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Koreans' excess cash holdings rise in 2013

SEOUL, March 17 (Yonhap) -- Excess funds held by South Korean households and non-profit agencies rose last year as consumer spending was subdued by lackluster income growth, the central bank said Monday. The value of their excess funds amounted to 87 trillion won (US$81.1 billion) in 2013, up from 83.4 trillion won the previous year, according to the Bank of Korea (BOK). Excess funds refer to the volume of money that remains on the balance sheets of households after deposits and stock investments.

Top companies hold annual shareholders meetings, outline biz plan

SEOUL, March 14 (Yonhap) -- South Korea's leading firms listed on the main and tech-heavy exchanges held their annual general shareholders meetings Friday to outline business plans, appoint top executives and set new wage rules for directors. The Korea Securities Depository (KSD) said a total of 116 listed companies whose fiscal year ended in December held their general shareholders meeting during the day. The companies included KOSPI-listed firms such as affiliates of Samsung, Hyundai Motor and LG groups, as well as steelmaker POSCO and several financial firms.

Top companies hold annual shareholders meetings, outline biz plan

SEOUL, March 14 (Yonhap) -- South Korea's leading firms listed on the main and tech-heavy exchanges held their annual general shareholders meetings Friday to outline business plans, appoint top executives and set new wage rules for directors. The Korea Securities Depository (KSD) said a total of 116 listed companies whose fiscal year ended in December held their general shareholders meeting during the day. The companies included KOSPI-listed firms such as affiliates of Samsung, Hyundai Motor and LG groups, as well as steelmaker POSCO and several financial firms.

Hyundai Motor shareholders freeze exec pay, outline goals

SEOUL, March 14 (Yonhap) -- Shareholders of Hyundai Motor Co., South Korea's No. 1 carmaker, froze the annual salary of company board members and outside directors in a meeting Friday and approved more than 530 billion won (US$494.73 million) in dividend payments for last year's profits. The flagship company of Hyundai Motor Group, the world's fifth-largest automotive conglomerate, said 1,499 shareholders attended the meeting at its headquarters in southern Seoul and passed a motion reappointing Chung Mong-koo as the company's chairman for three more years.

U.S. Fed taper to have little impact on S. Korean exports: report

SEOUL, March 12 (Yonhap) -- The move by the U.S. Federal Reserve to scale back its quantitative easing program, which traumatized some emerging markets, should have little impact on South Korean exports, a local think tank said Wednesday, although latest trade figures with those markets show some degree of contraction. According to the Institute for International Trade (IIT), ongoing tapering efforts by the U.S. central bank that went into effect in January should be seen as a sign that the world's largest economy is shaking off lethargy caused by the 2008 global financial crisis.

S. Korean banking shares on positive note

SEOUL, March 11 (Yonhap) -- South Korean banking shares, which have recently suffered, are set to rebound down the road as economic recovery, coupled with expected rate increases, would boost their earnings, analysts said Tuesday. The South Korean economy is expected to continue to expand on the back of an expansionary fiscal policy, with many saying that the government is given leeway in stimulating growth and mitigating the headwind the economy faces.

Japanese firms planning to hire S. Korean workers

SEOUL, March 5 (Yonhap) -- Leading Japanese firms plan to hire South Korean workers as the island nation mulls allowing more immigrants into the country to cope with its rapidly aging population, a state-run trade promotion agency here said Wednesday. According to the Korea Trade-Investment Promotion Agency (KOTRA), eight companies will send representatives to a job fair to be held in Osaka on Thursday to carry out recruitment activities including giving presentations and interviewing applicants who wish to work in Japan.

NHN Entertainment CEO joins Korea's stock-rich list

SEOUL, March 2 (Yonhap) -- The chairman of NHN Entertainment Corp., a leading local online game operator, has joined the list of South Korea's stock rich, whose stock holdings are worth more than one trillion won (US$937 million), data showed Sunday. Lee Jun-ho, the chief executive of NHN Entertainment, saw the value of his stocks reach 1.63 trillion won as of the end of February, up 12.3 percent from 947.2 billion won at the end of last year, according to Chaebol.com, which tracks the country's family-run conglomerates known as chaebol.

Umbrella union holds protest rally in downtown Seoul

SEOUL, Feb. 25 (Yonhap) -- Tens of thousands of workers and civic activists staged a protest rally in Seoul Tuesday, accusing the government of oppressing workers and unilaterally pushing to privatize public firms. Organizers said about 40,000 protesters attended the rally in central Seoul, with police estimating the number at 14,000. The rally was timed to coincide with the first anniversary of the Park Geun-hye government. As police blocked the protestors' march, clashes were reported, according to witnesses. About 15,000 police officers surrounded the venue of the rally.

Umbrella union holds protest rally in downtown Seoul

SEOUL, Feb. 25 (Yonhap) -- Tens of thousands of workers and civic activists staged a protest rally in Seoul Tuesday, accusing the government of oppressing workers and unilaterally pushing to privatize public firms. Organizers said about 40,000 protesters attended the rally in central Seoul, with police estimating the number at 14,000. The rally was timed to coincide with the first anniversary of the Park Geun-hye government. There were no immediate reports of clashes between the protesters and police as about 15,000 police officers surrounded the venue of the rally.
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