[THE INVESTOR] The number of foreigners working in South Korea made a slight increase this year from a year earlier, government data showed on Oct. 20.Of the more than 1.42 million foreign residents aged 15 or older, about 962,000 were working as of May this year, according to the data provided by Statistics Korea. Their employment rate reached 67.6 percent, down 0.7 percentage point from a year earlier.Their jobless rate stood at 4.2 percent in May, also down 0.7 percentage point from last year

Oct. 20, 2016

[THE INVESTOR] South Korea will host a seminar next week to discuss more cooperation with the Organization for Economic Cooperation and Development it joined two decades ago, the Foreign Ministry said on Oct. 20.The seminar will be held on Oct. 20. in Seoul, with around 150 government officials, economic experts and OECD representatives, including its Secretary-General Angel Gurria on hand, according to the ministry. The event comes in time for the 20th anniversary of South Korea‘s joining of th

Oct. 20, 2016

[THE INVESTOR] A law and administrative regulations on the local banking industry will be revised for banks to easily tap into insurance and investment-related businesses, and open new offices abroad, the financial regulator said on Oct. 20.The move is meant to give local banks more autonomy in expanding their businesses and help raise their competitiveness, according to the Financial Services Commission.Under the planned legislation, which needs the National Assembly‘s approval, banks will be e

Oct. 20, 2016

[DISCLOSURE] Caregen (214370) reported on Oct. 20 that it has obtained a patent for its new peptide as an effective treatment for obesity and diabetes. The peptide causes blood sugar levels to remarkably drop and helps break down fat, which will also have significant potential for addressing diabetes. New oral peptide drugs for treating diabetes are currently being evaluated in pre-clinical tests.By Yun Jeong-hyeon (clareyun@heraldcorp.com)

Oct. 20, 2016

[THE INVESTOR] AhnLab (053800) reported on Oct. 20 that its consolidated operating profit in the third quarter rose 27 percent to 4.31 billion won (US$3.85 million) from the same period last year.Its sales increased 22 percent to 37.66 billion won and net profit rose 17 percent to 3.61 billion won on-year in the same period.On a standalone basis, it posted a 19 percent gain in quarterly operating profit, reaching 4.15 billion won and its sales increased 22 percent to 37.04 billion won. Its net p

Oct. 20, 2016

[THE INVESTOR] The government announced on Oct. 19 that it will make an additional input of 1.5 trillion won (US$1.33 billion) into a project by 2020 to improve outdated facilities of state-sponsored industrial complexes in a way to attract more firms.Under the plan, industrial parks will be transformed into industry-university research clusters to strengthen their role in spearheading the country‘s production, employment and research and development, according to the government’s joint press re

Oct. 19, 2016

[THE INVESTOR]  The government announced on Oct. 19 that South Korea will center on fostering the local engineering sector as one of the country’s new growth engines. Engineering is an industrial service of design, project management, maintenance and others, which are essential for companies to manufacture a product or construct a building from the beginning.It is considered a high value-added sector that has a wide collaboration with various fields like physics, chemistry, mathematics, business

Oct. 19, 2016

[THE INVESTOR] South Korea’s stock market operator reported on Oct. 19 that it has secured a contract with its Vietnamese counterpart to set up the IT infrastructure for the Southeast Asian nation’s equity trading.Under the deal with the Ho Chi Minh Stock Exchange, or HoSE, the Korea Exchange will offer a set of programs based on a next-generation system, called EXTURE Plus, to meet the entire requirements for Vietnam’s stock trading, including market information, market surveillance, clearing &

Oct. 19, 2016

[THE INVESTOR] President Park Geun-hye visited a major industrial complex in the southern city of Gumi on Oct. 19 in her latest move to call for efforts to foster new industries and reinvigorate the local economy.Her provincial tour to Gumi, where she has a strong following, came amid flagging public support. Park’s approval rating fell to a record low of 26 percent in a survey released on Oct. 14 by the local pollster Gallup Korea.She visited KAIDEA, a 3-D printer developer, and VM e-Korea, an

Oct. 19, 2016

[DISCLOSURE] Korea Petrochemical (006650) announced on Oct. 17 that it plans to invest 106.6 billion won (US$94.07 million) to expand its factory for polypropylene and high-density polyethylene in Ulsan, South Gyeongsang Province, to increase sales of its specialized products. This deal is equivalent to 10.29 percent of the firm’s equity capital and expires Dec. 31, 2018. By Yun Jeong-hyeon (clareyun@heraldcorp.com)

Oct. 18, 2016

[THE INVESTOR] Semiconductors’ chemical materials manufacturer, Soul Brain (036830) announced on Oct. 18 that it is set to absorb its subsidiary Soul Brain Materials on Dec. 26. The merger will create synergies and promote management efficiency, it added.By Yun Jeong-hyeon (clareyun@heraldcorp.com)

Oct. 18, 2016

[THE INVESTOR] Majestar (035480), a casino operator and digital broadcasting products manufacturer, reported on Oct. 18 that it is to issue convertible bonds worth 25 billion won (US$22.09 million) to finance its operations. They will be issued separately in 15 billion won and 10 billion won lots, and offered to Venetian Holdings Association of Investment. Majestar also announced that it has decided on a capital increase worth 10 billion won (US$8.83 million) through third-party allotment to fin

Oct. 18, 2016

[THE INVESTOR] South Koreans with savings-type pension schemes bagged a monthly average of only 280,000 won (US$245) in pension last year, far less than the minimum cash needed for a post-work life, government data showed on Oct. 17. They paid a total of 16 trillion won for savings-type pension programs here in 2015 alone, with monthly payments of total 2.42 million won on average, according to the Financial Supervisory Service. They received a total of 1.36 trillion won in pension last year.The

Oct. 17, 2016

[DISCLOSURE] Online music services provider Soribada (053110) announced on Oct. 17 that its subsidiary Will Investment has decided on a capital reduction and will retire 2.2 million common shares, so that it can collect investment. The stocks will be acquired at par value price of 5,000 won (US$4.39) per share. Its capital will be reduced to 400,000 shares worth 2 billion won from 13 billion won. The reduction will be carried out on Nov. 18. Creditors can file formal objections by Nov. 18.By Yun

Oct. 17, 2016