reason for the slow pace stems from the coun

Oct. 5, 2016

Chaebol owners unwilling to gift assets to children

Korea to build solar photovoltaic labs

[THE INVESTOR] South Korea will build a 1.5-megawatt laboratory for solar photovoltaic technology in Sejong City, officials said on Oct. 5.If completed, South Korea will become the fourth country to have a megawatt laboratory for photovoltaic technology after the United States, Germany and Japan, officials said.The Ministry of Trade, Industry and Energy and the National Agency for Administrative City Construction have signed a memorandum of understanding for this purpose. The lab will allow com

Oct. 5, 2016

Articles by 박윤아