Major affiliates of STX Group, a South Korean shipping conglomerate, suffered a liquidity crunch last year, data showed Thursday, raising concerns over the firms’ deteriorating financial status.According to the data compiled by the Financial Supervisory Service, four out of the business group’s five listed firms saw their current ratio, the key barometer of liquidity, fall below 100 percent in 2012.The current ratio refers to a firm’s ability to repay debts maturing in one year, with higher numb

 South Korean stocks closed 0.84 percent higher Thursday on the back of a brighter outlook over Wall Street as U.S. firms' first-quarter earnings met market expectations, analysts said. The local currency gained against theU.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) added 16.29 points to finish at 1951.60. Trading volume was moderate at 329.4 million shares worth 4.5 trillion won (US$4 billion) with gainers outnumbering decliners 438 to 373.   "Investors scooped up und

South Korean stocks closed almost unchanged Tuesday as hopes of the government's stimulus measures pared down morning losses following overnight falls on Wall Street, analysts said. The local currency gained against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) added 1.76 points, or 0.09 percent, to finish at 1,922.21. Trading volume was moderate at 377.5 million shares worth 4.78 trillion won (US$4.29 billion) with losers outnumbering gainers 464 to 350.  The KOSPI

The sale of STX Pan Ocean Co. fell through on Friday as no potential bidders expressed their interest in South Korea’s leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender.According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean as of Friday.South Korean shipbuilding and shipping conglomerate STX has been seeking to sell its key affiliate STX Pan Ocean as part of efforts to improve its fi

The following is a message from Pakistani Ambassador Shaukat Ali Mukadam on the occasion of Pakistan Day, which fell on March 23. ― Ed.Every year Pakistanis celebrate Pakistan Day to commemorate the auspicious day of March 23, 1940, when we resolved to be an independent country from colonial rule and ultimately after a valiant struggle, we achieved independence on Aug. 14, 1947. The year 2013 is of special significance as Korea and Pakistan celebrate 45 years of the establishment of diplomatic r

With the new government set to be inaugurated next week, anticipation is growing in the nation’s financial markets for the mergers and acquisition market to pick up soon.The list of expected sales includes not only some of the top players in their industries but also several so-called mega deals, indicating those with market capitalization of 1 trillion won ($925 million) or more.Domestic pundits, too, predicted that the firms that managed to survive the 2008 global financial crisis would now se

Zodiac Maritime Agencies, a global ship owner and manager, could be interested in acquiring STX Pan Ocean, Korea’s leading operator of bulk carriers, industry sources said.The London-based ship management company, owned by the Ofer family, is believed to have emerged as one of the potential overseas candidates to purchase a controlling 36.8 percent stake in the Korean shipping company, the sources claimed.The 36.8 percent is held by STX, the parent holding company, STX Offshore & Shipbuilding, S

글로벌 선주사인 조디악마리타임에이전시는 STX팬오션의 해외 잠재 인수 후보자 중 하나로 거론 되고 있다.업계관계자들에 의하면, 현재 팬오션은 조디악과 싱가포르에서 협의 중일 가능성이 높다.국내 최대 벌크선사인 팬오션은 싱가포르에 자회사가 있으며 상장되어 있다.조디악의 주요 사업은 용선이며 팬오션 인수 통해서 업계에서 시너지를 창출을 할 수 있을 것이라고 한다.STX그룹은 재무개선 그리고 유동성 확보 위해 핵심 자회사들을 매각 작업에 돌입했다.STX, STX조선해양, STX엔진 그리고 STX 강덕수 회장을 포함한 임원들이 소유하고 있는 팬오션의 36.8프로 지분을 매각중이다.지난 STX그룹의 캐시카우 역할을 해오던 팬오션은 세계 경기 침체와 업계 불황으로 영업적자를 기록하고 있었으나 관계자들은 팬오션의 브랜드 가치는 여전히 높다고 했다.보도에 의하면, STX는 조디악으로 부터 벌크선 수주했으며, 또 팬오션의 매각 정보를 3개 유력한 해외 인수자에게 전달했다고 한다. 국내 잠재 인수후보

Zodiac Maritime Agencies, a global ship owner and manager, could be interested in acquiring STX Pan Ocean, Korea’s leading operator of bulk carriers, industry sources said.The London-based ship management company, owned by the Ofer family, is believed to have emerged as "one of the potential overseas candidates" to purchase a controlling 36.8 percent stake in the Korean shipping company, the sources claimed.The 36.8 percent is held by STX, the parent holding company, STX Offshore & Shipbuilding,

Following is the 10th in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. President-elect Park Geun-hye rubbed shoulders with the nation’s corporate sector last week, in a crucial meeting which many said was held in a tense atmosphere due to her economic democratization pledges.For the corporate world, especially the big-scale conglomerates, it is good news that Park will be the next president rather than her liberal rival Moon Jae-in, who pledged tighter reins on chae

Unlike Samsung and Hyundai Motor, other major Korean business groups, pressed by the prolonged global economic downturn and falling domestic demand, are facing a stark winter. Some of them are even preparing to sell their core assets to improve liquidity. STX Group, the nation’s 17th-largest conglomerate by revenue, on Wednesday officially announced it will auction off STX PanOcean, the nation’s third-largest shipping and logistics company, and focus on its shipbuilding and plant business. STX P

STX Group said on Tuesday it has signed a contact with Orix Corp., a Japanese financial company, to sell a 43.1 percent stake in STX Energy, the group’s energy business arm. Under the deal, the group aims to raise 360.1 billion won ($330 million).Despite a hefty sell-off, STX Group will continue to keep its management rights in the affiliate with a more than 50 percent stake, the company said. The main businesses of STX Energy are power plant construction and energy development. Orix has investe

STX Group chairman Kang Duk-soo discussed business cooperation in such areas as energy development, power generation and shipbuilding with visiting Myanmarese President Thein Sein on Wednesday, company officials said. “Myanmarese President Thein Sein, who is on a three-day state visit to Korea with his delegation from Monday, had a luncheon meeting with the group’s top management in Jinhae, South Gyeongsang Province, and took a field trip to the shipyard of STX Offshore & Shipbuilding,” the grou

STX Group, a Korean shipbuilding and trading conglomerate, said Sunday that it has agreed with Russia’s leading mining company Mechel on a strategic business partnership in shipping and harbor development projects. STX Group chairman Kang Duk-soo and Mechel CEO Igor Zyuzin signed a memorandum of understanding in a meeting on Saturday on the sidelines of the APEC CEO Summit held in Vladivostok, Russia. Under the agreement, the two companies agreed to cooperate on the supply of solid fuel for powe

Transactions among affiliated companies of the nation’s major business groups have increased again this year, with most of the deals being made without fair competition, the state-run antitrust watchdog said Thursday. The Fair Trade Commission said it would toughen surveillance on whether any unfair favors were given to their subsidiaries, especially in system integration, logistics and advertising sectors. According to the FTC report, the nation’s 46 conglomerates 1,407 trillion won ($1,240 bil