July 11, 1998 |
Wal-Mart Stores Inc. acquired a majority interest in four South Korean stores, along with six undeveloped sites, continuing its international expansion. The world's largest retailer didn't disclose terms of the purchase from South Korean businessman H.S. Chang. The three stores near Seoul and one in Taejon had combined sales of more than $160 million last year and employ more than 800 people. Wal-Mart plans to begin building on some of the sites this year.
January 25, 1998 |
The troubles facing South Korea's giant conglomerates are proving to be good news for U.S. and other foreign firms. Suddenly they see opportunities to buy modern, Korean-built production facilities around the world, or to find a backdoor into a market that seems destined to eventually regain its robust growth. "For Sale" signs have gone up at steel plants, beverage-manufacturing facilities and giant office towers around the world.
January 5, 1998 |
In another positive sign for this nation's battered economy, international financier George Soros told President-elect Kim Dae Jung Sunday that he's interested in increasing his investments in South Korea. The move was welcome news for South Korea, which is trying to woo back foreign investors as it rebuilds its financial system with the help of a $60-billion bailout from the International Monetary Fund.
December 28, 1997 |
The economies of South Korea and Japan entered another stage in their transition to open markets last week, promising reforms that will have profound effects on the world economy in the next two to three years. As a result of changes now underway, both countries will open their economies to foreign investment, trade and commerce far more than they have to date. They will reshape their companies and industries, providing opportunities for U.S. and European companies and investors.
December 27, 1997 |
In a market swept by International Monetary Fund bailout euphoria, South Korea's markets soared on investors' hopes that the nation's economic rehabilitation will be swift and that foreign banks would buy out its financial institutions. But banking analysts said a takeover of South Korean financial institutions by foreigners was pie in the sky and the nation was headed for more turbulence, with no clear picture on short-term foreign debt and a string of corporate defaults in the offing.
December 16, 1997 |
Emboldened by signs that its currency may have hit bottom, South Korea scrapped controls on it starting today, allowing the much-weakened won to trade freely. The unexpected action and other market-liberalization moves, including an invitation to foreign investors to buy control of one of the nation's major banks, cheered investors and sent both the won and the stock market soaring in early trading today.