Asia - Asia
Move to end S. Korea Parliament deadlock

Lee Tee Jong, South Korea Correspondent
681 words
2 January 2009
Straits Times
English
(c) 2009 Singapore Press Holdings Limited

Ruling party offers talks to end sit-in; opposition insists it must stop ramming through Bills
SEOUL: South Korea's ruling party leaders agreed yesterday to resume talks with opposition lawmakers who have been staging a week-long sit-in that has paralysed the country's Parliament.
Lawmakers from the main opposition Democratic Party (DP) have hogged the main chamber of Parliament to prevent the ruling Grand National Party (GNP) from forcing through various Bills, including the ratification of a controversial free trade agreement (FTA) with the United States.
Yesterday, the DP responded to the GNP's talk offer by ending its occupation of the Parliament Speaker's office.
But the opposition party said the sit-in would continue until the GNP promises not to ratify contentious Bills unilaterally.
Parliament Speaker Kim Hyong Oh had earlier threatened to get security personnel to forcefully evict the opposition lawmakers after a deadline to end the sit-in lapsed on Monday.
Shouting matches, parliamentary walkouts and scuffles among politicians are not unusual in South Korea.
But the ongoing sit-in, which began on Dec 26, is believed to be the longest parliamentary stand-off in recent years.
For the past week, the opposition legislators have been sleeping on mattresses in the main chamber of Parliament.
With hundreds of police officers guarding outside, the lawmakers have been relying on instant noodles, sandwiches, boxes of radishes and bottled water supplied to them by their aides through windows.
In a move to pre-empt their forced eviction, they even tied themselves to tables with mountaineers' ropes.
DP spokesman Choi Jae Sung said that the party has resorted to a sit-in because the GNP is able to ram through Bills with its parliamentary majority.
The GNP has 172 seats in the 299-member legislature. The DP has 83 seats.
Prior to the sit-in, an ugly brawl had broken out in Parliament last month after DP lawmakers used a sledgehammer and electric saws to force open the door of a conference room in the Parliament. Inside the room were GNP lawmakers who were trying to submit a Bill to ratify South Korea's FTA with the US.
President Lee Myung Bak of the GNP has been urging his party to ratify the deal before the end of last year to pressure the US Congress to do likewise. But the DP has insisted that Seoul should renegotiate the deal with the incoming Obama administration before ratifying it.
Business groups want early ratification, but South Korean farmers are demanding more measures to protect them against cheaper imports.
During the brawl which lasted more than four hours, tables were wrecked with hammers, porcelain cups shattered by being flung to the ground and several people suffered injuries. Local media said the damage to property was estimated to be around 20 million won (S$22,600). Security personnel had to use fire-extinguishing foam to disperse the unruly lawmakers.
Analysts say such unpleasant incidents were an extension of the so-called 'protest culture' in South Korea.
'Protests are an integral part of the Korean psyche since democratisation against the military dictatorship for three decades starting from the early 1960s to the late 1980s,' said sociology professor Park Hyun Jin from Suwon University.
'Koreans see it as an inviolable and a hard-earned civil right.'
'The brawl in Parliament is an extension of this phenomenon but we have to accept it as part of the maturing process in a fledgling democracy,' said Prof Park.
The images of sledgehammer-wielding politicians shocked many South Koreans.
'This is a disgrace that has tainted our reputation time and again,' said Madam Kim Ah Hyun, 45, a housewife.
Professor Kim Beum Koo, a political analyst at Kangwon University, urged both camps to reach a compromise through dialogue.
'The various parties need to talk to one another and learn to compromise. Otherwise important Bills to help the people get stalled and the image of Korea gets tarnished,' he said.
환율, 역외시장에서 93원 폭등..연초 급등압력

입력 : 2008.12.31 19:02

[이데일리 문영재기자] 역외 달러•원 환율이 100원 가까이 급등해 새해 벽두부터 환율에 비상이 걸렸다.

30일(현지시간) 미 뉴욕역외시장(NDF)에서 1개월물 환율은 전날보다 93원 폭등한 1338원으로 거래를 마쳤다. 이는 전날 서울외환시장의 현물환 종가 1259원50전보다 78원50전이나 높은 수준이다.

이에 따라 그동안 현물 외환시장이 역외환율에 따라 움직였던 점을 감안하면 새해 개장일인 1월2일 환율이 급반등할 가능성이 높아 보인다.

정부는 기업들의 외환손실을 줄여주기 위해 지난 24일부터 본격적으로 연말 환율관리에 들어가 30일 환율 종가를 1250원대까지 끌어내린 바 있다. 이에 따라 12월 결산 기업들의 회계장부 작성 기준이 되는 30일 시장평균 환율(MAR•거래량 가중 평균 환율)은 1257원50전으로 결정났다.



새해 첫 거래일부터 환율 폭등 왜?
연말 억눌렸던 달러매수세 폭발
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◇증시 급등에도 원•달러 환율이 폭등한 2일 서울 외환은행 본점 딜링룸의 시세전광판에 희비가 엇갈린 코스피와 환율 그래프가 눈길을 끈다.
송원영 기자
• 하향 안정세를 보이던 원•달러 환율이 새해 첫 거래일인 2일 폭등세로 돌아선 것은 그동안 외환당국의 개입으로 억눌렸던 달러화 수요가 한꺼번에 분출된 것이 주 요인으로 분석된다. 경제 전문가들은 1분기에 환율이 1300∼1400원대를 오르내리는 큰 폭의 변동성을 보일 수 있지만 1500원을 넘어서는 폭등세가 재연될 가능성은 비교적 낮다고 전망했다.

◆당국 개입 반작용=외환시장 전문가들은 이날 환율 폭등은 지난해 말 외환당국의 시장 개입에 따른 부작용이 시장에 고스란히 반영된 것으로 판단했다. 당국이 12월 말 결산을 앞두고 기업과 은행의 환차손을 줄이기 위해 시장에 개입하면서 환율을 1250원대로 맞춰놓았지만, 정부 요구로 달러 매수를 자제하던 수입업체들이 연말이 지나자 대거 결제 자금 마련을 위해 매수에 나서고 있다는 것이다.

당국은 지난해 말 시장평균환율(MAR)의 하락을 유도하기 위해 12월 24일부터 연말까지 환율을 78.5원 떨어뜨렸다. 하지만 새해에는 이런 당국의 개입이 약화될 것으로 관측되면서 저가 매수세가 몰리고 있다.

지난해 말 역외 환율이 100원 가까이 오른 것도 환율을 끌어올린 요인이다. 12월 30일 마감된 서울 외환시장의 환율은 1259.5원으로 떨어졌지만 이어 열린 그날 뉴욕 역외시장에선 93.0원이나 오른 1338.0원으로 장을 마쳤다.

정미영 삼성선물 팀장은 “정부가 지난해 말 인위적으로 개입하면서 환율을 강제로 낮췄기 때문에 연초에 환율이 오를 것이 예견됐었다”며 “연초 기업들의 달러화 결제 수요가 몰리고 저가 매수세가 유입되면서 적정 환율이 시장에 반영되고 있다” 고 진단했다.

◆당분간 환율불안 지속될 듯=외환시장 전문가들은 외환당국이 지난해 말과 같은 강력한 개입을 자제하면서 당분간 환율불안이 지속될 가능성이 큰 것으로 내다봤다. 은행권의 ‘키코’ 손실 부담과 건설•조선사 퇴출 가시화 등으로 금융시장이 불안해지면서 환율 변동성이 커져 1400원대까지 오를 것으로 보고 있다.

특히 외환 거래량이 글로벌 금융위기 이전에는 현물환 기준으로 하루 100억∼120억달러 수준이었으나 최근에는 30억∼60억달러로 급감해 작은 충격에도 시장이 크게 흔들리고 있다.

김윤기 대신경제연구소 경제조사실장은 “미국 정부가 쏟아낸 대책이 글로벌 금융 위기를 해결하는 방향으로 진행되는지 의구심이 남아 있어 1분기엔 환율 변동성이 크겠으나, 하반기에는 경상수지 흑자 등으로 하락세를 보일 것”이라고 말했다.

최현태 기자 htchoi@segye.com
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• 기사입력 2009.01.02 (금) 20:21, 최종수정 2009.01.02 (금) 21:45
•
• [ⓒ 세계일보 & Segye.com, 무단 전재 및 재배포 금지]


환율 2009년 첫 거래일 61.5원 폭등한 1321원 마감


자료=한경머니 제공




원달러 환율이 2009년 새해 첫 거래일부터 폭등세를 나타내며 환율 레벨을 1320원대로 올려놓았다.

2일 서울 외환시장에서 원달러 환율은 지난달 30일보다 61.5원(4.88%)이 폭등한 1321원으로 마감됐다.

이날 원달러 환율의 폭등은 이미 예고된 것이었다. 지난해 연말 거래에서 외환당국이 환율 관리에 나서면서 1260원 아래에서 머물렀지만 바로 당국의 관리에서 벗어난 역외시장에서 1300원대로 뛰어 올랐고 한 때 1350원대까지 급등하기도 했다.

이같은 역외환율 시세가 이날 바로 반영된데다 장중 수급상으로도 연말에 이어 결제 수요 등 매수세가 탄탄하게 유입되면서 환율 폭등을 이끌었다.

이날 오전 10시에 개장한 원달러 환율은 지난달 30일 서울장 마감 이후 역외 환율이 1300원대로 급등한 영향으로 개장과 동시에 50.5원이 급등한 1310원으로 거래를 시작했다.
이후 역내외 매수세가 계속 유입되면서 1300원대 수요층이 쌓이는 가운데 장중 1331원까지 치솟은 뒤 1320원대에서 오르내리기를 반복했다.

장중 종합주가지수가 상승반전하면서 환율은 1310원대로 떨어지며 상승폭 반납을 시도했으나 1300원대 버티고 있는 매수세를 꺾지는 못했다. 오후들어서도 거래는 한산한 가운데 1310~1320원을 오가며 등락을 거듭하다가 1320원대로 마감됐다.

이날 주식시장에서 종합주가지수는 지난 30일보다 32.93p 상승한 1157.40으로 마감됐으며 코스닥지수도 지난달 30일보다 7.72p 오른 339.77로 거래를 마쳤다. 외국인 투자자들은 새해 첫 거래일인 이날 637억원어치의 주식을 사들여 환율상승을 제한했다.

시중은행의 한 딜러는 "연말에 집중됐던 수요가 연초에도 이어졌다"면서 "국내외 상황에 따라 다음주 환율 시장이 달라지겠지만 외환당국의 개입이 없다면 불안한 움직임을 보일 것"이라고 말했다.

한경닷컴 박세환 기자 greg@hankyung.com

기사제보 및 보도자료 open@hankyung.com
Won opens 2009 by losing ground
Less intervention expected in new year
January 03, 2009

Financial Services Commission Chairman Jun Kwang-woo, left, places a garland on a bull during yesterday’s opening ceremony for the 2009 Korean stock market at the Seoul office of Korea Exchange, in Yeouido, Seoul. [YONHAP]
The Korean won plunged on the first trading day of 2009 yesterday, as demand for dollars, suppressed at the end of last year, surged on scaled-back government intervention.

The stock market, however, opened up almost 3 percent as impending restructuring plans for shipbuilders and building contractors removed some market uncertainty.

The won fell by 61.50 won against the dollar, finishing at 1,321.0, the lowest level since Dec. 2.

Lee Sung-kwon, chief economist at Goodmorning Shinhan Securities, said it only returned to levels expected when the government does not intervene in the market.

“There were indications in the over-the-counter market that the won-dollar rate would go back to where it was supposed to be,” Lee said.

The won had finished 3.5 won higher from a day earlier on Dec. 30, the final trading day of last year, at 1,259.5 won, but in the non-deliverable forward market on Dec. 31, the currency was traded lower at 1,350 won.

Financial authorities were suspected of unloading dollar reserves and dissuading local companies from buying dollars last month in an effort to boost year-end corporate balance sheets.

The won versus the greenback rose 15 percent in December.

Lee said the won could weaken further in the first half of this year as the government seems less able to afford intervention in the market due to dwindling foreign exchange reserves.

He said lingering uncertainty about the bailout of U.S. carmakers could also spark a demand for dollars.

As for the stock market, the Kospi gained 32.93 points, or 2.9 percent, to 1,157.40 points.

The stock market’s boost was fueled by a surge of shipbuilders and building contractors. Creditors, led by the Korea Federation of Banks, said they are studying around 350 shipbuilders and builders as possible restructuring targets.

Hwang Geum-dan, an analyst at Samsung Securities, said the market could maintain the upturn and climb to 1,200 points by next week.

“It could drop again beginning next week when companies, at home and abroad, begin to announce fourth-quarter figures,” she said.


By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]
Korean won faces further falls
By Christian Oliver and Kang Buseong
Published: January 2 2009 16:01 | Last updated: January 2 2009 16:01
The South Korean won, which rose 15 per cent against the US dollar last month, yesterday posted its worst loss in nine weeks, shedding 4.7 per cent on fears that the government would stop intervening to support the currency.
The won, which fell 26 per cent last year, closed at Won1,321 to the dollar after touching a low of Won1,331.6. Traders said the sell-off was sparked by suspicions that the government would stop measures to pump up the won now that companies had filed their year-end accounts.
“I don’t expect there will any more government intervention for the moment,” said Lee Seung-joo, a trader at Hana Bank in Seoul. “The authorities had been restraining corporations from buying dollars at the year-end but now they are rushing to buy dollars for payments, the main reason behind the won weakening.”
End-of-year books were a cornerstone of plans to ease accounting rules in South Korea, a relaxation intended to help businesses hit by exchange losses.
According to proposals that could apply retrospectively to 2008, companies trading mainly in foreign currency will be able to tot up their books using one final, end-of-year calculation rather than booking the fluctuating currency losses incurred over the course of the year.
Mr Lee said he expected the won to move to Won1,500 to the dollar in the first half of this year but it would then strengthen in the second half.
Although essentially an exporting economy, the weak won has been a mixed blessing for Korea because the country is poor in natural resources and has to import raw materials, ranging from foods to oil.
Yesterday, South Korea said exports slid 17.4 per cent in December following a revised 19 per cent fall in November.
In his new year address, Lee Myung-bak, the South Korean president, conceded that the economy could contract in the first half of this year and added that the government would make extra efforts to help vulnerable small and medium-sized enterprises.
Korea has alarmed external observers with the speed it is burning through its currency reserves. But the reserves still remain very robust at $200bn, the sixth-largest in the world. Won Jung-hwan, currency trader at Korea Exchange Bank, said: “The government will continue to carry out smoothing operations in the foreign exchange market.”
James McCormack, head of Asia-Pacific sovereign ratings at Fitch, said Korea had deliberated on whether supporting the currency was the right use of reserves when compared with, for example, supporting banks. “But they did ultimately decide to intervene to help and they have been very clear in letting the markets know they will,” Mr McCormack said.
Although exports are plunging, Korea’s balance of trade has been helped by oil prices crashing.
But one senior finance ministry admitted that the instability of the won remained the Achilles’ heel of the world’s 13th largest economy. “It’s what keeps me awake at night,” he said.
Copyright The Financial Times Limited 2009


기업 환차손, 연말결산때 반영 안한다
10년 만에 자산재평가도 허용
해운ㆍ항공 등 재무개선 기대

환차손 급증에 대응하기 위해 10년 만에 자산 재평가를 허용하는 등 회계처리 기준이 연내 대폭 완화될 전망이다. 해운 항공 석유화학 등 환율 급등으로 큰 평가손실이 발생한 회사들이 대거 적자 결산을 피할 수 있게 됐다.

금융위원회 관계자는 14일 "영업활동과 무관한 환차손 때문에 기업활동이 심각하게 위협받는 점을 개선하기 위해 자산 재평가 허용,기능통화제 도입,위험회피 회계 확대 등의 다양한 외화부채 평가손실 개선 방안을 연내 도입할 계획"이라고 밝혔다. 이 관계자는 "이 같은 외화 환산 회계제도 개선 방안을 마련해 현재 회계기준원과 최종 조율하고 있다"며 "이들 방안은 2011년 전면 도입하는 국제 회계기준(IFRS)과도 어긋나지 않기 때문에 큰 무리없이 적용할 수 있을 것"이라고 설명했다.

자산 재평가는 외환위기 당시인 1998년 말에 한시적으로 도입했던 제도로 토지 건물 기계장치 등의 장부가와 시세 간 차이가 클 때 장부가를 현실화해 부채비율을 낮추는 효과를 볼 수 있다.

경제적 거래에 주로 사용하는 통화(달러)를 기준으로 한 회계장부 작성도 허용될 전망이다. 달러를 빌려와 선박 등의 고정자산을 취득한 해운사의 경우 우선 달러로 자산을 표시한 뒤 장부 작성시 결산일 '원화' 환율을 적용해 외화 환산 손익 발생을 원천적으로 막는 방안이다. 또 장기 외화 부채에 위험회피 회계를 적용하면 외화 차입금에서 발생한 환손실이 지금처럼 영업외 비용으로 손익계산서에 잡히지 않고 자기자본만 감소시키게 된다.
업계 일각에서 거론 중인 외환 평가손을 이연자산으로 잡는 방안은 무산될 가능성이 높은 것으로 알려졌다. 금융위 관계자는 "가능한 방안을 모두 도입할 방침이지만 손실을 여러 해로 나눠 기재하는 방식은 국제 정합성에 맞지 않다"고 설명했다.

백광엽 기자 kecorep@hankyung.com

올해 결산 회계처리 원화 대신 외화 가능
박병률기자
상장기업이나 비상장 대기업 중 매출•매입을 주로 외화로 결제하는 기업은 올해 결산 때부터 회계장부를 외화로만 작성할 수 있게 된다. 또 비상장 중소기업은 보유 중인 외화자산과 부채에 대해 연말 외에 반기말(6월30일) 환율을 추가로 적용할 수 있게 된다.

금융위원회와 금융감독원은 22일 환율급등에 따른 환손실로 기업들이 회계상 손실을 보는 것을 막기 위해 이 같은 내용의 ‘외화 환산 관련 회계처리 개선방안’을 마련했다고 밝혔다. 금융당국은 올해 결산부터 연중 회계장부를 주로 사용하는 통화로 작성관리하고, 연말에 원화로 일괄 환산하는 기능통화 회계제도를 도입하기로 했다. 이에 따라 기업들은 모든 자산과 부채에 대해 기말환율을 일괄적용하게 돼 환율상승 때에도 부채비율은 낮아지고, 순이익도 개선될 것으로 예상된다.

비상장 중소기업은 외화평가 시 특정일(6월30일) 현재 보유 중인 외화자산과 부채에 한해 해당일의 환율을 적용할 수 있도록 하는 특례가 올해에 한해 시행된다.

오는 2011년으로 예정된 국제회계기준 도입에 앞서 부동산, 항공기, 선박 등 유형자산에 대한 자산 재평가도 앞당겨 허용된다. 외환위기 직후부터 2000년 말까지 한시적으로 도입했던 자산재평가 제도가 재도입되면 기업들은 토지, 건물, 기계장치 등의 자산을 시가로 반영해 부채비율을 낮출 수 있게 된다. 또 외화위험에 대한 위험회피 수단을 금융상품까지로 확대해 기업들이 환산손익을 자본항목으로만 처리하고 순익에서 제외토록 해 당기 순이익 개선효과를 얻을 수 있도록 했다.

금융당국은 회계기준 변경에 따른 투자자 보호를 위해 해당 기업이 투자판단에 영향을 미칠 수 있는 사항에 대해서는 주석이나 특기사항으로 기재토록 했다.

<박병률기자>



제목 [환율 終價 관리…환란때는] 정부가 마지막 날 230원 끌어내려


작성자 작성일 2008/12/28

외환위기 직후인 1997년 12월31일.당시 서울 외환시장에서 원•달러 환율은 전날보다 264원80전 오른 1680원에 거래를 마쳤다.

한국이 '국가 부도' 상태에 빠져 국제통화기금(IMF)으로부터 긴급 구제금융을 받는 상황에서 원화 가치는 바닥을 모르고 떨어질 때였다. 원•달러 환율이 연일 치솟는 게 너무도 자연스러울 때였다.

하지만 다음날 아침 외환딜러들은 한동안 눈을 의심해야 했다. 31일자 시장평균환율이 자신들이 아는 '31일 종가'보다 230원이나 낮은 1450원에 고시됐기 때문이다. 정부가 외환시장 밖에서 대규모 매매거래를 성사시키는 방법으로 환율을 관리한 결과다.

외환시장 관계자는 "당시 정부가 국책은행 등을 동원해 외환시장 밖에서 낮은 환율로 장외거래를 성사시키는 방식으로 시장평균환율을 떨어뜨렸다"며 "딜러들 사이에 '황당하다'는 반응이 많았다"고 말했다.

정부가 당시 연말 환율 관리에 나선 이유는 지금과 마찬가지다. 환율 급등으로 기업들의 환차손이 눈덩이처럼 불어나는 것을 막기 위해 인위적으로 시장평균환율을 떨어뜨린 것이다.

그렇다면 정부는 올해도 10여년 전과 같은 방식으로 시장평균환율을 큰 폭으로 떨어뜨릴 수 있을까. 외환시장 전문가들은 '그럴 가능성은 낮다'고 분석한다. 당시와 지금은 상황이 다르다는 점에서다. 당시는 외환시장이 자유화되지 않았고 시장 규모도 작아 정부가 환율을 좌지우지할 수 있었다.

하지만 지금은 외환시장이 개방돼 있고 국제적으로 '보는 눈'도 많다. 이런 상황에서 정부가 10여년 전처럼 드러내놓고 시장평균환율을 떨어뜨릴 경우 잘못하면 '환율 조작국'으로 찍히는 등 한국의 대외 이미지가 나빠질 수 있다. 특히 최근 한국과 통화스와프 계약을 체결한 미국과 중국 일본은 한국이 통화스와프 자금을 '환율 방어'에 쓰지 못하도록 하고 있다.

전문가들은 이에 따라 정부가 앞으로 외환시장 폐장까지 남은 이틀간(29일과 30일) 장내에서 '미세조정'을 하는 방식으로 연말 환율 종가를 관리할 가능성이 높은 것으로 보고 있다.

주용석 기자 hohoboy@hankyung.com

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◆시장평균환율(Market Average Rate)

거래량을 감안한 가중평균 환율이다. 가령 특정일 원•달러 환율이 1000원에 10억달러，1100원에 10억달러가 각각 거래됐다면 이날 시장평균환율은 1050원((1000원×10억달러+1100원×10억달러)÷20억달러)이다. 12월 결산법인의 올해 결산에 적용되는 환율은 외환시장 폐장일인 오는 30일 거래로 산출되는 시장평균환율이며 다음날인 31일 고시된다.


▶ 원달러 환율 29원 급락한 1270원 출발
▶ 원•달러 환율 '30일 오후 3시' 급조정 없다
▶ 외환당국, 연말 환율 관리 비상
▶ 원•달러 환율 다시 1200원대로 ↓
▶ 원달러 환율 이틀째 하락, 1200원대 진입…1299원(7.5원↓)


ⓒ 한국경제신문, 무단 전재 및 재배포 금지
<한국온라인신문협회의 디지털뉴스이용규칙에 따른 저작권을 행사합니다>
• Book Value, as always, is calculated by subtracting Accumulated Depreciation from the Original Cost. (출처: Wikipedia)
• SigmaTel's equity has traded as low as $100 million dollars below book value. (출처: Wikipedia)
• He was asking $4500, basically blue book value. (출처: USENET)
• Ability Enterprise will buy the digital camera business next month at book value, Benq said. (출처: Herald Tribune)
• In contrast, book value includes only the tangible assets. (출처: Wikipedia)
• In closely held companies, share value is often stated as book value. (출처: Wikipedia)
• In a fundamentally weighted index, stocks are weighted by fundamental factors like sales or book value. (출처: Wikipedia)
• The shares wound up in a lot of retirement accounts, and the fact people paid more than book value enabled the book value to grow. (출처: Herald Tribune)
• In addition, while cash flow is affected by inflation, the book value of assets is not. (출처: Wikipedia)
• The Blue Book value of your truck goes up and down depending on how much gas is in it. (출처: USENET)
• Book value is most useful in industries where most assets are tangible. (출처: Wikipedia)
• The sale was at a 10 percent discount to the properties' previous book value, Centro said. (출처: Herald Tribune)
• The car's value can be found using Kelly's blue book value. (출처: eHow)
• That compared with Kookmin's book value of 1.25 times. (출처: Herald Tribune)
• Costs related to the deal include $825 million in currency losses and $800 million to cover the difference between proceeds and the net book value. (출처: Herald Tribune)
• The price struck represents a 10 per cent discount to the book value of the properties. (출처: Financial Times)
• Book Value at the end of year becomes Book Value at the beginning of next year. (출처: Wikipedia)
• If the sale price were ever more than the original book value, then the gain above the original book value is recognized as a capital gain. (출처: Wikipedia)
• The deal may be valued at between five and seven times Vietcombank's book value, the people said. (출처: Herald Tribune)
• Aside from the blue book value, you must browse the newspapers and see what other cars similar to yours are actually priced at. (출처: eHow)
• Hwang also noted KEB has a higher private book value ratio than Hana and a takeover by Hana would run counter to the logics of merger and acquisition. (출처: The Korea Herald)
황 행장은 또 외환은행은 하나은행보다 주가순자산비율이 높기 때문에 하나은행이 인수하는 것은 인수합병의 논리에 상반된다고 말했다.
• At any time Book Value equals Original Cost minus Accumulated Depreciation. (출처: Wikipedia)
• In the first way, the company's market capitalization can be divided by the company's total book value from its balance sheet. (출처: Wikipedia)
• The asset is depreciated until the Book Value equals Scrap Value. (출처: Wikipedia)
• Anyone who has studied accounting knows that things like 'book value' can mean different things to different people. (출처: USENET)
• The price to book ratio is used to compare a stock's market value with its book value. (출처: Reuters)
• He added that activists were buying companies with low enterprise value relative to book value. (출처: Herald Tribune)
• However, that is just 5 percent of its 20 trillion won net asset value, or book value. (출처: Herald Tribune)
• The "book value" of a capital stock may differ greatly from its "market value", and another figure may apply for taxation purposes. (출처: Wikipedia)
• An example of where book value does not mean much is the service and retail sectors. (출처: Wikipedia)
• Depreciation stops when Book Value is equal to the Scrap Value of the asset. (출처: Wikipedia)
• Frequently the market value for shares will be higher than the book value. (출처: Wikipedia)
• Net book value of an asset is basically the difference between the historical cost of that asset and it associated depreciation. (출처: Wikipedia)
• The "book value", "mark-to-market" and "mark-to-future" conventions are three different approaches to reconciling financial capital value units of account. (출처: Wikipedia)
• For companies in distress, the book value is usually calculated without the intangible assets that would have no resale value. (출처: Wikipedia)
• New Flyer said its statements had been based on the book value of its assets rather than the fair value as required by accounting guidelines. (출처: Reuters)
• In the last year of depreciation a subtraction might be needed in order to prevent Book Value from falling below estimated Scrap Value. (출처: Wikipedia)
• It values Countrywide at $7.16 per share, a 7.6 percent discount to its Thursday closing price, and at just 0.31 times tangible book value. (출처: Reuters)
• Masse finds the stock especially cheap now, trading at 20 percent below book value, or the intrinsic worth of the company's assets. (출처: Herald Tribune)
• Blakeney pointed out that the sums paid for these mines were slightly in excess of their appraised "book" value. (출처: Wikipedia)
• NASDAQ is over the counter market. (출처: 세계일보 당근영어)
나스닥은 장외 거래시장이에요.
• Overseas investors have called for the need to allow off-the-exchange trading for non-Korean investors. (출처: The Korea Herald)
외국인 투자자들은 자신들에게도 장외 거래를 허용해 줄 것을 요구해 왔다.
• One of the major changes to stock trading regulations is to allow overseas investors to trade local stocks outside the stock exchange, officials said. (출처: The Korea Herald)
이번 규제 완화로 외국인 투자자들은 장외 거래 허용 범위가 확대된다고 증권거래소 관계자는 말했다.
• Financial regulators, so far, have been cautious about easing equity trading rules, saying allowing the off-exchange transactions make it more difficult to monitor transactions with foreign capital. (출처: The Korea Herald)
지금까지 금융감독당국은 장외거래를 허용하면 외국자본과의 거래를 감시하기가 더욱 어려워질 것이라며 증권거래법의 완화에 신중한 입장을 보여왔다.
• In order to have their status upgraded, Korea and Taiwan will need to satisfy requirements in five areas, including: stock lending, anonymous transactions, free settlement for investors, free delivery of settlement, and off-exchange transactions. (출처: The Korea Herald)
한국과 대만이 등급이 상향조정되기 위해서는 주식대차, 익명 거래, 투자자를 위한 무료 결제, 무료 계좌이체, 장외거래 등 다섯 가지 부문의 요건을 충족시켜야 한다.
• Korea needs to satisfy the five requirements for a developed market status: stock lending, anonymous transactions, free settlement for investors, free delivery of settlement and off-exchange transactions. (출처: The Korea Herald)
우리나라가 공식 관찰 대상으로 상향 조정되려면 주식 대여, 무기명 거래, 자유 결제, 자유로운 결재 인도, 장외 거래 등 5개 요건을 충족시켜야 한다.
• At present, Koreans are allowed to trade stocks off the exchange while overseas investors face stringent regulations prohibiting them from doing so. (출처: The Korea Herald)
현재 국내 투자자들은 장외시장 거래를 할 수 있지만 외국인 투자자에게는 이를 금지하는 엄격한 규정의 적용을 받고 있다.
• We have decided it would be more appropriate now to fight within the Assembly rather than from outside. (출처: The Korea Herald)
이제 장외보다는 국회 내에서 싸우는 것이 더 적절할 것으로 결정했다.
• NASDAQ is over the counter market. (출처: 세계일보 당근영어)
나스닥은 장외 거래시장이에요.
• One of the major changes to stock trading regulations is to allow overseas investors to trade local stocks outside the stock exchange, officials said. (출처: The Korea Herald)
이번 규제 완화로 외국인 투자자들은 장외 거래 허용 범위가 확대된다고 증권거래소 관계자는 말했다.
• But we will support GNP`s outdoor protest campaign against the law, said an official of the group. (출처: The Korea Herald)
그러나 우리는 개정 사학법에 반대하는 한나라당의 장외 투쟁을 지지한다”고 자유교조 관계자는 말했다.
• Meanwhile, the main opposition Grand National Party yesterday continued its outdoor protest campaign against the law, holding rallies in the southern port city, Busan. (출처: The Korea Herald)
한편 제1야당인 한나라당은 어제 남부 항구도시 부산에서 시위를 벌이며 이 법에 대한 장외투쟁을 계속했다.
• At present, Koreans are allowed to trade stocks off the exchange while overseas investors face stringent regulations prohibiting them from doing so. (출처: The Korea Herald)
현재 국내 투자자들은 장외시장 거래를 할 수 있지만 외국인 투자자에게는 이를 금지하는 엄격한 규정의 적용을 받고 있다.
• The ministry aims to sell a 5 percent stake in Woori Finance this year on the over the counter market and another 15 percent stake to overseas investors. (출처: The Korea Herald)
재경부는 올해 우리금융의 지분 5%를 장외시장에서 그리고 또 다른 15%를 외국인 투자자에게 매각할 계획이다.
• Financial regulators, so far, have been cautious about easing equity trading rules, saying allowing the off-exchange transactions make it more difficult to monitor transactions with foreign capital. (출처: The Korea Herald)
지금까지 금융감독당국은 장외거래를 허용하면 외국자본과의 거래를 감시하기가 더욱 어려워질 것이라며 증권거래법의 완화에 신중한 입장을 보여왔다.
• The main opposition Grand National Party, continuing a drawn-out campaign against a controversial school reform law, lambasted the ruling party and the presidential office for the ugly internecine row. (출처: The Korea Herald)
사학법 개정을 놓고 장외투쟁을 계속하고 있는 제1 야당인 한나라당은 “추잡한 내분”이라며 여당과 대통령에 맹공을 퍼부었다.
• The GNP has been threatening to fight `outside the hall` if the ruling Uri party keeps imposing its plans without considering the opposition`s views. (출처: The Korea Herald)
한나라당은 우리당이 야당의 견해를 무시한 채 자신들의 계획을 강행하려할 경우 ‘장외 투쟁’을 벌이겠다고 압박해 왔다.
• The country`s over-the-counter market officially opened yesterday with the government hoping it will serve as a platform for fledging small and midsize venture companies. (출처: The Korea Herald)
국내 장외시장이 어제 공식 출범함에 따라 정부는 이 시장이 신생 중소 벤처기업을 위한 투자의 요람이 되기를 희망하고 있다.
• In order to have their status upgraded, Korea and Taiwan will need to satisfy requirements in five areas, including: stock lending, anonymous transactions, free settlement for investors, free delivery of settlement, and off-exchange transactions. (출처: The Korea Herald)
한국과 대만이 등급이 상향조정되기 위해서는 주식대차, 익명 거래, 투자자를 위한 무료 결제, 무료 계좌이체, 장외거래 등 다섯 가지 부문의 요건을 충족시켜야 한다.
• Since the Uri Party`s unilateral passage of the bill in December, the GNP has been boycotting all parliamentary procedures and staging outdoor rallies across the nation. (출처: The Korea Herald)
작년 12월에 우리당이 일방적으로 이 법안을 통과시킨 후 한나라당은 일체의 의정활동을 거부하며 전국적으로 장외시위를 벌이고 있다.
• Korea needs to satisfy the five requirements for a developed market status: stock lending, anonymous transactions, free settlement for investors, free delivery of settlement and off-exchange transactions. (출처: The Korea Herald)
우리나라가 공식 관찰 대상으로 상향 조정되려면 주식 대여, 무기명 거래, 자유 결제, 자유로운 결재 인도, 장외 거래 등 5개 요건을 충족시켜야 한다.
• Such a trading will not make any impact on Hyundai`s share price, said Kang. (출처: The Korea Herald)
장외에서 처분하면 현대차 주가에는 영향을 미치지 않을 것”이라고 강 연구원은 말했다.
• New York-based Citigroup owns 99.3 percent of KorAm`s outstanding shares and plans to buy the remaining 0.7 percent from minority shareholders through over-the-counter trading in the next six months. (출처: The Korea Herald)
뉴욕에 본사를 둔 씨티그룹은 한미은행 발행주식의 99.3퍼센트를 소유하고 있으며 향후 6개월 동안에 장외시장에서 소액주주들이 소유하고 있는 0.7퍼센트마저 매입할 계획이다.
• In order to prevent a sharp decline in Hyundai Elevator`s equity price, we have proposed to KCC that we buy its shareholdings through an off-market transaction, a Hyundai spokesman said. (출처: The Korea Herald)
회사측은 “주가 급락을 막기 위해 우리가 장외에서 KCC의 보유 지분을 매수할 수 있도록 해 줄 것을 KCC측에 제안한다”고 말했다.
• Overseas investors have called for the need to allow off-the-exchange trading for non-Korean investors. (출처: The Korea Herald)
외국인 투자자들은 자신들에게도 장외 거래를 허용해 줄 것을 요구해 왔다.
• On the over-the-counter Kosdaq market, 706 registered companies also saw their first-quarter net income soar 139.8 percent year-on-year to a combined 561.2 billion won. (출처: The Korea Herald)
장외시장인 코스닥의 경우 역시 706개 등록업체의 1분기 순이익이 전년대비 139.8퍼센트가 늘어난 5,612억원이었다.
한은 기준금리 얼마나 내릴까


작성자 작성일 2009/01/03

0.5%P 인하 결행 가능성 높아(서울=연합뉴스) 윤근영 이준서 기자= 한국은행은 오는 9일 금융통화위원회에서기준금리를 추가로 내릴 가능성이 높다.

글로벌 경기침체의 영향으로 경기가 예상보다 빠르게 하강하고 있기 때문이다.

금리 인하폭은 0.5% 가량이 될 가능성이 있는 것으로 관측되고 있다. 한은은 또오는 금통위에서 20조원 규모로 조성되는 자본확충펀드에 10조원을 출연하는 안건도검토할 것으로 보인다.

◇ "금리 인하 불가피"한은이 금리를 내릴 가능성이 높은 것은 경기 하강이 예상보다 빠르기 때문이다.

통계청에 따르면 작년 11월 광공업생산은 지난해 같은 달에 비해 14.1% 줄어 지난 1970년 1월 이후 최악의 상황을 나타냈다. 환란 당시인 1998년 7월에 광공업 생산이 13.5% 감소했지만 이렇게 심각하지는 않았다.

현재의 경기 상황을 보여주는 동행지수 순환변동치는 지난달에 비해 2.0%포인트떨어져 10개월째 하락세를 이어갔다. 경기상황을 알려주는 선행지수 전년동월비는지난달보다 1.3%포인트 내려가 12개월째 하락세를 보였다.

제조업 체감경기도 환란수준으로 추락했다. 한은이 최근 내놓은 `12월 기업경기조사' 결과에 따르면 제조업의 업황 기업경기실사지수(BSI)는 46으로 전월의 54보다 8포인트 떨어져 환란 당시인 1998년 2분기(46)와 비슷한 수준을 보였다.

제조업의 자금사정 BSI는 61로 전월의 66에 비해 5포인트나 떨어지면서 관련 통계가 나오기 시작한 2003년 1월 이후 가장 낮았다.

◇ 기준금리 얼마나 내리나한은이 기준금리를 내린다면 그 폭은 0.5% 포인트일 가능성이 적지않은 것으로보인다.

0.25% 포인트를 낮춘다면 시장에 실망감을 안겨주고 0.75% 이상 내리면 향후 금리인하 `카드'가 사라지기 때문이다.

한은은 지난 12월에 기준금리를 4.0%에서 3.0%로 1.0%포인트나 내렸다. 따라서추가로 내릴 수 있는 폭은 많아야 1.0% 포인트 가량이다. 기준금리가 2.0% 아래로내려가면 금리정책이 소비.투자.시중금리 등에 전혀 영향을 못주는 `유동성 함정'에빠지기 때문이다.

게다가 지나치게 낮은 금리는 외국 자금을 이탈시키고 채권발행의 걸림돌로 작용하는 등 여러가지 문제를 일으킨다.

이런 상황에서 한은이 이번 달에 기준금리를 0.75%포인트 이상 내린다면 앞으로추가적인 금리인하는 없다는 것을 선언하는 셈이다.

한은 관계자는 "경기위축이 상당기간 지속될 가능성이 높은 상황에서 금리인하카드를 이번에 모두 소진하는 것은 부담스럽다"고 말했다.

◇ 전문가들 "0.50%포인트 인하 가능성"상당수 전문가들도 0.50%포인트 금리인하를 예상했다.

올해 상반기 극심한 경기침체가 예상되는 만큼 선제적인 조치를 취하기 위해 한은이 `금리 카드'를 최대한 활용할 것이라는 분석이다.

배상근 한국경제연구원 연구위원은 "얼마전까지만 해도 각국 중앙은행들은 0.25%포인트씩 금리를 조정하는 `그린스펀 베이비 스텝'을 취했는데 최근에는 초반에 쓸수 있는 카드를 모두 쓰고 있다"면서 0.5%포인트 인하를 내다봤다.

삼성증권 최석원 채권분석파트장은 "금리를 어디까지 내릴 수 있을 지에 대한부담이 있지만 아직까지는 인하 여력이 있고 경제지표가 너무 나쁘기 때문에 0.5%포인트 내릴 것으로 본다"고 분석했다.

오석태 한국씨티은행 이코노미스트는 "지난달에 1.0%포인트를 내렸기 때문에 0.

5%포인트를 인하하더라도 이상하지 않다"며 "오히려 0.25%포인트 낮추면 시장이 실망하게 될 것"이라고 말했다.

지난달 금리인하폭이 워낙 컸던 만큼 금리동결의 가능성도 배제할 수 없다. 삼성경제연구소 전효찬 수석연구원은 "금리를 동결하고 유럽, 영국 등 다른 나라의 금리인하 여부를 지켜볼 수 있다"고 말했다.


keunyoung@yna.co.kr
• In the meantime, the government has a little more room to postpone the bill as a recent central bank move to tighten the overnight interest rate is expected to keep housing and land prices stable for the time being. (출처: The Korea Herald)
한편 정부는 최근 중앙은행의 기준금리 인상으로 주택과 토지 가격이 당분간 안정될 것으로 보임에 따라 법안을 조금 더 연기할 수 있는 여지가 생겼다.
• The central bank also maintained its key interest rate at a record low of 3.25 percent last month. (출처: The Korea Herald)
중앙은행은 또 지난 달에 3.25퍼센트로 사상최저 수준인 기준금리를 그대로 유지했다.
• The weak inflation pressure stemming from the small increase in prices allows the central bank to be more prudent in raising the benchmark interest rate. (출처: The Korea Herald)
물가 압력이 덜한 덕분에 중앙은행은 기준금리 인상에 신중을 기할 수 있다.
• The central bank last week left interest rates unchanged at a record low of 3.25 percent for the fifth month. (출처: The Korea Herald)
지난 주 중앙은행은 기준금리를 5개월째 사상최저인 3.25퍼센트로 동결했다.
• The Bank of Korea, the country`s central bank, also expects a rebound and has recently sent out signals that it will tighten its key interest rate in coming months. (출처: The Korea Herald)
한국의 중앙은행인 한국은행도 회복을 예상하고 최근에는 향후 기준금리의 인상을 시사했다.
• Earlier this month, the central bank resisted pressure to further reduce its benchmark interest rate, saying two cuts since August have not spurred domestic spending yet. (출처: The Korea Herald)
이달 초에 중앙은행은 8월 이후 두 차례에 걸친 이자율 인하가 아직 내수를 촉진하지 못 했다면서 기준금리 인하 압력을 거부했다.
• Regarding the central bank`s decision to freeze the benchmark interest rate, Han heralded the move. (출처: The Korea Herald)
중앙은행의 기준금리 동결 결정에 대해 한 장관은 이 조치를 환영했다.
• Analysts predict that central bank policymakers will keep the benchmark overnight call rate at 3.75 percent when they meet this month. (출처: The Korea Herald)
분석가들은 이달에 열리는 금통위에서 기준금리인 오버나이트 금리를 3.75퍼센트로 유지할 것으로 전망했다.
• The BOK has pursued a loose monetary stance by keeping its benchmark interest rate at a record-low of 3.25 percent since November last year. (출처: The Korea Herald)
한국은행은 작년 11월 이후 기준금리를 사상최저인 3.25퍼센트로 유지하면서 완화적인 통화정책을 유지해 왔다.
• The economy may also be given further room to grow as benchmark interest rates are expected to remain untouched this month. (출처: The Korea Herald)
경제는 또 기준금리가 이달에 동결됨으로써 성장할 여지가 늘어났을 수 있다.
• The central bank left its benchmark overnight call rate untouched at a record low 3.25 percent in January, saying its two rate cuts since August last year have not spurred consumer spending yet and citing concerns about inflation. (출처: The Korea Herald)
지난 1월 한은은 작년 8월 이후 두 차례의 금리 인하가 아직 내수 회복 효과를 발휘하지 못하고 있고 인플레 우려를 들어 기준 금리인 콜금리를 현행대로 3.25%로 유지하기로 결정했다.
• Last week, the Bank of Korea, the country`s central bank, kept the key interest rate frozen at a seven-month low of 3.25 percent. (출처: The Korea Herald)
지난 주에 한국은행은 기준금리를 7개월째 3.25퍼센트로 동결했다.
• A stable consumer price index will have significant meaning, experts say, as it may encourage the Bank of Korea to cut its key interest rate which is already frozen at a six-month low of 3.25. (출처: The Korea Herald)
소비자물가지수가 안정되면 한국은행으로 하여금 이미 6개월 이래 최저수준인 3.25퍼센트로 동결한 기준금리를 인하하도록 할 수 있기 때문에 의미가 크다고 전문가들은 말한다.
• The Export-Import Bank of Korea has sold 300 million euros in five-year bonds at 35 basis points over the Euro Interbank Offered Rate, or Euribor, the bank said yesterday. (출처: The Korea Herald)
한국수출입은행은 어제 5년 만기 채권 3억유로를 유로화기준금리(Euribor) 플러스 0.35퍼센트 포인트에 매각했다고 발표했다.
• The negative jobless data came just hours before the country`s central bank froze the benchmark interest rate. (출처: The Korea Herald)
이처럼 부정적인 실업률 자료는 중앙은행이 기준금리를 동결하기 불과 몇 시간 전에 발표됐다.
• The central bank`s decision to slice a quarter-point off its benchmark rate symbolizes the government`s determination in spurring growth, said Morgan Stanley. (출처: The Korea Herald)
모건스탠리증권은 중앙은행의 0.25퍼센트 기준금리 인하 결정은 “성장촉진에 대한 정부의 의지를 상징하는 것”이라고 말했다.
• In its report this month, however, the BOK announced that it had decided to shave the benchmark rate due to the looming fears of growth weakening amidst slow domestic demand, while core inflation is well under control within target limits. (출처: The Korea Herald)
그러나 한은은 이 달 보고서에서 “핵심물가는 목표수준 이하로 관리가 충분히 가능한 반면에 내수 침체 속에 성장률 저조에 대한 우려가 커지고 있다”는 이유에서 기준금리의 인하를 결정했다고 발표했다.
• The ministry says the bond issue is necessary to demonstrate the strength of the Korean economy and develop a benchmark interest rate on loans that domestic firms borrow from overseas. (출처: The Korea Herald)
재경부는 한국 경제의 견실함을 입증하고 국내 기업에 외화차입 기준금리를 제공하기 위해 외평채 발행이 필요하다고 말하고 있다.
• BOK held the benchmark rate at 3.5 percent in November after raising it from a record low of 3.25 percent in October. (출처: The Korea Herald)
한국은행은 3.25퍼센트로 사상최저였던 기준금리를 10월에 인상한 후 11월에는 3.5퍼센트 그대로 유지했다.
• The figure followed the bank`s surprise decision last week to freeze its benchmark interest rate due to worries about accelerating inflation. (출처: The Korea Herald)
이 수치는 한국은행이 지난 주에 물가상승에 대한 우려에서 기준금리를 갑작스레 동결키로 한 결정에 이은 것이다.
• Shin, an economist at Samsung Securities Co., echoed Ryu`s assessment saying a firm U.S. economy and the U.S. Federal Reserve`s intention to continue to raise its benchmark interest rate should enable the dollar to maintain its recent strengthening. (출처: The Korea Herald)
신도 류씨의 전망에 동의하며 미국경제가 안정되고 미연준이 기준금리를 계속해서 인상하려 하고 있어 달러화가 최근의 강세를 이어나갈 것이라고 말했다.
• The U.S. central bank`s Federal Open Market Committee raised the Fed`s benchmark interest rate by 25 basis points to 3.75 percent. (출처: The Korea Herald)
미 연준의 공개시장위원회는 연준의 기준금리를 3.75퍼센트로 25베이시스 포인트 인상했다.
• The Bank of Korea yesterday forecast a slump until mid-2005, but resisted pressure to further reduce its benchmark interest rate to revitalize the economy, saying two cuts since August have not spurred domestic spending yet. (출처: The Korea Herald)
한국은행은 어제 경기침체가 2005년 중반까지는 이어질 것으로 전망하면서 지난 8월 이후 두 차례에 걸친 금리 인하조치도 국내 경기를 부양하지 못 했다면서 경기회복을 위한 기준금리의 추가 인하 요구를 수용하지 않았다.
• The BOK lowered its benchmark overnight call rate in August and November by a combined half percentage point to a record low of 3.25 percent. (출처: The Korea Herald)
한국은행은 기준금리인 하루짜리 콜금리를 지난 8월과 11월에 걸쳐 사상최저인 3.25퍼센트까지 0.5퍼센트를 내린 바 있다.
• Earlier this month, the central bank decided to keep the key interest rate frozen at a six-month low of 3.25 percent. (출처: The Korea Herald)
이달 초에 중앙은행은 기준금리를 6월째 사상최저인 3.25퍼센트로 동결하기로 결정했다.
• In October, the Bank of Korea raised the benchmark rate for the first time in over three years on inflation concerns. (출처: The Korea Herald)
10월 한은은 인플에 우려로 인해 3년만에 처음으로 기준금리를 인상했다.
• The central bank today is expected to raise a key interest rate by a quarter percentage point from a record-low 3.25 percent in a preemptive move against inflation, analysts said. (출처: The Korea Herald)
중앙은행은 물가상승을 막기 위한 조치로 오늘 기준금리를 현재 사상최저인 3.25퍼센트에서 0.25퍼센트 인상할 것으로 보인다고 분석가들은 말했다.
• Yet there`s some uncertainty about whether the rebound is sustainable, Park said in a news briefing after he and six other monetary policymakers decided to keep the benchmark overnight call rate at 3.75 percent, a month after raising the key rate by 0.25 percentage point. (출처: The Korea Herald)
“하지만 회복이 계속될지에 대해서는 일부 불확실성이 있다”고 박 총재는 기준금리를 0.25포인트 퍼센트 올린 지 한 달만인 어제 금융통화위원회에서 하루짜리 콜금리를 3.75퍼센트로 동결하기로 결정한 후 기자회견에서 말했다.
• On Thursday, the Fed increased its short-term interest rate by another quarter percentage point to 3.25 percent, the same as the benchmark rate of Korea. (출처: The Korea Herald)
목요일 미 FRB는 단기 기준금리를 0.25%포인트 또 올리며 3.25%로 인상했는데 이는 우리나라의 콜금리와 같은 수준이다.
• The interest rate on mortgage loans soared by the highest margin in two years in October as market rates surged from a key rate hike, the BOK said. (출처: The Korea Herald)
모기지 대출 금리는 지난 10월 기준금리 인상으로 시장금리가 크게 오름에 따라 2년만에 가장 큰 폭으로 올랐다고 한국은행은 말했다.
• A majority of brokerages polled by local media bet that the central bank`s Monetary Policy Committee will hold the benchmark overnight call rate at the current record-low of 3.5 percent. (출처: The Korea Herald)
국내 언론이 설문조사한 국내 증권사 대부분은 한은 금융통화위원회가 기준금리인 콜금리를 현재의 3.5%를 그대로 유지할 거라고 확신했다.
• The central bank has maintained its benchmark interest rate at 3.25 percent for a tenth month at the last meeting on Sept. 8. (출처: The Korea Herald)
중앙은행은 가장 최근에 열린 지난 9월 8일 회의에서 기준금리를 10개월째 3.25퍼센트로 유지했다.
• The BOK raised the key interest rate in October by a quarter percentage point to 3.5 percent - the first increase in nearly three years. (출처: The Korea Herald)
한국은행은 지난 10월 근 3년만에 처음으로 기준금리를 3.5퍼센트로 0.25퍼센트 인상했다.
• Torrid growth has been feared to fuel inflation - already running at 5.2 percent - prompting the People`s Bank of China to raise its benchmark rate for the first time in nine years by 27 basis points. (출처: The Korea Herald)
엄청난 성장이 이미 5.2퍼센트에 이르고 있는 물가상승을 더욱 부채질하지 않을까 하는 우려로 중국인민은행은 기준금리를 9년만에 처음으로 0.27퍼센트 인상했다.
• The U.S. Federal Open Market Committee announced last Tuesday its decision to raise the key interest rate by 0.25 percentage point to 4.25 percent. (출처: The Korea Herald)
미 연방공개시장위원회(FOMC)는 지난 주 화요일에 기준금리를 4.25퍼센트로 0.25퍼센트 인상하겠다고 발표했다.
• Analysts say the central bank will not have to cut its benchmark rate this month to propel consumption, should inflation accelerate. (출처: The Korea Herald)
분석가들은 물가상승을 우려하여 중앙은행이 소비촉진을 위해 이달에 기준금리를 인하하지 않을 것이라고 말하고 있다.
• Finance Minister Han Duck-soo said yesterday that the sluggish economy makes it crucial to tame property prices in order to keep Korea`s benchmark interest rate low. (출처: The Korea Herald)
한덕수 재경부 장관은 어제 한국의 기준금리를 계속 낮은 수준으로 유지하기 위해서는 부동산가격을 억제하는 것이 경기부진 상황에서 절대 중요하다고 말했다.
• Last November and August, quarter-point reductions slashed the BOK`s benchmark overnight call rate to a record low of 3.25 percent. (출처: The Korea Herald)
작년 11월과 8월에 있었던 각 0.25퍼센트 금리인하로 한국은행의 기준금리인 하루짜리 콜금리는 사상최저인 3.25퍼센트까지 내려갔다.
• In a surprise decision that sent stocks and bonds soaring and the won tumbling, the central bank shaved the benchmark call rate by a quarter point to a record-low 3.5 percent. (출처: The Korea Herald)
한은은 기준 금리인 콜금리를 사상 최저수준인 3.5%로 0.25%포인트 인하했다.
• In an effort to stimulate private consumption, the central bank cut its call rate, a bellwether short-term rate, to an all-time low of 3.50 percent from 3.75 percent on Aug. 12. (출처: The Korea Herald)
중앙은행은 개인소비를 촉진하기 위한 노력으로 8월 12일에 기준 단기금리인 콜금리를 3.75퍼센트에서 사상최저인 3.50퍼센트로 인하했다.
• The Bank of Korea has kept the benchmark overnight call rate at a record low of 3.25 since last November. (출처: The Korea Herald)
한국은행은 금리의 기준이 되는 하루짜리 콜금리를 작년 11월부터 최저수준인 3.25퍼센트로 유지하고 있다.
• But Park, a former construction minister who has a keen interest in housing policy, then said that the BOK has no immediate plans to implement any policy options such as an interest rate increase or the introduction of tighter lending criteria for domestic financial institutions. (출처: The Korea Herald)
그러나 주택 정책에 큰 관심을 갖고 있는 전 건설부 장관 출신인 박 총재는 한은이 서둘러 금리 인상이나 국내 금융기관의 대출기준 강화 등과 같은 정책을 시행할 계획은 없다고 말했다.
• The yield on benchmark three-year bonds have surged since the BOK hinted at a rate hike in recent weeks. (출처: The Korea Herald)
기준이 되는 3년 만기 채권의 수익률은 한국은행이 최근 금리인상을 시사한 후 상승했다.
• A controversy is brewing over whether the government should continue to issue bonds to defend the local currency. (출처: The Korea Herald)
원화 환율 방어를 위해 정부가 외국환평형기금채권을 지속해서 발행해야 하는가 여부를 놓고 논란이 일고 있다.
• The Ministry of FInance and Economy earlier said that it would sell a record 5 trillion won ($4.8 billion) of foreign-exchange stabilization bonds this month, the proceeds of which can purchase dollars. (출처: The Korea Herald)
재정경제부는 앞서 이달에 그 대금이 달러 매수에 사용되는 외국환평형채권을 사상최대 규모인 5조원(48억불)을 매각해 그 대금으로 달러화를 매수하겠다고 발표했다.
• The money, $17 billion from the BOK`s reserves and $3 billion from the Finance Ministry`s foreign exchange stabilization fund, will be invested in overseas assets. (출처: The Korea Herald)
한국은행 보유액 170억불과 재경부 외국환평형기금 30억불이 해외 자산에 투자될 예정이다.
20억 달러 장기 외화 차입 나서


작성자 작성일 2009/01/03

[중앙일보 이상렬] 수출입은행과 산업은행이 이달 중순께 각각 10억 달러씩 총 20억 달러의 중장기 외화 차입에 나서기로 했다.

이어 2월 이후 정부는 최소 10억 달러 규모의 외국환평형기금채권 발행에 나설 방침이다.
수출입은행과 산업은행의 이번 외화 차입은 모두 최소 2년 이상의 장기 차입으로, 공모 형식으로 이뤄질 예정이다. 지난해 9월 리먼브러더스 파산으로 국제 금융시장이 얼어붙은 뒤 국내 금융회사가 공모 형식으로 중장기 외화 차입에 나서는 것은 처음이다. 수은은 정부 보증 없이, 산은은 정부 보증을 받아 차입에 나설 예정이다.

기획재정부 최종구 국제금융국장은 2일“지난해 말부터 국제금융계의 중장기 차입 시장이 조금씩 열리는 분위기가 있어 국책은행들이 장기 외화자금 조달을 계획하고 있다”고 말했다.

외평채 발행은 국책은행의 장기 차입 이후 추진하기로 했다. 국내 외환시장 사정이 당장 외평채 발행을 통해 달러를 들여와야 할 정도로 다급하지 않은 데다 외평채 금리가 향후 국내 금융회사와 기업의 자금 차입 때 기준금리가 된다는 점에서 보다 유리한 시점을 저울질하기 위해서다.

정부는 기회가 생길 때마다 외평채를 발행할 방침이다. 올해 60억 달러의 외평채 발행 한도를 잡아놓고 있다.

대우증권 고유선 연구위원은 “앞으로 정부가 필요한 자금이 많을 텐데 외부에서 조달해 올 수만 있다면 금융시장 안정에 상당한 도움이 될 것”이라며 “국제적으로 금융위기가 큰 고비를 넘긴 만큼 우리 국책 금융회사들의 중장기 외화 차입 전망이 어둡지 않다”고 말했다.

이상렬 기자
• It´s not easy to find a well-suited man through open recruitment. (출처: 동아 프라임 한영사전)
공모를 통해서 적임자를 구하기란 쉽지 않다
• In the process they bribed other government officials to aid their efforts. (출처: The Korea Herald)
이 과정에서 이들은 공모를 위해 다른 공무원에게 금품을 제공했다.
• Two members of a band who flashed during a live TV broadcast last weekend admitted they planned the scene in advance to have fun during the performance, police officials said. (출처: The Korea Herald)
지난주말 TV 생방송에서 성기노출 사건을 일으킨 밴드의 멤버 2명이 공연 전 사전 공모 사실을 시인했으며 “그냥 재미삼아 그랬다”고 말한 것으로 알려졌다.
• The daily limit on share price changes will be upped to 15 percent from the current 12 percent and the retail portion of shares listed through initial public offerings will be increased to 40 percent from 20 percent. (출처: The Korea Herald)
일일 주가변동폭도 현해 12%에서 15%로 확대되며 최초 공모를 통해 상장된 주식의 개인투자자 비중도 20%에서 40%로 늘어나게 된다.
• Kumho, which controls 42 percent of the home tire market, is selling 25.49 million shares at 14,650 won a piece. (출처: The Korea Herald)
국내 타이어 시장점유율 42%를 차지하고 있는 금호타이어는 2,549만주를 공모하며 주당 공모가격은 1만4,650원으로 결정되었다.
• The offering includes 18 million new shares and 7.49 million existing shares. (출처: The Korea Herald)
신주 1,800만주와 구주 749만주가 이번 공모에 포함되었다.
• I had to live out a sentence for conspiracy without a conspirer. (출처: The Korea Herald)
공모자도 없는 공모로 형을 살아야 했다”고 썼다.
• The trade agency will select a candidate for recommendation to the Ministry of Commerce, Industry and Energy, who will decide on the finalist. (출처: The Korea Herald)
KOTRA는 공모에 응한 후보자를 대상으로 서류 및 면접심사를 마친 뒤 최종후보자를 선정해 산업자원부 장관에게 추천할 예정이다.
• The government also plans to pick the best employment agencies next year and to spend 3.8 billion won to commission private businesses to support the employment of the disabled and longtime job seekers. (출처: The Korea Herald)
정부는 내년에 직업소개소를 대상으로 공모를 통해 우수기관을 선정해 38억원을 들여 장애인, 장기구직자 등 취약계층에 대한 취업지원 업무 일부를 민간에 위탁한다.
• Some of the major annual programs the organization supports include Information Day and Information Culture Month, Korea Software Exhibition and Soft Expo. (출처: The Korea Herald)
이 협회가 지원하고 있는 주요 연간사업으로는 정보의 날과 정보문화의 달 그리고 한국소프트웨어공모대전 등이 있다.
• The market capitalization of the movie theater operator is estimated at 577.2 billion won based on its offering price of 25,000 won per share. (출처: The Korea Herald)
이 극장 사업자의 시가총액은 공모가격인 주당 25,000원을 기준으로 할 때 5,772억원으로 추정된다.
• To win the ground war in Iraq and the larger war on terrorism, we must stop more than two decades of Syrian complicity with terrorists. (출처: 세계일보 WT논평)
이라크 내 지상전과 더 큰 대테러전에서 이기기 위해 우리는 20여년에 걸친 시리아와 테러분자들의 공모를 중단시켜야 한다.
• Lee`s 38-year-old elder brother was arrested by police at the cafe and was being questioned, police said. (출처: The Korea Herald)
사건 현장에 함께 있던 이씨 친구의 형 김모 (38)씨를 검거해 공모 여부 및 사건 경위 등을 조사 중이다.
• To develop financial infrastructure, the report suggested promoting large financial funds such as public and private equity funds as well as asset management businesses. (출처: The Korea Herald)
금융 인프라의 발전을 위해 공모 펀드, 사모 펀드 등과 같은 대형 금융 펀드와 자산운용업 육성 방안이 제시되었다.
• KT Corp. Chief Executive Officer Lee Yong-kyung said yesterday that he will not seek a second term as head of the telecom company. (출처: The Korea Herald)
이용경 KT 사장이 어제 차기사장 공모 신청을 전격 철회한다고 말했다.
• The initial public offering will be the second-biggest in terms of capital to be raised from a dual listing. (출처: The Korea Herald)
총 공모금액은 동시 상장을 통해 조달되는 자본 규모면에서 두번째로 큰 규모이다.
• JPMorgan Chase & Co. is arranging the overseas portion of the sale and Daishin Securities Co. will sell shares to Korean investors. (출처: The Korea Herald)
해외 공모에서는 JP모건이 주간사로 나섰고 국내 공모는 대신증권이 주간사를 맡고 있다.
• Cooper Tire & Rubber Co., the second-largest U.S. tire manufacturer, is expected to buy 7.5 million shares equaling an 11 percent stake in the company. (출처: The Korea Herald)
미국 2위 타이어 메이커인 쿠퍼사는 이번 금호타이어 공모 과정에서 전체 공모주식에서 750만주를 매입해 지분율 11%를 보유하게 될 전망이다.
• KTF`s Nam, Telecommuniations Technology Association Secretary General Kim Hong-koo and former Electronics Telecommunications Research Institute president Jeong Seon-jong are among the candidates to have made their applications public. (출처: The Korea Herald)
남중수 KTF 사장, 김홍구 한국정보통신기술협회 (TTA) 총장, 정선종 전 한국전자통신연구원 (ETRI) 원장 등이 이번 KT 사장 공모에 참여한 것으로 알려졌다.
• open a prize list of novels; invite the public to join in a prize contest for best stories (출처: 동아 프라임 한영사전)
현상 소설을 공모하다
• Any person who desires to bid for the above shall apply within a week. (출처: 동아 프라임 한영사전)
상기 입찰 희망자는 1주일 내에 신청할 것
• Tenders[Bids] are invited for the new schoolbuilding. (출처: 동아 프라임 한영사전)
신교사 건축 입찰을 받음
• Only companies that have built 300 homes in the past three years and have capital of 500 million won or more may bid for the land. (출처: The Korea Herald)
과거 3년간 300가구 이상의 건설 실적이 있고 자본금이 5억원 이상인 건설회사만 부지 입찰에 참가할 수 있다.
• The Ministry of Information and Communication will review draft business models from the three bidders and give the company with the highest marks the first choice in the frequency range it plans to use. (출처: The Korea Herald)
정통부는 3개 입찰 신청업체가 제출한 사업 모델 초안을 검토한 뒤 최고 점수를 받은 사업자에게 원하는 주파수 선택권을 우선적으로 부여할 계획이다.
• Industry sources said the processed foods maker formed a task force last year to prepare the bid. (출처: The Korea Herald)
업계 소식통은 CJ가 지난해 입찰 준비를 위해 입찰전담반을 구성했다고 말했다.
• The exclusive proposal is evidence of the South Korean troops` relentless efforts and the trust it has gained among local residents and the government, he said. (출처: The Korea Herald)
“단독입찰을 제안해 온 것은 한국군이 억척스럽게 노력해 지역 주민들과 지방정부로부터 신뢰를 얻었다는 증거”라고 그는 말했다.
• I hear that a large amount of off-the-books money was used to make a successful bid for the construction of the building. (출처: 동아 프라임 한영사전)
그 빌딩 건설 공사 입찰에는 거액의 뒷돈이 거래된 모양이다
• Prosecutors said they had notified the Fair Trade Commission of the names of the companies, which would be barred from bidding for up to two years. (출처: The Korea Herald)
검찰은 이들 기업의 명단을 공정거래위원회에 통보했다고 밝혔는데 이들 업체들은 앞으로 최고 2년 동안 입찰 참가가 금지된다.
• They are accused of giving money to competitors in return for withdrawing from bidding between 2001 and 2003. (출처: The Korea Herald)
이들은 2001년과 2003년 사이에 경쟁사로 하여금 입찰 참가를 철회토록 하고 그 대가로 금품을 준 혐의를 받고 있다.
• Korea Asset Management says it will accept bids until next Tuesday. (출처: The Korea Herald)
자산관리공사는 다음 주 화요일까지 입찰 신청을 접수한다고 밝히고 있다.
• The official bidding process has yet to be finalized, the official said. (출처: The Korea Herald)
공식적인 입찰절차는 아직 확정되지 않았다고 그 관리는 말했다.
• The Chinese company submitted its final bid for Ssangyong to the creditors last week. (출처: The Korea Herald)
블루스타는 지난 주 쌍용차에 대한 최종 입찰제안서를 채권단에 제출했다.
• The ministry previously planned to announce the result of the bidding this week. (출처: The Korea Herald)
국방부는 당초 입찰 결과를 이번 주에 발표할 계획이었다.
• They start ed the bidding at fifty dollars. (출처: BBI Word Combi)
그들은 입찰을 50달러부터 시작했다.
• The bidding was brisk. (출처: 동아 프라임 영한사전)
입찰은 활발했다.
• Dacom`s partnership with Citigroup suddenly makes the game 50:50. (출처: The Korea Herald)
“시티그룹과 데이콤의 파트너십 체결로 입찰전의 승산은 갑자기 반반이 되었다.
• Five firms are expected to tender for the contract. (출처: 동아 프라임 한영사전)
5개사가 그 도급 계약 입찰에 응찰하리라 예상된다
• Korean law limits the share of foreign ownership to 49 percent in a telecommunication company, which means the financial services company must find a local partner before Dec. 13, the deadline for official bids. (출처: The Korea Herald)
이는 공식 입찰 마감시한인 12월 13일 이전까지 CFP가 국내 파트너사를 찾아야 함을 의미한다.
• Earlier this month, the Financial Times quoted a Seoul-based investment banker involved in the deal as saying that this is going to be the deal of 2005 in South Korea and possibly Asia. (출처: The Korea Herald)
이달 초 파이낸셜 타임지는 인수 입찰에 참여하고 있는 서울 소재 한 투자은행사 임원의 말을 인용해 “이번 진로 인수를 위한 입찰은 2005년 한국내지는 아시아 지역 내 최대 빅딜이 될 것”이라고 보도했다.
• The government also vowed to block the sale of apartment units in Songpa-gu, which a Seoul district office approved a day earlier, if its finds builders listed higher sale prices than they promised while bidding for reconstruction work. (출처: The Korea Herald)
정부는 또 서울의 한 구청이 하루 전에 승인한 송파구의 아파트와 관련해 만약 건설회사가 재건축 입찰 때 약속했던 분양가격보다 높게 분양할 경우 해당 아파트의 분양을 차단하겠다고 천명했다.
• In a surprise turn of events, POSCO, the nation`s largest steel maker and No.4 in the world in terms of output, lost out in the race. (출처: The Korea Herald)
놀라운 점은 국내 최대의 철강업체이지 세계 4위의 철강업체인 포스코가 입찰에서 탈락했다는 사실이다.
• The workout, most importantly, paves the way for the first sale of a large Korean company through a competitive, international auction, the International Financial Review said. (출처: The Korea Herald)
“진로의 성공적인 구조조정은 무엇보다도 국제 경쟁 입찰을 통한 한국 대기업의 첫번째 매각을 위한 기반을 닦았다”고 인터내셔널 파이낸션 리뷰는 말했다.
• The 11 candidates who bid for the right to manage the village included a consortium formed by the daily local newspaper Chosun Ilbo, Seoul National University and Hankuk University of Foreign Studies. (출처: The Korea Herald)
영어체험 마을 운영권을 차지하기 위해 입찰에 응한 11개 후보 중에는 조선일보, 서울대학교, 외국어대학교 등이 구성한 컨소시엄도 포함되었다.
• The Defense Ministry will propose bids by March for an airborne reconnaissance system after deciding to salvage the previously postponed project, officials said yesterday. (출처: The Korea Herald)
국방부는 연기한 바 있는 공중조기경보 시스템 도입사업을 재추진키로 하고 3월까지 입찰공고를 내기로 했다고 어제 관리들이 말했다.
• The Ministry of Finance and Economy has said that it hopes to auction the two companies, nationalized after the 1997-98 Asian currency crisis, within the first half of this year. (출처: The Korea Herald)
재정경제부는 지난 아시아 외환 위기 당시 국유화된 양대 투신사에 대한 입찰이 올 상반기에 실시되기를 희망한다고 밝혔다.
• The Hite-led consortium beat other seven bidders for the take of the Korean traditional liquor on April 1 with the highest bid of 3.2 trillion won. (출처: The Korea Herald)
하이트맥주가 주도하는 컨소시엄은 4월 1일 진로 인수전에서 3조2,000억원의 인수 가격을 제시해 여타 7개 입찰 제안사들을 따돌렸다.
• According to the schedule, final bids for the sale of Hyundai Autonet will be received next month. (출처: The Korea Herald)
일정에 따르면 현대오토넷 매각을 위한 최종 입찰제안서는 다음달 접수된다.
• Herald Media Inc., publisher of the nation`s largest English daily The Korea Herald, was chosen April 12 to run the village after highly competitive bidding. (출처: The Korea Herald)
국내 최대 영자신문 코리아헤럴드의 발행회사인 헤럴드미디어는 치열한 입찰 경쟁을 통해 4월 12일 영어체험 마을 운영 업체로 선정된 바 있다.
• The government named Doosan as the preferred bidder for Daewoo Heavy at the beginning of this month and set a Nov. 30 deadline for the completion of due diligence plant inspections and a formal bid. (출처: The Korea Herald)
이달 초 정부는 두산중공업을 대우종기의 우선협상대상자로 선정하고 공장 실사와 공식 입찰제안서 제출을 위해 11월 30일을 마감시한으로 지정했다.
• Some 400 multipurpose helicopters to build and Westlake will bid to be chosen to take part in it, Morris said. (출처: The Korea Herald)
웨스트랜드는 약 400여대의 헬기를 제작하는 이번 사업 입찰에 참가할 계획입니다”라고 모리스 대사는 말했다.
• Ko Kwang-sok, executive director of KITA, said that regardless of whether the bidders actually secure any deals, Korea must maintain close business ties with the Middle East country as it abounds in opportunities and natural resources. (출처: The Korea Herald)
한국무역협회 고광석 국제사업본부장은 국내 입찰업체의 수주 여부와 관계 없이 한국은 사업 기회와 천연 자원이 풍부한 이라크와의 비즈니스 관계를 긴밀히 유지해야만 한다고 말했다.
• Merrill Lynch & Co., which is managing the sale, is scheduled to receive final bids on March 30 once the due diligence is completed by March 29. (출처: The Korea Herald)
매각주간사인 메릴린치는 3월 29일 실사가 완료되는 대로 3월 30일에 최종 입찰제안서를 접수할 예정이다.
• It had been selected as one of the primary, but failed, bidders to purchase the nation`s No. 5 Incheon Oil Refinery last year. (출처: The Korea Herald)
STX에너지는 지난해 국내 5위의 정유사인 인천정유의 입찰에서 우선협상대상자로 선정되었지만 낙찰에 실패했다.
• With the unexpected three-way race to take over troubled Internet operator Thrunet Co. likely to drive up the bids, industry analysts are wondering whether the buyers will end up shooting themselves in the foot by overspending. (출처: The Korea Herald)
경영난에 처한 인터넷업체 두루넷 인수가 예기치 못한 3파전 양상을 띠며 입찰 가격을 높일 가능성이 커짐에 따라 업계 전문가들은 입찰에 참가한 업체들이 인수 가격을 과도하게 제시할 지 여부에 의문을 갖고 있다.
• With Jinro`s valuation ranging from as low as 1.7 trillion won to as high as 3 trillion won, a joint bid seems to be the most realistic strategy. (출처: The Korea Herald)
진로의 기업 가치가 낮게는 1조7천억원에서 최대 3조원에 이르는 만큼 공동 입찰이 가장 현실적인 전략으로 보인다.
• The withdrawal came two days after a civic group filed a criminal complaint with Seoul prosecutors against 13 executives at Lone Star and KEB, which arranged the auction, accusing them of breaching trust. (출처: The Korea Herald)
이번 철회는 한 시민단체가 신뢰 위반을 이유로 입찰을 주관한 론스타와 외환은행의 경영진 13명을 서울지검에 형사고발한 지 이틀만에 이루어졌다.
• A Daejeon District Court late last month ruled that the sale of Jinro-Cable to LG Cable proceed in a contested takeover. (출처: The Korea Herald)
대전고법은 지난달 경쟁 입찰을 통해 LG전선이 진로산업 인수업체로 선장되었다고 판결했다.
• The government also plans to be more proactive in its lending approach by spearheading proposals before the borrowers put their projects up for global bidding. (출처: The Korea Herald)
정부는 차입국들이 사업을 국제입찰에 내놓기 전에 먼저 차관을 제시하는 식으로 보다 더 적극적으로 나설 계획이다.
• The statement was released yesterday afternoon, after its local financial advisor, Neoplux Capital, suggested in a letter to reporters that Bluestar had officially dropped its bid for a controlling stake in Ssangyong Motors, ending three months of negotiations due disagreements over the cost and other terms. (출처: The Korea Herald)
이번 성명은 블루스타의 현지 재무 컨설팅회사인 네오플럭스 캐피탈이 기자들에게 배포한 보도자료를 통해 블루스타가 가격과 기타 조건에 합의를 보지 못함에 따라 3개월에 걸친 협상을 끝내고 쌍용차 지분인수 입찰을 공식 포기했다고 발표한 후 오후에 나온 것이다.
• The controversy erupted when DHI`s trade union and other employee groups expressed an intention to join the bidding. (출처: The Korea Herald)
DHI의 노조와 기타 노동단체가 입찰 참가 의사를 밝힘에 따라 갈등이 분출됐다.
• Jung pointed out the possibilities of a fierce marketing battle between Internet service providers once the Thrunet bid is settled, with the losing sides aggressively spending any saved money to overcome their weakened market position. (출처: The Korea Herald)
그는 두루넷 인수 기업이 결정되면 입찰에서 진 업체들이 약화된 시장 지위를 극복하기 위해 인수 비용을 공격적으로 사용할 것이 예상되기 때문에 인터넷 서비스 제공업체간 마케팅 경쟁이 치열해질 가능성을 지적했다.
• Teaming up with two local developers, the state-run company made a successful bid earlier this year for an exploitation project involving two Nigerian mining areas, surprising Western rivals. (출처: The Korea Herald)
두 개의 현지 개발업체와 제휴한 석유공사는 올초 두 개의 나이지리아 유정 지역의 채굴 프로젝트 입찰을 따내면서 서구의 경쟁사들을 놀라게 했다.
• The meeting also decided that companies with technological edges will get high scores in pre-qualification screening of eligible bidders for construction projects. (출처: The Korea Herald)
이 회의에서는 또 입찰참가 자격 사전심사 (PQ) 평가기준도 기술경쟁력이 높은 업체나 기술개발 실적 우수업체에 유리하도록 배점을 조정하기로 했다.
• Britain has joined the heated global competition to win Korea`s multi-billion dollar helicopter development project. (출처: The Korea Herald)
영국은 수십억달러 규모의 국내 헬기개발 사업을 따내기 위해 치열한 국제 입찰에 뛰어들었다.
• At least nine bidders including Korea`s leading food and beverage makers and foreign investment groups submitted their final applications yesterday to buy local distiller Jinro Ltd. in one of Asia`s biggest takeover deals of the year. (출처: The Korea Herald)
국내 굴지의 식품음료업체와 외국 투자그룹을 포함해 적어도 9개 업체가 올 아시아 인수합병 시장의 최대 매물인 진로를 인수하기 위해 어제 최종 입찰제안서를 제출했다.
• It will be a hotly contested auction between foreigners and domestic groups for an iconic brand. (출처: The Korea Herald)
“최우수 브랜드를 두고 외국과 국내 기관들 사이에 열띤 입찰전이 벌어질 것이다.”
• The party will advise the DHI workers to withdraw from the bidding unless the unfair conditions are removed. (출처: The Korea Herald)
민노당은 “부당한” 조건이 철회되지 않으면 입찰에서 물러서지 말 것을 DHI 노조에 조언했다.
• A joint committee of Daewoo`s labor union and non-union staff said yesterday that it will submit a letter of intent to participate in the bid to buy the state-run Korea Asset Management`s 35.96 percent stake. (출처: The Korea Herald)
공대위 관계자는 어제 자산관리공사(캠코)가 최대주주인 대우종합기계에 대한 입찰의향서를 제출하겠다”고 밝혔다.
• He added that KEPCO may bid again in 2010 when the country will need another long-term LNG contract to buy 3 million tons annually. (출처: The Korea Herald)
그는 한국이 매년 300만톤의 LNG를 구매하기 위한 장기계약이 추가로 필요해지는 2010년에 한국전력이 다시 입찰에 참가할 수 있을 것이라고 덧붙였다.
• We determined to postpone deciding the winner of the contract until May of next year as the two bidders failed to submit technology data regarding communication devices in time set this October, Cha Jong-hwan, head of the ministry`s task force supervising the acquisition project, said yesterday. (출처: The Korea Herald)
“입찰회사 두 곳이 기한인 10월까지 통신장비에 대한 기술 데이터를 제출하지 못 해 낙찰자 결정을 내년 5월까지 연기하기로 했다”고 차종환 국방부 획득실 과장이 어제 말했다.
• Industry sources saw the selection of INI Steel-Hysco, both sister firms of Hyundai Motor Co., as a move that may nudge POSCO out of its current dominant position in the local steel industry. (출처: The Korea Herald)
업계전문가들은 이번 입찰에서 현대차의 자매회사인 INI스틸-하이스코 컨소시엄이 선정된 것이 국내 철강업계에서 부동의 1위 자리를 고수하고 있는 포스코를 견제하기 위한 움직임으로 보고 있다.
• The partnership between Dacom and Citigroup Financial Products could potentially deal a blow to Hanarotelecom, favored by many to win the bid until now. (출처: The Korea Herald)
데이콤과 CFP간 제휴관계 체결은 현재까지 다수가 입찰에서 이기길 바랬던 하나로통신에 타격을 입힐 수 있다.
• The state-run Korea Asset Management Corp., the largest shareholder of Daewoo Heavy, said seven Korean and overseas companies are competing in the bid. (출처: The Korea Herald)
대우종합기계의 최대주주로 국책기관인 한국자산관리공사는 국내외 7개 업체가 입찰에서 경합을 벌이고 있다고 말했다.
• The subcommittee will be entitled to deprive companies suspected of unfair activities of opportunities to participate in bidding for projects. (출처: The Korea Herald)
소위원회는 불공정 행위를 한 의혹이 있는 기업들이 프로젝트 입찰에 참가할 기회를 박탈할 수 있는 권한을 갖게 된다.
• Now that it is seen as losing the bid, Standard Chartered doesn`t have any reason to keep its stake and Citi will also feel uneasy about letting them hold it, said Daniel Baek, a banking analyst at LG Securities. (출처: The Korea Herald)
LG투자증권의 은행업종 애널리스트인 다니엘 백씨는 “입찰에 실패한 스탠다드 챠터드는 지분을 보유할 이유가 없고 시티그룹도 이들의 지분 보유에 불편해 할 것”이라고 말했다.
• Among the eight contenders, the Hite-led consortium was selected as the preferred bidder for the lucrative distiller of the rice-based liquor on April 1 with the highest bid of 3.2 trillion won. (출처: The Korea Herald)
4월 1일 8개 진로 인수 참가업체 중에서 하이트맥주 컨소시엄이 3조2천억원의 입찰 가격을 제시해 우선협상대상자로 선정되었다.
• Hwang Sung-jin, head of Warburg Pincus in Korea declined to comment on whether it is involved in the bidding process or whether it is interested in the bid. (출처: The Korea Herald)
황성진 워버그 핀커스 한국지사장은 입찰 관심이나 참여 여부에 관한 언급하지 않았다.
• Samsung Securities Co. and Deutsche Bank, which are managing the sale, sent out an information package to 10 potential buyers last November and closed the preliminary bid on Dec. 17. (출처: The Korea Herald)
매각주간사인 삼성증권과 도이치뱅크는 작년 11월 10개 잠재 구매자에게 입찰 정보를 제공했고 12월 17일 예비 입찰 계약을 체결했다.
• The prosecution yesterday indicted an executive of IBM Korea on charges of offering bribes and manipulating bidding to obtain contracts to provide computer equipment worth 66 billion won ($55 million) to government agencies. (출처: The Korea Herald)
검찰은 어제 정부기관에 660억원어치의 컴퓨터 기기를 공급하는 계약을 따내기 위해 금품을 제공하고 입찰을 조작한 혐의로 한국 IBM의 임원 한 사람을 기소했다고 발표했다.
• A Dacom official close to the bidding process told the Korea Herald Tuesday that the company evaluated Thrunet`s worth around 350 billion won and said their offering was just marginally higher. (출처: The Korea Herald)
입찰과정에 대해 잘 알고 있는 데이콤 관계자는 동사가 두루넷의 가치를 약 3,500억원 정도로 평가했으며 입찰가격은 그것보다 약간 높았다고 화요일에 코리아헤럴드에 말했다.
• After the one-year project, the Indonesian power generator is scheduled to put its 1000 megawatts nuclear power plant out to an international tender. (출처: The Korea Herald)
1년 후 구체적인 사업 계획이 수립되면 인도네시아 PLN은 100만Kw급 원전 건설 입찰이 시작된다.
• The Chinese chemical maker exited the bidding in March after it failed to agree on a takeover price with Ssangyong`s creditors. (출처: The Korea Herald)
이 중국계 화학업체는 지난 3월 쌍용차 채권단과 인수가 합의에 실패하자 입찰에서 손을 떼었다.
• The deal is a 5 percent discount from the 496 billion won Hanarotelecom offered in its original bid to Thrunet creditors in December, when it edged out LG Group`s broadband unit Dacom Corp. to be named as preferred bidder. (출처: The Korea Herald)
이번 인수 금액은 하나로텔레콤이 LG그룹의 광대역 계열사 데이콤을 누르고 우선입찰대상자로 선정되었던 작년 12월 하나로텔레콤이 두루넷 채권단에 제시한 당초 인수 제안가 4960억원에서 5% 인하된 액수이다.
• With the Hite consortium bid of 3.2 trillion won for Jinro, a takeover would make it the second-biggest acquisition in terms of value this year. (출처: The Korea Herald)
하이트맥주가 진로 인수를 위해 제시한 3조2천억원의 입찰가격은 금액 규모면에서 올해 두번째로 큰 기업 인수합병이 된다.
• Jinro Ltd., Korea`s No. 1 spirits distiller, has won international distinction for its restructuring efforts while getting a value boost as it prepares to conduct one of the nation`s most high-profile auctions next month. (출처: The Korea Herald)
다음달 대규모 공개입찰을 벌일 예정인 국내 1위의 주류업체인 진로가 구조조정 노력을 통해 국제적인 인정을 받는 동시에 기업가치를 높이고 있다.
• But Daewoo Shipbuilding & Marine Engineering, which failed to garner the bid in the final round of competition, claimed that the government extended a favor to Hyundai. (출처: The Korea Herald)
그러나 최종 입찰에서 수주에 실패한 대우조선은 정부가 현대중공업에 특혜를 제공했다고 주장했다.
• With bidding likely to open by the end of this year for 12 even larger LNG tankers with a capacity of 240,000 cubic meters of LNG, competition between Daewoo, Hyundai and Samsung is expected to intensify. (출처: The Korea Herald)
LNG를 24만 큐빅미터까지 수송할 수 있는 대형 LNG선에 대한 입찰이 올 연말까지 있을 것으로 보여 대우와 현대 그리고 삼성간의 경쟁은 치열해질 예정이다.
• Thrunet will allow the interested parties to examine its financial records from Nov. 22 to Dec. 3 before official bids are submitted by Dec. 13. (출처: The Korea Herald)
두루넷은 12월 13일에 공식적인 입찰이 제출되기 전인 11월 22일부터 12월 3일까지 이해 당사자의 재무제표 검토를 허용할 계획이다.
• But Harman/Becker Automotive Systems Inc. is also expected to make an aggressive bid. (출처: The Korea Herald)
그러나 독일의 하먼베커도 공격적인 입찰에 나설 것으로 보여진다.
• Thrunet creditors, led by the state-run Korea Development Bank, staged the first tender in August last year. (출처: The Korea Herald)
산업은행이 주도하고 있는 두루넷의 채권단은 작년 8월 첫번째 입찰을 실시했다.
• The deal is expected to help us take the lead in bidding for the Indonesian nuclear power plant construction, said KEPCO`s spokesperson Park Yong-Seong. (출처: The Korea Herald)
“MOU 체결로 앞으로 벌어질 인도네시아의 원전 건설 입찰에서 유리한 고지를 차지했다”고 박용성 한전 홍보실장은 말했다.
• Citigroup Financial Products, a unit of U.S. financial services giant Citigroup, made a last minute entry to the race for Thrunet, going up against Korean competitors Hanarotelecom and Dacom. (출처: The Korea Herald)
미국 굴지의 금융업체인 씨티그룹의 계열사인 씨티그룹 파이낸셜 프로덕츠는 국내 경쟁자인 하나로텔레콤과 데이콤을 상대로 입찰 마감 직전에 두루넷 인수전에 뛰어들었다.
• If Hite fails to gain ownership of the soju giant, CJ Corp., Doosan Corp. and Taihan Electric Wire Co., in such order selected as the runners-up, will be entitled to jump into negotiations. (출처: The Korea Herald)
만일 하이트가 진로의 소유권을 얻는 데 실패하게 되면 입찰에서 결정된 CJ㈜, 두산㈜, 대한전선 순으로 협상에 뛰어들 자격을 얻게 된다.
• Hanarotelecom and Dacom have questioned Citigroup`s motives for entering the Thrunet race, with some accusing the company of seeking short-term financial gains by upping the bids and reselling the company`s debt. (출처: The Korea Herald)
씨티그룹이 두루넷 입찰에 뛰어든 것은 입찰가를 높인 후 동사 채권을 재매각함으로써 단기적인 금전적 이익을 얻으려는 것으로 보는 사람도 있는 가운데 하나로텔레콤과 데이콤은 씨티그룹의 동기를 의심하고 있다.
• INI Steel and Hyundai Hysco recently paid a guarantee equivalent to 5 percent of its undisclosed bid price, which is expected to exceed 700 billion won. (출처: The Korea Herald)
하이스코 컨소시엄은 최근 미공개 입찰금액의 5%에 해당하는 이행보증금을 납입했는 데 그 규모는 약 7천억원을 넘어선 것으로 추정된다.
• If KEPCO`s bid is accepted, it will mark the first export of its optimized power reactor with a capacity of 1,000 megawatts based on home-grown technologies. (출처: The Korea Herald)
한전이 인도네시아 입찰에 성공해 100만Kw급 원전 건설 계약을 맺을 경우 한국형 표준 원자로가 사상 처음으로 해외에 수출한 사례로 기록된다.
• Jinro`s labor union on Monday voiced opposition to the Hite takeover, criticizing that the brewer`s exorbitant bid would drain national wealth and that the sale would only be a boon to Goldman Sachs, the distiller`s largest secured creditor. (출처: The Korea Herald)
진로 노조는 월요일까지만 해도 하이트맥주의 엄청난 입찰 금액이 국부를 고갈시키고 동사 매각은 최대의 담보대출권자인 골드먼 삭스에 이익이 될 뿐이라고 비난하면서 하이트의 인수에 반대했다.
• Earlier this month, Hanarotelecom asked KPMG Samjong Accounting Corp., which is managing the Thrunet sale, to judge whether Citigroup Financial Products is qualified to enter the bid. (출처: The Korea Herald)
이달 초 하나로통신은 두루넷 매각 주간사인 삼정회계법인에게 CFP의 입찰 참가 자격 여부를 알아봐 줄 것을 요청했다.
• Speaking at a news conference yesterday, British Amb. to Korea Warwick Morris said British-based company Westland plans to make a bid for the Korea Multi-role Helicopter project. (출처: The Korea Herald)
어제 가진 기자회견에서 워릭 모리스 주한 영국대사는 영국계 회사인 웨스트랜드가 한국형 다목적헬기 (KMH) 개발사업 입찰에 참가할 계획이라고 밝혔다.
• Industry watchers believe Doosan Heavy`s bid to be roughly 1.8 trillion won, a far higher price than other contenders such as Hyosung Corp.`s offer of 1.3 trillion won and the 800 billion won bid from the investor consortium led by Curitel Communications Inc. (출처: The Korea Herald)
업계 관측통은 두산의 입찰가액을 약 1조 8000억원으로 예상하고 있는데 이 금액은 효성의 1조 3000억원이나 큐리텔 컨소시엄의 8,000억원보다 훨씬 높다.
• The accounting firm must review Citigroup`s eligibility and report the results to the court before releasing Thrunet`s financial records to bidders on Nov. 22. (출처: The Korea Herald)
삼정회계법인은 시티그룹의 입찰 참가 자격을 검토해 11월 22일 두루넷의 재무 기록이 입찰자에게 배포되기 이전에 검토 결과를 법원에 보고해야 한다.
• The prosecution learned that 15 companies, including Wiz Information Technology Co. and Chungho ComNet Co., had accepted a combined 1.57 billion won from the IBM Korea officials in exchange for giving up their bidding. (출처: The Korea Herald)
검찰은 위즈정보기술과 청호콤넷 등 15개 회사가 입찰 참가를 포기하는 대가로 한국 IBM으로부터 모두 15억 7천만원을 받은 사실을 밝혀냈다.
• We can either renegotiate with Bluestar after having a `cooling period` for a while or launch a new auction after enhancing Ssangyong`s corporate value, said Chun Hyeong-jin, an official at Chohung Bank, the main creditor of the carmaker. (출처: The Korea Herald)
쌍용차의 주채권은행인 조흥은행의 천형진 임원은 “우리는 당분간 냉각기를 가진 후 블루스타와 재협상 하거나 아니면 쌍용차의 기업가치를 높인 후에 새로운 입찰을 실시할 계획입니다.
• The bidding for state-controlled Hanbo Iron & Steel Co. closed yesterday with a handful of buyers eager to snatch up the steelmaker amid an industry boom triggered by swelling steel prices. (출처: The Korea Herald)
철강 가격 폭등으로 철강산업이 호황을 누리고 있는 가운데 어제 마감된 한보철강 인수를 위한 입찰에 수 많은 업체들이 대거 참여했다.
• If there is more redemption, I think companies would be more aggressive in trying to acquire Jinro, said Song Ji-hyun, an analyst at Goodmorning Shinhan Securities Co. (출처: The Korea Herald)
“상환 규모가 늘어날 경우 입찰 업체들은 진로를 인수하기 위해 보다 공격적이 될 것이다”라고 송지현 굿모닝신한증권 애널리스트는 말했다.
• On Jan. 13, the investment fund also dropped out of an auction for Dong-Ah Construction & Industrial`s debt of 1.2 trillion won ($1.15 billion). (출처: The Korea Herald)
1월 13일에 이 투자펀드는 동아건설의 1조 2000억원(11억 5000만불) 채권 입찰에서 탈락했다.
• Lotte Group., CJ Corp. and Doosan Corp. are considered favorites to acquire the nation`s largest liquor maker among those which submitted offers by the 3 p.m. deadline yesterday. (출처: The Korea Herald)
어제 마감시한인 오후 3시까지 입찰 제안서를 제출한 업체 중에서 롯데그룹, CJ그룹, 두산 등이 국내 최대 주류업체인 진로를 인수할 유력한 후보로 간주되고 있다.
• KAI defeated top U.S. defense industry giant Lockheed Martin Corp. in a final bid on Friday for the 673 billion won ($427 million) project to build the eight planes, Maj. Gen. Won Jang-hwan, the ministry`s chief procurement officer, told a news briefing. (출처: The Korea Herald)
KAI는 금요일에 있었던 최종 입찰에서 8대의 항공기 제작에 6,730억원(4억 2700만불)로 참가하여 미국 군수산업의 거인인 록히드 마틴을 물리쳤다고 원장환 국방부 획득정책관이 기자회견에서 말했다.
• The bidders include a high profile private equity fund MBK partners set up in April by the former five Carlyle Group senior executives including Kim Byung-joo. (출처: The Korea Herald)
입찰 제안사 중에는 김병주 씨를 비롯해 칼라일그룹의 전 임원 5명이 지난 4월 설립한 사모투자전문회사 (PEF) MBK파트너즈가 포함되어 있다.
• But Goldman Sachs, the liquor maker`s leading creditor, raised its valuation significantly to 3.6 trillion won last month, citing Jinro`s improved business and the presence of previously disclosed tax credits, adding to uncertainty surrounding the final auction price. (출처: The Korea Herald)
그러나 진로의 주채권은행인 골드만삭스는 지난달 진로의 영업실적 개선과 기존에 공개된 세금혜택의 존재, 최종 입찰 가격을 둘러싼 불확실성의 증가 등을 사유로 들며 진로의 기업가치를 3조6천억원으로 크게 상향 조정했다.
• The conglomerate is also bidding for state-run Daewoo Heavy Industries & Machinery Co., the nation`s No. 1 construction equipment maker. (출처: The Korea Herald)
효성은 국내 1위의 건설장비 메이커인 국영기업인 대우종기 매각입찰에도 참여하고 있다.
• On Sept. 14, STX Corp. and two sister firms - STX Energy and STX Shipbuilding - were selected as the preferred bidder for the country`s third-largest commercial shipping firm with a 300 billion won bid. (출처: The Korea Herald)
9월 14일에 STX와 그 계열사인 STX에너지와 STX조선은 3,000억원을 입찰가격으로 제시해 한국 3위의 해운회사인 범양상선의 우선협상 대상자로 선정됐다.
• Jang Kyung-ho, the IBM Korea executive, was additionally charged with receiving 340 million won from the company`s sales agent Winsol, which participated in the bidding. (출처: The Korea Herald)
한국 IBM의 장경호 상무는 동사의 판매 대행업체로서 입찰에 참가했던 윈솔로부터 3억 4천만원을 받은 혐의도 추가로 받고 있다.
• Chung Hyun-taek of Hyundai Autonet`s overseas division said yesterday that among the seven participants of the preliminary non-binding bids, three were selected: the consortium of Hyundai Motors and Germany`s Siemens, Harman/Becker Automotive Systems, a subsidiary of U.S.-based Harman International Industries, and Shanghai Automotive Industry Corp. Group, one of the top three auto groups in China. (출처: The Korea Herald)
정현택 현대오토넷 해외사업부장은 7개 입찰 참가업체 중 현대차-지멘스 컨소시엄, 미국계 하먼인터내셔널그룹의 자회사인 하먼베커, 중국내 3대 자동차업체 중 하나인 상하이차 등 3개 업체 및 컨소시엄을 현대오토넷 예비협상대상자로 선정했다고 어제 밝혔다.
• Morgan Chase & Co. decided not to participate in the auction. (출처: The Korea Herald)
모건체이스 은행이 인수 참가를 포기한 후 입찰제안서를 제출하지 않았다.
• Other interested parties include Harman/Becker Automotive Systems Inc. and Shanghai Automotive Industry Corp. Group, according to Hyundai Autonet. (출처: The Korea Herald)
이에 따라 현대오토넷 입찰에서는 현대차 컨소시엄과 독일의 하먼베커, 중국의 상하이자동차 등 3개 업체가 경쟁할 전망이다.
• Two consortiums led by Samsung SDS and LG CNS yesterday made presentations at ministry headquarters in central Seoul. (출처: The Korea Herald)
어제 외교부 청사에서 열린 신여권 발급시스템 입찰 제안설명회에는 삼성 SDS와 미국 토판, LG CNS와 미국 SPS 등 두 개의 컨소시엄이 참여했다.
• U.S. aircraft manufacturer Boeing Co. and Israeli airplane maker IAI-ELTA are vying for the contracts. (출처: The Korea Herald)
미국의 보잉사와 이스라엘의 IAI-ELTA사가 입찰 경쟁을 벌이고 있다.
금리 보합..`지표물 상승•비지표물 하락`(마감)
국채선물 112.50 -11틱..국고5년 3.79 +2bp
은행채•통안채 중심 강세 분위기
입력 : 2009.01.02 16:21

[이데일리 정원석기자] 2일 채권금리가 보합권에서 거래를 마쳤다.

채권시장이 연말 강세장에 대한 조정 움직임을 나타냈다. 연말 거래가 거의 이뤄지지 않은 상황에서 금리가 지나치게 하락한 데 대한 반작용이다. 한동안 국채선물을 대량 매수했던 외국인이 매도로 대응하며 조정 움직임을 주도하고 있다.

당국의 종가관리로 억눌렸던 환율이 상승세를 재개한 점 역시 부담이 됐다. 이날 달러-원 환율은 전일 대비 61.5원 급등한 1321원선에서 마감했다. 다음주 국채3년 입찰 물량이 2조원 이상에 이르렀던 점 역시 부담이 됐다.

다만, 국고채와 달리 통안채와 은행채는 강세 분위기를 유지했다. 통화정책에 직접적인 영향을 받는 단기금리 하락세가 뚜렸했고, 은행채 스프레드 축소에 대한 기대감이 은행채 매수 심리를 자극했다는 분석이다.

채권 장외시장에서 국고채 3년물 8-3호는 전거래일 대비 2bp 상승한 3.52%에 마감됐다. 5년물 8-4호도 2bp 상승한 3.79%에 거래를 마쳤다.

증권업협회가 고시한 최종호가수익률은 국고채 3년물이 전거래일보다 1bp 상승한 3.42%를 보였고, 국고채 5년물은 2bp 오른 3.79%에 마감됐다. 10년물은 3bp 오른 4.25%, 20년물은 3bp 상승한 4.63%였다. 통안증권 1년물은 5bp 내린 3.20%, 2년물은 3bp 하락한 3.47%를 기록했다.

3년만기 국채선물 3월물은 전거래일보다 11틱 하락한 112.50을 기록했다. 증권사와 외국인이 각각 1946계약과 1187계약을 순매도했고, 은행과 기타 참여자가 1043계약과 1134계약을 순매수했다. 전체 거래량은 3만4626계약 수준이다.

이데일리 정원석 기자 lllp@ ▶정원석기자의 다른 기사/칼럼보기


저작권자ⓒ이데일리- 종합 경제정보 미디어 XML
원•달러 환율 `30일 오후 3시` 급조정 없다
점진적 하락… "97년말 재판 없을 것"
기업들 "50원만 더 떨어졌으면…"

12월30일 오후 3시.올해 외환거래가 끝나는 이날 시장 평균 환율에 결산을 앞둔 기업과 은행,해외 유학생을 둔 학부모들이 촉각을 곤두세우고 있다.

정부가 외환위기 때인 1997년 말 하루에 원.달러 환율을 230원 떨어뜨린 것처럼 30일에도 대대적인 개입을 통해 일거에 내려줄 것을 이들은 학수고대하고 있다. 외환 손실을 줄이는 게 시급하기 때문이다.

지난 9월 말 현재 국내 상장.등록법인 1624개의 순외화부채(외화부채-외화자산)는 413억4000만달러다. 작년 말 936원이던 원.달러 환율이 9월 말 1207원까지 오르며 이들 기업은 이미 15조원 이상의 외환 손실을 입었다. 26일 원.달러 환율이 1299원에 마감한 점을 감안하면 9월 말 이후에도 추가로 3조8000억원 이상의 외환 손실이 우려된다.

특히 통화옵션 상품인 키코(KIKO)에 가입한 태산LCD는 환율 급등으로 외환 손실이 눈덩이처럼 불어나 흑자 부도를 냈고 주거래은행인 하나은행도 4분기 적자를 걱정하고 있다. 환율 급등은 은행들의 국제결제은행(BIS) 자기자본비율에도 치명적이다. 원화로 환산한 외화대출이 늘어나기 때문이다. 환율이 100원 오를 때마다 은행의 BIS 기본자본비율은 0.3%포인트 떨어지는 것으로 추정된다.

이에 따라 외환당국은 환율 급등을 막기 위해 지난주부터 종가 관리에 들어갔다. 정부는 공기업의 달러 매입 수요를 내년 초로 미루고 은행과 기업들에도 달러 매입 자제를 요청하는 것은 물론 직접 시장 개입에 나서기도 하는 것으로 알려졌다. 정미영 삼성선물 리서치팀장은 "최근 외환시장 거래량이 하루 평균 30억달러에도 못 미쳐 당국이 마음만 먹으면 적은 금액으로 환율을 떨어뜨릴 수 있다"고 말했다.
정부의 대규모 개입을 통한 환율 급락 가능성이 나오는 것도 이런 배경에서다. 은행권에서는 현재의 수준에서 50원 떨어진 1250원 정도면 원하는 BIS 비율을 유지할 수 있다며 그 정도까지라도 떨어뜨려 주기를 바라고 있다.

이에 대해 외환당국은 일시적인 하락 조치는 곧바로 급반등을 가져올 수 있다며 외환위기 때 취한 비상조치는 생각지 않고 있다고 밝혔다. 기획재정부 관계자는 "환율 관리에 비상이 걸린 것은 사실이지만 현재의 환율 수준이 수출업체들에는 도움이 되는 데다 과도한 시장개입은 자칫하면 투기세력에 이용당할 수도 있다"고 지적했다. 외환시장 관계자는 "내년 1분기에 국내외 경기가 본격적인 침체에 빠지고 외국인 자금 이탈이 재연된다면 환율이 다시 치솟을 수 있다"고 지적했다.

주용석 기자 hohoboy@hankyung.com


• 나라의 초석 the pillar[mainstay] of the state
• 칠레 초석 Chile saltpeter
• lay a cornerstone 초석을 놓다 정초식을 올리다
• a foundation stone 초석礎石
예문


• Making a stepping stone of yesterday`s development, we are now preparing another leap forward. (출처: The Korea Herald)
“과거의 발전을 초석으로 삼아 우리는 지금 미래를 향한 또 다른 도약을 준비 중이다.
• lay groundwork for an international conference (출처: 동아 프라임 영한사전)
국제 회의의 초석을 마련하다
• Hill`s visit is considered a stepping stone to working-level discussions between Seoul and Washington on how to proceed on the nuclear issue. (출처: The Korea Herald)
힐 차관보의 방한은 북핵문제 진전 방안에 관한 한미간 실무자급 논의의 초석으로 간주되고 있다.
• But they could refer to the key issues of their concern, while paving the way for future talks between them, possibly with the presence of Uri Party leader Lee Bu-young. (출처: The Korea Herald)
그러나 노 대통령과 박 대표는 이부영 우리당 의장이 참석한 가운데 핵심 쟁점에 대해 언급하는 동시에 향후 양자 회담 개최를 위한 초석을 마련할 수 있을 것이다.
• Kepsilpa will go back to his country as a second lieutenant and he will be a base for mutual relations between South Korea and Thailand, officials said. (출처: The Korea Herald)
다이텝 소위는 본국으로 귀국할 예정이며 한국과 태국간 관계 강화를 위한 초석이 될 거라고 공사 관계자는 말했다.
• The right to speak and publish freely without fear of bodily harm or economic sanction are among the cornerstones of free societies. (출처: 세계일보 WT논평)
신체의 상해나 경제적 제재를 두려워하지 않고 자유로이 발언하고 출판하는 권리는 모든 자유사회의 초석이다.
• We have now prepared the groundwork for the Assembly to truly fulfill its duty as an independent legislative body without interference from the government, Kim said. (출처: The Korea Herald)
우리 국회는 이제 정부의 간섭 없이 독립적인 입법기관으로 그 임무를 충실히 이행하기 위한 초석을 마련했다”고 김 의장은 말했다.
• Both sides agreed to exert greater effort to advance the relocation of USFK bases as planned, while noting that the successful completion of the relocation will serve as the cornerstone for the future of the ROK-US alliance, the statement read. (출처: The Korea Herald)
“한미 양측은 성공적인 주한미군 재배치가 미래 한미 동맹의 초석 역할을 할 거라며 계획대로 주한미군 기지 재배치를 추진하기 위해 최선을 다하기로 합의했다”고 공동성명서를 통해 말했다.
• A balanced development should be achieved to lay the groundwork for the nation`s future prosperity, Roh said. (출처: The Korea Herald)
국가의 미래 번영을 위한 초석을 다지기 위해 균형 발전을 달성해야 합니다”라고 노 대통령은 말했다.
한국판 `워룸` 구축…대통령이 `경제 컨트롤`
현 경제위기 '戰時국면'에 비유
공기업 개혁 등 각 분야 국정쇄신도 강조



이명박 대통령 내외가 2일 청와대 영빈관에서 열린 신년하례회에서 새출발을 다짐하며 참석자들과 손을 잡고 있다. 왼쪽부터 이수영 한국경영자총연합회장,이희범 무역협회장,조석래 전국경제인연합회장,한승수 국무총리,이용훈 대법원장,대통령 내외,이강국 헌법재판소장,고현철 중앙선거관리위원장,손경식 대한상공회의소장,김기문 중소기업협동조합중앙회장. /김병언 기자 misaeon@hankyung.com




이명박 대통령은 2일 약 30분간 진행된 신년 국정연설에서 '경제'17차례,'일자리'14차례,'투자'8차례를 각각 언급했다. 올 한 해 경제 살리기를 최대의 화두로 삼겠다는 의지가 담겨 있다.

이 대통령은 특히 '위기'란 단어를 무려 29차례나 사용했다. '비상경제정부 체제'와 '국정쇄신'이란 말을 꺼낸 배경이다. 경제 상황을 점검하고 대책을 세우는데 1분1초도 소홀히 하지 않겠다고도 했다. 그러면서 모든 경제 주체의 단합을 호소하며 위기를 기회로 바꿔 선진일류국가로 가는 초석을 닦은 해로 만들자는 '희망'도 역설했다.

◆이 대통령,직접 경제 지휘

이 대통령이 비상경제정부 체제를 구축하겠다고 밝힘에 따라 청와대는 후속 조치 마련에 착수했다. 이동관 대변인은 "비상경제정부 체제라는 것은 일각에서 '워룸(War Room)'이라는 표현을 쓰지만,전대미문의 난국 상황 이라고 볼 때 신속하고 과단성있게 대응하기 위해 좀 더 각오를 새롭게 다진다는 뜻"이라고 설명했다.

청와대는 위기관리대책회의,경제금융상황점검회의(서별관 회의) 등 그동안 통상적으로 해 왔던 것 이외에 '비상경제대책회의'를 신설키로 했다. 대통령이 의장 역할을 하고 기획재정부 장관과 한국은행 총재，경제수석，국정기획수석 이외에 민간 국민경제자문회의 위원 2,3명이 고정 멤버로 참여한다. 대통령에게 경제정책 자문을 하고 기관 간 협의를 추진하는 것이 핵심이며，대통령이 필요 시 수시로 소집한다. 이 회의체는 명실상부한 '경제컨트롤 타워'로,'워룸'과 같은 성격을 띠고 있다. 워룸이란 위기를 전시에 상응하는 국면으로 규정하고 실시간으로 상황을 파악，범정부적 대책을 수립하는 기능을 한다. 이 대통령이 직접 경제 정책을 조율하고 챙겨 나가겠다는 것이다.

청와대는 이와 함께 녹색성장 전략에 고용창출 정책을 융합한 녹색뉴딜사업을 이달 초 발표키로 했다. 신성장동력과 관련해선 녹색기술산업과 첨단융합산업，고부가서비스산업 등 3대 분야 17개를 발굴해 이달 중순께 내놓을 예정이다.

◆국정쇄신은 인적쇄신?

이 대통령은 비상경제정부 체제에 걸맞은 국정쇄신도 계속 단행해 나가겠다고 밝혀 주목된다. 이를 두고 개각을 포함한 인적쇄신을 하겠다는 뜻이 아니냐는 지적이 일고 있다. 그러나 이 대변인은 "국면전환용 깜짝 쇼 스타일로는 하지 않는다"고 못을 박았다. 이어 "현재 국회 법안처리가 계류돼있고 비상경제체제 상황 등을 보면 오늘 연설을 두고 (인적쇄신)거론은 적절치 않다"고 선을 그었다. 그는 "국정쇄신은 공기업 개혁이나 노사문화 선진화,법 질서 확립 등 각 분야의 체질 개선 등을 염두에 둔 것"이라고 강조했다.

그러나 이 대통령은 여권 진용 개편과 관련한 전반적인 검토를 끝내고 인사 타이밍을 저울질하고 있다는 얘기가 나오고 있다.
Ssangyong Motor, top shareholder to discuss fund provision

SEOUL, Jan. 3 (Yonhap) -- A plan to salvage Ssangyong Motor Co. may emerge as early as next week as a top executive at the ailing automaker was scheduled to meet with heads of its largest shareholder in China over the weekend, according to informed sources Saturday.

Hai Tao Zhang, one of the company's three co-chief executives, left for China earlier in the day to meet with officials at the Shanghai Automotive Industry Corp. (SAIC) to discuss a wide range of issues on the company's management, according to informed industry officials.

The parties were expected to discuss various means of normalizing management, including measures involving possible restructuring and provision of fresh funds from Shanghai Automotive. Zhang plans to return to Seoul on Sunday.

The troubled carmaker, on the verge of liquidation, has been in negotiations with Shanghai-based SAIC for weeks over fresh funds in exchange for potential job cuts, but no progress has been reported so far.

On Monday, two Chinese media outlets reported SAIC was preparing to exit Ssangyong, but Ssangyong officials denied the reports. SAIC acquired a 51-percent stake in the smallest carmaker in South Korea in late 2004.

Ssangyong is expected to post a loss of up to 100 billion won (US$75.3 million) this year. The liquidity shortage forced the company to delay salary payments and cut employee benefits.
common stock 보통주(의결권이 없고 배당이 높은 우선주(preferred stock)에 대비해서)
________________________________________

[회계 용어 2]
대차대조표 Balance Sheet
-
assets 자산
current assets 유동자산
quick assets 당좌자산
cash and bank deposit 현금과 예금
marketable securities 유가증권
trade receivables 매출채권
allowance for bad debts 대손충당금
short-term loans 단기대여금
deferred income tax debits 이연법인세차
inventories 재고자산
merchandise 상품
finished goods 제품
semi-finished goods 반제품
work in-process 재공품
raw materials 원재료
supplies 저장품
non-current assets 고정자산
investments 투자자산
long-term bank deposits 장기성예금
restricted cash and bank deposits 특정현금과 예금
investment securities 투자유가증권
long-term loans 장기대여금
long-term trade receivables 장기성매출채권
present value discount account 현재가치 할인차금
investment properties 투자부동산
guarantee deposit 보증금
tangible assets 유형자산
land 토지
buildings 건물
accumulated depreciation 감가상각누계액
machinery and equipment 기계장치
ships 선박
vehicles and transportation equipment 차량운반구
construction in-progress 건설중인 자산
intangible assets 무형자산
goodwill 영업권
intellectual proprietary rights 공업소유권
mining rights 광업권
fishing rights 어업권
land use rights 차지권
deferred charges 이연자산
organization costs 창업비
pre-operating costs 개업비
new stock issurance costs 신주발행비
debenture issurance costs 사채발행비
research and development costs 연구개발비
liabilities 부채
current liabilities 유동부채
trade payables 매입채무
short-term borrowings 단기 차입금
income taxes payable 미지급 법인세
devidends payable 미지급 배당금
current portion of long-term debts 유동성 장기부채
deferred income tax credits 이연법인세대
long-term liabilities 고정부채
debentures 사채
discount on debentures issued 사채발행차금
long-term borrowings 장기 차입금
long-term trade payable 장기성 매입채무
present value discount account 현재가치 할인차금
liability provisions XX 충당금
stock holders' equity 자본금
common stock 보통주 자본금
preferred stock 우선주 자본금
capital surplus 자본잉여금
capital reserves 자본준비금
paid-in capital in excess of par value 주식발행 초과금
gain on capital reduction 감자차익
assets revaluation reserve 재평가적립금
retained earnings 이익잉여금
legal reserve 이익준비금
reserve for business rationalization 기업합리화 적립금
reserve for financial structure improvement 재무구조개선적립금
reserve for.......... XX 적립금
unappropriated retained earnings carried over to subsequent year 차기이월 이익 잉여금
capital adjustment 자본조정
discounts on stock issurance 주식할인 발행차금
pre-operating dividends 배당건설이자
treasury stock 자기주식
consideration for conversion rights 전환권 대가
consideration for stock warrants 신주인수권 대가
unissued stock dividends 미교부주식 배당금
gain on valuation of investment in equity securities 투자주식평가이익
overseas operations translation credit 해외사업환산대
-
accrued expenses 미지급비용
accrued income taxes 미지급법인세
accrued dividends 미지급배당금
accrued income 미수수익
acquisition cost 취득가액
advance from customers 선수금
advance payments 선급금
Allowance 대손충당금
capital stock 자본금
conversion right adjustment accounts 전환권 조정계정
convertible bonds 전환사채
doubtful accounts 매출채권
gross amounts 총액
in aggregate 일괄해서
investment assets 투자자산
liquidity 유동성배열법
memorandum accounts 비망계정
netted amounts 순액
prepaid expenses 선급비용
product warranties and guarantees 공사보증충당금
repairs and maintenance 수선,판매보증충당금
severance and retirement benefits 퇴직급여충당금
stock issurance costs 신주발행비
stockholder's equity 자본
structures 구축물
suspense payments 가지급금
suspense receipts 가수금
the face value 액면가액
treasury bonds 자기사채
unearned income 선수수익
withholdings 예수금
________________________________________

Affiliated Persons
-
Affiliated persons (affiliates) include (1) members of a family, (2) an officer or director of an
organization and that organization, (3) partners, (4) employers and their employees, and (5) any
person or organization directly or indirectly owning, controlling, or holding with power to vote, 5
percent or more of the outstanding voting stock or shares of any organization and that
organization. In addition, affiliates include (6) any person who controls any other person and that
other person, and (7) any two or more persons who directly control, are controlled by, or are
under common control with, any person. "Control" exists where one person or organization is
legally or operationally in a position to exercise restraint or direction over the other person or
organization. (Section 771(33) of the Act; section 351.102(b) and 351.401(f) of the regulations.)
-
특수관계인(Affiliated Persons)
-
특수관계인은 다음의 자를 말한다.
(1) 가족구성원
(2) 조직내 사무원 또는 경영자 및 그 조직
(3) 동업자
(4) 고용주 및 그 종업원
(5) 어떤 조직의 의결권 있는 주식 또는 지분의 5%이상을 직간접적으
로 소유하고 있거나 그 의결권행사에 영향을 미칠 수 있는 자나
조직
(6) 다른 사람을 통제하고 있는 자 및 그 통제대상이 되는 자
(7) 2인 이상의 자가 어떤 사람을 직접 통제하거나, 어떤 사람에 의해
통제되거나 공동통제하에 있는 경우
"통제(control)"란 어떤 사람 또는 조직이 법적으로 또는 실질적으로
다른 사람이나 조직에 대해 감독 또는 영향력을 행사하는 것을 말한다.
(법 제771조(33), 규칙 제351.102조(b), 제351.401조(f) 참조)
________________________________________

자기사채 treasury bonds
자기자본 equity
자기자본비용 cost of equity capital
자기자본수익율 return on common equity : ROE
자기주식 treasury stock
________________________________________

보통주 자본금 common stock
보험차익 gain on insurance settlement
복리후생비 other employee benefits
부속명세서 supplementary schedules
부채 debt
부채 liabilities
비망계정 memorandum accounts
________________________________________

common stock: 보통주
________________________________________

dividend account: 배당계정
dividend earned: 수입배당금
dividend equalization fund: 배당평균준비금
dividend equalization reserve: 배당평균적립금
dividend gain 배당소득
dividend in arrears: 미지급 배당금
dividend income exclusion: 배당소득공제
dividend income: 배당소득
dividend on common stock: 보통주 배당
dividend on preferred stock: 우선주 배당
dividend on stocks: 주식배당금
dividend paid: 지급배당금
dividend payable unclaimed: 미지급 배당금
dividend payable: 미지급 배당금
dividend payout ratio: 배당성향(=배당총액 세금공제 후 이익)
dividend per share: 주당배당금
dividend propensity: 배당성향
dividend rate: 배당률
dividend received: 수입배당금
dividend reserve: 배당준비적립금
dividend revenue: 수입배당금(=dividend income)
dividend warrant: 배당지불증서
dividend yield: 배당이익율( = 배당금 ÷ 한 주의 주가)
dividend-exclusion method 수입배당금불산입법
dividend-paid deduction method: 배당소득 공제법
dividend-paid-deduction method 지급배당공제법
dividend-received deduction 수취배당소득공제
dividend-received-credit method 수입배당금세액공제법
dividend: 이익배당
dividends credit: 배당공제
dividends of interest during construction: 건설이자의 배당
dividends of interest on guaranty capital: 기금이자에 의한 배당
dividends of interest: 이자의 배당
dividends paid deduction: 지급 배당급에 대한 소득공제
dividends paid: 지불 배당금
dividends payable: 미지급배당금
dividends received: 수취 배당금
dividends stock: 배당주
dividends-in-kind: 현물배당
dividends: 배당
________________________________________

보통주 common stock, ordinary share
________________________________________

보통주(자본금): Common Stock (Ordinary Shares)
________________________________________

주식발행초과금 premium on common stock
• The company was capitalized at $20,000,000. (출처: 동아 프라임 한영사전)
그 회사의 자본금은 2천만 달러였다
• Only companies that have built 300 homes in the past three years and have capital of 500 million won or more may bid for the land. (출처: The Korea Herald)
과거 3년간 300가구 이상의 건설 실적이 있고 자본금이 5억원 이상인 건설회사만 부지 입찰에 참가할 수 있다.
• The KIC will start with $20 billion in capital from the foreign exchange reserve. (출처: The Korea Herald)
KIC는 외환보유액에서 200억불을 자본금으로 시작할 예정이다.
• It set up its branch operation with $3 million paid-in capital. (출처: The Korea Herald)
지사 영업을 위해 이 회사는 3백만달러의 납입 자본금을 투입했다.
• Now, the minimum capital for beginning the trust will be slashed to 25 billion won ($24.8 million) from 50 billion won. (출처: The Korea Herald)
이제 리츠의 최저자본금은 500억원에서 250억원으로 낮아지게 되었다.
• For example, it requires initial capital of 50 billion won to launch a REIT company in Korea. (출처: The Korea Herald)
일례로 한국에서 리츠 회사를 설립하려면 자본금 500억원이 필요하다.
• Last month, Fidelity had requested the regulator`s permission to set up a 10 billion won ($9.27 million) fund. (출처: The Korea Herald)
지난 달 피델리티자산운용은 자본금 100억원을 출자하며 금감위의 영업 허가를 신청했다.
• Capitalized at $30 million, the new company will be opened in March in the Pudong district of Shanghai. (출처: The Korea Herald)
새 회사는 자본금 3,000만불로 3월에 상하이 푸동지구에 설립될 계획이다.
• The challenges of starting a business were broken down into four: Procedures required to establish a business, the associated time and cost, and the minimum capital requirement. (출처: The Korea Herald)
창업 시 애로사항은 기업 설립 절차 요건, 이에 소요되는 시간과 비용, 최저 자본금 요건 등 4가지로 분석되었다.
• Banks also are to be granted investment of up to 70 percent of its self capital in securities. (출처: The Korea Herald)
은행들은 또 자본금의 70퍼센트까지를 증권에 투자할 수 있게 된다.
• The alternative minimum tax rate, which is designed to ensure that corporations pay a minimum amount in taxes even after deductions and other incentives, will be lowered to 10 percent for manufacturing companies with 300 workers or less and capital of less than 8 billion won. (출처: The Korea Herald)
여러 가지 조세감면을 받더라도 일정금액 이상의 세금은 최소한 납부하도록 한 최저한세율도 종업원 수 300명 이하이거나 자본금 80억원 이하인 제조업체의 경우 10%로 낮아진다.
• Starting with initial capital of 450 billion won, the corporation plans to issue 5 trillion to 6 trillion in mortgage-backed securities this year to secure the necessary funds for its operations and increase its liquidity by up to 68 trillion won over the following five years, the ministry said. (출처: The Korea Herald)
자본금 4천500억원으로 출범하는 주택금융공사는 내년에만 5조-6조원의 주택채권담보부증권(MBS)를 발행하는 등 향후 5년간 68조원의 주택자금을 단계적으로 유동화할 것으로 예상되고 있다.
• According to the plan, approved by the Cabinet in the first week of September, the quasi-state agency will have paid-in capital of 200 billion won and an operating fund of $20 billion, of which $17 billion will come from the foreign reserves. (출처: The Korea Herald)
9월 첫째주 국무회의에서 통과된 이 계획에 의하면 준 국가기관인 투자공사는 납입자본금 2,000억원에 200억불의 운영자금을 가지게 되는데 그 중 170억불은 외환보유액에서 충당한다.
• Local private equity funds plan to draw some 1.2 trillion won of investment while foreign funds with a total estimated capital of 5 trillion won are actively seeking to acquire local companies, he said. (출처: The Korea Herald)
국내 사모펀드는 1조 2000억원의 투자를 유치할 계획이고 총 자본금이 5조원으로 추정되는 외국계 펀드는 국내 기업 인수에 적극 나서고 있다고 그는 말했다.
• The organization will begin on an initial capital base of 50 billion won - 45 billion won to be invested by financial institutions and 5 billion won to be raised publicly. (출처: The Korea Herald)
이 기구는 금융기관들이 분담하여 투자하는 450억원과 주식발행을 통한 50억원 등 모두 500억원의 자본금으로 출범할 예정이다.
• In equities, the prerequisite for listing on the over-the-counter KOSDAQ stock market will be strengthened, with the minimum capital requirement set to double to 1 billion won (about $838,000). (출처: The Korea Herald)
증시의 경우 코스닥시장 등록 요건이 강화되는 데 최소 자본금 요건이 10조원으로 기존의 두 배로 증가한다.
• The reduction plan will trim LG Card`s capital to 626.8 billion won ($687.6 million) from 3.44 trillion won with the number of shares pared down to 125.36 million from 689.53 million. (출처: The Korea Herald)
감자계획으로 LG카드의 자본금은 3조 4400억원에서 6,268억원(6억 8760만불)로 줄면서 주식 수는 689,530,000주에서 125,360,000주로 줄게 된다.
• JEJU - Finance Minister Han Duck-soo yesterday proposed the establishment of a multinational development bank for Northeast Asia with an envisaged initial capital of $20 billion to $30 billion to help North Korea integrate into the region`s market mechanism. (출처: The Korea Herald)
제주 - 한덕수 재경부 장관은 어제 북한의 지역시장 메커니즘 가입을 지원하기 위해 200억불에서 300억불을 초기 자본금으로 하는 동북아의 다국간 개발은행 설립을 제안했다.
• The companies embarked on the joint venture in November 1996 with paid-in capital of 24.3 billion won, in which LGE had invested 49 percent and IBM Korea 51 percent. (출처: The Korea Herald)
이 회사는 1996년 11월에 납입자본금 243억원의 합작회사로 출범했는데 LG전자가 49퍼센트를 그리고 한국IBM이 51퍼센트를 출자했다.
• It intends to select the comprehensive logistics companies and provide tax benefits and support, should they meet three requirements including paid-in capital, sales and number of logistics services. (출처: The Korea Herald)
업체들이 납입자본금, 물류 서비스 매출과 종류 등 3가지 요건을 충족시킬 경우 정부는 종합 물류 기업을 선정해 조세 특혜와 지원을 제공하게 된다.

• The company was capitalized at $20,000,000. (출처: 동아 프라임 한영사전)
그 회사의 자본금은 2천만 달러였다
• Only companies that have built 300 homes in the past three years and have capital of 500 million won or more may bid for the land. (출처: The Korea Herald)
과거 3년간 300가구 이상의 건설 실적이 있고 자본금이 5억원 이상인 건설회사만 부지 입찰에 참가할 수 있다.
• The KIC will start with $20 billion in capital from the foreign exchange reserve. (출처: The Korea Herald)
KIC는 외환보유액에서 200억불을 자본금으로 시작할 예정이다.
• It set up its branch operation with $3 million paid-in capital. (출처: The Korea Herald)
지사 영업을 위해 이 회사는 3백만달러의 납입 자본금을 투입했다.
• Now, the minimum capital for beginning the trust will be slashed to 25 billion won ($24.8 million) from 50 billion won. (출처: The Korea Herald)
이제 리츠의 최저자본금은 500억원에서 250억원으로 낮아지게 되었다.
• For example, it requires initial capital of 50 billion won to launch a REIT company in Korea. (출처: The Korea Herald)
일례로 한국에서 리츠 회사를 설립하려면 자본금 500억원이 필요하다.
• Last month, Fidelity had requested the regulator`s permission to set up a 10 billion won ($9.27 million) fund. (출처: The Korea Herald)
지난 달 피델리티자산운용은 자본금 100억원을 출자하며 금감위의 영업 허가를 신청했다.
• Capitalized at $30 million, the new company will be opened in March in the Pudong district of Shanghai. (출처: The Korea Herald)
새 회사는 자본금 3,000만불로 3월에 상하이 푸동지구에 설립될 계획이다.
• The challenges of starting a business were broken down into four: Procedures required to establish a business, the associated time and cost, and the minimum capital requirement. (출처: The Korea Herald)
창업 시 애로사항은 기업 설립 절차 요건, 이에 소요되는 시간과 비용, 최저 자본금 요건 등 4가지로 분석되었다.
• Banks also are to be granted investment of up to 70 percent of its self capital in securities. (출처: The Korea Herald)
은행들은 또 자본금의 70퍼센트까지를 증권에 투자할 수 있게 된다.
• The alternative minimum tax rate, which is designed to ensure that corporations pay a minimum amount in taxes even after deductions and other incentives, will be lowered to 10 percent for manufacturing companies with 300 workers or less and capital of less than 8 billion won. (출처: The Korea Herald)
여러 가지 조세감면을 받더라도 일정금액 이상의 세금은 최소한 납부하도록 한 최저한세율도 종업원 수 300명 이하이거나 자본금 80억원 이하인 제조업체의 경우 10%로 낮아진다.
• Starting with initial capital of 450 billion won, the corporation plans to issue 5 trillion to 6 trillion in mortgage-backed securities this year to secure the necessary funds for its operations and increase its liquidity by up to 68 trillion won over the following five years, the ministry said. (출처: The Korea Herald)
자본금 4천500억원으로 출범하는 주택금융공사는 내년에만 5조-6조원의 주택채권담보부증권(MBS)를 발행하는 등 향후 5년간 68조원의 주택자금을 단계적으로 유동화할 것으로 예상되고 있다.
• According to the plan, approved by the Cabinet in the first week of September, the quasi-state agency will have paid-in capital of 200 billion won and an operating fund of $20 billion, of which $17 billion will come from the foreign reserves. (출처: The Korea Herald)
9월 첫째주 국무회의에서 통과된 이 계획에 의하면 준 국가기관인 투자공사는 납입자본금 2,000억원에 200억불의 운영자금을 가지게 되는데 그 중 170억불은 외환보유액에서 충당한다.
• Local private equity funds plan to draw some 1.2 trillion won of investment while foreign funds with a total estimated capital of 5 trillion won are actively seeking to acquire local companies, he said. (출처: The Korea Herald)
국내 사모펀드는 1조 2000억원의 투자를 유치할 계획이고 총 자본금이 5조원으로 추정되는 외국계 펀드는 국내 기업 인수에 적극 나서고 있다고 그는 말했다.
• The organization will begin on an initial capital base of 50 billion won - 45 billion won to be invested by financial institutions and 5 billion won to be raised publicly. (출처: The Korea Herald)
이 기구는 금융기관들이 분담하여 투자하는 450억원과 주식발행을 통한 50억원 등 모두 500억원의 자본금으로 출범할 예정이다.
• In equities, the prerequisite for listing on the over-the-counter KOSDAQ stock market will be strengthened, with the minimum capital requirement set to double to 1 billion won (about $838,000). (출처: The Korea Herald)
증시의 경우 코스닥시장 등록 요건이 강화되는 데 최소 자본금 요건이 10조원으로 기존의 두 배로 증가한다.
• The reduction plan will trim LG Card`s capital to 626.8 billion won ($687.6 million) from 3.44 trillion won with the number of shares pared down to 125.36 million from 689.53 million. (출처: The Korea Herald)
감자계획으로 LG카드의 자본금은 3조 4400억원에서 6,268억원(6억 8760만불)로 줄면서 주식 수는 689,530,000주에서 125,360,000주로 줄게 된다.
• JEJU - Finance Minister Han Duck-soo yesterday proposed the establishment of a multinational development bank for Northeast Asia with an envisaged initial capital of $20 billion to $30 billion to help North Korea integrate into the region`s market mechanism. (출처: The Korea Herald)
제주 - 한덕수 재경부 장관은 어제 북한의 지역시장 메커니즘 가입을 지원하기 위해 200억불에서 300억불을 초기 자본금으로 하는 동북아의 다국간 개발은행 설립을 제안했다.
• The companies embarked on the joint venture in November 1996 with paid-in capital of 24.3 billion won, in which LGE had invested 49 percent and IBM Korea 51 percent. (출처: The Korea Herald)
이 회사는 1996년 11월에 납입자본금 243억원의 합작회사로 출범했는데 LG전자가 49퍼센트를 그리고 한국IBM이 51퍼센트를 출자했다.
• It intends to select the comprehensive logistics companies and provide tax benefits and support, should they meet three requirements including paid-in capital, sales and number of logistics services. (출처: The Korea Herald)
업체들이 납입자본금, 물류 서비스 매출과 종류 등 3가지 요건을 충족시킬 경우 정부는 종합 물류 기업을 선정해 조세 특혜와 지원을 제공하게 된다.

• The launch of S-LCD, a 2.1 trillion won project, is expected to firm up Samsung`s lead in the rapidly growing LDC market by leading the standardization of glass panels and ensuring stable demand. (출처: The Korea Herald)
자본금 2조 1000억원의 S-LCD는 유리 패널의 표준화를 선도하고 안정적인 수요를 확보하여 급속도로 성장하고 있는 LCD 시장에서 삼성이 선두를 유지할 수 있을 것으로 예상된다.
• Deloitte & Touche LLP, which was hired by creditors to evaluate LG Card`s financial status, suggested that the company write down 82.5 percent of its outstanding shares and get 1.2 trillion won in new capital in order to keep its shares tradable. (출처: The Korea Herald)
채권단이 LG카드의 재무 상태를 평가하기 위해 고용한 Deloitte & Touche LLP는 LG카드가 기발행 주식의 82.5%를 소각해야 하며 주식 상장을 지속하기 위해 1조2천억원의 신규 자본금을 확보해야 한다고 제안했다.
• The carmaker claimed the Brazilian partners embezzled the paid-in capital and made an unreasonable request that Kia inject a further $75.3 million into the venture. (출처: The Korea Herald)
기아차는 브라질측이 납입자본금을 횡령한 후 다시 기아측에 7,530만불을 추가로 투입하라는 터무니없는 요청을 했다고 주장했다.
• JP Morgan Corsair is a $1 billion private equity fund with investment expertise in financial institutions, according to JP Morgan. (출처: The Korea Herald)
JP 모건은 자본금 10억달러 규모의 사모펀드로 금융기관에 대한 투자를 전문으로 하고 있다.
12월 수출도 두자릿수 감소
11월-18% 이어 -17% 기록
작년 무역수지 130억弗 적자

지난해 수출이 4200억달러를 넘어섰지만 세계 경기침체 영향으로 월간 수출은 두 달 연속 두자릿수의 큰 감소율을 보였다.

2일 지식경제부가 집계한 '2008년 수출입 동향'에 따르면 수출은 전년보다 13.7% 늘어난 4224억달러,수입은 22.0% 늘어난 4354억달러로 130억달러의 무역수지 적자를 기록했다.

연간 수출 증가율은 6년 연속 두자릿수를 유지했지만 월간 수출은 7년 만에 최악의 전년 동월 대비 감소세를 보인 지난해 11월(-18.3%)에 이어 12월에도 17.4%나 줄어든 272억9000만달러로 집계됐다. 다만 수입이 266억2000만달러로 수출보다 더 큰 폭의 감소율(21.5%)을 기록한 데 힘입어 12월 무역수지는 6억7000만달러의 흑자를 기록했다. 3개월 연속 흑자 행진이다.

지경부는 올해 수출은 작년보다 1% 늘어난 4267억달러에 그치는 '제자리 걸음'을 할 것으로 전망했다. 품목별로는 선박 수출이 544억달러에 달하고 일반기계 가전이 하반기 이후 해외 소비심리 회복과 설비투자 증가로 늘어나겠지만 반도체 자동차 석유화학 및 석유제품 등의 수출은 선진국 수요 부진과 감산,단가 하락으로 줄어들 것으로 예상됐다.
다만 국제유가가 연평균 60달러대에 그칠 것으로 예상되는 등 수입이 4148억달러로 4.7% 줄어들면서 연간 무역수지는 119억달러의 흑자를 낼 것으로 추정됐다.

류시훈 기자 bada@hankyung.com
• The main business of a bank is extending and receiving credit. (출처: 동아 프라임 한영사전)
은행의 주업무는 여신과 수신이다
• Due to the increase, nonperforming loans at the 19 banks accounted for 2.93 percent of their total lending at the end of March, up from 2.62 percent at the end of last year. (출처: The Korea Herald)
이에 따라 19개 국내 은행의 전체 여신에서 부실채권이 차지하는 비율도 지난 3월 말 현재 2.93%에 달해 작년 말의 2.62%보다 올라갔다.
• At the end of June, bad loans made up 1.43 percent of the bank`s lending, down from 1.6 percent six months earlier. (출처: The Korea Herald)
6월말 현재 한미은행의 부실여신은 총여신의 1.43퍼센트로 6개월 전의 1.6퍼센트에서 감소했다.
• The government plans to encourage local financial institutions to keep their lending to consumers at certain levels in order to prevent narrowed credit lines from thrusting more people into debt. (출처: The Korea Herald)
정부는 국내 금융기관에 여신한도 축소로 연체자가 더 많이 발생하는 것을 막기 위해 일정 수준 이상으로 소비자대출을 유지하도록 권유할 계획이다.
• Bad loans, meaning debts overdue for more than three months, accounted for 1.4 percent of the bank`s total lending at the end of September, down from 1.5 percent a year earlier. (출처: The Korea Herald)
고정이하 여신비율은 올 9월말 현재 1.40%로 전년동기 대비 0.1% 포인트 낮아졌다.
• It also said the Credit Finance Association will be examined on the possibility that the representative organization of the card industry could have played a role in directing the fee-raising campaign. (출처: The Korea Herald)
또 카드업종의 대변단체인 한국여신금융협회가 수수료 인상운동을 벌이는 데 역할을 담당했을 가능성을 조사할 것이라고 말했다.
• The name Dianmu derives from the Chinese goddess who commands thunder and lightning. (출처: The Korea Herald)
디안무라는 이름은 중국 전설에 나오는 천둥과 번개의 여신의 이름에서 따왔다.
• Ffortune smiled on us. (출처: BBI Word Combi)
운명의 여신이 우리에게 미소지었다.
• Fortune smiled on us. (출처: BBI Word Combi)
행운의 여신이 우리에게 미소지었다, 행운의 여신은 우리편이었다.
• Fortune favors the brave. (출처: 동아 프라임 영한사전)
운명의 여신은 용감한 자의 편이다.
• She’s not a goddess, (출처: 웹검색 예문)
여신이 아니야
• The annual interest rate is 7.5 percent - much higher than bank lending rates, which suggests LG Group can become a free rider on what creditors have built up, he said. (출처: The Korea Herald)
“연 이자율이 7.5%로 시중 은행의 여신 금리보다 훨씬 높은 데 이는 LG그룹이 채권단에 의해 살아난 LG카드에 무임승차하고 있음을 보여준다”고 그는 말했다.
• The company has cut its losses significantly over the past year on the back of massive bad loan write-offs and tightened lending criteria. (출처: The Korea Herald)
동사는 지난 1년 동안 부실채권을 대거 상각하고 여신기준을 강화한 데 힘입어 손실을 크게 줄였다.
• Most mutual savings banks have stopping offering small loans of 3 million won ($2,590) or less, the most common type of lending to low-income consumers, while credit card companies have been reducing the ceiling on the cash advances they offer. (출처: The Korea Herald)
금융회사들이 부실 대출을 막기 위해 여신 건전성관리를 강화하면서 신용도가 낮은 서민들에 대한 대출을 억제하고 있어 서민들이 자금 융통에 어려움을 겪고 있다.
• The office will focus on deposit and loan services and provide assistance to Korean firms investing in China. (출처: The Korea Herald)
이 지사는 예금 수신과 여신 업무에 초점을 두고 중국에 투자하는 한국 기업을 지원할 계획이다.
• Foreign banks, unlike domestic Korean banks, were not subject to credit allocation directives from the Korean government to selected, favored industries, they said in a joint report prepared for the symposium organized by Korea Institute of Finance. (출처: The Korea Herald)
“국내 시중은행들과는 달리 외국계 은행들은 특정 산업에 대한 정부의 여신 공여 지시를 받지 않았다”고 이들은 한국금융연구원이 주관한 심포지엄을 위해 준비한 공동 논문에서 말했다.
• The government plans to enhance credit risk monitoring of companies that have outstanding loans of 5 billion won ($4.27 million) or less, financial sources said yesterday. (출처: The Korea Herald)
정부는 은행권 여신 50억원 미만인 중소기업에 대한 신용위험도 평가를 강화할 계획이라고 금융소식통이 어제 말했다.
• The FSS will advise local financial institutions to extend their loans to small businesses based on the credit rating system without collaterals, he said. (출처: The Korea Herald)
신용등급이 우량한 기업에 대해서는 원칙적으로 담보 없이 신용여신을 취급하도록 금융회사를 지도하겠다고 그는 말했다.
• In recent months, local lenders have shifted their focus to corporate lending including small businesses as a new growth engine. (출처: The Korea Herald)
최근 몇 달 동안 국내 은행들은 새로운 성장엔진으로서의 중소기업 등 기업여신 쪽으로 초점을 전환해 왔다.
• Under the monitoring plan, which will be set up in September, the government and financial institutions will compile a list of all companies with loans not exceeding 5 billion won, but which have maintained an interest coverage ratio of less than 1 for three consecutive years. (출처: The Korea Herald)
정부와 금융계는 오는 9월 중으로 은행권 여신 50억원 미만 중소기업으로 재무구조가 3년 연속 이자보상비율 ‘1’ 이하인 업체중에서 상시 기업신용위험평가 대상을 선정하기로 했다.
• Bad loans made up 1.67 percent of Hana`s total credits at the end of June, versus 1.98 percent six months before. (출처: The Korea Herald)
자산건전성을 보여주는 고정(3개월 이상 연체)이하 여신비율은 지난 6월말 현재 1.67%로 작년말 1.98%에서 0.31%포인트 낮아졌다.
• While the consumer debt problem showed signs of abating, increasing overdue loan payments by smaller companies have emerged as another obstacle to the economy. (출처: The Korea Herald)
소비자 부채 문제는 완화 기미를 보이고 있지만 중소기업의 여신 연체 증가세가 우리 경제의 또 다른 걸림목으로 부상하고 있다.
• Provisions to cover risky loans fell to 54.3 billion won in the third quarter from 72.3 billion won in the year-earlier period. (출처: The Korea Herald)
위험한 대출(부실여신)에 대비하기 위한 적립금(대손충당금)은 3분기에 전년 같은 기간의 723억원에서 543억원으로 감소했다.
• Thanks to the improved health of household loans, including credit-card debt, we managed to book fewer loan-loss provisions, leading to the growth in net profit, the bank said in an e-mailed statement. (출처: The Korea Herald)
제일은행 관계자는 “신용카드 채권 등 가계여신의 건전성 제고에 따른 대출채권 대손충당금 전입액 감소 등으로 실적이 좋아졌다”고 설명했다.
• The ratio of bad loans at local banks fell to a five-year low in the last quarter of 2004, as lenders erased a fifth, or 3.7 trillion won ($3.6 billion), of their nonperforming holdings. (출처: The Korea Herald)
국내은행들이 2004년 4분기에 전체 부실여신의 1/5에 해당하는 3조 7000억원(36억불)을 상각하여 부실대출의 비율이 5년 이래 최저로 떨어졌다.
• The first of these problems is Cyprus, ironically where Aphrodite, the goddess of love was born, according to Greek mythology. (출처: 세계일보 WT사설)
그리스 신화에 따르면, 아이로니컬하게도 이 섬은 사랑의 여신 아프로디테가 태어난 섬이다.
• The most risky loans, so-called estimated loss, of Woori account for 0.43 percent of its total lending, followed by Kookmin with 0.4 percent, according to the FSS. (출처: The Korea Herald)
금감원에 따르면 여신 중 가장 악성인 추정손실이 총여신에서 차지하는 비율은 우리은행 (0.43%)이 최고였고 그 다음은 국민은행 (0.4%) 순이었다.
• Korean commercial banks are likely to remain stable or move slightly upward, depending on each bank`s ability to resolve specific issues and tighten credit controls, Choi Young-il, a credit analyst at the global ratings agency, said in a report. (출처: The Korea Herald)
S&P의 최영일 애널리스트는 “각 은행의 현안 해결 능력과 여신관리 강화 조치에 따라 각 은행의 신용등급은 안정세를 유지하거나 어느 정도는 상향 조정될 여지도 있다고 판단한다”고 말했다.
• Bad loans decreased and delinquency rates eased, helping the bank set aside fewer provisions to cover risky assets, consequently resulting in better profits, KorAm said in a statement. (출처: The Korea Herald)
부실여신이 증가하고 연체율이 감소하여 위험자산에 대한 충당금 적립 부담이 감소했고 결과적으로 순익 증가로 이어졌다고 한미은행은 발표문에서 밝혔다.
• Rising delinquency on loans to SMEs is likely to continue over the next several quarters, and an earnings recovery in 2004, particularly for Kookmin and Woori, may depend on the size of their credit costs on SME loan portfolios, the agency pointed out. (출처: The Korea Herald)
중소기업 여신 연체율과 관련, S&P 보고서는 향후 몇 분기간 계속 높은 수준을 유지할 것으로 예상됨에 따라, 2004년 국내 은행권, 특히 국민은행과 우리은행의 수익성 회복 여부는 중소기업 여신에 소요될 충당금 전입비용의 규모에 따라 달라질 수 있을 것이라고 지적했다.
• At the end of December, non-performing loans accounted for 1.98 percent of the lender`s overall portfolio. (출처: The Korea Herald)
지난해 12월말 현재 하나은행의 부실채권은 전체 여신의 1.98%를 차지했다.
• KEB`s exposure to some large corporations and SMEs remains a challenge for the bank, but the current level of risk should be manageable unless Korea`s export industry or domestic consumption encounters major problems, it noted. (출처: The Korea Herald)
“일부 대기업과 중소기업에 대한 외환은행의 여신이 문제로 남아있지만 한국의 수출 산업이나 내수가 중대한 문제에 직면하지 않는한 현 리스크 수준은 감당할 만하다”고 S&P 보고서는 언급했다.
• Since Kookmin Bank has been focused on housing mortgage loans rather than credit loans, it has been holding proportionately larger bad loans, he added. (출처: The Korea Herald)
“국민은행은 여타 여신보다 주택담보 대출에 초점을 두고 있기 때문에 부실여신비율이 상대적으로 높다”고 그는 덧붙였다.
• Furthermore, Yoon Jeung-hyun, chairman of the Financial Supervisory Commission whose main job is supervising the soundness of banks` lending practices, called on them to be more aggressive in lending to small firms, which involves taking risks. (출처: The Korea Herald)
게다가 윤증현 금융감독위원장은 자신의 직무가 은행 여신업무의 건전성을 감독하는 것임에도 도리어 은행들에 위험이 수반되는 소기업 앞 대출에 좀 더 적극적으로 나설 것을 촉구했다.
• Mortgage loans traditionally consume more time to settle than other credit lendings, which makes some of them temporarily labeled doubtful, said Han. (출처: The Korea Herald)
“전통적으로 주택담보 대출은 여타 여신에 비해 상환 기간이 길기 때문에 그중 일부는 부실채권이 될 가능성이 있다”고 한 연구위원은 말했다.
• The fact that most SME loans are backed by collateral, however, mitigates these concerns, S&P added. (출처: The Korea Herald)
그러나 또 대부분의 중소기업 여신에도 담보가 설정돼 있어 은행권의 충당금 부담을 다소 완화시키고 있다고 덧붙였다.
• Beginning in the late 1990s, Lee created a powerful entourage of goddess-cum-she-devils that attempted to expose the dark underbelly of technology and the female body, while upending conventional views of beauty. (출처: The Korea Herald)
1990년대 말부터 이씨는 여신과 악마의 양면성을 가진 여성의 강력한 주변인물을 만들어 냈는데 아름다움에 대한 기존 관념을 뒤집어 기술과 여체의 어둔 하복부를 드러내려는 시도였다.
• The upgrade from BB+/B to BBB-/A-3 was based on the expectation that KEB will reduce its credit risks and the new management team`s strategic focus will shift away from asset growth toward profitability, the agency said. (출처: The Korea Herald)
외환은행의 신용등급을 투기등급인 ‘BB+’에서 투자적격등급인 ‘BBB-‘로 1단계 상향조정한데 대해 외환은행은 여신 포트폴리오의 위험이 과거에 비해 낮아질 것이라는 점과 새로운 경영진의 전략적 방향의 변화를 반영한 것이라고 설명했다.
• the prices of stocks show a steady tone; be firm in tone (출처: 동아 프라임 한영사전)
보합세를 보이다
• The index was unchanged in October and has not fallen since May. (출처: The Korea Herald)
10월 소비자물가지수는 5월 이래로 보합세를 보여왔다.
• Losing stocks outstripped gainers by 439 to 313, while 61 titles remained flat. (출처: The Korea Herald)
439개 종목이 하락하고 313개 종목이 상승하며 하락종목수가 많았고 61개 종목은 보합세를 보였다.
• Yearly price gains fall within range of central bank targets (출처: The Korea Herald)
통계청이 어제 발표한 자료에 따르면 4월 소비자 물가지수는 전월대비 보합세를 보였다.
• Meanwhile, core consumer prices, which exclude food and energy costs and are monitored by the central bank, remained unchanged for a third straight month in June. (출처: The Korea Herald)
한편 6월 에너지와 식품을 제외한 근원 소비자물가는 3개월 연속 보합세를 유지했다.
• Core consumer prices, which are the central bank`s inflation benchmark, rose 2.7 percent from 2004 but remained unchanged from March. (출처: The Korea Herald)
한국은행의 인플레 기준 지표인 핵심 소비자 물가는 전년대비 2.7% 올랐지만 3월 물가와는 보합세를 유지했다.
•
A likely persistent appetite for Korean shares among foreign investors is another positive factor. (출처: The Korea Herald)
외국인 투자자들의 국내 주식 매수 열기도 또 다른 호재이다.
• Analysts also said a stock purchase would lack any commercial sense. (출처: The Korea Herald)
또 삼성의 주식 매수는 사업적 의미를 결여한 행동이 될 거라고 애널리스트들은 말했다.
• Though slowing, foreign investors continued their nine-day buying spree and were net purchasers of more than 43.1 billion won. (출처: The Korea Herald)
다소 둔화세를 보이기는 했지만 외국인 투자자들은 9일 연속 주식 매수에 나서며 431억원 이상을 순매수했다.
• Analysts believe GS Holdings shares, to be listed in August, will provide investors a rare opportunity to take advantage of the lucrative oil refiner by buying the stocks of its holding company. (출처: The Korea Herald)
애널리스트들은 투자자들이 칼텍스정유를 자회사로 거느리고 있는 지주회사인 GS홀딩스가 8월에 상장될 경우 주식 매수를 통해 큰 이익을 볼 것으로 전망했다.
• However, the government`s commitment to weaken the won is being complicated by the 4.6 trillion won in Korean stocks purchased by foreign investors so far this year. (출처: The Korea Herald)
그러나 원화약세에 대한 정부의 약속은 올해 들어 지금까지 외국인 투자자의 4.6조원 규모의 한국 주식 매수로 인해 어려움이 생기고 있다.
• Aggressive foreign investment, together with brisk shipments abroad, spurred the Korean won to gain faster than other major currencies. (출처: The Korea Herald)
수출 호조세와 더불어 외국인의 공격적인 주식 매수로 인해 기타 주요 통화에 비해 원화가치 상승률이 더 높았다.
• The Korean won has appreciated against the dollar more this year than other major Asian currencies, due largely to foreign investors` buy Korea spree and the nation`s current-account surplus, the Ministry of Finance and Economy said last week. (출처: The Korea Herald)
올해 달러화 대비 원화는 외국인 투자자의 적극적인 국내 주식 매수와 경상수지 흑자폭 확대 등에 힘 입어 여타 아시아 주요 통화에 비해 더 많이 절상되었다고 재정경제부는 지난 주 말했다.
• During the period, the United States also topped the list of the average monthly transactions, which included both purchase and selling of Korean stocks. (출처: The Korea Herald)
동 기간 중 미국은 국내 주식의 매수와 매도를 모두 포함한 월평균 주식거래량에서도 1위를 기록했다.
• The Korean won strengthened significantly yesterday against the U.S. dollar on a surge of purchases of domestic stocks by foreign investors. (출처: The Korea Herald)
외국인 투자자의 국내 주식 매수로 인해 미 달러화 대비 원화 환율은 전날대비 소폭 내림세를 나타냈다.
• In return for buying shares, Samsung may want to cement its leadership in the local handset market and restore its strained business relations with SK Telecom Co., the analysts said. (출처: The Korea Herald)
주식 매수 대가로 삼성전자는 국내 휴대전화 시장의 선두자리를 공고히 하고 SK텔레콤과의 불편했던 관계를 회복하길 바랄 수 있다고 애널리스트들은 말했다.
• On Friday, robust program buying and massive buying by pension funds lifted the Korea Composite Stock Price Index to a two-month high to close at 990.79. (출처: The Korea Herald)
금요일 견조한 프로그램 매수세와 연기금의 대규모 주식 매수로 종합주가지수는 2월만에 최고 수준인 990.79포인트까지 올랐다.
• Daily turnover on the local foreign exchange market rose by more than half in 2004 from a year earlier thanks to foreign investors` robust trading in local bourses, the Bank of Korea said yesterday. (출처: The Korea Herald)
외국인 투자자들의 적극적인 국내 주식 매수에 힘 입어 2004년 국내 외환시장의 일일 거래규모가 전년대비 절반 이상 증가했다고 한국은행은 어제 말했다.
• The domestic currency began climbing last October, boosted by feverish foreign investors, early signs of improving domestic consumption and robust exports. (출처: The Korea Herald)
원화는 지난해 10월부터 외국인 투자자들의 국내 주식 매수, 내수 조기회복 기미, 수출 호황세 등에 힘 입어 상승하기 시작했다.
• Buoyed by the quarterly results, more investors will turn to the company`s stock, raising the share price further, said Han Sang-kyoon, an equity analyst at Samsung Securities. (출처: The Korea Herald)
1분기 실적에 힘 입어 더 많은 투자자들이 이 회사 주식 매수에 합류해 주가를 추가로 상승시킬 겁니다”라고 한상균 삼성증권 애널리스트는 말했다.
• This will significantly reduce the high oil price burden for airlines, said analyst Go Min-jae, suggesting investment in Korean Air and Asiana. (출처: The Korea Herald)
“이로써 항공사의 유가 부담을 크게 덜게 됐다”고 고민재 애널리스트는 말하고 대한항공과 아시아나의 주식 매수를 권했다.
• You can buy, sell and hold in the Stock market. (출처: 세계일보 당근영어)
당신은 주식시장에서 매수, 매도, 보유를 할 수 있습니다.
• However, brokerages are maintaining a buy recommendation on Samsung, saying the fourth-quarter factors have been factored into the share price. (출처: The Korea Herald)
그러나 국내 증권사들은 4분기 실적이 이미 주가에 반영되었다며 삼성전자 주식에 대한 “매수” 의견을 유지하고 있다.
• The export environment for mobile handsets were actually not favorable, but LG Electronics did a good job of marketing its new 3G model phones and did a better job of managing its parts suppliers, said Bae Seung-chul, analyst at Daewoo Securities Co., who gave a buy recommendation on LG Electronics issues. (출처: The Korea Herald)
“휴대전화에 대한 수출환경이 사실상 좋지는 않았으나 LG전자는 신형 3G 전화기의 마케팅에서 성과를 거두었고 부품 납품업체 관리에도 진전을 보였다”고 배승철 대우증권 애널리스트가 말했는데 그는 LG전자 주식에 대해 “매수” 투자의견을 냈다.
• The world`s biggest financial services company offered to buy a 36.6 percent stake in KorAm from a consortium led by U.S. equity fund Carlyle Group, and the remaining stocks through a tender offer at 15,500 won per share by June. (출처: The Korea Herald)
세계 최대의 금융회사인 씨티그룹은 미국계 투자펀드인 칼라일그룹이 이끄는 컨소시엄으로부터 한미은행의 지분 36.6퍼센트를 매수하고 나머지 주식은 6월까지 장내 공개매수를 통해 주당 15,500원에 매수하겠다는 의사를 밝혔다.
• With overseas investors` buying spree centering on local blue chip stocks, foreign ownership of the nation`s top 10 conglomerates has approached a record 50 percent. (출처: The Korea Herald)
국내 블루칩 주식에 대한 외국인 투자자의 매수 열기에 힘 입어 국내 10대그룹 상장 계열사 지분의 절반 가까이를 외국인들이 가진 것으로 나타났다.
• Overnight losses on Wall Street, combined with domestic political woes, prompted foreigners to sell, although the impact was limited as local investors, particularly program trading, kept purchasing, said Kim Seong-joo, an analyst at Daewoo Securities. (출처: The Korea Herald)
김성주 대우증권 애널리스트는 “국내 정치적 우환과 더불어 전일 미국증시 하락으로 인해 외국인 투자자들이 주식을 매도했지만 국내 투자자들이 프로그램 매수를 지속하면서 그 여파는 제한적이었다”고 말했다.
• But it would help the bank save the personnel expenses of some 140 billion won annually from 2006, said Ri who maintains a buy opinion on the stock with a fair value of 48,000 won. (출처: The Korea Herald)
“그러나 2006년부터는 연간 1,400억원의 인건비를 절감할 수 있을 것”이라고 리씨는 말하고 국민은행 주식에대해 공정가격 48,000원에 매수 의견을 유지했다.
• Korean shares continued their bullish run yesterday as a strong appetite for bank stocks by foreign investors lifted the sentiment of market participants. (출처: The Korea Herald)
어제 외국인들의 은행주에 대한 매수 열기로 시장 참가자들의 심리가 고조되면서 한국 주식이 강세를 지속했다.
• It has a buy opinion on the stock with the six month target price of 36,100 won, 44 percent up from the offering price. (출처: The Korea Herald)
동원증권은 동사 주식의 6개월 후 목표가격을 공모가에서 44퍼센트가 오른 36,100원으로 전망하면서 매수 의견을 내고 있다.
• Some Citigroup shareholders may think the purchase price is too low, while Citigroup is trying to acquire at least 80 percent of the shares because that would allow them to delist the stock, commented Jason Yu, a banking analyst at Samsung Securities. (출처: The Korea Herald)
“일부 씨티그룹 주주들은 매수가격이 너무 낮다고 생각할 수 있는 반면에 씨티은행은 상장폐지를 위해 최소한 80퍼센트의 주식을 매수하려 하고 있다”고 삼성증권에서 은행업종 애널리스트로 있는 제이슨 유가 말했다.
• Nearly 50 trillion won, however, was spent to buy back treasury shares by listed companies last year. (출처: The Korea Herald)
그러나 지난해 거의 50조원이 상장회사들의 자사주 매입에 지출되었다.
• Following news of the buyback, its shares rose 2.5 percent to 492,000 won as of 1 p.m. yesterday. (출처: The Korea Herald)
어제 오후 1시경 자사주 매입 소식이 전해지자 삼성전자의 주가는 2.5% 오른 492,000원으로 치솟았다.
• Shares in Samsung Elecronics gained 11,500 won, or 2.4 percent after the buyback announcement, to close at 491,500 won on Friday. (출처: The Korea Herald)
금요일 자사주 매입 계획 발표후 삼성전자의 주가는 11,500원 (2.4%) 오른 49만1,500원에 장을 마감했다.
• Samsung Electronics Co.`s share buyback plan could also prompt foreign investors to a massive sell-off that would drop the markets, analysts said. (출처: The Korea Herald)
또 삼성전자의 자사주 매입 계획이 외국인의 대규모 매도를 유발해 증시를 하락시킬 수 있다고 애널리스트들은 말했다.
• Instead of issuing new stocks, some of the listed companies spent a substantial amount of funds to buy back their stocks to fend off possible hostile takeover bids from foreign capital. (출처: The Korea Herald)
신주를 발행하는 대신에 일부 상장기업들은 외국계 자본의 적대적 인수합병 가능성으로부터 자신을 보호하기 위한 자사주 매입에 많은 돈을 지출하고 있다.
• Samsung Electronics Co.`s share buyback in particular prompted foreigners to sell $1.3 billion of the company`s stock in October, Lee said. (출처: The Korea Herald)
특히 삼성전자의 자사주 매입으로 인해 외국인들은 10월 중 13억원 어치의 삼성전자 주식을 매도했다고 이 차장은 말했다.
• Foreign investors turned away from the world`s biggest maker of memory chips as the company bought back stock in the market totaling 3.8 trillion won. (출처: The Korea Herald)
삼성전자가 증시에서 총 3조8천억원 규모의 자사주 매입에 나서면서 외국인 투자자들은 이를 기회로 삼성전자의 주식을 내다 팔았다.
• We have decided to move up the buyback plan earlier in consideration of the greater than expected inflow of cash generated by favorable business conditions, Chu Woo-sik, senior vice president of investor relations, said. (출처: The Korea Herald)
“사업여건이 양호해 예상보다 현금이 더 많이 유입되었기 때문에 자사주 매입을 앞당기기로 했다”고 IR 담당 주우식 전무가 말했다.
• Samsung Electronics will begin the buyback on Tuesday with the purchase scheduled for completion by Sept. 13. (출처: The Korea Herald)
삼성전자의 자사주 매입은 목요일부터 시작되어 9월 13일 완료될 예정이다.
• Whatever their intention is, the planned share buyback would affect not only the movement of the company stock price but also the trend of the stock market, said Kim. (출처: The Korea Herald)
“의도가 뭐든지 간에 자사주 매입계획으로 동사의 주가동향은 물론 증시추세에까지 영향을 미칠 것”이라고 김 연구원이 말했다.
• Samsung has decided on a share buyback valued at 2 trillion won, but has not decided on when to carry out. (출처: The Korea Herald)
삼성은 2조원 상당의 자사주매입을 결정했으나 그 이행 시점을 아직 정하지 못 하고 있다.
• The buyback announcement came on the heels of other developments favorable to Korea`s No. 1 blue-chip company, which expects record earnings in the first quarter. (출처: The Korea Herald)
자사주 매입 발표는 한국 제1의 반도체회사로 1분기에 사상최대의 이익을 예상하고 있는 삼성전자 주식에 연달아 터진 희소식이었다.
• Despite the earnings shock, Hyundai`s share price gained 1.43 percent to 56,900 won at 2 p.m. in Seoul yesterday following the buyback announcement. (출처: The Korea Herald)
순익 감소에도 불구하고 어제 증시에서 현대차의 주가는 자사주 매입 소식이 전해진 오후 2시 현재 전일대비 1.43% 오른 56,900원을 기록했다.
• The earnings could be above the fourth quarter, if 700 billion won in bonus payments to employees is not counted, and Samsung may announce a share buyback plan, said Mok. (출처: The Korea Herald)
직원에게 지급한 상여금 7,000억원이 포함되지 않는다면 수익이 4분기를 넘어설 것이며 삼성이 자사주매입 계획을 발표할지도 모른다고 목 애널리스트는 말했다.
• Chu added that nothing has been decided regarding any further buybacks during the year but said the company would maintain its policy of sharing profits with shareholders. (출처: The Korea Herald)
주 전무는 올해 안에 추가적인 자사주 매입에 대해서는 결정된 바가 없다고 말하고 그러나 이익을 주주와 분배한다는 정책에는 변함이 없다고 덧붙였다.
“기준금리 사상최대 인하...대출금리 왜 제자리?”

시중은행들 오해와 진실사이서 ‘속앓이’


BIS•기본자본비율 국제기준미달 ‘내코가 석자’
리스크•대손금충당비용증가 등 가산금리 높아
속사정 모르는 고객들 ‘수전노 은행’ 아닌가 불만

이명박 대통령이 직접 나서 중소기업의 흑자도산을 막기 위해 신속한 자금지원과 시중금리를 낮추라고 여러 번 지시했다. 정부와 금융당국도 시중은행에다 동맥경화 상태인 돈줄을 풀기위해 20조규모의 자본확충펀드 조성에 나서는 한편 기준금리를 연 3%로 낮추는 등 발 빠른 움직임을 보이고 있다.

거듭된 대통령의 지시와 금융당국의 특단의 조치로 인해 자금지원은 다소 숨통이 터졌으나, 은행들의 금리인하는 제대로 이뤄지지 않고 있다. 주택담보 대출의 경우 12월22일 현재 지난달 대비 평균 0.51%포인트 정도 내려 고객들이 피부에 와 닿는 수준은 아니다. 한국은행 기준금리의 경우 지난 11~12월 사이 파격적인 금리인하 조처로 연3%가 됐다. 이처럼 저금리시대를 맞고 있는데도 시중은행의 금리는 인하폭이 미미하다. 매월 꼬박꼬박 이자를 내고 있는 고객들은 “금리가 많이 내렸다는데 왜 그대로 인가. 그렇다면 은행들이 한국은행서는 저리로 돈을 빌려 대출고객들로부터는 비싼 이자로 ‘돈장사’로 폭리를 보고 있는 것 아니냐”며 항의를 하고 있다. 물론 은행도 돈장사임에는 틀림없다.

하지만 속사정을 들여다보면 고객들로부터 ‘수전노 은행’이라고 욕을 먹을 정도로 폭리를 보고 있는 것은 아니다. 금융 위기상황 속에서 고객들로부터 불신을 받으며, 욕을 먹고 있는 시중은행들의 고민은 뭔지. 오해와 진실의 속사정을 짚어본다. /편집자 주


◇왜 대통령지시도 먹혀들지 않는가

한마디로 은행금고에 돈이 부족하기 때문이다. 자기자본비율과 기본자본이 너무 낮아 자체적으로 확충해야 될 처지이기 때문이다. 즉, 자기 코가 석자인데 남 돌볼 여유가 없다는 말이 된다.

금융감독원에 따르면 시중은행의 국제결제은행(BIS)기준 자기자본비율이 9월말 현재 10.79%이고 기본자본은 평균 8.28%로 매우 낮다.

특히 기본자본은 9%선 이상이 돼야 안전성이 유지되는데, 우리은행 7.63, 하나은행 7.45, 신한은행 8.5, 외환은행 8.32, 한국시티은행 8.5%로 대부분 시중은행이 기준율에 못 미치고 있다. 국민은행만이 9.14%로 기준율을 충족시키고 있다. 그만큼 자금사정이 좋지 않음을 나타내고 있다.

여기에다 10월~12월 석달동안 건설업과 일부 조선업, 자동차업의 경기둔화와 중소기업의 줄도산 등으로 인해 부실채권이 늘어남에 따라 자금사정이 더 나빠지고 있다.
최근 삼성경제연구소가 내놓은 BIS비율 하락요인 분석은 다음과 같다.

1)대출부실 등에 따른 대손충당금의 증가
2)주식시장 침체로 인한 유가증권 평가손실
3)자사주매입(국민은행의 경우:지주사전환 때 반대주주들에게 주식매수청구권 부여)
4)환율급등에 따른 외화자산의 원화환산액 증가(위험가중자산증가)로 요약된다.

위의 1~3은 대차대조표에서 자본을 깎아먹는 요인들로, 자사주 매입의 경우 대차대조표에서 자본조정 항목으로 들어가 자본에서 그만큼 차감된다.

4)는 외화부채를 빌려 대출을 운용하게 되면 자산의 크기는 증가 되지만 결과적으로 위험가중자산을 증가시키는 요인이 된다.

시중은행들은 이러한 요인들로 인해 BIS비율이 하락하여 은행의 건전성에 문제가 되자 대출을 줄이고 있다. 대출을 늘리면 위험가중자산이 증가하기 때문에 현금이나 채권의 형태로 보유자산을 늘리려는 것이다. 이처럼 시중은행들은 최근 BIS비율이 하락하면서, 후순위채 발행을 통해 BIS를 끌어올리기에 적극 나서고 있다. 실제 시중은행이 올해 발행했거나 발행할 예정인 후순위채 규모모는 6조1000억원~6조5000억원으로, 이는 지난해 2조9000억원에 비해 2배 이상이다.

삼성경제연구소는 “은행들이 후순위채 발행을 기본자본의 100%까지 할 수 있어 대규모의 자금조달을 하고 있다”며 “후순위채 발행을 선호하는 이유는 기업대출을 줄이지 않으면서 손쉽게 자기자본을 늘릴 수 있는 장점이 있는데다 현 금융위기상황으로는 증자를 통한 기본자본증액이 어렵기 때문”이라고 진단했다.

하지만 후순위채 발행은 일반채권에 비해 조달금리가 높기 때문에 지나치게 발행하는 것은 장기적으로 은행경영에 바람직하지 않다는 지적이다.

삼성경제연구소는 “기업 및 신용카드 대출에 대한 부실채권이 증가함에 따라 지난해 1월부터 9월말까지 2조5000억 원이던 대손충당금이 올해 같은 기간 4조7000억원으로 증가했다”며 “주식시장 침체와 채권가격하락으로 은행들이 보유한 유가증권 평가손실이 많이 발생했으며, 특히, 국민은행 지주사 전환과 관련, 4조2000억원의 자사주를 매입하는 과정에서 자기자본이 감소했다”고 지적했다.

이같은 BIS하락으로 인해 무역관련 금융이 축소되고 은행의 기업대출도 부진을 면치 못하고 있는 실정이다.

◇콜금리하락에도 시중금리 ‘부동’

한국은행의 기준금리는 11월에 0.75%인하에 이어 12월11일 또다시 1%포인트를 내려 사상 최대 폭인 연3%의 저금리시대를 열었다. 이로 인해 시중은행의 CD금리도 매일 내려 지난 16일 기준 4.75%에서 22일 현재 4.26%로 인하됐다.

하지만 신규대출자가 아닌 기존고객들은 금리인하 혜택을 거의 받지 못하고 있다. 그 이유는 기존 대출고객 중 95%가 3개월 단위 변동금리를 적용받고 있기 때문이다.

3개월 변동금리에 가입한 경우 한국은행의 기준금리 혜택을 받으려면 12월11일 금리인하를 단행한 날로부터 일주일이 지난 12월19일부터 적용하기 때문에 3월19일에 가야 인하혜택을 볼 수 있다. 이 같은 변동금리 적용으로 인해 현시점에서 금리인하를 피부로 느끼지 못하는 대출자들은 은행창구에서 불만을 터뜨리고 있다.

은행창구직원들은 불만고객에게 이래저래 변동금리에 대한 설명을 해주고 금리인하 사이클에 대해서도 자세히 설명을 곁들이고 있지만 여전히 폭리이자에 대한 불만은 해소되지 않고 있다. 그것은 은행에서 고객에게 적용하는 실제 금리는 주택담보대출의 경우 최저 6.75%~최고 8.10%를 적용해 은행기준금리(CD)에 비해 80%가량 높다.

이같이 CD금리보다 주택대출금리가 높은 것은 CD금리+리스크+후순위채권 발행 등의 비용이 추가 가산되기 때문이다.

SC제일은행의 경우 지난 16일 기준 CD금리는 4.75%였는데, 고객이 부담하는 대출 실질금리는 7.95%로 가산금리가 3.20%포인트나 차지했다. 이처럼 가산금리가 높은 이유는 대출부실에 따른 리스크발생에 대비한 비용부담이 많이 잡혀 있는데다 후순위채에 대한 높은 금리까지 계상되어 있다. 즉, 은행의 부실운영문제와 담보대출에 따른 리스크 발생비용까지 고객에게 떠넘김으로써 결과적으로 한국은행의 기준금리는 사상 최대 폭으로 내렸는데도 시중금리 인하폭은 좁혀지지 않고 있다.

◇은행자본확충위해 정부지원

은행들의 심각한 운영을 뒤늦게 안 정부는 시중금리 인하와 기업대출자금 숨통을 터주기 위해 발벗고 나섰다.

정부는 내년 1월 중 자본확충펀드를 20조원 규모로 조성해 자본확충을 지원하기로 했다. 자력으로 자본을 늘리지 못하는 은행에 대해서는 정부가 개입해 BIS비율을 12% 이상, 기본자본 비율을 9%이상 유지하도록 한다는 방침이다.

금융감독원은 최근 각 은행별로 기본자본비율(순수한 자기자본을 토대로 한 비율) 9%를 맞추도록 구체적인 자본확충 금액을 할당했다. 할당액은 은행권 전체로 11조원, 은행들은 최선을 다하고 있지만 현재까지 확충된 금액은 3조원에 불과하다.

이에 따라 은행들은 내년 1월 말까지 각 은행별로 증자 및 하이브리드채권(은행이 중도상환 권리를 갖는 만기30년짜리 장기채권)발행 등에 열을 올리고 있다. 1월 말까지 자체 조달에 실패 할 경우 정부가 조성키로 한 자본확충펀드에 지원을 요청해야 한다. 은행입장에선 마이너스 통장 같은 돈이지만 이 돈을 받은 뒤에는 금융당국의 간섭을 받아야하는 ‘독배’가 될 수 있기 때문에 은행 측은 어떻게든 자력으로 기본자본비율을 맞추려고 애쓰고 있다.
정영철기자 lim@intn.co.kr
등록 : 2009-01-02 07:50:31

치솟던 CD금리 급락 왜?
[아하! 그렇구나]
은행 자금여유 생겨 공급↓
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안창현 기자


주택담보 대출의 잣대인 양도성예금증서(CD) 금리가 떨어지고 있습니다. 불경기로 힘들어하는 서민들한테 성탄절 선물이라도 안기려는 듯 24일 연 4% 벽이 무너져 3.98%까지 떨어졌습니다. 지난 10월24일 6.18%까지 치솟았던 걸 생각하면 딱 두 달 만에 2.2%포인트나 하락한 것입니다. 26일에도 하락세가 이어져 전날보다 0.03%포인트 떨어진 3.95%를 기록했습니다.
시디는 다른 사람한테 넘길 수도 있는 정기예금증서입니다. 중도에 해지할 수 없고, 만기일에 은행에 가져다주면 인출할 수 있습니다.
시디는 태생으로 봐선 서민들과 가깝지 않습니다. 은행들이 단기 자금을 마련하기 위해 보통 석 달 만기로 발행하는데, 대부분 자산운용사와 같은 기관투자가들이 사줍니다. 때로 은행들끼리 다른 은행의 시디를 사줘 은행들 사이의 대출 구실도 합니다. 금융회사끼리 돈을 빌리고 갚는 여러 금융상품 가운데 하나라는 얘기지요.
신문에 발표되는 시디금리는 국민•신한•하나은행 등이 발행하는 시디에 대해 10개 증권사가 제시하는 금리 가운데 위와 아래 2개씩을 뺀 6가지 금리를 증권업협회에서 단순평균한 수치입니다. 증권업협회 누리집에 매일 오전, 오후 두 차례 시디금리가 공시됩니다.
이런 시디가 은행 빚을 쓰는 서민이나 중소기업한테 중요하게 여겨지는 건 시디금리가 대출금리 수준을 결정하기 때문입니다. 대부분의 변동금리형 대출의 금리는 시디금리(91일물)에 2~3%포인트의 가산금리를 더해 정해집니다. 이렇게 된 것은 시디금리가 단기 시장금리의 ‘대표선수’이기 때문입니다.
시디금리 수준은 정책(한국은행 기준금리)과 수급이 결정한다고 보면 됩니다. 올해 1월 초 5.89%까지 치솟았던 것은 시중 자금이 은행에서 자본시장으로 이동(이른바 ‘머니 무브’)하면서 은행이 시디를 대량으로 발급했고, 주요 매수주체인 머니마켓펀드(MMF)의 매수 여력이 줄었기 때문이었습니다. 당시 은행의 자금사정 악화가 대출 이자 상승으로 전가된다는 비판의 목소리도 컸습니다.
최근엔 은행들의 자금 사정에 여유가 좀 생기면서 시디 발행이 줄어들고 시중 자금이 단기부동화하면서 단기유가증권을 사려는 세력이 커졌기 때문입니다. 공급이 줄고 수요가 늘어나면서 당연히 금리가 떨어지는 것이지요. 당분간 시디금리는 좀더 떨어질 수도 있다는 관측이 많습니다. 변동금리형 대출을 받는 사람들한테는 위안이 될 것이고, 고정금리형 대출을 받는 사람들은 대출 갈아타기를 해야 할지 고민해야 하는 시절이 돌아온 것입니다. 안창현 기자 blue@hani.co.kr

외환당국 손놓자 ‘달러 사자’ 몰려
경기둔화 등 곳곳 불안요인…“상반기 하향 안정화 힘들것”



김수헌 기자






» 원－달러 환율이 61.5원 급등한 1321.0원으로 거래를 마감한 2일 오후 서울 을지로 외환은행 본점 딜링룸에서 한 딜러가 환율 변동 추이를 살펴보고 있다. 연합뉴스



새해 첫 거래일부터 원-달러 환율이 급등한 것은 지난 연말 적극적인 시장개입에 나섰던 외환당국이 새해 들어 손을 놓자, 그동안 억눌렸던 달러 매수세가 몰린 탓이다.
외환시장 전문가들은 환율이 단기적으로 연말과 같은 1200원대를 유지하기는 힘들고, 1300원대를 저점으로 상승 압력을 받을 것으로 전망한다.
■ 환율 왜 급등했나
2일 서울 외환시장에서 원-달러 환율은 지난해 말 종가보다 61.5원 오른 1321원으로 거래를 마쳐, 지난달 24일 이후 거래일 나흘 만에 1300원대로 복귀했다. 외환당국의 개입으로 24일 이후 나흘 동안 끌어 내려놓은 환율 하락폭(78.5원)을 하룻만에 대부분 반납한 셈이다.
연초 환율의 이런 급등은 어느정도 예견됐던 바다. 외환당국이 지난해 마지막 거래일 종가 관리를 위해 지난 연말 다각적인 조처를 통해 환율 상승을 억지로 억눌러온 만큼, 당국이 개입 강도를 낮추면 되돌림 과정을 거칠 수밖에 없기 때문이다. 전승지 삼성선물 연구원은 “지난달 내내 당국의 개입으로 왜곡됐던 환율이 미뤄졌던 결제 수요 등의 유입으로 정상화되는 과정”이라고 말했다.
외환당국이 지난해 말 시장 개입에 나선 것은 연말 환율이 1300원대의 높은 수준에서 마감되면, 기업과 은행이 큰 규모의 환손실을 보기 때문이었다. 기업과 은행들은 외환시장 폐장일인 30일 거래를 가중평균해 31일 고시하는 기준환율을 바탕으로 외화 자산과 부채를 원화로 환산한 뒤 결산을 한다. 이 때문에 외환당국은 지난 연말 달러 매도 물량을 늘리고 금융기관과 공기업, 수출입 업체 등에 달러 매수 자제를 요청하는 등 환율 안정을 위해 다각적인 시장개입에 나섰다. 그 결과 지난달 30일 환율은 10월30일(1250원) 이후 두 달 만에 최저치인 1259.5원으로 마감했고, 기업들의 연말 결산에 적용될 가중평균 시장환율도 1257.5원까지 떨어졌다.
■ 불안요인 잠복, 당분간 환율안정 힘들어
외환시장 전문가들은 환율이 상승 탄력을 받기 시작한 만큼 당분간 오름세가 유지될 것으로 전망했다. 특히 1분기에 극심한 경기둔화로 환율이 한 차례 급등할 것이라는 예측도 나온다. 또 통화옵션상품 ‘키코’에 대한 계약 효력 정지 가처분 신청이 받아들여진 데 따른 심리적 요인과 달러 공급 부재 등도 중•단기적인 환율 상승 요인으로 꼽히고 있다. 전승지 연구원은 “1분기에 조선사와 건설사들을 중심으로 부실기업 퇴출이 본격화하고, 경기가 저점을 형성하면서 환율이 고점을 찍을 것”이라며 “최고 1500원대까지 오를 수 있다”고 말했다.
김두현 외환은행 차장은 “지난해처럼 폭등 장세가 펼쳐지지는 않을 것”이라면서도 “국제 금융시장 상황 등 곳곳에 불안요소들이 있어 상반기까지 하향 안정화는 힘들 것”이라고 예상했다.
김수헌 기자 minerva@hani.co.kr
Seoul shares to trade lower amid bleak outlook: analysts

SEOUL, Jan. 3 (Yonhap) -- South Korean stocks are forecast to trade lower next week amid falling exports and lack of signs pointing to an economic recovery, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,157.4 on Friday, edging up 0.03 percent from the previous week, largely on hopes that expected restructuring of the construction and shipbuilding sectors will increase earnings down the road.

Most bank shares, however, lost ground following an unfavorable court ruling against a lender's currency option contracts with small businesses. Shares of other domestic-oriented sectors such as foodstuff and textile issues also fell.

The government said Friday that the economy posted its first trade deficit in more than a decade in 2008 due to the worldwide economic slump and high oil prices. Market watchers, given such sentiment, say stocks are expected to trade weaker in the coming week.

"The holiday-buying sentiment will not likely continue into January, amid anxiety over earnings reports," said Lee Seung-woo, an analyst at Daewoo Securities Co., adding that the market will be subject to sharp fluctuations in the latter half of next week.

A string of statistics scheduled to be released next week, including employment figures, is likely to prevent stocks from gaining traction anytime soon, according to analysts.

A research center with Woori Investment & Securities Co. advised investors to sell unprofitable stocks and maintain conservative stock portfolios, saying that "not enough measures have been taken to kickstart the slowing economy."
ygkim@yna.co.kr
(END)
• The Bank of Korea is not expected to raise the current record low interest rate of 3.75 percent until at least the end of the first half of the year, analysts said yesterday. (출처: The Korea Herald)
경제전문가들은 한국은행이 적어도 상반기까지 콜금리를 현행 연 3.75%로 동결할 것으로 예상했다.
• The key interest is a matter for the Bank of Korea to decide, but the current economic situation does not seem to warrant a rate increase just yet, said the minister in a weekly press conference yesterday. (출처: The Korea Herald)
“콜금리는 한은이 결정할 사안이지만 현 경제 상황으로 봐서 아직 시기상조인 듯 보인다”라고 한 장관은 어제 정례 기자간담회에서 말했다.
• Park`s remarks indicate that the central bank would increase the call rate to the neutral level at a measured pace in the coming months. (출처: The Korea Herald)
박 총재의 발언은 한은이 향후 수개월에 걸쳐 점진적인 속도로 콜금리를 중립적 수준으로 인상할 것임을 시사한다.
• The Bank of Korea yesterday raised the overnight call rate by 25 basis points from a record low of 3.25 percent, the first rate increase in more than three years. (출처: The Korea Herald)
한국은행은 어제 하루짜리 콜금리를 사상최저였던 3.25퍼센트에서 25 베이시스 포인트 인상함으로써 3년만에 처음으로 금리를 인상했다.
• For the central bank has been under pressure to raise the key interest rate to fight rising real estate prices. (출처: The Korea Herald)
한은은 치솟는 부동산 가격과 싸우기 위해 콜금리 인상 압력을 받아왔다.
• The central bank has reduced its key interest rate twice to a record, with cuts in August and November. (출처: The Korea Herald)
한국은행은 8월과 11월 두 차례 콜금리를 인하한 바 있다.
• In addition a possible rate hike would not help ease the recent inflation jump, which has been caused by a rise in imported raw materials, not by domestic demand, they added. (출처: The Korea Herald)
이와 더불어 콜금리 인상은 내수 증가가 아닌 최근 원자재가격 상승에 따른 인플레이션을 완화하는 데 도움이 되지 않는다.
• The Bank of Korea yesterday cut its interest rate for the first time in 13 months as worries about sickly demand and high oil prices outweighed pressures to tame inflation. (출처: The Korea Herald)
한국은행은 어제 내수 침체와 고유가에 따른 여파가 인플레 위험보다 더 심각하다는 판단하에 13개월만에 콜금리를 인하했다.
• Bank of Korea yesterday held its benchmark interest rate at a record low of 3.25 for March as the government reported a rise in consumer confidence for the second consecutive month. (출처: The Korea Herald)
정부가 두달 연속 소비자 신뢰지수가 개선되었다고 발표함에 따라 한국은행은 어제 3월 콜금리를 사상 최저수준인 현행 3.25% 수준으로 유지하기로 했다.
• To keep the interest rate at the current record low level, however, the central bank will have to face the daunting task of taming property prices and spurring economic recovery in the coming months, they say. (출처: The Korea Herald)
그러나 기록적으로 낮은 수준의 콜금리를 현행대로 유지하기 위해서 한은은 향후 몇 개월간 부동산값 안정과 경기회복세 부양이라는 힘든 과제에 직면하게 될 거라고 애널리스트들은 말한다.
• The Bank of Korea maintained its overnight call rate a record low 3.25 while it awaits the effects of two cuts last year to kick in. (출처: The Korea Herald)
한국은행은 지난 해 두 번에 걸친 금리인하가 효과를 나타내기를 기다리며 하루짜리 콜금리를 사상최저인 3.25퍼센트 그대로 유지했다.
• The call rate is the interest banks charge one another on overnight loans. (출처: The Korea Herald)
콜금리는 은행간에 하루짜리 대출에 대해 징구하는 이자율이다.
• They also expressed concern that a rate increase would take a toll on the economy and put a greater burden on domestic companies. (출처: The Korea Herald)
참석자들은 또 콜금리 인상이 경제에 해를 끼지고 국내 기업의 부담을 가중시킬 거라는 우려를 표명했다.
• The improved confidence index comes a day before the Bank of Korea is scheduled to hold a rate-setting meeting, prompting speculation that the central bank may receive an extra push for raising its key interest rate. (출처: The Korea Herald)
이로 인해 한은이 콜금리를 인상할 추가 여력을 얻었다는 추측이 나돌고 있다.
• But the surprise decision by the Bank of Korea on Thursday to cut its call rate a quarter point to a record-low of 3.5 percent is welcomed, in spite of foreseeable adverse effects. (출처: The Korea Herald)
그러나 목요일에 중앙은행이 콜금리를 사상최저인 3.5퍼센트로 0.25퍼센트 인하하기로 한 갑작스런 결정은 예상이 가능한 여러 가지 역효과에도 불구하고 반가운 일이다.
• The central bank cut its overnight call rate by one percentage point in four steps during 2003 and 2004 to a record low of 3.25 percent. (출처: The Korea Herald)
한은은 2003년부터 2004년까지 네번에 걸쳐 콜금리를 1%포인트 인하하며 사상 최저 수준인 3.25%를 유지해 왔다.
• A stronger economy gives more room for the central bank to raise the key interest rate that has stayed frozen at a 10-month low of 3.25 percent. (출처: The Korea Herald)
경제 회복세가 강화됨에 따라 한은이 10개월째 3.25%로 동결되어 있는 콜금리를 인상할 여지가 생겨나고 있다.
• The central bank left its overnight call rate target at 3.25 percent for the eighth straight month. (출처: The Korea Herald)
중앙은행은 하루짜리 콜금리를 8개월째 3.25퍼센트로 유지했다.
• The central bank lowered its short-term interest rate to a record low of 3.25 percent. (출처: The Korea Herald)
한국은행은 콜금리를 사상 최저 수준인 3.25%로 인하했다.
• The central bank left the benchmark interest rate untouched at 3.75 percent for this month. (출처: The Korea Herald)
한은은 이번 달 콜금리를 이전과 같은 수준인 3.75%로 동결했다.
• The bank raised the rate twice in 2005. (출처: The Korea Herald)
지난해 한은은 콜금리를 두차례 인상한 바 있다.
• The rate has been raised by 0.25 of a percentage point to 3.75 percent. (출처: The Korea Herald)
콜금리는 3.75%로 0.25%포인트 올랐다.
• The Bank of Korea soon set its benchmark overnight call rate. (출처: The Korea Herald)
한국은행은 곧 콜금리를 조정할 예정이다.
• The U.S. Federal Reserve Board is expected to raise its rate by 0.25 percentage point on June 29-30. (출처: The Korea Herald)
미 연방준비위원회는 6월 29-30일에 콜금리를 0.25%포인트 인상할 전망이다.
• The call rate has remained unchanged since July last year, when the central bank cut it by 0.25 percentage point. (출처: The Korea Herald)
콜금리는 지난해 7월 한은이 0.25%포인트 인하한 이후 한 차례의 변동없이 유지되고 있다.
• The Bank of Korea has kept the benchmark overnight call rate at a record low of 3.25 since last November. (출처: The Korea Herald)
한국은행은 금리의 기준이 되는 하루짜리 콜금리를 작년 11월부터 최저수준인 3.25퍼센트로 유지하고 있다.
• Industry leaders and academics yesterday advised the Bank of Korea to not raise its interest rate as the government is considering measures to curb a steep rise in housing prices. (출처: The Korea Herald)
산학계 지도자들은 어제 정부가 집값 급등세를 억제할 대책을 강구 중에 있으므로 콜금리를 인상하지 말아줄 것을 한국은행에 권고했다.
• The central bank has kept its key rate at a record low of 3.25 percent for a fourth month in March, citing signs of a quick economic recovery and future inflationary pressure. (출처: The Korea Herald)
한은은 3월까지 4개월간 신속한 경기회복 신호와 향후 인플레 압력을 들어 콜금리를 사상 최저치인 3.25%로 유지했다.
• A rate freeze is expected for the time being because domestic consumption and corporate investment remain weak, while there is no guarantee that exports will remain strong enough to support the weak economy. (출처: The Korea Herald)
내수와 기업 투자가 취약한 반면 수출이 계속 경기를 지탱한다는 보장이 없기 때문에 당분간 콜금리가 동결될 것으로 전망되고 있다.
• The Korean won yesterday continued to strengthen against the U.S. dollar even as central bank officials denied speculation of a deal with the Ministry of Finance and Economy to allow a stronger won in exchange for a key interest rate cut. (출처: The Korea Herald)
한국은행이 콜금리 인하를 조건으로 원화 강세를 용인하는 방안을 재정경제부와 논의하고 있다는 추측을 한은 관계자가 부인했음에도 불구하고 어제 달러화 대비 원화는 강세를 지속했다.
• The central bank this month lowered its overnight call rate to a record to spur spending at home and the government is cutting taxes. (출처: The Korea Herald)
중앙은행은 가계지출을 촉진하기 위해 이 달에 하루짜리 콜금리를 사상최저로 인하했고 정부는 세금을 인하했다.
• Consumer prices are likely to climb this year, giving the central bank more room to raise the overnight call rate, industry watchers said yesterday. (출처: The Korea Herald)
올해 소비자 물가가 급등할 가능성이 높아 보임에 따라 한국은행이 콜금리를 인상할 여지가 보다 늘어날 거라고 업계 전문가는 어제 말했다.
• Mindful of such negative conditions, the Bank of Korea decided to keep its benchmark interest rate unchanged at a record low 3.25 percent for a fifth straight month at a policy meeting yesterday. (출처: The Korea Herald)
그러한 부정적인 요인들을 염두에 둔 한국은행은 어제 금융정책회의에서 콜금리를 5개월 연속 3.25%로 유지하기로 결정했다.
• It has kept its overnight call rate at a record low of 3.25 percent for the past seven months in the hope that it will help push the economy out of its post-2002 doldrums following the bursting of credit bubble. (출처: The Korea Herald)
한은은 2002년 신용거품 붕괴 이후의 침체된 경기를 부양할 요량으로 지난 7개월간 콜금리를 사상 최저 수준인 3.25%로 동결해 왔다.
• There should be no rate increases at this time, and the Bank of Korea is of the same thought, the nation`s top policymaker told reporters. (출처: The Korea Herald)
“당분간 콜금리 인상은 없으며 한은도 이에 동의했다”고 한 장관은 기자들에게 말했다.
• With the narrowed rate gap between the United States and Korea, the central bank is unlikely to cut its call rate anytime soon, analysts said. (출처: The Korea Herald)
미국과 한국간 콜금리 차이가 좁혀짐에 따라 한은이 조만간 콜금리를 인하할 가능성은 낮다고 애널리스트들은 말했다.
• The government`s decision comes a day after the Bank of Korea cut its overnight call rate to a record low 3.5 percent, in an attempt to prop up weak consumer spending, despite inflation worries. (출처: The Korea Herald)
이번 정부 조치는 한국은행이 인플레 우려 속에 내수 활성화를 위해 콜금리를 사상 최저치인 3.5%로 인하한지 하루만에 나온 것이다.
• The central bank released its first official forecasts only two days ahead of the monthly monetary policy meeting which is to convene tomorrow to decide on the overnight call rate for December. (출처: The Korea Herald)
중앙은행은 12월 콜금리를 결정하기 위해 내일 열리는 월례 통화정책회의를 불과 이틀 앞두고 처음으로 공식적인 전망을 발표했다.
• On Jan. 13, the central bank kept the benchmark overnight call rate at a record low of 3.25 for a second straight month. (출처: The Korea Herald)
중앙은행은 1월 13일에 하루짜리 콜금리를 사상최저인 3.25퍼센트 그대로 2개월째 유지했다.
• The Monetary Policy Committee has held firm for six months since it shaved the call rate to a record-low 3.75 percent in July. (출처: The Korea Herald)
금통위는 지난 7월에 콜금리를 사상최저인 3.75퍼센트로 인하한 후 6개월 동안 이를 견지하고 있다.
• The BOK said an additional rate cut would not do much to stimulate the economy because it lowered the call rate only two months ago. (출처: The Korea Herald)
한은은 콜금리를 인하한지 불과 2달밖에 안되었기 때문에 추가 금리 인하가 경기 진작에 별 도움이 되지 못할 거라고 말했다.
• The government front-loaded its budget spending in the first half of this year, while the Bank of Korea kept its benchmark overnight call rate at a record low of 3.25 percent. (출처: The Korea Herald)
정부는 올 상반기에 예산을 조기 집행했고 한국은행은 콜금리를 사상 최저 수준인 3.25%에 동결시켜 왔다.
• In a surprise decision that sent stocks and bonds soaring and the won tumbling, the central bank shaved the benchmark call rate by a quarter point to a record-low 3.5 percent. (출처: The Korea Herald)
한은은 기준 금리인 콜금리를 사상 최저수준인 3.5%로 0.25%포인트 인하했다.
• The Bank of Korea last week kept its benchmark call rate unchanged at a record-low of 3.25 percent, as it needs to wait for the two rate cuts this year to have the desired effect on the economy. (출처: The Korea Herald)
한국은행은 지난 주에 올 2회의 금리인하가 경제에 원하던 효과를 나타내기 위해서는 기다려야 한다면서 하루짜리 콜금리를 사상최저의 3.25퍼센트 그대로 유지했다.
• It has been pressuring the BOK to keep the rate at 3.25 percent, saying it is needed to lift the economy despite evidence that it has had virtually no impact so far. (출처: The Korea Herald)
재경부는 지금까지 아무런 효과를 거두지 못했음에도 불구하고 경기 부양을 위해 필요하다며 콜금리를 3.25%로 유지시킬 것을 한은에 압박해왔다.
• On Thursday, the Fed increased its short-term interest rate by another quarter percentage point to 3.25 percent, the same as the benchmark rate of Korea. (출처: The Korea Herald)
목요일 미 FRB는 단기 기준금리를 0.25%포인트 또 올리며 3.25%로 인상했는데 이는 우리나라의 콜금리와 같은 수준이다.
• But a further housing price increase, coupled with a delayed economic rebound, could prompt the central bank to increase the rate later this year, analysts said. (출처: The Korea Herald)
그러나 경기 회복 지연과 더불어 집값이 추가로 오를 경우 한은은 올해말 콜금리를 인상하게 될 것이라고 애널리스트들은 말했다.
• The Finance Ministry forecasts economic growth to accelerate to 5 percent, along with the central bank that is widely expected to raise the overnight interest rate early next year. (출처: The Korea Herald)
내년 초 콜금리를 인상할 것으로 보이는 한국은행과 더불어 재정경제부는 내년 우리 경제의 성장률을 5%로 전망하고 있다.
• Yesterday, Finance Minister Han Duck-soo lent more support for the central bank`s policy, saying that the Bank of Korea is not in a position to raise its key rate. (출처: The Korea Herald)
어제 한덕수 재경부 장관은 한은이 콜금리를 인상하지 않을 거라고 본다며 한은의 정책을 지지했다.
• The central bank has kept rates unchanged since last November to accommodate a fiscal policy aimed at reviving domestic spending, which have shown recent signs of reviving. (출처: The Korea Herald)
한은은 최근 회복 기미를 보이기 시작하고 있는 내수를 활성화하기 위한 재정 정책을 수용하기 위해 지난해 11월부터 콜금리를 그대로 유지해 왔다.
• With July`s inflation touching 4.4 percent, beating the call rate of 3.75 percent before Thursday`s rate cut, the higher cost of living means the real interest rate was already in negative terrain. (출처: The Korea Herald)
7월의 물가상승이 4.4퍼센트에 달해 목요일의 인하조치 전인 콜금리 3.75퍼센트를 능가하고 있어 생활비가 오른다는 것은 실질금리가 이미 마이너스대에 들어간 것을 의미한다.
• The key overnight call rate remained untouched at the record-low of 3.25 percent, where it was set in November. (출처: The Korea Herald)
하루짜리 콜금리는 사상 최저로 11월에 결정된 그대로인 3.25퍼센트를 유지했다.
• Although the fund shift into indirect investment instruments continues, the central bank`s expected decision to raise its target interest rate could dampen the stock market, analysts say. (출처: The Korea Herald)
간접 투자 상품으로의 자금 이동이 지속되고 있음에도 불구하고 예상되고 있는 한은의 콜금리 인상 결정이 증시를 위축시킬 수 있다고 애널리스트들은 말하고 있다.
• Korea`s Monetary Policy Committee is to decide today whether to freeze or raise the overnight call rate. (출처: The Korea Herald)
금통위는 오늘 콜금리 인상 여부를 결정할 예정이다.
• The Bank of Korea is scheduled to hold a monthly monetary policy meeting to decide on interest rates on Oct. 11. (출처: The Korea Herald)
한은은 10월 11일 정례 통화정책회의를 열어 콜금리 인상 여부를 결정할 예정이다.
• Until more signs of a definite recovery become tangible, the central bank is unlikely to raise its overnight call rate which has been kept at an eight-month low of 3.25 percent. (출처: The Korea Herald)
중앙은행은 확실한 회복 조짐이 좀 더 구체화될 때까지는 8개월째 계속되고 있는 3.25퍼센트라는 낮은 하루짜리 콜금리를 인상할 가능성은 없어 보인다.
• Regarding the key interest rate that was kept frozen at a record-low 3.25 percent for a six-straight month, the minister supported the central bank`s move. (출처: The Korea Herald)
6개월 연속 사상 최저 수준인 3.25%로 동결된 콜금리와 관련해 한 장관은 한은의 정책 기조를 지지했다.
• The central bank`s monetary policy committee, which trimmed the call rate by a quarter percentage point at its last monthly meeting, will next set the rate on Dec. 9. (출처: The Korea Herald)
최근 회의에서 콜금리를 0.25%포인트 인하했던 한은 금융통화위원회는 12월 9일 콜금리 수준을 결정할 예정이다.
• Analysts believe the board will raise the overnight lending rate to 1.25 percent at their June 30 meeting rather than the previously forecast August. (출처: The Korea Herald)
애널리스트들은 FRB가 당초 예상했던 8월이 아닌 6월 30일에 콜금리를 1.25%로 올릴 것으로 전망하고 있다.
• The central bank left its benchmark overnight call rate untouched at a record low 3.25 percent in January, saying its two rate cuts since August last year have not spurred consumer spending yet and citing concerns about inflation. (출처: The Korea Herald)
지난 1월 한은은 작년 8월 이후 두 차례의 금리 인하가 아직 내수 회복 효과를 발휘하지 못하고 있고 인플레 우려를 들어 기준 금리인 콜금리를 현행대로 3.25%로 유지하기로 결정했다.
• Mindful of such misgivings, the central bank decided yesterday to keep its overnight call rate at a record-low 3.25 percent for a sixth straight month. (출처: The Korea Herald)
그러한 우려를 염두에 둔 한은은 어제 콜금리를 6개월 연속 사상 최저수준인 3.25%로 유지하기로 결정했다.
• The statement was released a week before the central bank`s policymakers meet to decide on the January target for the call rate, the interest rate charged on overnight inter-bank loans. (출처: The Korea Herald)
이 발표는 중앙은행이 1월 목표 콜금리를 결정하는 정책회의를 1주일 남겨놓고 발표됐다.
• However, after the local Monetary Policy Committee is expected to raise the local overnight call rate even further, the earnings rate likewise inched up recently, said BOK official. (출처: The Korea Herald)
그러나 한은 금융통화위원회가 콜금리를 추가로 인상할 것으로 전망되면서 국채 금리가 최근 조금씩 오르고 있다”고 한은 관계자는 말했다.
• Emerging from the monthly meeting during which the Bank of Korea`s monetary policy committee froze the call rate at 3.75 percent, Park forecast that sentiment toward the economy would hardly pick up until mid-2004. (출처: The Korea Herald)
콜금리를 3.75퍼센트로 동결한 어제 한국은행 금융통화위원회 회의에서 박 총재는 경제에 대한 기대감이 2004년 중반까지는 올라가기 어려울 것으로 내다봤다.
• The possible long-term freeze of the call rate, however, would make the bond market more fragile and prompt more investors to join the recent selling spree in the coming months, analyst said. (출처: The Korea Herald)
하지만 콜금리를 장기간 동결하게 되면 채권시장이 취약해져 최근 매도에 나서고 있는 투자자들이 앞으로 더욱 늘어나게 될 것이라고 분석가들은 말했다.
• Despite the deterioration in consumer confidence, the Bank of Korea yesterday refrained from making another cut in the benchmark overnight call rate. (출처: The Korea Herald)
소비 심리의 악화에도 불구하고 한국은행은 어제 콜금리를 추가로 인하하지 않았다.
• The imminent call rate increase by the Bank of Korea may not be good news for the construction sector, analyst Heu said. (출처: The Korea Herald)
촉박한 한국은행의 콜금리 인상도 건설업종에 좋은 소식이 아니라고 허 연구원은 말했다.
• In an effort to stimulate private consumption, the central bank cut its call rate, a bellwether short-term rate, to an all-time low of 3.50 percent from 3.75 percent on Aug. 12. (출처: The Korea Herald)
중앙은행은 개인소비를 촉진하기 위한 노력으로 8월 12일에 기준 단기금리인 콜금리를 3.75퍼센트에서 사상최저인 3.50퍼센트로 인하했다.
• His comments came amid snowballing expectations that the central bank would tighten the key interest rate at this month`s rate-setting meeting on Tuesday. (출처: The Korea Herald)
한 장관의 발언은 한은이 화요일 이번달 금리결정 회의에서 콜금리를 인상할 거라는 추측이 무성한 가운데 나온 것이다.
• The central bank said it would consider raising the nation`s benchmark interest rates pre-emptively to ward off inflation. (출처: The Korea Herald)
한은은 인플레를 막기 위해 콜금리를 선제적으로 올리는 방안을 고려할 거라고 말했다.
• Lee Myung-hwal, an economist at the Korea Institute of Finance, also noted that the strength of domestic demand will be the most important factor in the central bank`s future rate decisions. (출처: The Korea Herald)
이명활 금융연구원 박사도 내수 회복이 한국은행의 향후 콜금리 결정에 가장 중요한 요인이 될 것”이라고 언급했다.
• The Bank of Korea yesterday kept its benchmark overnight call rate at the current record low amid growing optimism for a long-awaited economic rebound that began at the start of the year. (출처: The Korea Herald)
한국은행은 연초 시작된 경기 회복에 관한 낙관론이 높아지고 있는 가운데 콜금리 목표를 현행대로 유지하기로 어제 결정했다.
• If the economy grows at an annual rate of around 3 percent in the third quarter and exports continue its robust rally, there could be a rate change, said Lee Sang-jae, an economist at Hyundai Securities Co. (출처: The Korea Herald)
이상재 현대증권 경제조사팀장은 “3분기에 연평균 경제성장률이 3%대를 유지하고 수출 호조세가 지속된다면 콜금리가 인상될 수도 있을 것”이라고 말했다.
• The BOK raised its benchmark overnight call rate by a quarter percentage point to 3.5 percent in December, the second increase in two months. (출처: The Korea Herald)
한은은 작년 12월 2달여 만에 콜금리를 3.5%로 0.25%포인트 인상한 바 있다.
• To reinforce his views, Han referred to policy recommendations from the Organisation for Economic Cooperation and Development calling for Korea to exercise more caution in moving the key interest rate. (출처: The Korea Herald)
자신의 견해를 뒷받침하기 위해 한 장관은 우리나라가 콜금리 인상에 보다 신중해야 한다고 한 OECD의 정책 권고에 관해 언급했다.
• Yet there`s some uncertainty about whether the rebound is sustainable, Park said in a news briefing after he and six other monetary policymakers decided to keep the benchmark overnight call rate at 3.75 percent, a month after raising the key rate by 0.25 percentage point. (출처: The Korea Herald)
“하지만 회복이 계속될지에 대해서는 일부 불확실성이 있다”고 박 총재는 기준금리를 0.25포인트 퍼센트 올린 지 한 달만인 어제 금융통화위원회에서 하루짜리 콜금리를 3.75퍼센트로 동결하기로 결정한 후 기자회견에서 말했다.
• But citing the still-fragile economy, the central bank has kept the key borrowing costs frozen at a seven-month low of 3.25 percent last month. (출처: The Korea Herald)
그러나 여전히 침체된 경제을 이유로 지난달 한은은 콜금리를 7개월 연속 사상 최저 수준인 3.25%로 동결시켰다.
• The Bank of Korea is widely expected to leave its overnight call rate at a record low of 3.25 percent today to prop up the still-fragile economic rebound, analysts say. (출처: The Korea Herald)
한국은행은 여전히 취약한 경기 회복세를 부양하기 위해 오늘 콜금리를 현행대로 3.25%로 유지할 것으로 기대된다고 애널리스트들은 말하고 있다.
• To spur the local economy, he said the central bank`s rate-setting panel kept its overnight call rate target at the current record low of 3.75 percent for a 12th consecutive month. (출처: The Korea Herald)
그는 국내경기 부양을 위해 중앙은행의 금융통화위원회는 하루짜리 콜금리 목표를 사상최저 수준인 지금의 3.75퍼센트로 12개월째 계속해서 유지하기로 했다고 말했다.
• As the rate increase could disrupt the economic turnaround, it could cause a major shift in the fixed-income market and trigger a domino effect of increases in deposit rates, they say. (출처: The Korea Herald)
콜금리 인상이 경기 회복세에 찬물을 끼얹을 수 있기 때문에 채권으로 투자가 몰리고 예금 금리 인상이라는 도미노 현상을 촉발시킬 수 있다고 그들은 말하고 있다.
• To prompt investment, the central Bank of Korea lowered its overnight call rate to a record-low 3.5 percent on Aug. 12. (출처: The Korea Herald)
투자를 촉진하기 위해 한국은행은 8월 12일에 오버나이트 콜금리를 사상최저인 3.5퍼센트로 인하했다.
• The BOK lowered its benchmark overnight call rate in August and November by a combined half percentage point to a record low of 3.25 percent. (출처: The Korea Herald)
한국은행은 기준금리인 하루짜리 콜금리를 지난 8월과 11월에 걸쳐 사상최저인 3.25퍼센트까지 0.5퍼센트를 내린 바 있다.
• The central bank has maintained its benchmark overnight call rate at a record low of 3.25 since November last year to work alongside the government`s expansionary fiscal policy. (출처: The Korea Herald)
중앙은행은 정부의 재정정책 확대와 발맞추어 작년 11월부터 하루짜리 콜금리를 사상최저인 3.25퍼센트로 유지해 왔다.
• A majority of brokerages polled by local media bet that the central bank`s Monetary Policy Committee will hold the benchmark overnight call rate at the current record-low of 3.5 percent. (출처: The Korea Herald)
국내 언론이 설문조사한 국내 증권사 대부분은 한은 금융통화위원회가 기준금리인 콜금리를 현재의 3.5%를 그대로 유지할 거라고 확신했다.
• The BOK`s decision to retain the benchmark overnight call rate for a fourth straight month was in line with analysts` predictions. (출처: The Korea Herald)
4개월 연속 콜금리를 유지하기로 한 한은의 결정은 애널리스트들의 전망과 일치했다.
• During the meeting, the seven-member Monetary Policy Committee decided to hold the overnight call rate target at its all-time low of 3.75 percent for an 11th consecutive month. (출처: The Korea Herald)
금통위 회의에서 7명의 위원들은 11개월 연속 3.75%라는 사상 최저 수준의 현행 콜금리를 계속 유지하기로 결정했다.
• The target call rate will be set at a level that helps bolster the economic recovery and counter inflationary pressures preemptively, the BOK`s Monetary Policy Committee said in a statement. (출처: The Korea Herald)
“목표 콜금리는 경기회복과 물가상승 압력 대응에 기여할 수 있는 수준이 될 것”이라고 한국은행 통화정책위원회가 발표문에서 말했다.
• On Oct. 8, the central bank defied expectations by freezing the nation`s overnight call rate at 3.5 percent, citing mounting inflationary pressure. (출처: The Korea Herald)
10월 8일 한은은 인플레 압력을 들어 콜금리를 3.5%로 동결시킴으로써 금리 인하 기대감을 무산시켰다.
• Last November and August, quarter-point reductions slashed the BOK`s benchmark overnight call rate to a record low of 3.25 percent. (출처: The Korea Herald)
작년 11월과 8월에 있었던 각 0.25퍼센트 금리인하로 한국은행의 기준금리인 하루짜리 콜금리는 사상최저인 3.25퍼센트까지 내려갔다.
• The BOK is unlikely to cut its target rate merely to stabilize the foreign exchange market and stock market, said Lee Sung-won, an economist at Goodmorning Shinhan Securities Co. (출처: The Korea Herald)
“한은이 단지 외환시장과 주식시장 안정을 위해 콜금리를 인하할 가능성은 매우 낮다”고 이성원 굿모닝신한증권 이코노미스트는 말했다.
• The BOK on Dec. 8 raised its benchmark overnight call rate for the second time in three months as economic turnaround stocked concerns of rising inflationary pressure. (출처: The Korea Herald)
한은은 12월 8일 경기 회복세로 인한 인플레 압력 우려로 3개월만에 올들어 두번째로 콜금리를 인상했다.
White House urges N. Korea to return to 6-party talks

By Hwang Doo-hyong
WASHINGTON, Jan. 2 (Yonhap) -- The Bush administration Friday urged North Korea to return to multilateral talks on ending its nuclear weapons ambitions with less than three weeks remaining in Bush's term.

"We want to see North Korea get back on the right track," Gordon Johndroe, spokesman for the National Security Council, said in a daily press briefing. "We think the six-party process has worked well."
Johndroe's remarks follow a commitment made by North Korea a day earlier that it will denuclearize itself.

"The independent foreign policy of our Republic to denuclearize the Korean Peninsula and defend the peace and security of Northeast Asia and the rest of the world is demonstrating its validity more fully as the days go by," North Korea said in a New Year's message Thursday.

The message skipped the North's usual accusations of the U.S. over its hostile North Korea policy and deployment of U.S. troops in South Korea, fueling speculation that Pyongyang is awaiting the Barack Obama administration for continuation of the six-party talks.

The latest round of the talks ended without an agreement on verification of North Korea's nuclear facilities, due mainly to North Korea's refusal to allow the collection of samples from its main nuclear reactor.
North Korea has said it will agree to the sampling later, possibly in the third and last phase of a multilateral deal signed by the six parties that include the two Koreas, the U.S., China, Japan and Russia. That phase is the dismantlement of its nuclear programs and facilities.

The five other parties insist that the sampling should be part of the disablement of the North's nuclear facilities, the second phase of the deal, under which Pyongyang is supposed to get 1 million tons of heavy fuel oil.

North Korea did agree to visits by international inspectors to its declared nuclear sites, as well as to interviews with its scientists and viewing of related documents.

"The whole six-party process is based on action for action, and if the North Koreans would take steps to allow a good verification protocol to take place, then the United States, China, Russia and Japan and South Korea would be prepared to fulfill their obligations, their actions in the agreement," Johndroe said.

On her last trip to China as secretary of state, Condoleezza Rice will fly to Beijing soon to commemorate the 30th anniversary of the restoration of bilateral ties.

While in Beijing, she will also discuss ways to persuade North Korea to agree to a verification regime, officials said.

State Department officials said that they did not know of any plan to invite North Korean officials to the United States around the time of Obama's inauguration Jan. 20.

There are rumors that North Korea's chief nuclear envoy, Kim Kye-gwan, will fly to New York to meet with officials of the Obama administration on and around Jan. 20 on the margins of an academic seminar, just as Ri Gun, director general of the North American affairs bureau of North Korea's foreign ministry, visited New York on the day of Obama's election in early November.

The Obama transition team, however, has no plans to invite foreign delegations to the inaugural ceremony, where ambassadors will represent their governments, the officials said.

Reports said Obama will send a high-level envoy to Pyongyang soon after his inauguration for discussions on the stalled nuclear talks.

Obama has said he will meet with North Korean leader Kim Jong-il without any preconditions, denouncing Bush for having allowed North Korea to produce eight nuclear warheads by refusing to engage the North for the first six years of his tenure.
Ordinance excludes Dokdo from Japanese territory: institute

SEOUL, Jan 3. (Yonhap) -- A South Korean institute said Saturday it recently discovered a past Japanese ordinance which excluded Dokdo, a set of islets of disputed territorial ownership, from Japan's sovereignty.

The state-run Korea Maritime Institute said that it reported the finding to the presidential office on Wednesday of a Japanese document titled "prime ministerial ordinance No. 24" that was announced on June 6, 1951, which effectively excluded Dokdo from Japanese territory.

The Dokdo issue has marred bilateral relations for decades, as Japan has repeatedly claimed that the islets, which lie between the two countries, are Japanese territory. The Korean Peninsula was colonized by Japan from 1910-1945, and Japan officially annexed the Dokdo islets in 1905 after claiming they were not owned by another country.

The ordinance was discovered from documents that were sent from the Japanese Foreign Ministry to South Korean lawyer Choi Bong-tae. Choi received the documents concerning past South Korea-Japan talks in July of last year after having pressed Tokyo to disclose past diplomatic documents. The section relating to ordinance 24 was reportedly deleted initially.

The ordinance, produced as part of measures of liquidating the Japanese imperial government's assets after the end of the second World War, also excluded the islands of Ulleung and Jeju from Japan's "attached islands," the institute said.

It added that the revelation was proof that Japan had not acknowledged Dokdo as part of its territory until the San Francisco Peace Treaty later in 1951, in which Japan renounced all of its rights, title and claim to Korea but made no mention that Dokdo belongs to South Korea.
Parliament security, lawmakers clash amid FTA deadlock

SEOUL, Jan. 3 (Yonhap) -- Violent clashes between opposition lawmakers and parliamentary security officials erupted at the National Assembly Saturday during an attempt to break up the legislators' occupation of an assembly chamber amid a voting deadlock.

The liberal Democratic Party (DP) has occupied the assembly's main hall after ratification of a disputed free trade agreement (FTA) with the U.S. hit a deadlock last month. Opposition lawmakers are attempting to prevent the ruling Grand National Party (GNP) from unilaterally passing the bills. The GNP controls 172 seats in the parliament while the DP holds 83.

Concerns of physical clashes between the two sides have been escalating after Assembly chief Kim Hyung-o invoked his authority late Tuesday night, requesting assistance from law enforcement authorities to break up the occupation of the assembly hall by the main opposition so that pending bills can be put to a vote.

Physical scuffles between lawmakers from the Democratic Party and some 200 security officials mobilized by the assembly's secretariat broke out at 12:48 p.m. in front of the entrance of the main chamber inside the National Assembly.

Security officials, despite having removed several lawmakers' aides out of the building, failed to disband the sit-in which has continued for eight days as lawmakers grabbed each others' arms to form a "human chain."
The DP's floor leader, Rep. Won Hye-young, had his glasses broken and head of policy committee Rep. Park Byung-seok was moved to a hospital for unknown reasons. Clashes ceased at around 1:30 p.m.

"An incident occurred which we haven't seen even under past authoritarian regimes," DP Chairman Chung Se-kyun said, calling for Assembly chief Kim to resign.

odissy@yna.co.kr
(LEAD) U.S. envoy tours museum honoring Korean nationalist leader amid history row

By Sam Kim
SEOUL, Jan. 3 (Yonhap) -- The top U.S. envoy in Seoul toured a local museum Saturday that honors an ill-fated Korean nationalist leader and former independence fighter whose government-in-exile was recently disputed in an official South Korean booklet.

The visit by U.S. Ambassador Kathleen Stephens to the Kim Koo Museum and Library came at a sensitive time as a leading group of former independence fighters here threatened to relinquish medals awarded by the government in protest of a booklet that disputes the legitimacy of their regime-in-exile formed during the Japanese colonial period.

The publication, released in October, describes the 1919-1948 provisional government as lacking the qualities of an authentic political body but accentuates the legitimacy of its successor elected exclusively in the South under U.S. military occupation. The culture minister has expressed regret over the row and pledged to make revisions, but the group remains up in arms.

"I know there's much to learn here. So that's how I came to visit today, something I've been waiting to do almost two years," Stephens told reporters before beginning her one-and-a-half-hour tour.

Stephens, who speaks fluent Korean and has an extensive academic background in Asian history, said she has long wished to visit the museum since meeting with Kim Koo's family in 2007 and reading his translated autobiography.

Kim, in whose honor the museum is dedicated, was the last president of the government-in-exile and campaigned to bridge the chasm between Soviet-backed Pyongyang and U.S.-sponsored Seoul after Korea was liberated from Japan in 1945. He was assassinated by a right-wing South Korean officer just a year before the 1950-53 Korean War broke out, decisively splitting the peninsula.

Embassy officials brushed aside speculations that Stephens' visit was related to the debate surrounding the booklet, released by the conservative Seoul government, which has been at odds with former independence fighters since assuming office early last year.

Stephens made headlines when she took office here in October, having taught English in South Korea as a Peace Corps volunteer more than three decades ago.

Scuffle in South Korean parliament leaves MPs hurt
Sat Jan 3, 2009 2:59pm IST


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SEOUL (Reuters) - South Korean opposition lawmakers scuffled with security personnel on Saturday as guards tried to end their blockade of the assembly that has paralysed parliament and delayed voting on a U.S. trade deal and reform bills.
The ruling Grand National Party (GNP) has been thwarted in its attempt to push through the trade deal, sweeping tax cuts and plans to privatise state firms by opposition lawmakers who have blockaded the door to the main parliament chamber.
More than 200 parliament security guards stormed the assembly building rotunda where opposition lawmakers have camped out and a large scuffle broke out, sending some MPs and guards to hospital for treatment for minor injuries.
The main opposition Democratic Party has called conservative President Lee Myung-bak and his GNP's reform bills "evil" and pledged to block them. It called Saturday's action by parliament security, which was ordered by its speaker, illegal.
The latest attempt to strike a deal to end the impasse broke down on Friday, when a meeting of GNP and opposition leaders ended in a dispute over the participation of a minor opposition party.
The GNP has outlined 85 bills it wants to pass that also include measures to ease bank ownership rules, give debt-relief to low income households and revamp the broadcast industry.
Lee, in a major policy speech on Friday, called on MPs to move on the reform agenda to help the export-drive economy steer through the global financial crisis.
South Korea and the United States struck the trade deal in 2007 that some studies said would boost their $78 billion a year two-way trade by about $20 billion, but neither country's legislatures has approved it.
© Thomson Reuters 2009 All rights reserved
• If these and other measures go into effect, the number of large business groups that will be affected by investment ceiling is expected to fall to 12 from the current 22, the official said. (출처: The Korea Herald)
공정위가 지난해 이같은 기준을 적용한 결과 현재 22개인 출자총액제한 대상 기업집단이 오는 4월부터는 12개 정도로 줄어들 것으로 추산되었다고 강 위원장은 말했다.
• The investment limit must be abolished as soon as possible, Lee said. (출처: The Korea Herald)
출자한도는 가능한 빨리 폐지되어야 한다”고 이 변호사는 말했다.
• Conglomerates have long demanded that the ceiling be lifted because it hampers corporate investment. (출처: The Korea Herald)
그 동안 대기업들은 출자총액제한제도가 기업의 투자를 저해한다는 이유로 출자 한도의 상향 조정을 요구해 왔다.
• However, the 25 percent cap rule doesn`t apply to companies in the same industry. (출처: The Korea Herald)
그러나 이러한 출자총액제한제도는 동일 업종 기업에 대해서는 적용되지 않는다.
• The investment ceiling obliges government intervention that must be only exceptional, going against the Constitution. (출처: The Korea Herald)
“출자 한도는 극히 예외적인 경우에 그쳐야 할 정부의 개입을 불가피하게 만들며 헌법에 위배된다.
• Growing research suggests that problems are rooted in the wide disparity between ownership and control, i.e., cross-shareholdings. (출처: The Korea Herald)
“많은 조사 결과 근본적인 문제는 상호출자 즉, 소유와 경영이 크게 불균형을 이루고 있는 데 있는 것으로 나타나고 있다.
• Taking the controversy to the Constitutional Court is not a bad idea. (출처: The Korea Herald)
출자총액제한제도에 대한 헌법소원 제기가 나쁜 생각은 아니다.
• Samsung, Lotte and Korea Electric Power Corp. will be back on the list in 2007. (출처: The Korea Herald)
삼성, 롯데, 한국전력은 2007년에 출자제한 대상으로 복귀한다.
• The law also calls for maintaining the present restriction on equity investment. (출처: The Korea Herald)
새로운 공정거래법은 현행 출자총액제한제도도 그대로 유지한다.
• The 25 percent investment limit doesn`t apply to investments in a company in the same industry. (출처: The Korea Herald)
25퍼센트 출자한도가 동업종 기업에 대한 투자에는 적용되지 않는다는 것이다.
• The new system divides the relatives into four groups, giving a better picture of cross-investment arrangements among affiliates within the same group. (출처: The Korea Herald)
새로운 제도는 친인척을 네 그룹으로 분류해 같은 그룹 내 계열사간의 상호출자 상황을 더 잘 보여준다.
• Many big companies cannot invest in new businesses because of this rule, he said, pointing out that 45, or 12 percent, of the chaebol`s 378 affiliates are being held back by the investment ceiling. (출처: The Korea Herald)
이 의원은 “다수의 대기업들이 출자총액제한제도로 인해 신규 사업에 투자하지 못하고 있다”며 378개 재벌 계열사 중 45개 (12%)가 이 제도에 묶여 투자하지 못하고 있다고 지적했다.
• According to the Korea Development Institute, only 43 of 328 companies subject to the equity ceiling have invested an amount in excess of 20 percent of their assets. (출처: The Korea Herald)
한국개발연구원 (KDI)에 따르면 출자총액제한제도 하에서 328개 기업 중 불과 43개 기업만이 자산의 20% 이상을 투자하고 있다고 한다.
• Exempt companies from the investment ceiling if they reduce the gap between ownership and control, pushing them toward a holding company, and improve internal controls, the document said. (출처: The Korea Herald)
“기업들이 소유와 경영의 격차를 축소하고 지주회사화하여 내부통제를 개선한다면 출자한도 적용에서 제외하라”고 이 문서에서는 밝히고 있다.
• Though this is a slight increase from the current total assets threshold of 5 trillion won, businesses are far from satisfied because they had long called for the investment limit to be abolished. (출처: The Korea Herald)
물론 현행 자산기준인 5조원보다는 약간 늘어났지만 오래 전부터 출자한도의 폐지를 요구해 왔던 재계로서는 만족과는 거리가 멀다.
• The law is aimed at preventing chaebol from expanding too much through cross shareholdings among affiliates, giving its founding family management control much bigger than the actual amount of shares they hold in group companies. (출처: The Korea Herald)
이 법은 재벌이 계열사간 상호출자를 통해 과다한 확장을 꾀해 창업자 일가가 그룹 계열사에 실제로 보유하고 있는 지분 이상으로 경영권을 행사하지 못 하도록 하는 데 목적이 있다.
• This means the company may now be relieved from the law limiting conglomerates` equity investment in sister firms, which is slapped onto business enterprises with a debt ratio of 100 percent or higher. (출처: The Korea Herald)
이렇게 되면 부채비율이 100퍼센트 이상인 기업에 적용되는 계열사 출자제한이 삼성의 경우 적용이 되지 않게 되는 것이다.
• Though having a debt-to-equity ratio of below 100 percent will no longer suffice as a condition for being exempt from the investment limit, conglomerates already benefiting from the standard will continue to enjoy the status even after the amended fair trade act takes effect in April. (출처: The Korea Herald)
부채비율이 100퍼센트 이하라도 더 이상 출자제한에서 예외가 아니지만 기존에 이 기준의 혜택을 받고 있는 재벌들은 공정거래법 개정안이 4월부터 실시되더라도 예외 자격을 유지하게 된다.
• According to the government watchdog, the number of business groups to face investment restrictions is to drop to 12 from the current 17. (출처: The Korea Herald)
공정위에 따르면 출자총액제한 기업집단의 수가 현재의 17개에서 12개로 줄어들 전망이다.
• With yesterday`s decision, the number of business groups that are subject to the investment restriction is expected to fall to eight from the current 18. (출처: The Korea Herald)
어제의 결정으로 출자제한의 적용을 받는 재벌의 수는 지금의 18개에서 8개로 줄어들 것으로 보인다.
• In the meantime, the Fair Trade Commission will examine if the planned purchase would violate a law banning conglomerates from investing more than 25 percent of its assets in other firms. (출처: The Korea Herald)
한편 공정거래위원회은 두산중공업의 대우종기 인수가 출자총액을 순자산의 25%로 제한하고 있는 출자총액 한도를 위반한 것인지 여부를 조사할 방침이다.
• Korea`s big corporations have abandoned investment plans worth at least 7 trillion won due to the limit on shareholdings a company can have in other companies, a business lobby warned in a comprehensive report yesterday. (출처: The Korea Herald)
국내 대기업들은 출자총액제한제도로 인해 최소 7조원 규모의 투자 계획을 포기했다고 국내 한 재계 단체가 어제 종합 보고서에서 밝혔다.
• If companies cannot invest more because of the ceiling on stake holding, we will ease it and even consider revising the law, Commerce Minister Lee Hee-bum told a group of businessmen last month. (출처: The Korea Herald)
이희범 산자부 장관은 지난 달 재계단체와의 간담회에서 “출자총액제한 제도로 인해 기업이 더 많이 투자할 수 없다면 우리는 이러한 제도를 완화하고 심지어 개정할 생각까지 갖고 있습니다”라고 말했다.
• The most recent example cited was negotiations with the government on fair trade policy, such as the ceiling on equity investment. (출처: The Korea Herald)
가장 최근의 예로 출자총액제한제도 등과 같은 공정거래 정책을 둘러싼 정부와의 협상을 들 수 있다.
• Under current rules, these companies are prohibited from purchasing stakes in their affiliates or other companies in excess of 25 percent of their net worth, while all chaebol with assets of more than 2 trillion won are subject to mutual investment bans among affiliates and are barred from providing companies in the same group with debt guarantees. (출처: The Korea Herald)
현행 출자총액제한제 하에서 재벌의 계열사는 자기 회사 순자산의 25%를 넘어 다른 국내 회사의 주식을 취득 또는 보유하지 못하며 자산 규모가 2조원이 넘는 대기업은 채무 보증 하에 계열사간 상호지분을 취득하지 못하도록 되어 있다.
• Meanwhile, creditors, who swapped about 4.8 trillion won of debt for an 81.4 percent stake since 2001 to bail out the chipmaker, will continue to have the right to participate at board and shareholder meetings to decide important management issues. (출처: The Korea Herald)
한편 하이닉스 구제를 위해 2001년 이후 약 4조 8000억원의 대출금을 81.4퍼센트의 지분으로 맞바꾼(출자전환) 채권단은 이사회와 주주총회 참가권을 계속 보유하여 중대한 경영상의 결정에는 계속 관여하게 된다.
• Companies have complained that various government restrictions, such as a law that limits equity investments by conglomerates in affiliates or other companies, are deterring investment. (출처: The Korea Herald)
기업들은 재벌의 계열사나 기타 업체에 대한 출자제한 등 여러 가지 정부의 규제가 투자를 저해한다고 불만을 토로해 왔다.
• The nation`s second-largest business group has been asked to swap at least 770 billion won of LG Card debt it holds for equity as part of a 1.2 trillion won aid package the company needs in order to stay listed on the Korea Stock Exchange. (출처: The Korea Herald)
국내 재계 서열 2인인 LG그룹은 증시 상장 지위 유지를 위해 LG카드가 필요로 하는 1조2천억원의 구제안의 일환으로 그룹이 보유하고 있는 LG카드의 부채 중 적어도 7,700억원을 출자 전환해 줄 것을 요구 받고 있다.
• Last month, the Democratic Labor Party requested the antitrust agency to examine if the planned purchase would violate a law banning conglomerates from investing in other companies. (출처: The Korea Herald)
지난 달에 민주노동당은 이번 매각이 재벌의 타회사 출자를 금지하는 법률을 위반하는지 여부를 조사해 줄 것을 공정위에 요구했다.
• Korea`s major conglomerates and leading business organizations have long called on the government to lift the ceiling on a company`s equity holdings in other corporations. (출처: The Korea Herald)
한국의 주요 재벌들과 재계 단체들은 총액출자한도의 폐지를 오랫동안 정부에 요청해 왔다.
• Under fair trade laws, a unit of a conglomerate with more than 5 trillion won in assets is prohibited from investing more than 25 percent of the unit`s assets in other firms. (출처: The Korea Herald)
공정거래법에 따르면 총자산이 5조원 이상인 재벌의 계열사는 해당사 총자산의 25퍼센트를 초과한 타기업 출자가 금지되어 있다.
• LG Group has argued that outside directors of affiliates would consider it a breach of trust if they approved the debt-for-equity proposal that goes against market principles. (출처: The Korea Herald)
엘지그룹은 “시장원칙에 위배되는” 채권의 출자전환을 승인할 경우 계열사 사외이사들이 신뢰 위반으로 간주할 것이라고 주장했다.
• Superficially, most family-run conglomerates seem to have little say in company affairs as reflected in their low stakes, but in reality, the families of the original owners continue to run their enterprises by creating an intricate web of shareholdings among the sister companies. (출처: The Korea Herald)
표면적으로는 일가가 지배하는 대부분 재벌의 지분이 적어 회사 경영에 발언권이 없어 보이지만 실제로는 창업주 일가가 계열사간의 거미줄처럼 교묘한 교차출자를 통해 기업을 계속해서 경영하고 있다.
• Believing the law is aimed at curbing the power of chaebol, the business community has called for the investment ceiling to be raised significantly or even abolished. (출처: The Korea Herald)
이 법이 재벌의 힘을 억제하기 위한 것이라는 생각에서 재계는 출자한도를 크게 높이거나 아예 폐지할 것을 요구해 왔다.
• Under the current commerce laws, the country`s top 30 industrial groups are banned from investing in more than 25 percent of their assets in affiliates. (출처: The Korea Herald)
현행 상법에 의하면 한국의 상위 30대 그룹은 자산의 25퍼센트를 초과하는 계열사 출자가 금지되어 있다.
• Twelve business groups are expected to face stricter equity investment restrictions under amended fair trade regulations that go into effect in April. (출처: The Korea Herald)
12개 재벌 그룹이 4월 발효되는 공정거래법 개정안 하에서 출자총액 규제를 받게 될 전망이다.
• The FKI argued that cross-investment is inevitable when companies want to jointly push for a new business and when entering partnership with foreign companies. (출처: The Korea Herald)
전경련은 기업들이 신규 사업을 공동으로 추진하거나 외국계 기업과 제휴 관계를 맺기 위해선 상호 지분출자가 불가피하다고 주장했다.
• However, if the group agrees to the debt-for-equity conversion, it will recover all its investment within the next three years, Park asserted. (출처: The Korea Herald)
그러나 만일 LG그룹이 출자전환에 동의한다면 LG그룹은 향후 3년 이내에 투자 비용을 모두 회수하게 될 거라고 박 사장은 주장했다.
• At the same time, conglomerates get around the government-imposed limit placed on conglomerates in 2002 to limit reckless expansion at the large corporations, he added. (출처: The Korea Herald)
그와 동시에 재벌은 정부가 2002년에 대기업의 무분별한 확장을 제한하기 위한 만든 출자제한을 피해간다고 그는 덧붙였다.
• However, the government says the investment limit is necessary to prevent reckless expansion by chaebol and to keep a financial crisis at one subsidiary from spilling over to other affiliates. (출처: The Korea Herald)
하지만 정부는 출자한도는 재벌의 무분별한 확장을 방지하고 한 계열사의 재무위기가 다른 계열사로 확산되는 것을 방지하기 위해 필요하다는 입장이다.
• While most of their business-related election pledges concerning deregulation and support for small companies are similar, the parties take distinctive positions on some key industrial issues including whether to lift the ceiling on companies` equity investment in other businesses or to reduce corporate taxes. (출처: The Korea Herald)
규제철폐와 중소기업 지원 등 기업과 관련된 대부분의 공약이 비슷하지만 총액출자한도의 폐지 또는 법인세 감면 여부 등 업계의 중요한 문제에 대해서는 서로 차별된 입장을 취하고 있다.
• But we still believe there`s room for LG Group to reconsider the debt-for-equity proposal, as it should be a better choice than anything else. (출처: The Korea Herald)
“그러나 우리는 LG그룹이 최선의 옵션인 출자전환 제의를 재고할 여지가 있다고 여전히 믿고 있다.”
• But the FTC said this week that the total number of both state-run and privately owned companies that fall under the investment restriction rules could drop, as many companies may meet the new graduation standard. (출처: The Korea Herald)
그러나 이번 주 공정위는 다수의 기업들이 새로운 “졸업” 기준을 충족시키므로 출자총액제한 공기업과 민간기업의 수가 감소할 수 있다고 말했다.
• The government and the ruling Uri Party yesterday agreed to raise the asset threshold for companies subject to the investment ceiling to 6 trillion won from the current 5 trillion won. (출처: The Korea Herald)
정부와 여당인 우리당은 어제 기업이 출자한도의 적용을 받게 되는 자산 기준을 현행 5조원에서 6조원으로 높이기로 합의했다.
• It says such a rule is necessary for now to keep the chaebol from over-expanding their businesses into non-core operations, as they did before the 1997-98 financial crisis. (출처: The Korea Herald)
공정위는 지난 아시아 외환 위기 이전에 그랬던 것처럼 재벌의 문어발식 확장을 막기 위해 출자총액제한 제도가 당분간 필요하다고 주장하고 있다.
• The FKI said the findings were merely the tip of the iceberg, given that companies are reluctant to make their cases public and that some companies simply did not draw up any investment plans at all since the regulation`s reintroduction three years ago. (출처: The Korea Herald)
전경련은 기업들이 회사 사정을 일반에 공개하기를 꺼리고 일부 기업들의 경우 3년전 출자총액제한제도가 재도입된 이래로 모든 투자 계획을 취소한 점을 감안할 때 이전 조사 결과는 단지 빙산의 일각에 불과하다고 말했다.
• In response to pleas from the business community, the government and ruling Uri Party agreed last month to raise the asset threshold for companies subject to the investment ceiling to 6 trillion won. (출처: The Korea Herald)
재계의 요청에 대해 정부와 여당인 우리당은 지난 달에 출자한도에 저촉되는 기업의 자산기준을 6조원으로 올렸다.
• The ruling party`s proposed revision of the antitrust law aimed at restricting investments by big business groups ran into protests from the main opposition Grand National Party and business circles. (출처: The Korea Herald)
대기업의 출자총액제한제도를 담고 있는 열린우리당의 공정거래법 개정안은 야당인 한나라당과 재계의 반대에 부딪혔다.
• Samsung, Lotte and Korea Electric Power Corp. will be relieved from investment restrictions until 2007 as the government has softened a law that limits conglomerate investment in affiliates or other companies. (출처: The Korea Herald)
정부가 재벌의 계열사나 기타 기업에 대한 투자를 제한하는 법을 완화함으로써 삼성과 롯데 그리고 한국전력이 2007년까지 출자제한을 받지 않게 되었다.
• The number of these groups` affiliates dropped to 312 from 373 altogether during July after Samsung Group was excluded from the equity ceilings last month. (출처: The Korea Herald)
이들 그룹에 속한 계열사의 수는 지난 달에 삼성그룹이 출자한도 규제에서 제외된 후 7월 중에 모두 373개사에서 312개사로 감소했다.
• About 10 business groups, including LG and Hanjin, are expected to be relieved from restrictions that bar conglomerate subsidiaries from investing in affiliates or other companies when a new set of standards take effect in April. (출처: The Korea Herald)
공정거래법 시행령 개정안이 4월 발효되면 LG, 한진 등 10개 기업집단이 출자총액제한 대상에서 벗어나게 될 전망이다.
• The commission, however, has rejected the corporate demand, maintaining that the regulation is necessary to prevent a further concentration of economic power in big conglomerates. (출처: The Korea Herald)
그러나 공정위는 출자총액제한제도가 거대기업의 경제력 집중현상을 막기 위해 필요하다며 재계의 요구를 거부해 왔다.
• The business community has been strongly lobbying for the law`s repeal, blaming it as a major cause of lackluster corporate investment in recent years. (출처: The Korea Herald)
국내 재계는 출자총액제한제도가 최근 몇 년간의 기업 투자 침체의 주된 원인이라며 이 제도의 폐지를 위해 적극적인 로비를 벌여 왔다.
• Meanwhile, the conglomerates are urging the government to abolish the restrictions on their total shareholding of other companies. (출처: The Korea Herald)
한편 대기업들은 타기업에 대한 출자총액제한 제도를 폐지해 줄 것을 정부에 촉구하고 있다.
• At present, 18 business groups with total assets exceeding 5 trillion won may not buy stakes in their affiliates or third-party companies in excess of 25 percent of their net combined assets. (출처: The Korea Herald)
현재 출자총액제한제도 하에서 자산총액 5조원 이상의 18개 재벌 소속 계열사들은 자기 회사 순자산의 25%를 초과해 다른 회사 주식을 취득할 수 없다.
• Subsidiaries of conglomerates with assets of 5 trillion won ($2.85 billion) or more are barred from making equity investments in affiliates or unrelated companies in excess of 25 percent of their net worth. (출처: The Korea Herald)
자산규모 5조원 이상 기업집단 소속 회사는 순자산의 25%를 초과해 다른 회사 주식을 취득 또는 소유할 수 없도록 한 현행 출자총액제한 규제를 받게 된다.
• The Fair Trade Commission, however, said yesterday that it would exclude from the investment restriction business groups that exercise good corporate governance, such as cumulative voting, or where cross-shareholdings do not involve more than three affiliates. (출처: The Korea Herald)
그러나 공정거래위원회는 계열사간 3단계 이상 순환출자가 없고 집중투표제 도입 등을 통해 내부견제 시스템을 잘 갖췄다고 인정된 경우는 출자총액제한제도 적용대상에서 제외해 주기로 했다고 말했다.
• The FTC is set on keeping the status quo on subjecting companies with assets of 5 trillion won to the investment rule but Kang hinted that raising the limit could be discussed with the business community in coming months. (출처: The Korea Herald)
공정위는 출자총액제한 자산기준을 현행대로 5조원으로 유지할 방안이지만 강 위원장은 향후 몇 개월 내에 재계와의 논의를 통해 한도를 높일 수 있음을 시사했다.
• Last Thursday, the ruling Uri Party railroaded the fair trade bill, which calls for keeping the current ceiling on large conglomerates` equity investment and further restricting voting rights of chaebol-controlled financial companies. (출처: The Korea Herald)
지난 목요일에 여당인 우리당은 재벌의 현행 출자한도를 유지하고 재벌이 지배하는 금융회사에 대한 의결권을 더욱 제한하는 공정거래법을 통과시켰다.
• Entrepreneurs contest that the rule hinders their investment activity, exposing them to hostile takeover bids by foreign hedge funds. (출처: The Korea Herald)
재계는 출자총액제한제도가 기업의 투자 활동을 저해하여 외국 헤지펀드의 적대적 합병 위험에 노출시키고 있다고 주장하고 있다.
• The problem began when Finance Minister Lee Hun-jai last month said he would relax the Far Trade Commission`s regulation that prohibits large business groups from holding excessive stakes in other companies. (출처: The Korea Herald)
이번 문제는 지난 주 이헌재 재경부 장관이 공정거래위원회의 대기업 출자총액제한 제도를 완화해야 한다고 말하면서 불거지기 시작했다.
• Conglomerates have long called for lifting of the ceiling saying it hampers corporate investment and deters hiring. (출처: The Korea Herald)
재벌들은 출자규제가 기업의 투자와 고용을 저해한다면서 한도를 올려줄 것을 오래 전부터 요구해 왔다.
• They also argue the regulation amounts to reverse discrimination against domestic companies versus foreign interests in Korea. (출처: The Korea Herald)
이들은 또 출자규제가 한국에 진출한 외국기업에 비해 국내 기업을 역차별하게 되었다고 주장한다.
• Kang said owners of the conglomerates hold an average 4 percent of subsidiary shares but exercise 40 percent voting rights through complicated cross-shareholding schemes. (출처: The Korea Herald)
강 위원장은 재벌의 오너가 평균 4퍼센트의 계열사 주식으로 복잡한 교차출자를 통해 의결권은 40퍼센트를 행사한다고 말했다.
• Some lawmakers claim that because conglomerates wield so much power through the complex investment schemes, the government should ban the practice altogether. (출처: The Korea Herald)
일부 국회의원들은 재벌이 복잡한 출자구조를 통해 엄청난 힘을 행사하므로 정부가 그런 관행을 일체 금지해야 한다고 주장하고 있다.
• Their initial request was for 875 billion won - the debt it holds minus 300 billion won in corporate bonds held by two LG holding companies that cannot be converted into equity under the fair trade law. (출처: The Korea Herald)
당초 요구액은 8,750억원으로 채권액에서 공정거래법에 의해 출자전환이 불가능한 엘지 2개 계열사가 소유하고 있는 회사채 3,000억원을 차감한 액수였다.
• This was supplanted by 41.71 percent control exercised by the owner`s family through a complicated arrangement of cross-shareholdings of affiliates. (출처: The Korea Herald)
이러한 지분 부족은 복잡한 계열사간 순환출자를 통해 재벌 일가가 행사하는 41.71%의 지분으로 보완되고 있다.
• But industry sources predict that while the Fair Trade Commission, the nation`s top antitrust agency, may be willing to release Samsung, the impending equity law revision will likely include the conglomerate as the government seeks to restructure major business groups. (출처: The Korea Herald)
하지만 업계 소식통들은 공정거래를 관리하는 국내 최상위 기관인 공정거래위원회는 삼성에 대한 계열사 출자제한을 면제하려는 반면에 곧 있을 것으로 보이는 지분법의 개정법안은 주요 재벌에 대한 정부의 구조조정 의사를 반영해 삼성을 포함할 것으로 보인다.
• The conglomerates are strongly protesting the reform drive, fearing the restrictions will hinder investment and expose their subsidiaries to foreign takeovers. (출처: The Korea Herald)
재벌들은 출자제한이 투자에 장애가 되고 계열사가 외국인 인수자에 노출되는 것을 꺼려 개혁 시도에 강력 반대하고 있다.
• The government has used the significant cash holdings of Korea`s big businesses as an argument against the latter`s claim that they are holding back investment due to the equity investment restrictions. (출처: The Korea Herald)
정부는 출자총액제한제도로 인해 투자를 유보하고 있다는 재계의 주장에 대해 국내 대기업들이 보유하고 있는 거액의 현금을 반론으로 사용해왔다.
• If those involved are found guilty, it could open the way for investigation into the chairman`s only son Jay-yong`s stake in the group which he holds through a web of cross-affiliate shareholding. (출처: The Korea Herald)
관련자들이 유죄로 밝혀진다면 이 회장의 독자인 재용씨가 거미줄같은 계열사 교차출자를 통해 보유하고 있는 그룹 주식을 조사할 길이 열릴 수 있다.
• The U.S. consortium plans to attract the bulk of financing with the local construction firms pitching in. (출처: The Korea Herald)
PH PORT 컨소시엄은 사업비 조달을 위해 국내 참여회사들의 자본출자를 유치할 계획이다.
• The nation`s No. 2 conglomerate on Monday rejected the creditors` offer of swapping more than half of 1.175 trillion won in LG Card debt it holds for equity. (출처: The Korea Herald)
한국 2위의 재벌은 월요일에 엘지카드에 대해 보유하고 있는 1조 1750억원의 채권을 출자로 전환하라는 채권단의 제안을 거부했다.
• They urged the commission to immediately scrap its limits on chaebol equity investments. (출처: The Korea Herald)
한나라당 의원들은 공정위가 출자총액제한제도를 즉시 폐기할 것을 촉구했다.
• The fair trade watchdog said in a statement that it accepted Samsung`s request for the exclusion because it met a requirement for de-listing. (출처: The Korea Herald)
공정위는 성명에서 삼성이 출자총액제한 기업집단 해제 요건을 충족시켰기 때문에 삼성측의 요청을 수용했다고 밝혔다.
• We are focusing the investigations on the management of corporations and companies engaged in the Haengdam development project. (출처: The Korea Herald)
감사원측은 보도자료를 통해 현재 재무감사 뿐아니라 행담도 개발과 관련한 도로공사의 출자회사 관리에 대한 사항을 조사하고 있다.
• Under the regulation, chaebol affiliates with total assets exceeding 5 trillion won are not allowed to invest more than 25 percent of their net worth in sister or nonaffiliated companies. (출처: The Korea Herald)
출자총액제한제도 자산 5조원 이상 대기업 집단이 순자산의 25%를 넘어 다른 국내 회사 등에 출자하는 것을 제한하고 있다.
• The exception, which allows Samsung to maintian its current ownership structure based on a complex cross shareholding scheme, has been a source of major dispute. (출처: The Korea Herald)
삼성으로 하여금 복잡한 상호출자방식에 의거해 현재의 소유 구조를 유지할 수 있도록 한 이 예외 조항은 논란의 쟁점이 되어 왔다.
• The proposed bill comprises several measures to increase corporate transparency, such as reducing voting rights of conglomerates in their financial affiliates, maintaining restrictions on conglomerates` equity holdings in other companies and returning to the nation`s anti-trust watchdog the authority to trace companies` bank accounts. (출처: The Korea Herald)
이번 개정안에는 금융보험사 의결권 제한, 재벌에 대한 출자총액제한 유지, 공정거래위원회의 계좌추적권 부활 등과 같은 기업 투명성을 높이는 여러 방안이 포함되어 있다.
• The Uri Party is set to railroad a set of strengthened trade regulations, including the investment ceiling, through parliament on Nov. 12. (출처: The Korea Herald)
우리당은 11월 12일 이번 정기국회 회기 내에 출자총액제한제도를 포함해 보다 강화된 공정거래법 개정안을 통과시킬 예정이다.
• The IMF document comes amid growing conflicts between ministries over relaxing the Fair Trade Commission regulations that prohibit large business groups from holding large stakes in affiliate companies. (출처: The Korea Herald)
이번 IMF 문서는 대기업의 계열사 출자한도를 규제하고 있는 공정거래법의 완화를 둘러싸고 정부부처간에 갈등이 증폭되고 있는 가운데 나온 것이다.
• But the LG Group is reportedly against carrying out such a large debt-equity swap. (출처: The Korea Herald)
그러나 보도에 따르면 LG 그룹은 그러한 대규모 출자전환에 반대하고 있다고 한다.
• The Fair Trade Commission yesterday excluded Samsung Group from its list of large conglomerates, or chaebol, subject to a ceiling on equity holdings. (출처: The Korea Herald)
공정거래위원회는 어제 삼성그룹을 출자총액제한 기업집단에서 제외했다.
• Companies can be removed from the list if they improve corporate transparency and accountability. (출처: The Korea Herald)
책임 경영을 실천하고 지배 투명성이 개선되어진 기업은 출자총액제한 대상에서 제외될 수 있다.
• Chaebol`s claim that it is against the market economy to control firms` equity investment does not hold water, Jun said. (출처: The Korea Herald)
“출자총액제한제도가 시장경제 원리에 위배된다는 재벌의 주장은 이치에 맞지 않는다”고 전 의원은 말했다.
• On Monday, LG Group rejected creditors` demand to swap as much as 770 billion won of LG Card debt for equity as part of a 1.2 trillion won rescue package - one of three proposed options along with a cash buyout and liquidation of the card firm. (출처: The Korea Herald)
월요일 LG그룹은 LG카드의 채권 현금 매입과 청산과 더불어 3가지 옵션 중 하나로서 1조2천억원에 달하는 구제안의 일부로 LG카드의 부채 7,700억원을 출자전환해 달라는 채권단의 요구를 거부했다.
• But the trade commission strongly opposes softening the shareholding limits on chaebol. (출처: The Korea Herald)
그러나 공정거래위원회는 재벌에 대한 출자한도의 완화에 강력하게 반대하고 있다.
• Analysts say the tug-of-war between the ministries over the ceiling on shareholdings will continue until the government makes its decision on whether it should focus more on encouraging corporate investment or prevent chaebol over-expansion. (출처: The Korea Herald)
기업투자 장려나 재벌의 문어발식 확장 방지 중 어느쪽에 무게를 둘 것인지에 관해 정부가 결정할 때까지 출자총액제한 제도를 둘러싼 부처간 줄다리기가 지속될 거라고 경제분석가들은 말한다.
• The pro-government Uri Party says that the ceiling on shareholdings should be left intact because the internal and external management monitoring systems are not working properly yet. (출처: The Korea Herald)
여당인 우리당은 출자한도는 내부 및 외부의 경영감시 시스템이 아직 제대로 구실을 하지 못 하고 있기 때문에 그대로 유지되어야 한다고 주장하고 있다.
• Recently, it took a conciliatory gesture and agreed to raise the asset criterion to 6 trillion won. (출처: The Korea Herald)
최근 공정위는 출자총액제한제도 적용 기업집단 자산기준을 현행 5조원에서 6조원으로 상향하며 화해의 제스처를 보냈다.
• Kang also criticized chaebol owners for their unyielding control over their business empires through a complicated system of cross-shareholdings in the vast network of affiliates. (출처: The Korea Herald)
강 의원장은 또 재벌 총수들이 수많은 계열사간에 복잡한 교차출자를 통해 자신들의 기업제국을 물 샐 틈 없이 지배하고 있다고 비난했다.
• Also, the amended law would maintain a regulation that limits chaebol equity investments in affiliates and other companies. (출처: The Korea Herald)
그리고 개정법은 재벌의 계열사나 기타 회사에 대한 출자를 제한하는 규정을 계속해서 유지할 예정이다.
• Taking into account changes in the economic scale over the past two-three years while not hampering the basic principle of the investment ceiling system, we decided to raise the asset threshold by 1 trillion won, Uri Party policy coordinator Lee Kye-Ahn said at a news briefing. (출처: The Korea Herald)
“지난 2~3년 동안 경제규모가 변했다는 점을 감안하고 출자제한제도의 기본적인 원칙을 깨뜨리지 않은 범위 내에서 자산기준을 1조원 더 늘리기로 했다”고 이계안 우리당 제3정조위원장이 기자 설명회에서 말했다.
• Lee Seog-yeon, a lawyer who led a petition against the government`s plan to relocate the capital out of Seoul last year, said yesterday that government-imposed limits on chaebol investment in affiliates and other companies are unconstitutional. (출처: The Korea Herald)
지난 해 정부가 수도를 서울에서 이전하려는 계획에 반대해 헌법소원에 앞장섰던 이석연 변호사는 어제 재벌의 계열사나 기타 회사에 대한 출자를 제한하는 정부의 조치는 위헌이라고 말했다.
• We all know that the FKI`s strong attack against the powerful commission, often called the prosecution in the economic sphere, came against the backdrop of the long confrontation over the much-disputed ceiling on equity holdings of chaebol groups with assets exceeding 5 trillion won. (출처: The Korea Herald)
우리는 경제 검찰로 불리는 공정위에 대한 전경련의 공격이 재벌의 출자총액제한제도를 둘러싼 오랜 대립을 배경으로 나온 것이라는 걸 모두가 알고 있다.
• According to the antitrust watchdog, CJ Group is to be added to the list as its net assets totaled 4.9 trillion won before it made aggressive investments last year. (출처: The Korea Herald)
공정위는 CJ그룹이 지난해 공격적인 투자에 나서기 전 순자산 규모가 4조9천억원이었기 때문에 출자총액제한 대상에 추가될 전망이라고 말했다.
• To put an end to the so-called Korea discount, the IMF suggested facilitating the settting up of holding companies that have no cross-shareholdings. (출처: The Korea Herald)
IMF는 소위 “코리아 디스카운트”에서 벗어나기 위해서는 상호출자가 없는 지주회사의 설립을 촉진해야 한다고 주장했다.
• Restrictions on conglomerates` equity holdings in their affiliates or third-party companies will be maintained, the party leaders said. (출처: The Korea Herald)
재벌의 계열사나 제3자 기업에 대한 출자한도 제한도 지속될 것이라고 우리당 지도부는 말했다.
• Talks to sell a stake in Samsung Life Insurance Co. to U.S. equity fund Newbridge Capital or Warburg Pincus were believed to have been called off yesterday, according to industry sources. (출처: The Korea Herald)
업계 소식통에 의하면 삼성생명 지분을 미국의 출자펀드인 뉴브리지 캐피털이나 워버그 핀커스에 매각하기 위한 협상은 어제 취소된 것으로 생각된다.
• Through mutual investments between subsidiaries, the founding families of conglomerates have obtained access to managerial control, which is good for neither share value nor corporate governance, said Chung Jae-gyu, a researcher at the Corporate Governance Service Center. (출처: The Korea Herald)
“자회사간 상호출자를 통해 창업주 일가는 경영권을 장악하는데 이는 주가에도 기업지배구조에도 이롭지 못 하다”고 정재규 한국기업지배구조개선지원센터 연구원이 말했다.
• The MDP also believes that the equity investment ceiling is still necessary to curb chaebol`s overexpansion and to keep one company`s troubles from spreading to other affiliates. (출처: The Korea Herald)
민주당도 재벌의 과다한 확장을 규제하고 한 개 계열사가 부실화되면 다른 계열사에게로 옮겨가는 것을 방지하기 위해서는 출자한도가 계속해서 필요하다는 생각이다.
• Samsung Everland Inc., the country`s largest amusement park, will no longer be subjected to financial holding company rules after the government has applied new accounting methods to reevaluate some company holdings. (출처: The Korea Herald)
국내 최대의 놀이동산인 삼성에버랜드는 정부가 일부 기업출자를 재평가함에 있어 새로운 회계방식을 적용함에 따라 더 이상 금융지주회사법에 적용을 받지 않게 됐다.
• The FTC prohibits the 51 biggest groups with assets exceeding 2 trillion won from making mutual investments among their affiliates as well as providing debt guarantees for these affiliates. (출처: The Korea Herald)
공정위는 총자산이 2조원이 넘는 이들 51개 기업집단에 대해 계열사간 채무 보증은 물론 상호출자를 금지하고 있다.
• As in the past, the People`s Solidarity for Participatory Democracy, Korea`s most outspoken civic group advocating minority shareholder rights, is expected to raise criticism on several fronts, including the company`s expected participation in a capital injection for ailing card affiliate Samsung Card Co. (출처: The Korea Herald)
과거의 경우와 마찬가지로 한국에서 소수주주의 권리 옹호에 가장 목소리를 높이는 참여연대가 부실한 삼성카드에 대한 출자 참여 등 여러 가지 점에서 비난하고 나설 것으로 보여진다.
• Possible benefits will include payment rescheduling, debt-for-equity swaps and fresh loans. (출처: The Korea Herald)
상환기간 재조정, 부채의 출자전환 그리고 신규대출 등의 혜택이 주어질 것으로 보인다.
• The Samsung Group is under a barrage of angry criticism over various issues - including repayment of Samsung Motor`s debts, Lee`s group ownership transfer to his son, and the group`s complex cross-shareholding. (출처: The Korea Herald)
삼성 그룹은 삼성자동차의 부채 상환, 이 회장의 편법 증여 사건, 그룹의 복잡한 순환출자구조 등을 포함하여 여러가지 문제로 비난의 집중 포화를 받고 있다.
• The deal effectively made the junior Lee the largest shareholder of Everland, which acts as the group`s de facto holding company through cross-affiliate holdings. (출처: The Korea Herald)
전환사채 거래를 통해 이재용 씨는 순환출자 구조를 통해 삼성 그룹의 명실상부한 지주회사인 에버랜드의 최대주주가 되었다.
• We`ve proposed the cash buyout option for LG Group to completely withdraw if they really cannot join the debt-for-equity scheme. (출처: The Korea Herald)
“정말 출자전환에 참여할 수 없다면 엘지그룹이 완전히 손을 뗄 수 있도록 현금매수 옵션을 제안했다.
• LG Group affiliates hold 1.18 trillion won in bonds issued by LG Card, while KDB wants them to swap 875 billion won for equity. (출처: The Korea Herald)
LG 그룹 계열사들은 LG카드가 발행한 채권 1조1,800억원어치를 보유하고 있고 산업은행은 8,750억원의 부채를 출자전환하기를 바라고 있다.
• A main part of the ruling Uri Party`s corporate reform drive, the fair trade regulation readopted in 2001 calls for maintaining cross-investment limits on the country`s chaebol. (출처: The Korea Herald)
지배 여당인 열린우리당은 주요 기업개혁 방안의 하나로 2001년 재채택된 공정거래법 하에서 재벌 계열사간 상호 지분출자 한도의 지속적인 유지를 요구하고 있다.
• The FTC, however, strongly opposes softening the shareholding limit on the chaebol. (출처: The Korea Herald)
그러나 공정위는 재벌에 대한 출자총액제한 완화 방침에 거세게 반대하고 있다.
• Korean conglomerates, notably Samsung, have been criticized for maintaining the owner family`s dominance through murky dealings and cross-ownership between affiliates. (출처: The Korea Herald)
삼성을 비롯한 국내 대기업들은 은밀한 거래와 계열사간 순환출자방식을 통해서 총수 일가의 지배권을 유지하고 있다는 비난을 받아 왔다.
• Calling the rule too strict, chaebol are clamoring for the asset threshold to be raised. (출처: The Korea Herald)
출자총액제한제도가 너무 엄격하다며 국내 재벌들은 자산기준 한도를 높여줄 것을 요구해 왔다.
• But two affiliates - LG Chem Ltd. and LG Electronics Inc., which hold a combined 250 billion won in LG Card bonds - vowed last week not to join the debt-for-equity scheme. (출처: The Korea Herald)
그러나 모두 합쳐 LG카드의 회사채 2,500억원을 보유하고 있는 LG그룹 내 두 계열사인 LG화학과 LG전자는 지난 주 출자전환 계획에 참여할 의사가 없음을 천명했다.
• Nigerian Ambassador Abba Tijjani and his wife, Maimuna Tijjani, cut the ribbon May 31 to celebrate the delivery of the 11th vessel, the SS LNG Adamawa, to the Bonny Gas Transport Limited (a wholly owned shipping subsidiary of the Nigeria Liquefied Natural (LNG) Gas Company Limited) at the Hyundai Shipyard in Ulsan.. (출처: The Korea Herald)
아바 티자니 나이지리아 대사와 그 부인인 마이무나 티자니 여사가 5월 31일 울산 현대조선소에서 보니 가스 트랜스포트 리미티드(나이지리아 액화천연가스(LNG) 회사의 전액출자 선박회사)에게 인도되는 11번째 선박인 SS LNG 아다마와호의 인도식에 참석해 리본을 잘랐다.
• Other than LG and Hanjin, POSCO, Hyundai Heavy Industries Co., Shinsegae, LG Cable and four state-funded companies are expected to benefit. (출처: The Korea Herald)
LG와 한진 이외에도 포스코, 현대중공업, 신세계, LG전선 그리고 공개업 4개가 출자총액제한제도 적용대상에서 제외될 것으로 보인다.
• Eight groups - SK, Hanwha, Kumho Asiana, Doosan, Dongbu, Hyundai Group, Hyundai Motor and KT Corp. - are expected to be subject to the revised investment ceiling from April. (출처: The Korea Herald)
SK, 한화, 금호아시아나, 두산, 동부, 현대그룹, 현대자동차 KT 등 8개 그룹이 4월부터 개정 출자한도에 적용될 것으로 보인다.
• On the other hand, eight groups - SK, Hanwha, Kumho Asiana, Doosan, Dongbu, Hyundai Group, Hyundai Motor Co. and KT Corp. - will remain on the list. (출처: The Korea Herald)
반면에 SK, 한화, 금호아시아나, 두산, 동부, 현대그룹, 현대자동차, KT 등 8개 그룹은 계속해서 출자제한을 받게 된다.
• This business is financed by Mr. Park. (출처: 동아 프라임 한영사전)
이 사업은 박 씨가 출자한 사업이다
• Korean companies have almost no way of protecting against hostile takeovers at the present except through such means as share buyback. (출처: The Korea Herald)
“주식환매 등의 방법 외에는 한국 기업들이 적대적 인수로부터 방어할 방법이 거의 없다.
• The regulator also said Leading Investment would have to dispose nearly all of its liquid assets of the merged company to cover merger costs, including share purchases, restructuring expenses and share buybacks. (출처: The Korea Herald)
금감위는 또 리딩투자가 주식 인수, 구조조정 비용, 주식환매 등 합병비용을 충당하기 위해서는 합병회사의 유동자산 거의 모두를 처분해야 할 것이라고 말했다.
• Real estate speculation in Chungcheong provinces had increased particularly since the beginning of this year, with resales rising and buyers lining up for houses under construction. (출처: The Korea Herald)
충청도의 부동산투기는 특히 올해 초부터 환매가 늘어나고 건설중인 주택 청약에 구매자들이 줄을 서면서 증가했다.
• Industry watchers attributed the plunge to the accounting fraud at SK Global, now renamed SK Networks, and liquidity problems at LG Card. (출처: The Korea Herald)
업계 관계자에 따르면 투신권 자금은 지난해 SK글로벌 분식 회계 파문으로 인한 환매 사태를 계기로 급격히 이탈하기 시작한 뒤 다시 LG카드 유동성 위기 등으로 이탈이 지속되고 있다.
World markets ease into 2009 with solid gains


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Jan 2, 9:14 AM (ET)

By PAN PYLAS


(AP) Jun Kwang-woo, chairman of the Financial Services Commission, center, and representatives from...
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LONDON (AP) - World stock markets kicked off the new trading year on a fairly upbeat tone Friday as European and Asian indexes rose, though trading volumes remained light with many traders not back at their desks until next week.
The FTSE 100 index of leading British shares was up 49.29 points, or 1.1 percent, at 4,483.46, while Germany's DAX was 79.53, or 1.7 percent, higher at 4,889.73. France's CAC-40 rose 60.69 points, or 1.9 percent, to 3,278.66.
Earlier, Hong Kong's Hang Seng Index led what Asian markets were open higher, vaulting 655.33 points, or 4.6 percent, to 15,042.81. More than half of Asian's markets, including Japan's Nikkei, remained closed.
The relatively perky tone was expected to run through into the U.S. markets at least until the opening bell. Futures markets were predicting that the Dow Jones industrial average futures would open 45 points, or 0.5 percent, higher at 8,772, while Standard & Poor's 500 index futures rose 4 points, or 0.44 percent, to 904.10.


(AP) Staffs of the Korea Stock Exchange Market celebrate during the opening ceremony for the Year 2009...
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Much of the trading activity on Wall Street may hinge on the release of the first major piece of economic news of the year.
The Institute for Supply Management releases its December manufacturing report at 10 a.m. EST (1500 GMT). The markets were expecting the main activity index, compiled from a survey of corporate purchasing managers, to fall to a 26-year low of 35.5 in December from 36.2 in November. Any reading above 50 signals growth, while a reading below 50 indicates contraction.
After one of the worst years ever for global equities, many expect volatility to remain the name of the game for some time to come, especially as the first part of the new year will likely be dominated by mounting economic gloom and massive job losses.
Stock markets have historically started to recover around 6 months to 9 months before the economic activity data turns for the better.
Many stock market observers think the markets should be pushing higher, rather than falling or trading largely flat, possibly by the middle of the year.


(AP) An investor looks at the share index at Kenanga Investment Bank in Kuala Lumpur, Malaysia, Friday,...
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"Markets will eventually respond to a view that the bottom will soon be reached in global asset value decline and that by the second half of the year global credit market activity should have begun to improve," said Howard Wheeldon, senior strategist at BGC Partners in London.
What data there was Friday clearly showed that a global economic recovery remains a long way off.
In Asia, Singapore said Friday its economy shrank by an annualized rate of 12.5 percent in the fourth quarter of 2008, while China's manufacturing sector, which accounts for 43 percent of the economy, contracted for a fifth straight month in December. Meanwhile South Korea, Asia's fourth-largest economy, suffered a trade deficit for 2008 - its first in a decade.
And in Europe, manufacturing activity contracted for the seventh month running in December for the countries using the euro, falling at its sharpest rate for at least 11 years, according to the monthly purchasing managers index for the euro-zone.
And in Britain, house prices fell in 2008 at their fastest rate for at least 25 years, the country's biggest mortgage lender HBOS said. Elsewhere, the Chartered Institute of Purchasing and Supply reported that Britain's manufacturing sector, which accounts for around 15 percent of the total economy, suffered its second worst month since 1992 in December.
"It is unfortunate that today's headlines serve as a depressing reminder of the synchronous downturn under way in the global economy," said Neil Mellor, an analyst at Bank of New York Mellon.
Elsewhere in Asia, South Korea's Kospi added 2.9 percent to 1,157.40, Singapore's benchmark rose 3.9 percent, and Mumbai's Sensex traded 0.6 percent higher. Australia was modestly lower.
Markets in Japan, mainland China, Taiwan, Indonesia, the Philippines, Thailand and New Zealand were closed.
Oil prices eased further, with light, sweet crude for February delivery down $2.18 at $42.42. The contract rocketed on New Year's Eve to settle $5.57 higher at $44.60.
Meanwhile, the dollar strengthened 0.6 percent to 91.29 yen while the euro was 0.8 percent lower at $1.3876.
---
AP Business Writer Jeremiah Marquez in Hong Kong contributed to this report.

영문 재무제표 용어 - Financial statements
October 17, 2008 • No Comments
영문 재무제표용어
(Financial Statements)
1. 대차대조표 : Balance Sheet, Statement of financial position
가. 자산 : assets
1) 유동자산 : current assets
당좌자산 : Quick assets
현금과 예금 : Cash and Bank Deposit
유가증권 : marketbale securities
매출채권 : Trade Receivables
단기대여금 : short-term Loans
이연법인세차 : deferred Income tax debits
재고자산 : Inventories
상품 : merchandise
제품 : finished Goods
반제품 : semi-finished Goods
재공품 : Work in-process
원재료 : Raw material
저장품 : supplies
기타재고자산
2) 고정자산 : fixed Assets
투자자산 : investments
장기성예금 : long-term Bank deposit
특정현금과 예금 : Restricted cash and bank deposit
투자유가증권 : investment securities
장기성 매출채권 : long-term trade receivables
투자 부동산 : investment properties
보증금 : guarantee Deposit
유형자산 : tangible assets
토지 : land
건물 : buildings
구축물 : structures
기계장치 : machinery and Equipment
선박 : ships
차량운반구 : vehicles and transportation equipment
건설중인 자산 : construction in-progress
기타의 유형자산
무형자산 : intangible assets
영업권 : Goodwill
공업소유권 : intellectual proprietary rights
Mining Rights
어업권 : fishing rights
차지권 : land use rights
기타의 무형자산
이연자산 : deferred Charges
창업비 : Organization Cost
개업비 : pre-operating costs
신주발행비 : new stock Issuance costs
사채발행비 : debenture Issuance costs
연구개발비 : Research and Development costs
3) 비유동자산 : non-current aassets
나. 부채 : liabilities
1) 유동부채 : current liabilities (short-term liabilities)
매입채무 : Trade payables
단기차입금 : Short-term Borrowings < > short-term loans
미지급금 :
선수금
예수금
미지급비용
미지급법인세 : Income Taxes payable
미지급배당금 : dividends payable
유동성장기부채 : current portion of long-term debts
선수수익 :
부채성충당금 : liability provisions
이연법인세대 : deferred income tax credits
기타의 유동부채
2) 고정부채 : long-term liabilities
사채 : Deventures
장기차입금 : Long-term Borrowings
장기성 매입채무 : long-term trade payable
부채성충당금 : liability provisions
기타의 고정부채
다. 자본 : capital (stock holder’s equity)
1) 자본금 : capital stock
2) 자본잉여금 : capital surplus
주식발행 초과금 : Paid-in capital in excess of par value
감자차익 : gain on capital reduction
합병차익 : gain on business combination
기타자본잉여금
3) 이익잉여금 : related earnings
이익준비금 : legal reserve
기타 법정적립금 :
임의 적립금
차기이월 이익잉여금 : unappropriated retained earnings carried
over to subsequent year
차기이월 결손금 : (undisposed accumulated defict carried over to
subasequent year)
4) 자본조정 : capital adjustment
주식할인 발행차금 : discounts on stock issuance
배당 건설이자 : pre-operating dividends
자기주식 : treasury stock
전환권대가 : consideration for conversion rights
신주인수권대가 : consideration for stock warrants
미교부 주식배당금 : unissued stock dividends
투자주식평가이익 : gain on valuation of investment in equity
securities
해외사업환산대 : overseas operations translation credit
해외사업환산차 : overseas operation translation debit
2. 손익계산서 : Income statement, profit and loss statement
가. 수익 : revenues
영업이익 : operating revenue / 매출액 : sales
영업 외 수익 : non-operating revenue
이자수익 : interest income
배당금수익 : dividend income
임대료 : rental income
유가증권처분이익 : gin on disposition of marketabloe
securities
유가증권평가이익 : gain on valuation of marketable securities.
매입할인 : purchase discounts
외환차익 : gain on foreign currency transactions
외화환산이익 : gain on foreign currency transactions
투자자산처분이익 : gain on disposition of investments
유형자산처분이익 : gain on disposition of tangible assets
상각채권추심이익 ; gain on recovery of bad debts
사채상환이익 : gain on redemption of debentures
특별이익 : extraordinary gain
자산수증익 : gain from assets contributed
채무면제이익 : gain on exemption of debts
보험차익 : gain on insurance settlement
전기오류수정이익 : gain on prior period error corrction.
나. 비용 : expenses
매출원가 : cost of goods sold
판매비와 관리비 : selling and administrative expenses
급여 : salaries
퇴직급여 : retirement allowance
복리후생비 : other employee benefits
임차료 : rent
접대비 : entertainment
감가상각비 : depreciation
세금과 공과 : taxes and dues
광고선전비 : advertising
경상연구개발비 : ordinary research and development
대손상각비 : bad debt expense
영업외 비용 : non-operating expenses
이자비용 : interest expense
이연자산상각비 : amortization of deferred charges
기타의 대손상각비 : other bad debt expense
유가증권 처분손실 : loss on disposition of marketable
securities
유가증권평가손실 : loss on valuation of marketable securities.
재고자사평가손실 : loss on valuation of inventories
매출할인 : sales discounts
외환차손 : loss on foreign currency transactions
외화환산손실 : loss on foreign currency tranasaction
기부금 : donations
투자자산처분손실 : loss on disposition of investments
유형자산처분손실 : loss on disposition of tangible assets
사채상환손실 : loss on redemption of debentures
특별손실 : extraordinary losses
재해손실 : casualty losses
전기오류손실 : loss on prior period error correction
법인세비용 : income taxes
다. 순이익 : net income or net loss
3. 이익잉여금 처분 계산서 : Statement of retained earnings
4. 결손금 처리 계산서 : Statement of disposition of deficit
5. 현금 흐름표 : statement of cash flows
• We cut off the enemy´s supply of provisions. (출처: 동아 프라임 한영사전)
적의 양도를 끊었다
• In the speculation areas, capital gains taxes are calculated on the basis of actual prices of land and houses. (출처: The Korea Herald)
투기지역으로 지정되면 양도소득세가 토지나 주택의 실제 거래가를 기준으로 산정된다.
• It requires people with more than two houses to pay up to 60 percent in capital gains tax when selling these properties beginning next month, regardless of how long they have owned the property. (출처: The Korea Herald)
새 제도 하에서 주택을 두 채 이상 보유한 사람은 다음달부터 주택 보유 기간에 관계 없이 주택 양도 시 최고 60%의 양도세를 물어야 한다.
• To escape the capital gains tax, homeowners must possess only one home and have lived there for three years or more. (출처: The Korea Herald)
양도소득세를 피하기 위해선 주택 보유자들은 1가구만 보유해야 하고 3년이상 거주해야만 한다.
• In line with the government`s strong will to curb real estate speculation, the tax rate for capital gains for those who own three or more houses will sharply rise up to 60 percent, and the gift tax rate on real estate will also increase. (출처: The Korea Herald)
부동산 투기를 억제하기 위한 정부의 강한 의지의 일환으로 집을 3채 이상 보유한 자에 대한 양도소득세가 최대 60% 오르며 부동산 증여세도 높아진다.
• He cajoled me into signing over the property. (출처: BBI Word Combi)
그는 나를 구슬려 재산 양도 서류에 서명하게 했다.
• I'll keep my concession speech short. (출처: 웹검색 예문)
시의원 양도 연설은 짧게 하지
• This year, the ministry estimates 13 projects worth 6.2 trillion won will be carried out under the build-transfer-lease program. (출처: The Korea Herald)
올해 재경부는 건설-양도-임대 프로그램에 의해 6조 2000억원 규모의 13개 사업이 진행될 것으로 추정하고 있다.
• Copper is a good conductor of electricity. (출처: 동아 프라임 한영사전)
구리는 전기의 양도체다
• The fund, however, did not pay capital income taxes on the grounds that its affiliate is based in Belgium, with which Korea signed a treaty not to impose taxes on profits from stock sales. (출처: The Korea Herald)
그러나 론스타는 우리정부가 주식 양도차익에 세금을 부과하지 않기로 한 조약에 서명한 국가에 포함되는 벨기에에 자회사를 두고 있다는 이유로 추징 세액 납부를 거부했다.
• Small investors, with less than a one-percent stake or less than 300 million won worth of shares in venture companies, will no longer buy capital gains taxes. (출처: The Korea Herald)
벤처기업의 지분 1% 이하 또는 소유 주식 가격이 3억원 이하인 소액 투자자들은 양도소득세를 내지 않아도 된다.
• Lone Star raked in huge profits by purchasing a majority stake in Korea Exchange Bank in 2003 for $1.2 billion and selling an office building in Seoul to the Government of Singapore Investment Corp. for about 900 billion won ($860 million). (출처: The Korea Herald)
론스타는 2003년 외환은행의 지분을 12억달러에 인수하고 서울의 한 빌딩을 싱가포르 투자청에 9천억원 (8억6,000만달러)에 매각하는 과정에서 엄청난 양도차익을 거둬들였다.
• Our electronics division bought the shares at 19,000 won because of the law stipulating the shares transfer between closely-related companies needed to be made at the current market price, he added. (출처: The Korea Herald)
“우리 전자회사는 관련사간 주식양도는 시가로 해야 한다는 법규 때문에 19,000원에 매수했다”고 그는 덧붙였다.
• It said that the stock transfer was approved by the board and Samsung did not violate the law. (출처: The Korea Herald)
동사는 주식양도는 이사회 승인을 받았으므로 삼성은 법을 위반하지 않았다고 말했다.
• Finance Minister Lee Hun-jai said early last month that the government should delay the plan as people are having a difficult time selling their properties due to the sluggish real estate market. (출처: The Korea Herald)
이헌재 재정경제부 장관은 지난달 초 부동산 시장 침체로 인해 국민들이 부동산 양도에 어려움을 겪고 있으므로 정부가 중과세 계획을 연기해야 한다고 말했다.
• The idea of imposing capital gains taxes on minority shareholders is also raising concerns that the move may hurt some of the growth momentum in the bullish local bourse. (출처: The Korea Herald)
소액주주의 주식 양도차익에 대해 세금을 부과하는 방안은 자칫 주식시장 전반이 위축되는 부작용을 발생시킬 수 있다는 우려를 낳고 있다.
• South Korea will speed up the evacuation efforts as it predicts more instability in the post-war country ahead of the handover of sovereignty to Iraq on June 30, the officials said. (출처: The Korea Herald)
한국은 6월 30일로 예정된 이라크 주권 양도를 앞두고 이라크의 불안이 가중될 것으로 예상하고 철수 노력을 서두를 예정이라고 관리들은 말했다.
• The tougher measures include a higher capital gains tax, lower loan-to-value ratio for mortgages and the introduction of a policy forcing housing sales based on fair market prices. (출처: The Korea Herald)
보다 강력한 대책으로는 양도소득세 인상, 담보비율 인하, 시가에 기준한 주택 매매 정책 도입 등이 포함되어 있다.
• Oil from southern Iraq to Persian Gulf export terminals has doubled from a week ago. (출처: The Korea Herald)
남부 이라크에서 생산되어 페르시아만 수출항까지 온 석유의 양도 1주 전보다 두 배로 늘었다.
• Seoul district court will decide today on a case of stock deals between a Samsung Group affiliate and Chairman Lee Kun-hee`s heir in 1996, which provoked a controversy over illegal ownership transfer and evasion of inheritance taxes. (출처: The Korea Herald)
서울지방법원은 오늘 불법 소유권 양도와 상속세 회피로 인해 논란을 야기시켰던 1996년 삼성그룹 계열사와 이건희 회장 후계자간의 주식거래 사건을 심판한다.
• The construction order marks the beginning of the government`s blueprint to stimulate private sector investment via a build-transfer-lease system. (출처: The Korea Herald)
이 건설 주문은 정부가 “건축-양도-임대” 시스템(민간자본유치사업)을 통해 민간부문 투자를 증진한다는 청사진의 시작을 알리는 것이다.
• Also, two executives of the company, Her Tae-hak and Park Ro-bin, were accused of falsifying corporate documents in an apparent move to hide alleged illegal stock transfers. (출처: The Korea Herald)
그리고 동사 중역이었던 허태학과 박노빈도 불법 주식양도를 은닉하려는 목적에서 회사 서류를 변조한 혐의로 기소됐다.
• Due to retained earnings and the transfer of the KorAm Bank`s assets and liabilities, the bank`s tier-one capital ratio improved to 9.52 percent as of March from 6.63 percent at the end of 2003. (출처: The Korea Herald)
동행의 티어 1 자본비율은 한미은행의 이익잉여금과 자산과 부채 양도로 인해 2003년말의 6.63퍼센트에서 3월말에는 9.52퍼센트로 개선됐다.
• Hynix Semiconductor Inc. signed an agreement Saturday to sell its nonmemory operations to a venture capital arm of Citigroup Inc. the Korean memory-chip maker said. (출처: The Korea Herald)
하이닉스 반도체는 씨티그룹이 국내에 설립한 법인인 ‘시스템세미컨덕터’와 비메모리 사업부문 영업양도 계약을 토요일 체결했다고 밝혔다.
• Among the options are fiscal stimulus through a supplementary government budget, said Finance Minister Lee Hun-jai yesterday. (출처: The Korea Herald)
추가경정예산을 통한 재정부양도 여러가지 방법 중에 포함되어 있다고 이헌재 재경부 장관이 말했다.
• He handed over his business to his son. (출처: 동아 프라임 한영사전)
그는 사업을 아들에게 양도했다
• The current capital gains tax is 50 percent if a house is sold after less than one year of ownership, 40 percent if held between one and two years and 9 to 36 percent for two years and more. (출처: The Korea Herald)
현행 양도세는 주택을 보유한지 1년 이내에 양도하는 경우에는 50%, 1년에서 2년간 보유한 경우에는 40% 그리고 2년 이상 보유한 경우에 대해서는 9-36%의 양도세가 적용되고 있다.
• It requires people with more than two houses to pay up to 60 percent in capital gains tax when selling these properties beginning next month, regardless of how long they have owned the property. (출처: The Korea Herald)
새 제도 하에서 주택을 두 채 이상 보유한 사람은 다음달부터 주택 보유 기간에 관계 없이 주택 양도 시 최고 60%의 양도세를 물어야 한다.
• The government taxes property at its market price in the speculation zones, which means heavier tax burden. (출처: The Korea Herald)
투기지역으로 지정되면 양도세를 기준시가가 아닌 실거래가 기준으로 내야 하므로 세금부담이 늘어난다.
• It raised taxes on property and capital gains. (출처: The Korea Herald)
정부는 부동산세와 양도세를 인상했다.
• This would mean higher taxes, including taxes on capital gains. (출처: The Korea Herald)
이는 양도세 인상을 포함한 세율 인상을 의미한다.
• These differences over the new tax plan are making it difficult for multiple homeowners to decide whether to sell properties now to avoid the higher tax, critics said. (출처: The Korea Herald)
양도세 중과세 방안을 둘러싼 이러한 논란으로 인해 다주택 보유자들은 중과세를 피하기 위해 당장 주택을 매각해야 할지 여부를 놓고 갈팡질팡하게 만들었다고 비판론자들은 말했다.
• During a meeting of related ministers, participants agreed to introduce the heavier tax without delay despite opposition from some ruling party officials, the ministry said in a statement. (출처: The Korea Herald)
관계장관 회의에서 참가자들은 일부 열린우리당 의원들의 반대에도 불구하고 예정대로 양도세 중과세를 도입하기로 합의했다고 재경부는 성명을 통해 말했다.
• Particularly, we will tackle the increase in taxes like acquisition and registration and transfer taxes by readjusting our taxation standard to a realistic level, he said during a speech at a seminar. (출처: The Korea Herald)
“특히 과표를 현실화하여 취득세와 등록세 그리고 양도세의 인상을 억제하겠다”고 그는 한 세미나에서 말했다.
• The government has decided to impose a heavier tax burden on multiple homeowners starting next year as scheduled, the Ministry of Finance and Economy said yesterday. (출처: The Korea Herald)
정부는 다주택 보유자에 대한 양도세 중과세 시행 시기를 당초 예정대로 내년 1월부터 시행하기로 확정했다고 재정경제부는 어제 밝혔다.
• To prevent further controversy, the presidential office affirmed that there would be no delay in introducing a heavier tax burden on multiple homeowners. (출처: The Korea Herald)
추가 논란을 막기 위해 청와대는 다주택 보유자에 대한 양도세 중과세 도입을 예정대로 추진할 것라고 못박아 말했다.
• The tougher measures include an increase in the capital gains tax, lower loan-to-value ratio for home equity loans and the introduction of a policy forcing housing sales based on fair market prices. (출처: The Korea Herald)
강력한 대책으로는 양도세 인상, 주택담보대출의 대출비율 삭감, 시장가격에 의한 주택매매 정책 도입 등이 포함되어 있다.
• Realtors complain that supply has dried up due to the hefty capital gains taxes accompanying the anti-speculation measures. (출처: The Korea Herald)
부동산 중개업자들은 투기대책에 수반하는 높은 양도세로 인해 공급이 고갈되었다고 불평이다.
• The government, the ruling Uri Party and Cheong Wa Dae had been at odds over the higher tax plan for multiple homeowners, creating considerable confusion on the real estate market. (출처: The Korea Herald)
정부, 여당 그리고 청와대는 다주택 보유자에 대한 양도세 중과세 방안을 놓고 갈등을 빚으며 부동산 시장에 상당한 혼란을 야기시켰다.
• Our government made an appropriation for the project. (출처: BBI Word Combi)
정부가 그 계획에 자금을 충당했다.
• His appropriation of the money was illegal. (출처: BBI Word Combi)
그가 그 돈을 유용한 것은 위법이었다.
• make an appropriation of funds for highway building (출처: BBI Word Combi)
고속도로 건설을 위해 자금을 충당하다
• If we don`t do the budget (on Dec. 30), it will be the first time in the past 45 years that the parliament failed to approve the appropriation bill till the year is out. (출처: The Korea Herald)
“지난 45년 간 예산안이 해를 넘긴 적은 한 번도 없었다.
• The appropriation bill, drawing up a 221.4 trillion won budget for next year, looks set to get the final approval in today`s plenary session with support of the Uri and three minor parties. (출처: The Korea Herald)
221조4천억원 규모의 새해 예산안은 오늘 본회의에서 열린우리당을 비롯한 3개 소수 야당들의 지지로 통과될 전망이다.
• The building cost must not exceed eighty million won. or The maximum appropriation for building is eighty million won. (출처: 동아 프라임 한영사전)
건축비의 최대한도는 8천만 원이다
• The budget does not allow it. or It has no budgetary appropriation. (출처: 동아 프라임 한영사전)
예산이 없다
• The government needs to speed up the process of solving these problems, which mostly result from poor policy coordination among different government agencies and inappropriate budget appropriations for research and development projects. (출처: The Korea Herald)
정부는 대부분이 서로 다른 정부부처간의 정책조율 부실과 연구개발 사업에 대한 부적절한 예산 배정으로 인해 발생하는 이런 문제점들을 해결하기 위한 과정을 앞당겨야 할 것이다.
• Poor policy coordination among different government agencies and inappropriate budget appropriations for research and development projects are blamed for the diminishing competitiveness of the local science and technology industries in the global market. (출처: The Korea Herald)
부처간 정책조정 부실이나 부적절한 연구개발 예산 배정은 세계시장에서 국내 과학기술산업의 경쟁력이 저하되는 이유로 꼽히고 있다.
• Secretary of State Condoleezza Rice told a Senate appropriations committee that more attention must be paid to the worrisome rights record of a regime whose nuclear weapons program has dominated headlines. (출처: The Korea Herald)
콘돌리자 라이스 국무장관은 상원 세출위원회에서 핵무기 계획이 1면 헤드라인을 독차지하고 있는 체제의 걱정스런 권리에 더 많은 관심이 부어져야 한다고 말했다.
• The War on Poverty began with a $1 billion appropriation in 1964 and spent another $2 billion in the following two years. (출처: Wikipedia)
• It was the senate, they passed it in an amendment to the military appropriation bill, Around Christmas time. (출처: USENET)
• Water is not the only public good that has been subject to prior appropriation. (출처: Wikipedia)
• An appropriation bill is used to actually provide money to "discretionary" programs. (출처: Wikipedia)
• However, they differ from most federal organizations in that they receive no direct appropriation from Congress. (출처: Wikipedia)
• For example, under many constitutions particular rules apply to appropriation bills. (출처: Wikipedia)
• The Department employs over 900 persons and had an appropriation of $59.2 million from the state budget in fiscal 2004-05. (출처: Wikipedia)
• An appropriation by the state of Minnesota helps keep the tuition as low as possible. (출처: Wikipedia)
• Gates pressed for an appropriation of $2 billion for military assistance, most of which Congress provided. (출처: Wikipedia)
• Once the fiscal year ends, no more money can be spent via the prior year's appropriation. (출처: Wikipedia)
• Full Article
SEOUL, Sept 21 Asia Pulse - Kookmin Bank (KSE:060000), South Korea's largest lender, said Tuesday it will make investment in kind worth 26.53 billion won (US$23.11 million) in Dongbu Anam Semiconductor, the world's fourth-largest pure-play wafer foundry.

Kookmin Bank said, "We will transfer 6 million common stocks of Dongbu Electronics Co. to Dongbu Anam Semiconductor and buy 5.31 million of its common stocks as an investment."

The semiconductor producer, created after the Dongbu Group's takeover of troubled Anam Semiconductor in 2002, is expected to post its first operating profit in 2005.

(Yonhap) 21-09 1820
As Recession Deepens, So Does Milk Surplus
By ANDREW MARTIN
FOWLER, Calif. — The long economic boom, fueled by easy credit that allowed people to spend money they did not have, led to a huge oversupply of cars, houses and shopping malls, as recent months have made clear. Now, add one more item to the list: an oversupply of cows.
And it turns out that shutting down the milk supply is not as easy as closing an automobile assembly line.
As a breakneck expansion in the global dairy industry turns to bust, Roger Van Groningen must deal with the consequences. In a warehouse that his company runs here, 8 to 20 trucks pull up every day to unload milk powder. Bags of the stuff — surplus that nobody will buy, at least not at a price the dairy industry regards as acceptable — are unloaded and stacked into towering rows that nearly fill the warehouse.
Mr. Van Groningen’s company does not own the surplus milk powder, but merely stores it for the new owners: the taxpayers of the United States. To date, the government has agreed to buy about $91 million worth of milk powder.
“The thing is, they are going to produce it because they have to milk the cows,” Mr. Van Groningen said. “It’s like a river. It keeps coming.” In addition, dairy farmers are all too aware that, unlike industrial machinery, cows cannot be turned off and stored until economic conditions improve; they must be fed and cared for, at continuing expense.
The bags of milk powder represent a startling reversal of fortune for the dairy industry, which flourished in recent years in part because of a growing appetite for milk, cheese, ice cream and pizza in places like Mexico, Egypt and Indonesia. Many of those countries were benefiting from a global economic boom led by free-spending consumers in the United States.
As American dairy farmers increased their shipments of powdered milk, cheese and other dairy ingredients to foreign markets, their incomes rose. And the demand surge helped drive up the price of milk for American families. The national average for whole milk peaked at $3.89 a gallon in July, up from an average of $3.20 a gallon in 2006.
But now, demand for dairy products is stalling amid a global economic slowdown and credit crisis, even as supplies have increased. The result is a glut of milk — and its assorted byproducts, like milk powder, butter and whey proteins — that has led to a precipitous drop in prices.
The price of powdered skim milk, used in infant formula, dairy products and processed foods, has fallen to roughly 80 cents a pound today from about $2.20 in mid-2007. Other dairy products have declined as well. Whole milk at grocers has not declined as rapidly as wholesale powdered milk, but it has dropped to $3.67 a gallon, down nearly 6 percent from the peak.
While consumers are undoubtedly pleased by the lower prices, dairy farmers are struggling.
“Everything was going great,” said Joaquin Contente, a farmer in Hanford, Calif. “The product was moving. Then this financial crisis came along and shoot, the whole thing came to a halt.”
Logic might suggest that dairy farmers would simply sell some of their cows to a hamburger plant to cut the milk supply and raise prices. Indeed, the dairy industry has a cooperative effort under way to cull the herd.
But farmers are reluctant to do that if they expect a demand recovery, since rebuilding a herd can take years. The culling program is relatively small, and at least so far, most farmers are holding onto their cows.
“People don’t want to panic,” said Brian W. Gould, an agricultural economist at the University of Wisconsin, adding that farmers were receiving $20 for 100 pounds of raw milk just a few months ago. The price is expected to drop to about $14 for 100 pounds of raw milk in coming months. “It is unclear as to whether this will be a short-term or long-term market correction. It all depends on how long it takes the U.S. economy to recover,” he said.
Other agricultural sectors are also struggling with a slowdown in demand from foreign buyers because of the global recession and an increase in the value of the dollar, which has made American exports more expensive abroad. The Agriculture Department is expecting steep declines in exports of corn, wheat, soybeans and pork.
But while the government has price-support programs for about two dozen agricultural products, so far milk powder is the only commodity that has sunk low enough to start the flow of government dollars. Some expect that taxpayers will soon be buying blocks of cheese, too, given the plunging price.
Government price supports provide a price floor for agricultural products as a way of keeping farmers afloat during hard times and ensuring an adequate food supply.
The Agriculture Department has committed to buying 111.6 million pounds of milk powder at 80 cents a pound, for roughly $91 million, which includes some handling fees. Before October, the last time the government bought milk powder was in June 2006, and it was eventually used in government nutrition programs, given away as animal feed or sold on the open market, said Steve Gill, director of commodity operations for the department.
He said the agency has not decided what to do with the cache of milk powder in California.
Some critics of farm subsidies argue that price support programs are antiquated and allow farmers to continue producing even when the economics make no sense, as taxpayers will always buy up the excess production.
“They don’t want to downsize or respond to the market signal. They want to keep producing,” said Kenneth Cook, president of the Environmental Working Group, a Washington research organization that has long been critical of the government’s farm policy. “Once you get in a jam like this, it becomes our collective problem.”
The government purchases come after what the department calls a “euphoric period of record prices and booming exports” for the American dairy industry. Since 2003, dairy exports have increased from $1 billion a year to about $4 billion this year, with exports of powdered milk increasing sixfold during that period. Milk powder is an attractive product to export because it does not require refrigeration, has a long shelf life and can be used to make numerous beverages and foods.
Much of the increase was caused by increased demand in developing countries, where a growing middle class replaced starch in their diets with protein sources like meat and dairy products. Some Asian countries had little history of eating dairy products but were introduced to milk and mild cheeses by government nutrition programs or by restaurant chains like McDonald’s and Pizza Hut.
In China, for instance, per-person dairy consumption nearly doubled in just five years, to 63 pounds in 2007 from 33 pounds in 2002 (though it remains far below the per-capita consumption in the United States of about 580 pounds), according to the U.S. Dairy Export Council. The growth translates into the need for nearly 40 billion pounds more milk each year, roughly equal to California’s annual milk production.
In addition to the increased demand, exports from the American dairy industry benefited from a relatively weak dollar and tight global supplies. For instance, droughts reduced milk production in New Zealand and Australia, two major dairy exporters, allowing American suppliers to fill the gaps.
American dairy shipments soared to places like Algeria, Bangladesh, Indonesia and the Philippines. The biggest market, however, was Mexico, where imports from America increased to $853 million in 2007 from $258 million in 2003, according to the Agriculture Department.
But now, global demand has stagnated amid high prices and economic uncertainty just as the dollar has strengthened and milk production in New Zealand and, to a lesser extent, Australia, has bounced back. The continuing scandal involving melamine contamination of dairy products in China is expected to further diminish demand.
“In some of these countries where dairy hasn’t been a big part of their diet, this is where we are seeing people pull back,” said Deborah Perkins, managing director of the food and agribusiness research group at Rabobank International.
Several dairy exporters say they remain bullish on their long-term prospects, given the barely tapped markets in the developing world. Until then, dairy farmers say, they are braced for a period of low milk prices even as feed and other costs remain relatively high.
Arthur Machado, who milks cows on the outskirts of Fresno, said he sold more than half his herd in 2006, the last time prices collapsed. Now, with prices plummeting again, he said he is trying to sell the remainder of his herd to another dairy farmer.
“The business isn’t what it was in the ’70s, when I started,” he said. “There are not enough peaks to offset the valleys anymore.”
Once the herd is sold, Mr. Machado said, he plans to focus on less volatile commodities, like almonds and grapes. But it is not so easy to get out of the dairy business. Just as with automobiles and homes, there is simply too much inventory on the dairy cow market.
“Right now, there are no buyers,” he said. “When it’s on the upswing, we’ll sell. Until then, we’ll struggle through.”
Paulson says crisis sown by imbalance
By Krishna Guha in Washington
Published: January 1 2009 23:31 | Last updated: January 1 2009 23:31
Global economic imbalances helped to foster the credit crisis by pushing down global interest rates and driving investors towards riskier assets, outgoing US Treasury Secretary Hank Paulson told the Financial Times.
In a valedictory interview, Mr Paulson cast the crisis as partly the result of a collective failure to come to terms with the way the rise of emerging markets was reshaping the global financial system. These imbalances – arising from differences in the inclinations of different nations to save and invest – are reflected in large current account deficits and surpluses around the world.
EDITOR’S CHOICE
Republicans threaten to delay stimulus - Jan-01
US lacked the tools to tackle crisis - Dec-30
Paulson rues shortage of firepower as battle raged - Dec-31
In depth: US downturn - Nov-27
In depth: Global financial crisis - Dec-21
The US Treasury Secretary said that in the years leading up to the crisis, super-abundant savings from fast-growing emerging nations such as China and oil exporters – at a time of low inflation and booming trade and capital flows – put downward pressure on yields and risk spreads everywhere.
This, he said, laid the seeds of a global credit bubble that extended far beyond the US sub-prime mortgage market and has now burst with devastating consequences worldwide.
“Excesses . . . built up for a long time, [with] investors looking for yield, mis-pricing risk,” he said. “It could take different forms. For some of the European banks it was eastern Europe. Spain and the UK were much more like the US with housing being the biggest bubble. With Japan it may be banks continuing to invest in equities.”
This argument – already advanced by a number of economists and largely endorsed by Federal Reserve chairman Ben Bernanke – suggests that the roots of the crisis do not simply lie in failures within the financial system.
It also implies that avoiding crises in future will require global macroeconomic co-operation as well as better financial regulation and risk-management.
Copyright The Financial Times Limited 2009
연말 환율 끌어내리기…당국 손떼자 매수 폭증
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원•달러 환율이 새해 첫 거래일부터 폭등했다. 그동안 외환당국의 압력에 억눌렸던 달러 매수세가 한꺼번에 터져나오면서 1300원선을 다시 넘어섰다. 이에 따라 그동안 안정세를 보여왔던 금융시장이 다시 불안해지는 것이 아니냐는 우려가 커지고 있다.



일러스트 | 최길수기자
외환시장 전문가들은 일본계 은행의 회계 결산이 마무리되는 오는 3월까지는 외환시장의 불안한 흐름이 지속될 것으로 전망했다. 그러나 경상수지 흑자 전환 등으로 지난해처럼 환율이 1500원대까지 오르는 폭등세가 나타날 가능성은 낮다고 내다봤다.

◇ 예상된 환율 폭등 = 2일 서울 외환시장에서 원•달러 환율은 지난해 말 종가(1259.5원)보다 61.5원 폭등한 1321.0원으로 마감했다. 외환당국은 기업 회계처리 기준이 되는 지난해 말 시장평균환율(MAR)을 낮추기 위해 지난해 12월 중순부터 외환시장에 개입했다. 달러를 풀고, 공기업 등에 달러 매수 자제를 요청했다. 그 결과 연말 환율을 1250원대로 낮출 수 있었지만 외환당국이 손을 떼자마자 곧바로 1300원대로 급등한 것이다.

이날 환율 상승은 지난해 12월31일 역외선물환(NDF) 시장 움직임에서 예고됐다. 서울 외환시장에서 환율은 1259.50원에 마감됐지만 이어진 역외시장에서는 곧바로 1300원을 넘어섰고, 미국 뉴욕시장에서 한때 1350원대까지 치솟았다.

시중은행 외환딜러는 “지난해 말 기관투자가와 실수요자들의 달러 매수세가 강했지만 외환당국의 압력 때문에 달러를 사들이지 못했다”며 “외환당국의 개입이 기업의 환차손을 줄이기 위한 취지라는 것은 알지만 그 결과 새해 초부터 외환시장이 혼란에 빠졌다”고 말했다.

◇ 시장 불안 당분간 지속될 듯 = 원•달러 환율은 당분간 1300원대에서 움직일 것으로 전망된다. 외환당국이 지난해 말처럼 달러 매도개입에 나서기는 어려울 것으로 보이기 때문이다. 한국씨티은행 오석태 연구원은 “지난해 말 왜곡됐던 환율이 정상화되는 과정”이라며 “우리 경제가 나아진 것이 없는 만큼 환율은 1300원대가 적정 수준”이라고 말했다.

외환시장을 둘러싼 환경도 환율 안정보다는 상승 쪽에 무게가 실리고 있다. 삼성선물 전승지 연구원은 “환헤지 통화옵션상품인 ‘키코’ 계약 판결이 무효화될 경우 관련 달러 수요가 발생하면서 환율이 급등할 수도 있다”고 말했다. 시기적으로는 일본계 은행의 회계결산이 마무리되는 3월 말까지는 외화 유동성 부족과 경기 둔화로 환율이 불안한 흐름을 보일 가능성이 높다.

그러나 지난해와 같은 폭등세는 나타나지 않을 것으로 보인다. 올해는 경상수지가 흑자로 돌아서고, 외국인 투자자들의 주식 매도세가 약화될 것으로 예상되기 때문이다. 미국과의 통화 맞교환(스와프) 협정이 연장되거나 한도가 늘어날 가능성도 있다. 또 미국에 오바마 정부가 출범하면 세계 금융시장의 불안이 완화될 것이라는 기대도 환율 상승을 제한할 것으로 예상된다.

<오창민기자> 경향신문 > 경제 > 금융

Thomson Financial News
S.Korea to ease forex accounting rules to aid cos
12.21.08, 10:15 PM EST


SEOUL, Dec 22 (Reuters) - South Korea will loosen accounting rules to help companies anticipating large foreign exchange-related losses this year due to a sharp fall in the won's value, the country's regulator said on Monday.
As South Korea's export-focused companies struggle with the spreading global downturn and tighter credit, they are set to see a surge in the value of their foreign currency debt and currency conversion losses in their 2008 financial results.
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Local companies see a combined 5 trillion won ($3.9 billion) increase in foreign currency conversion losses and foreign debt value in won terms for every 100 won gain in the dollar/won rate, the Financial Services Commission (FSC) said in a statement.
'As large foreign exchange-related losses are expected to deteriorate companies' financial sheets, they are set to suffer from lower credit ratings, possible debt collection, higher financial costs and difficulties in securing new funds,' the commission said.
Hit by the global financial crisis, the won's value dropped some 27 percent against the dollar so far this year.
To help companies minimise foreign exchange losses and enhance their capital base, the FSC said it would seek special changes to some accounting rules that could be applied retroactively to 2008 annual results.
For listed companies and large-sized unlisted firms, the regulator will allow them to book increases in the value of certain company assets, such as real estate, airplanes and ships, in this year's balance sheets.
It will also allow companies to use foreign currency loans and other financial products as hedging methods in accounting and to not book foreign currency conversion losses from them in the year's earnings.
For non-listed small- and medium-sized companies, the FSC will allow them to apply the foreign exchange rate at mid-2008 to value their foreign assets and debt held as of end-June, which will help them reduce losses from the won's fall in the second half.
Since end-June this year, the local currency has fallen 19 percent against the dollar.
The regulator will also allow companies which mostly trade in foreign currency to create foreign currency-based accounting books and report only their final year-end results in won, so they can minimise losses from the exchange rate swings over the year.
Those changes will likely be made official by mid-January following the approval of the commission, the FSC said.
($1=1282.0 Won)
(Reporting by Rhee So-eui; Editing by Jonathan Hopfner) Keywords: KOREA ACCOUNTING/
(soeui.rhee@thomsonreuters.com; +82 2 3704 5650; Reuters Messaging: soeui.rhee.reuters.com@reuters.net)
Asia Markets Brief
Asian Carmakers Clobbered; Dollar Falls Below 90 Yen
Tina Wang, 12.12.08, 03:50 AM EST
Collapse of the Detroit bailout, yen surge and bleak 2009 forecasts send investors scurrying away from stocks.
Honda Motor Co., Ltd.
01/02/2009 4:15PM ET
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BATS Real-Time Market Data by Xignite
A good week for Asian equities came to a negative close Friday as investors fled from automakers after the U.S. Senate failed to pass a bailout package for Detroit's Big Three. Japanese exporters suffered a blow as the yen broke below 90 to the dollar for the first time in 13 years. Commodity producers also surrendered recent gains, as 2009 economic outlooks worsened.
Ending a five-day rally, Japan's Nikkei 225 average shed 5.6% to 8,235.87 points. Automakers plunged on worries that the collapse of the $14 billion Detroit bailout package Thursday night (See "Congress Fails Detroit") could lead to the failure of suppliers shared by Asian carmakers and America's much-diminished Big Three. Honda Motor (nyse: HMC - news - people ) lurched 12.5% lower, Toyota Motor (nyse: TM - news - people ) tumbled 10.1% and Mazda Motor (other-otc: MZDAF - news - people ) dropped 10.9%.
In Seoul, Hyundai Motor (other-otc: HYMLF - news - people ) slid 9.3%.
The dollar fell below the psychologically significant 90 yen level, touching 88.40 yen for the first time since 1995. It bounced back to 89.64 yen after Tokyo's Friday close, down from 91.18 yen in New York trading Thursday. The yen's advance raised concern that Japan could intervene to weaken its currency, as a strong yen erodes the value of overseas earnings and makes Japanese goods more expensive abroad. Finance Minister Shoichi Nakagawa said the government was not considering a currency intervention but would continue to closely monitor currency movements, according to TradeTheNews.
Slightly more hawkish, Naoyuki Shinohara, Japan's vice minister of finance for international affairs, said currency movements were too volatile and were being watched with concern, according to Reuters. The central bank last intervened to weaken the yen in 2004. Royal Bank of Scotland forex analyst Masafumi Yamamoto told Reuters that Tokyo would likely intervene before the dollar fell to 85 yen.
Nomura Holdings (nyse: NMR - news - people ), which is reportedly set to take over Lehman Brothers' French investment banking arm, sank 7.2%. Mitsubishi UFJ (nyse: MTU - news - people ), whose trust and banking subsidiary is reportedly a frontrunner to buy NikkoCiti's trust and banking unit from Citigroup (nyse: C - news - people ) for up to 20 billion yen ($223.1 million), fell 4.0%.
Prime Minister Taro Aso was reportedly set to announce Friday that the government is expanding its stimulus proposal to 40 trillion yen ($436.6 billion) from 27 trillion yen ($295 billion). A stimulus plan unveiled by his administration in October bogged down in a divided parliament.
Hong Kong's Hang Seng index sagged 5.9% to 14,692.79. China Southern Airlines (nyse: ZNH - news - people ) and China Eastern Airlines (nyse: CEA - news - people ) surrendered some of Thursday's record gains, falling 7.5% and 2.8%, respectively. Beijing appointed China Southern's chairman to head rival China Eastern, as the government prepares China Eastern to acquire smaller Shanghai Airlines. The two airlines each received 3.0 billion yuan ($437.0 million) in government aid. CNOOC (nyse: CEO - news - people ) and PetroChina (nyse: PTR - news - people ) plunged 6.1% and 7.6%, respectively, as China's energy regulator reportedly said the country may see an energy surplus due to weakened demand after aggressive capacity expansion in coal and oil. Lenovo (other-otc: LNVGY - news - people ) slid 6.4%, after reports emerged earlier this week that it may be considering a takeover of Brazil's top PC maker Positivo Informatica (See "Lenovo: Solace In Brazil?").
The Shanghai Composite index dropped 1.7% to 1,997.25, as Goldman Sachs cut its 2009 growth forecast for China Thursday to 6.0%, issuing the weakest outlook of the top banks. But it said China's growth may rebound to 9% in 2010. Beijing said retail sales rose at a nine-month low of 20.8% in November, compared with last year's corresponding period, slightly higher than the 20.5% expectation.
South Korea's benchmark Kospi index slid 4.4% to 1,103.82, as the central bank said that the economy will grow at a decade-low rate of 2% in 2009, compared to 3.7% in 2008. It forecast exports will slow to 1.3% next year, compared with 3.6% in 2008. As expected, President Lee Myung-bak obtained agreements from China and Japan to increase currency swap lines, in a bid to shore up his government's depleted foreign exchange reserves (See "Neighbors Lend Billions In Backing To Seoul"). The won has slid over 30% against the dollar this year, heightening a foreign-currency shortage among companies and banks.
South Korea's state-run Korea Asset Management Corp., or Kamco, which handles distressed debts, reportedly may acquire Lehman Brothers' bad Japanese assets and Merrill Lynch's bad Asian assets.
In Australia, the S&P/ASX 200 lost 2.4% to 3,510.40. Rio Tinto (nyse: RTP - news - people ) and BHP Billiton (nyse: BHP - news - people ) lost 9.5% and 4.6% respectively. Rio surrendered much of its gains, after the stock soared for two days when the miner announced 14,000 redundancies and a 2009 capex cut of $5.0 billion (See "Rio Digs Its Way Out Of Debt"). Qantas Airways (other-otc: QNTYY - news - people ) shed 4.7%, as it continues to hold merger talks with British Airways (nyse: BA - news - people ). Macquarie Group (other-otc: MQBKF - news - people ) lost 5.8%.
In a turnaround from gains earlier this week, U.S. light sweet crude for January delivery fell $1.92, to $46.06 a barrel during Asian trading hours on the Nymex.
Market Scan
Neighbors Help Seoul Stave Off Currency Crisis
Tina Wang, 12.12.08, 03:10 AM EST
Japan, China agree to $48 billion in swaps with South Korea, seeking to stabilize the won.
After the fiasco of the IMF-led response to the Asian financial crisis a decade ago, Asian powerhouses are intent on taking care of their own this time.
South Korea extracted agreements from China and Japan on Friday to greatly expand existing currency swap lines, aiming to bolster its depleted forex reserves amid a slide in the value of the won.
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South Korea and China upgraded their currency swap line to 38 trillion won ($28.3 billion), from the current $4 billion, for three years. The countries also "agreed to explore the possibility and extent of converting swap currencies into reserve currencies," the Bank of Korea said in a statement.
South Korea and Japan increased their swap line from $3 billion to $20 billion until April 2009.
The actions were expected by the market and helped boost the won by 7.5% against the dollar this week. It should help South Korea avoid a repeat of 1997, when a collapse of faith in the won sparked a liquidity crisis that necessitated a $57 billion bailout by the IMF.
The expanded swap lines should relieve a great deal of pressure on South Korea, which relies more heavily on short-term foreign financing than its East Asian neighbors. (See "South Korea Is Looking Like East Asia's Weakest Link"). The country's foreign exchange reserves sank for an eighth consecutive month to $200.51 billion in November, the lowest level in nearly four years. Banks and corporations are facing dollar shortages as the won's 31% slide this year has made overseas debt financing more expensive and difficult to come by, particularly given tight global credit markets (See "Korea Looks After Number Won"). In November, Fitch Ratings cut its outlook on the country's credit rating from stable to negative.
The U.S. Federal Reserve extended a $30 billion swap line to South Korea in October, sparking a rally in South Korean stocks and the won. (See "Fed Comes To Rescue Of South Korea").
Comment On This Story
Asian leaders have stepped up regional cooperation in recent months as they strive to soften the impact of the global financial crisis on their economies. South Korea, Japan, China and Southeast Asian countries established an $80 billion forex fund in October for countries to access in the event of a crisis in their currency. The swap lines are on top of the Chiang Mai Initiative, which started in 2000 as a web of currency swap lines among central banks in the region, in response to the late 1990s Asian financial crisis.
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South Korean President Lee Myung-bak will meet with Japanese Prime Minister Taro Aso and Chinese Premier Wen Jiabao on Saturday in Japan to discuss responses to the global financial crisis.
In Friday trading, the Kospi index fell 4.4% to 1,103.82 points, as stocks fell across Asia in reaction to the U.S. Senate's failure to approve a bailout package for U.S. automakers.
Asia Markets Brief
Rally Snapped In Asian Stocks
Tina Wang, 12.12.08, 12:00 AM EST
The failure of the Detroit auto bailout bill and bleak 2009 macroeconomic predictions spook investors.
Honda Motor Co., Ltd.
01/02/2009 4:15PM ET
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BATS Real-Time Market Data by Xignite
Markets across Asia fell back Friday as an auto bailout bill died in the U.S. Senate and 2009 economic outlooks worsened more than expected. Automakers, airlines and commodity producers surrendered some of Wednesday's gains.

Ending a five-day rally, Japan's Nikkei 225 average shed 4.2% to 8,351.00 points. Prime Minister Taro Aso is reportedly set to announce Friday the details of a combined 40 trillion yen ($436.6 billion) stimulus plan, after October's stimulus plan unveiled by his administration bogged down in a divided parliament.
Automakers plunged, as Senate Republicans prevented a vote on the $15 billion Detroit bailout package Thursday night. Surrendering some of this week's sharp gains, Honda Motor (nyse: HMC - news - people ), Toyota Motor (nyse: TM - news - people ) and Mazda Motor (other-otc: MZDAF - news - people ) tumbled 9.3%, 7.5% and 7.3%, respectively.

Nomura Holdings (nyse: NMR - news - people ), which is reportedly set to take over Lehman Brothers' French investment banking arm, sank 5.7%. Mitsubishi UFJ (nyse: MTU - news - people ), whose trust and banking subsidiary is reportedly a frontrunner to buy NikkoCiti's trust and banking unit from Citigroup (nyse: C - news - people ) for up to 20 billion yen ($223.1 million), fell 2.2%.
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The dollar traded near 91.47 yen, strengthening from 91.18 yen in U.S. Thursday trading.
Hong Kong's Hang Seng index sagged 6.0% to 14,675.99. China Southern Airlines (nyse: ZNH - news - people ) and China Eastern Airlines (nyse: CEA - news - people ) surrendered some of Thursday's record gains, falling 7.5% and 5.7% respectively. The airlines each received 3.0 billion yuan ($437.0 million) in government aid. CNOOC (nyse: CEO - news - people ) and PetroChina (nyse: PTR - news - people ) plunged 10.0% and 10.1%, respectively, as China's energy regulator reportedly said the country may see an energy surplus due to weakened demand after aggressive capacity expansion in coal and oil. Lenovo (other-otc: LNVGY - news - people ) slid 9.6%, after reports emerged earlier this week that it may be considering a takeover of Brazil's top PC maker Positivo Informatica (See "Lenovo: Solace In Brazil?").
The Shanghai Composite index dropped 1.7% to 1,997.25, as Goldman Sachs cut its 2009 growth forecast for China Thursday to 6.0%, issuing the weakest outlook of the top banks. But it said China's growth may rebound to 9% in 2010. Beijing said retail sales rose at a nine-month low of 20.8% in November, compared with last year's corresponding period, slightly higher than the 20.5% expectation.
South Korea's benchmark Kospi index slid 4.3% to 1,105.39, as the central bank said that the economy will grow at a decade-low rate of 2% in 2009, compared to 3.7% in 2008. It forecast exports will slow to 1.3% next year, compared with 3.6% in 2008. President Lee Myung Bak seeks to significantly increase the country's $13 billion and $4 billion currency swap lines with Japan and China respectively, to relieve dollar funding shortages due to the won's 31.0% slide this year. South Korean companies have found it more difficult to finance overseas debt and the government's foreign reserves have plunged. South Korea's state-run Korea Asset Management Corp., or Kamco, which handles distressed debts, reportedly may acquire Lehman Brothers' bad Japanese assets and Merrill Lynch's bad Asian assets.
In Australia, the S&P/ASX 200 lost 2.6% to 3,506.00. Rio Tinto (nyse: RTP - news - people ) and BHP Billiton (nyse: BHP - news - people ) lost 8.6% and 3.8% respectively. Qantas Airways (other-otc: QNTYY - news - people ) shed 5.1%, as it continues to hold merger talks with British Airways (nyse: BA - news - people ). Macquarie Group (other-otc: MQBKF - news - people ) lost 4.5%.
In a turnaround, light sweet crude for January delivery fell $2.79, to $45.19 a barrel during Asian trading hours on the Nymex.
South Korea: President Lee vows economic revival, stronger reform drive

768 words
5 January 2009
Thai News Service
English
(c) 2009 Thai News Service

Section: Economy - South Korean President Lee Myung-bak called for all-out efforts to boost the slumping economy Friday (January 2, 2009), vowing what he called "diversified" efforts to create jobs and a stronger drive to reform the country's state-run businesses.
The call came as part of his four-point policy objectives that also include improved ties with North Korea, which on Thursday blamed Seoul's "anti-unification forces" for soured relations between the divided Koreas in an annual government editorial for the new year.
Lee said his government will continue to deal with the communist nation "calmly" and "flexibly."
"I am fully prepared and ready to talk with North Korea at any time and to cooperate as a partner," the president said in his nationally televised new year's address.
Lee's new year message, however, largely focused on economic reform measures as he noted the country, as well as the rest of the world, faces an economic crisis whose end remains unknown.
"As no country and no person was able to accurately predict the start of this worldwide economic crisis, no one can definitely say when it will end," said the president.
"There is a forecast that it will start to get better in the latter half of this year. I will do my best to make sure this positive outlook will come true," he added.
As a first step to overcome the economic downturn, Lee said the government will establish an economic emergency system.
Presidential spokesman Lee Dong-kwan later explained that this move is to create what he called a "war room," which he said will allow the government to take more swift and bolder measures.
"As the president has said earlier, a crisis can be an opportunity. It is easy to neglect preparations for what would come next if we are too caught up with overcoming what is at hand," the spokesman told reporters.
The most urgent task at hand, the president said, was employment.
He said the government will actively support small and medium-size firms that keep their payrolls or create more jobs, disclosing that three quarters of the salaries paid to workers placed on temporary leave due to the slowing economy will be shouldered by the government.
"This is not a time to criticize without any suggestions for a solution or remain an onlooker, but to actively join our strengths. We must work with hope and courage to join all our energies to overcome the economic crisis at the earliest day possible," the President said.
The spokesman said the government will announce later 17 areas that can provide new source of growth and jobs.
President Lee also vowed to pay close attention to the livelihood of ordinary citizens, saying the government will do its utmost to make sure the quality of life of ordinary citizens, or people in the lower bracket, is not threatened by the ongoing economic downturn.
Still, Lee said the government will continue to take stronger reform measures to shed what he called "excessive weight," including workers at state-owned firms.
"Reforming public firms is aimed at truly giving back the public firms to the public... Because reforming public firms is truly the way to get rid of excessive weight in the public sector and create jobs for the private sector," he said.
Defending his 14-trillion won (US$ 10.7 billion) project to develop the country's four major rivers by 2011, Lee said the project will create over 280,000 jobs, more than double the number of jobs that would have been created if the money was invested in the manufacturing sector.
Turning to inter-Korean issues, the president said it is now time for Pyongyang to "accurately" understand the changes in the environment and start cooperating with the South.
"North Korea must now give up its outdated practice of trying to create tension among South Koreans and become more cooperative," he said.
North Korea has refused to work with the South Korean administration since Lee was inaugurated early last year, accusing Lee of collaborating with hawkish U.S. imperialists who have long sought to topple Pyongyang's communist regime.
Virtually all official dialogue between the two Koreas has been cut off, while the communist North has also implemented stricter border controls, significantly reducing the number of South Koreans allowed to enter the communist nation for tourism or business.
The two Koreas technically remain at war since the 1950-53 Korean War ended only with a ceasefire, not a peace agreement. - PNA
Document THAINS0020090102e5150006l
UPDATE 2-S.Korea Dec car sales down; won to help exports
(Adds GM Daewoo's further production cut in 7th para)
By Cheon Jong-woo
SEOUL, Jan 2 (Reuters) - Combined sales of South Korean automakers, led by Hyundai Motor (005380.KS), fell 13 percent in December, adding to concerns over the ripples of a spreading global recession on demand for cars.
But Hyundai and its sister firm Kia Motors (000270.KS) are better positioned than global rivals such as Toyota Motors Corp (7203.T) to deal with the downturn thanks to a weaker won currency and appetite for smaller cars.
The drop in sales came as automakers around the world face their worst business environment in recent memory, caught in a sharp reversal of demand as the financial crisis spread, squeezing credit and denting consumer confidence.
"As the downturn and financial crisis have cut people's incomes and boosted uncertainties about the future, more people are postponing purchases of durable goods such as cars," said Song Sang-hoon, an auto analyst at Kyobo Securities.
"Despite weakening sales, global automakers have too much capacity and the industry needs restructuring," he added.
Many global carmakers, including South Korean companies, have already cut production to cope with the worsening environment.
GM Daewoo Automotive and Technology Co, the South Korean unit of General Motors Corp (GM.N), has decided to suspend production of some lines, including one for a mid-sized sedan, due to weakening demand, a company official said Friday.
Some carmakers have sought government help to survive. Last month, the U.S. government agreed to a massive emergency loan package for Detroit's Big Three automakers to prevent potential bankruptcies.
In Korea, Ssangyong Motor Co (003620.KS) and its majority shareholder China's SAIC Motor Corp (600104.SS) are seeking support from the South Korean government and banks for Ssangyong.
South Korea's five auto makers sold a combined 406,060 vehicles in December, compared with 467,105 a year earlier, according to the companies.
Their overseas sales fell 9.8 percent to 319,123 units from a year ago and domestic sales slid 23.2 percent to 86,937.
For a graphic on December sales, click:
here
BETTER POSITIONED
Analysts said global car sales might improve from the second half of this year if various stimulus measures by global economic authorities such as massive interest rate cuts take effect.
"This year, Hyundai and Kia are seen selling as many cars as last year as they can spend more for overseas customers with a weaker won and as more customers are looking for small cars," said Sohn Sunny, an analyst at KB Investment & Securities.
The won tumbled 40 percent versus the yen in 2008, making Korean exports more competitive versus their Japanese rivals.
Reflecting the optimism, shares in Hyundai ended up 5.57 percent at 41,700 won and Kia rose 6.41 percent to 6,970 won, both outperforming a 2.93 percent rise in the wider market .
In December, Hyundai sold 219,261 vehicles, down 2.4 percent from the previous year, while Kia's sales rose 3.0 percent to 126,595 units.
Still, some analysts warn it is premature to say whether Hyundai and Kia would be able to improve sales further in 2009, given the grim industry outlook.
On Wednesday, Hyundai's Vice Chairman Choi Jae-kook was quoted as saying total global car sales were expected to decline to 60 million vehicles this year from an estimated 65 million units in 2008 and 70 million in 2007.
South Korea's car exports are expected to fall 4.1 percent in 2009 after an estimated 6.3 percent loss in 2008, the Ministry of Knowledge Economy said.
"Sales (of global carmakers) would be a bit better in the second half, but that will be an eased slowdown rather than a recovery," said Kang Sang-min, an analyst at Tong Yang Securities.
Chung Mong-koo, the chairman of Hyundai Motor Group, expressed concerns over this year's business conditions.
"The effects of the global economic crisis are expected to worsen this year and Hyundai-Kia Motors faces fierce competition for survival more than ever, as the impact of the global economic slowdown is expected to get worse this year," Chung told employees during a New Year speech.
The group did not announce a sales target for this year during its New Year ceremony, a rare move, citing uncertainties surrounding the industry. (Additional reporting by Shin Jieun, Graphics by Catherine Travethan; Editing by Jonathan Hopfner and Jean Yoon)


KDB,KEXIM seek $1 bln overseas funding each in Jan
SEOUL, Jan 3 - Two state-owned banks, Korea Development Bank (KDB) and Export-Import Bank of Korea (KEXIM), will seek $1 billion each in overseas funding this month, the country's finance minister said on Saturday.
"The two banks will go for $1 billion worth of overseas fund-raising each in January, so that they can provide sufficient foreign currency liquidity (to exporters)," Finance Minister Kang Man-soo told a town hall meeting televised live.


BOK vows to prioritize economic recovery this year

SEOUL, Jan. 4 (Yonhap) -- South Korea's central bank said Sunday it will focus its 2009 monetary policy on bolstering the fast slowing economy and stabilizing financial markets as inflationary pressure is expected to ease.

The Korean economy is feared to lose momentum sharply this year as the deepening global economic downturn is widely expected to further hit exports, or the mainstay of its growth. Most analysts predict economic growth will fall to the 1-percent range.

"The Bank of Korea (BOK) will conduct its rate policy by focusing on reviving the cooling economy and improving fund flows as inflation is expected to show a downward trend," the central bank said in a statement.

Since early October, the BOK has cut its key interest rate by a combined 2.25 percentage points to an all-time low of 3 percent in a bid to prop up the cooling economy, hit by the U.S.-sparked global financial crisis.

The statement echoed BOK Gov. Lee Seong-tae's New Year's message. Lee pledged to focus on boosting the slowing economy this year, hinting that the central bank may carry out more interest rate cuts in 2009 to keep Asia's fourth-largest economy from going into freefall.

The South Korean economy grew 0.5 percent in the third quarter from three months earlier, the weakest growth in four years, as exports lost steam amid sluggish domestic demand. Exports, which account for about 60 percent of the country's economy, have already showed signs of slowing as a global slump hits emerging markets.

The BOK predicted that Asia's fourth-largest economy will grow a mere 2 percent in 2009, down from an estimated 3.7 percent advance in 2008.

Meanwhile, it will be possible for the BOK to keep 2007-2009 inflation between 2.5 and 3.5 percent as the country's consumer prices would slow to an average 3.4 percent during those periods.

The BOK pledged to ease a credit crunch by "actively" supplying liquidity to the financial system in a timely manner.

"The central bank will induce funds into smoothly flowing to the liquidity-squeezed sector and plans to support local banks' efforts to boost the falling capital adequacy ratio," the BOK said, adding that the central bank will seek more ways to ease a credit crunch in the case of emergency.

Since the mid-September collapse of Lehman Brothers Holdings Inc., the BOK has pumped 19.5 trillion won (US$14.5 billion) in local currency liquidity into the financial system.

The BOK is considering shouldering half of a proposed 20 trillion won fund aimed at helping lenders increase their capital base. The government is seeking to launch the fund in January to be used to buy preferred stocks, subordinated bonds and hybrid debt sold by lenders.

The central bank also added that it will strengthen policy cooperation with the government and the financial watchdog by expanding information sharing and seeking ways to harmonize fiscal, monetary and financial supervisory policies.
Manufacturers' capacity utilization dips to 10-year low

SEOUL, Jan. 4 (Yonhap) -- South Korean manufacturers' factory operating rate tumbled to a 10-year low in November last year in the wake of a fast slumping economy, government officials said Sunday.

Local manufacturers operated at an average 68 percent of their capacity in November, the lowest level since the 65.7 percent recorded in August 1998, according to the Ministry of Strategy and Finance and the National Statistical Office.

The November operating rate was also down from 77 percent in October and 80.6 percent a year earlier. The figure has fallen for five consecutive months since last July.

The average factory operating rate fell by the widest margin in November since the government began compiling related data in 1980. In September 1980, the capacity utilization rate fell to 61.2 percent due to the 1979 global oil crisis. The figure hit 63.8 percent in July 1998 following a financial meltdown.

"The economy is losing ground at a very fast and more-serious-than-expected pace," a ministry official said. "Macroeconomic indicators are likely to be worse in the first half of this year than last year."
The export-dependent Korean economy is feeling the pinch of the global economic slowdown touched off by the U.S.-sparked financial turmoil.

The government expects Asia's fourth-largest economy to grow 3 percent annually this year, but pessimists warn the growth rate could drop to the 1-percent range.

(END)
(LEAD) Home prices forecast to drop 8 pct in H1

SEOUL, Jan. 4 (Yonhap) -- South Korean home prices will likely drop up to 8 percent in the first half of this year as an economic downturn is expected to undercut the already sluggish housing market, a private think tank said Sunday.

Stung by the economic slump, the domestic housing market has been in the doldrums, prompting the government to announce a package of measures to deal with an oversupply and keep smaller builders from going under.

"With the economy slackening, the nation's housing prices are expected to fall 7 to 8 percent in the January-June period," said the research institute affiliated with top lender Kookmin Bank. "A strong market recovery seems out of the question."
However, home prices are likely to recover slightly from the second half, dropping around 5 percent annually for all of 2009, the think tank said.

In the October-December quarter of last year, home prices fell 1.2 percent from a year earlier, it added.

The current slump in the housing market is expected to last 10 to 12 months, hurt by the sinking real economy, the institute predicted, saying the market suffered a slump for 13 months during a financial crisis a decade earlier.

In late 1997, a dollar shortage put South Korea on the brink of insolvency, forcing the country to take out a bailout loan from the International Monetary Fund.

The government has unveiled a set of measures to help support struggling home builders on concerns that a growing amount of unsold apartments may turn their bank loans sour.

(END)
GM Daewoo set to restart idled factory

SEOUL, Jan. 4 (Yonhap) -- The South Korean unit of troubled U.S. auto giant General Motors Corp. said Sunday it will restart one of its four plants here on Monday, two weeks after it was closed amid a tumble in car demand.

GM Daewoo Auto & Technology Co. has idled its No. 1 plant in Bupyeong, south of Seoul, since Dec. 22. Its three other plants also remain closed.

GM Daewoo closed its assembly line in Changwon, about 398 km southeast of Seoul, on Dec. 22. Another plant in Bupyoeong was shut down on Dec. 1 and its plant in Gunsan, about 274 km southwest of Seoul, was closed on Dec. 18.

"I understand the number-one plant in Bupyeong will reopen on Monday," said an official at GM Daewoo, the third-largest carmaker in South Korea.

The company, however, will extend the shutdown of its No. 2 factory in Bupyeong till Jan. 11 and two other plants till the end of the month, he added.

GM Daewoo said Friday that its vehicles sales declined 8.1 percent to 880,723 units last year, marking its first annual contraction. Last month, vehicle sales plunged 56 percent from a year ago, underscoring GM Daewoo's bleak outlook amid woes at its U.S. parent.

In December, the U.S. government approved a US$17.4 billion bailout fund for GM and Chrysler LLC, but analysts say the two of Detroit's Big Three will likely undergo painful restructuring measures in return for the bailout package.

In 2002, GM and its partners acquired a majority stake in Daewoo Motor Co., the automobile unit of the now defunct Daewoo Group, which collapsed under huge debts in the wake of the 1997-98 Asian financial crisis.
Gov't to provide 1.9 tln won in fisheries support funds in 2009

SEOUL, Jan. 4 (Yonhap) -- The government said Sunday that it has set aside 1.9 trillion won (US$1.4 billion) in support funds in the new year to help the country's hard-pressed fishing industry.

The amount represents a 400 billion won gain from 1.5 trillion won provided last year, with the bulk of the money to go to fishermen operating in inshore and coastal waters, the Ministry for Food, Agriculture, Forestry and Fisheries said.

Of the total, 94 percent or 1.78 trillion won will go to help coastal fishermen that usually operate small boats, with the remaining 120 billion won to go to deep-sea fishing operators.

South Korean fishermen have been plagued by lower yields as stocks have depleted worldwide due to over-fishing. Higher personnel costs and pricier fuel have also taken a toll.

Qualified fishermen can borrow money from the government with an annual interest rate of 3 percent and repayments to be made in 1-2 years.

The ministry said it will implement stricter measures this year to ferret out people who do not wholly rely on fishing for their income. Those fishermen do not qualify for the financial aid.

"These include government employees, those working for state-run companies and people with non-fishing related income exceeding 30 million won," one official said. Before these changes, people could receive money if they engaged in fishing as a second job or to supplement their income.

The official added that Seoul plans to greatly expand relief funds to fisherman who have suffered losses caused by natural disasters or a sudden drop in prices.
Crimes committed by elderly soar

SEOUL, Jan. 4 (Yonhap) -- Crimes by the elderly almost tripled in 2006 from a decade earlier due to growing discontent with self, society and relatives with their offenses growing more violent, a study showed Sunday.

A total of 82,323 people aged 61 and older committed crimes in 2006, up a whopping 180 percent from 34,492 in 1996, according to the study by the Korean Institute of Criminology. The overall number of convicted criminals rose to 1.93 million from 1.92 million during the cited period.

Seniors accounted for 1.8 percent of total offenders in 1996, but that figure surged to 4.3 percent a decade later, the study showed.

In contrast, the ratio of offenders in their 20s slipped to 15.8 percent from 24.4 percent during the same period. The percentage of criminals in their 30s also fell to 23.8 percent from 32.5 percent.

"Seniors are tending to commit more crimes as they are increasingly dissatisfied with their families and society. This stems from the fact that many of them failed to establish themselves in a changing society," said Jang Joon-oh, author of the study.

The study also showed that crimes committed by seniors became more violent. Murders rose to 59 in 2006 from 20 recorded 10 years earlier, while seniors guilty of rape soared to 423 from 94. The number of elderly arsonists also rose to 46 from seven.

As of April last year, there were 737 senior inmates, with 23.5 percent convicted of murder and 9.6 percent convicted of rape, the study said.
(LEAD) Opposition leader offers conditional end to parliament sit-in

SEOUL, Jan. 4 (Yonhap) -- The leader of the main opposition party offered Sunday to end a sit-in of parliament if the head of the assembly does not try to put scores of bills to vote, but the ruling party rejected the proposal.

Lawmakers from the Democratic Party (DP) have been occupying the National Assembly's main hall in a bid to stop the Grand National Party (GNP) from railroading through some 80 bills, including a disputed free trade pact with the U.S., before the current session ends on Jan. 8.

Scuffles broke out Saturday as the assembly's secretariat tried to disperse the sit-in, leaving scores of DP members and security guards slightly injured. Earlier on Sunday, security guards again attempted to clear the protesters, but no clashes were reported.

"If the GNP guarantees the assembly speaker will not put the bills before a plenary session, we will end the protest sit-in and start negotiations," DP Chairman Chung Se-kyun told reporters.

The speaker of the assembly has the power to put legislation bills to vote if the governing party and the opposition camp fail to reach agreement. The current speaker of the National Assembly is considered pro-ruling party.

Chung proposed that both parties discuss only non-pressing bills within the current session and put off the review of crucial issues till the next sitting, including the ratification of the free trade pact with the U.S.

The next session is expected to begin in February. The GNP enjoys a majority of 172 seats in the 299-seat assembly, while the DP holds 82 seats.

The ruling party, however, turned down Chung's proposal, saying it would talk with the opposition only after DP lawmakers leave the main chamber.

"We cannot discuss and vote on the bills because opposition members illegally occupy the National Assembly. The DP should first put its sit-in to an end," GNP spokeswoman Cho Yoon-sun said.
National Assembly Speaker Kim Hyong-o urged both parties to return to the negotiating table to resolve the deadlock. "The parties should start negotiations unconditionally in order not to disappoint the people any more," Kim said in a statement.

"As assembly speaker, I have refrained from exercising my authority to put bills to vote and will continue do so," he said. "However, I have no choice but to make a solitary decision before history if parliament remains crippled."
A close aid to Kim said his remarks could be construed as hinting that he would not put the bills to vote independently before the current extraordinary session ends.

The ruling party is determined to pass the bills before the end of the current parliamentary session, saying they are crucial to helping the country deal with a fast slowing economy and easing the public's hardships.

The parliament's secretariat warned that it would bring criminal charges against DP members if they continue the illegal occupation of the main chamber.

In protest against Saturday's scuffles, the main opposition party filed complaints with the prosecution against Speaker Kim, the chief of the secretariat, the national police chief and the assembly's chief security guard for obstructing official duties.

At the request of the head of the secretariat, hundreds of riot policemen surrounded the assembly building to block entry into the main hall.

The parties have been colliding over the passage of the bills, especially the free trade pact with Washington. Opposition lawmakers demand the government come up with measures to protect farmers and local companies from a surge in imports from the U.S.

Another bone of contention is a bill on media ownership that would permit newspapers and large companies to own broadcast stations. The DP claims the bill would give the government too much control over broadcasters.

Last month, opposition lawmakers sledgehammered their way into a committee room where ruling party lawmakers were discussing the free trade pact, excluding opposition legislators.

Put option
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This article is about financial options. For put options in legal matters, see Option (law).


Buying a put option - This is a graphical interpretation of the payoffs and profits generated by a put option as seen by the buyer of the option. A lower stock price means a higher profit. Eventually, the price of the underlying security will be low enough to fully compensate for the price of the option.


Writing a put option - This is a graphical interpretation of the payoffs and profits generated by a put option as seen by the writer of the option. Profit is maximized when the price of the underlying security exceeds the strike price, because the option expires worthless and the writer keeps the premium.
A put option (sometimes simply called a "put") is a financial contract between two parties, the seller (writer) and the buyer of the option. The put allows its buyer the right but not the obligation to sell a commodity or financial instrument (the underlying instrument) to the writer (seller) of the option at a certain time for a certain price (the strike price). The writer (seller) has the obligation to purchase the underlying asset at that strike price, if the buyer exercises the option.
Note that the writer of the option is agreeing to buy the underlying asset if the buyer exercises the option. In exchange for having this option, the buyer pays the writer (seller) a fee (the premium). (Note: Although option writers are frequently referred to as sellers, because they initially sell the option that they create, thus taking a long position in the option, they are not the only sellers. An option holder can also sell his short position in the option. However, the difference between the two sellers is that the option writer takes on the legal obligation to buy the underlying asset at the strike price, whereas the option holder is merely selling his long position, and is not contractually obligated by the sold option.)
Exact specifications may differ depending on option style. A European put option allows the holder to exercise the put option for a short period of time right before expiration. An American put option allows exercise at any time during the life of the option.
The most widely-known put option is for stock in a particular company. However, options are traded on many other assets: financial - such as interest rates (see interest rate floor) - and physical, such as gold or crude oil.
The put buyer either believes it's likely the price of the underlying asset will fall by the exercise date, or hopes to protect a long position in the asset. The advantage of buying a put over short selling the asset is that the risk is limited to the premium. The put writer does not believe the price of the underlying security is likely to fall. The writer sells the put to collect the premium. Puts can also be used to limit portfolio risk, and may be part of an option spread.



[edit] Example of a put option on a stock
Buy a Put: A Buyer thinks price of a stock will decrease.
Pay a premium which buyer will never get back, unless
it is sold before expiration.
The buyer has the right to sell the stock
at strike price.

Write a put: Writer receives a premium.
If buyer exercises the option,
writer will buy the stock at strike price.
If buyer does not exercise the option,
writer's profit is premium.
• 'Trader A' (Put Buyer) purchases a put contract to sell 100 shares of XYZ Corp. to 'Trader B' (Put Writer) for $50/share. The current price is $55/share, and 'Trader A' pays a premium of $5/share. If the price of XYZ stock falls to $40/share right before expiration, then 'Trader A' can exercise the put by buying 100 shares for $4,000 from the stock market, then selling them to 'Trader B' for $5,000.
Trader A's total earnings (S) can be calculated at $500.
Sale of the 100 stock at strike price of $50 to 'Trader B' = $5,000 (P)
Purchase of 100 stock at $40 = $4,000 (Q)
Put Option premium paid to Trader B for buying the contract of 100 shares @ $5/share, excluding commissions = $500 (R)

S=P-(Q+R)=$5,000-($4,000+$500)=$500
• If, however, the share price never drops below the strike price (in this case, $50), then 'Trader A' would not exercise the option. (Why sell a stock to 'Trader B' at $50, if it would cost 'Trader A' more than that to buy it?). Trader A's option would be worthless and he would have lost the whole investment, the fee (premium) for the option contract, $500 (5/share, 100 shares per contract). Trader A's total loss are limited to the cost of the put premium plus the sales commission to buy it.

This example illustrates that the put option has positive monetary value when the underlying instrument has a spot price (S) below the strike price (K). Since the option will not be exercised unless it is "in-the-money", the payoff for a put option is
max[(S − K);0] or, more formally, (K − S) +
where :
Prior to exercise, the option value, and therefore price, varies with the underlying price and with time. The put price must reflect the "likelihood" or chance of the option "finishing in-the-money". The price should thus be higher with more time to expiry, and with a more volatile underlying instrument. Determining this value is the central problem of financial mathematics. The most common method is to use the Black-Scholes formula. Whatever the formula used, the buyer and seller must agree on this value initially.
WRAPUP 3-S.Korea industrial output slumps most in 21 years
Tue Dec 30, 2008 8:18am GMT
* South Korea industrial output falls most in 21 years
* Authorities to almost double financial support for banks
* Manufacturing business confidence hits historic low
* Stock market ends 2008 down 41 pct, biggest fall since 2000
* Won up in Dec most in nearly 11 years; down 26 pct in 2008 (Adds expectations for December exports)
By Cheon Jong-woo and Rhee So-eui
SEOUL, Dec 30 (Reuters) - South Korea's industrial output slumped in November by its biggest margin in more than two decades, underscoring the depth of the slump in the economy and the urgency of official efforts to shore it up.
The output figures came after the country's top financial regulatory agency said Korea Development Bank (KDB) and other state-run financial institutions plan to ramp up financial support for local banks in 2009 by 89 percent to more than $8 billion.
South Korea has cut interest rates to a record low, offered guarantees on foreign debt and drawn up a fiscal stimulus package to shore up an export-reliant economy some analysts say will post its first contraction next year since the Asian financial crisis.
Reflecting the tightening grip of the global financial crisis, two surveys showed manufacturing sentiment at multi-year lows and the country's current account swinging once again into a deficit.
Analysts said the bleak data reinforced their view that the Bank of Korea could slash its already record-low interest rate of 3.0 percent further in coming months. Bond futures KTBc1 rallied and local stocks .KS11 gave back most of an early 2.4 percent gain on fears for the economic outlook.
"The Bank of Korea will cut rates further as the downturn deepens. I think it may cut rates by another 150 basis points by the end of the first half," said Lee Sang-jae, an economist at Hyundai Securities.
The central bank next reviews policy on Jan. 9.
South Korea's statistics agency said industrial output fell by a seasonally adjusted 10.7 percent in November from October, the biggest fall in 21 years, as the global downturn took its toll. [ID:nSEV000562]
From the same year-earlier month, output was down 14.1 percent.
The data suggests continued pain for the country's exporters, which are already seeing demand wilt because major markets, including the United States, Europe and Japan, are in recession.
A Reuters poll forecast that data on Friday would show South Korea's exports fell in December from a year earlier by 16.4 percent for the second straight month of decline.[ID:nSEO292369]
However, the finance ministry said on Tuesday it expected the data, due to be released by the economics ministry, to show a 15 percent fall. [ID:nSEO312466]
CONFIDENCE TUMBLES
The Financial Services Commission reported to President Lee Myung-bak that the state-run financial institutions would provide a combined 10.2 trillion won ($8.10 billion) next year to local banks, up from 5.4 trillion in 2008. [ID:nSEO45267]
"These plans are designed for the public institutions to deal with the troubles facing the (local) economy promptly and aggressively," the commission said in a statement.
Some of the figures have already been included in other government measures announced earlier and reflect the sort of policies being considered globally to help banks through the global credit crisis.
Japan's government is considering a $110 billion scheme to buy bad loans and other financial assets to help its banks, the daily newspaper Sankei Shimbun said on Tuesday.
The Korean funds would be used to free up cash at banks, such as by buying local bonds and bad debts, to boost lending or allow the banks to bolster their capital bases.
The central bank said earlier its manufacturing business survey index for January fell to a record-low. The reading marked the seventh consecutive month of decline. [ID:nSEW000032]
Separately, the Federation of Korean Industries, a lobby group for big companies such as Samsung Electronics Co. (005930.KS: Quote, Profile, Research) and Hyundai Motor Co. (005380.KS: Quote, Profile, Research), said its business survey index for January dropped to an 11-year low. [ID:nSEO335649]
SLUMP
The Bank of Korea forecast early this month the economy would grow only 2 percent next year after an estimated 3.6 percent gain in 2008 as the global turmoil hurts demand for the country's exports.
But some international investment banks, such as UBS, have warned South Korea's export-led economy would contract by as much as 3 percent in 2009, which would mark the first decline in gross domestic product since 1998 when Korea was in the grips of the Asian financial crisis.
In its last day of trading of the year, the Korean stock market .KS11 closed up 0.6 percent, well off the day's high and down 41 percent from 2007 following a record level of foreign selling in 2008.
The won ended local dealings up 0.3 percent against the dollar, supported by state intervention, and rose 16.6 percent in December, its biggest monthly gain in nearly 11 years.
But it fell more than a quarter this year hit by sustained capital flight from the country.
Central bank data showed the current account once again swung into a deficit in November, although the balance of payments deficit narrowed as capital flight eased. [ID:nSEO295614]
South Korea is expected to produce its first current account deficit in 2008 for 11 years. ($1=1258.8 Won) (Writing by Yoo Choonsik; Editing by Neil Fullick)
S.Korean bonds gain as local credit worries ease
SEOUL, Dec 16 - South Korean domestic bonds gained across the board early on Tuesday as the central bank's aggressive monetary easing helped relieve investors of worries about local credit markets.
The yield on the benchmark 5-year treasury bonds fell 6 basis points to 4.29 percent by 0110 GMT, while December treasury bond futures jumped 45 ticks to 110.85.
"The Bank of Korea's aggressive policy has helped improve buying sentiment in non-government bonds as well as government bonds and this is relieving worries about the credit market situation," said Kong Dong-rak, a fixed-income analyst at Hana Daetoo Securities.
Analysts said the finance ministry's release of its first official target for 2009 economic growth scheduled at 0300 GMT would not likely have a big impact on the market as a steep slowdown in growth was already largely expected.
The Bank of Korea slashed interest rates by a record 1 percentage point to 3.0 percent last week, double the amount expected by analysts. It was the fourth rate cut since early October aimed at lifting the economy in the face of a recession.
In addition, the central bank said it would supply sufficient funds to the local financial system to help companies and banks meet an expected rise in cash demand toward the end of the year.
(Updates to close)
SEOUL, Dec 24 (Reuters) - South Korean government bond prices
rallied on Wednesday on growing hopes that the central bank would
keep its taps open for the cash-strapped financial and corporate
sectors.
But trading was extremely light ahead of the holidays and
with investors awaiting a string of economic indicators due next
week, including industrial output data for November and inflation
figures for December.
The yield on benchmark 5-year treasury bonds
shed 10 basis points to a 3-1/2-year low of 4.14 percent while
March 2009 treasury bond futures KTBc1 soared 38 ticks to
111.46.
The central bank held a monetary policy meeting on Wednesday
morning but did not announce any further liquidity aid, although
the market had expected an agreement to purchase commercial
papers from local firms.
"It seems the central bank is looking for an indirect way of
subsidising the corporate sector," said Kong Dong-rak, a
fixed-income analyst at Hana Daetoo Securities.
"With the short-term money market rates barely budging, the
authorities will likely do something more and they may agree to
purchase commercial papers and corporate bonds in the end," Kong
said.
Yields on three-month certificate of deposit and
commercial paper fell 5 and 4 basis points to end at
3.98 percent and 6.49 percent, respectively.
Separately, the Bank of Korea said on Wednesday in a
statement that it had injected 19.5 trillion won ($14.83 billion)
in liquidity to the financial market since the Lehman Brothers
debacle in mid-September, on top of making four rate cuts
totalling 2.25 percentage points.
close prev close
5-yr treasury bonds 4.14 pct 4.24 pct
3-yr treasury bonds 3.75 pct 3.87 pct
1-yr monetary stabilisation bonds 3.63 pct 3.75 pct
3-mth certificates of deposit 3.98 pct 4.03 pct
Average call rate ~ 2.40 pct
6-mth *KORIBOR 5.05 pct 5.13 pct
* Korea interbank offered rate
(Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner)

South Korean bonds rise on c.bank support hopes
SEOUL, Dec 24 (Reuters) - South Korean bond prices rose early on Wednesday, lifted by hopes that the central bank may step up its liquidity aid by purchasing commercial papers directly from local firms.
Monetary policy makers at the Bank of Korea have been in a scheduled monetary policy meeting since 0030 GMT, without officially disclosing the agenda on the table.
The yield on 5-year treasury bonds fell 4 basis points to 4.20 percent, while March treasury bond futures KTBc1 were up 20 ticks at 111.28 as of 0056 GMT.
"The market has been banking on hopes that the central bank would agree to buy commercial papers and print new money to do so, " said Kim Dong-whan, a fixed-income analyst at HI Investment & Securities. (Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner)
채권이란 채무자가 채권자에게 미래의 정해진 시점에서 일정한 이자와 원금을 지급하기로 약속한 증서를 말하는데. 채권에는 반드시 대차계약의 만기일과 만기일 안에 지급될 이자(표면이자) 그리고 만기시 지급되는 금액(액면가)이 명백히 기제 되어 있어야 한다.
채권의 소유주는 만기일이 도래한 채권을 금융기관에게 위탁함으로서 원리금을 상환받을 수 있는데.
채권을 위탁받은 은행은 채권 발행 기업에게 원리금의 지급을 제시하고.
은행으로 부터 지급제시를 받은 기업은 반드시 이 지급제시를 이행하여야 하고 만약 기업의 재무상태가 악화되 모든 자본을 모두 매각하고도. 이를 이행 할 능력이 없다면 이기업은 파산처리된다.

채권을 발행한 기업은 흔히 6개월 혹은 1년 단위로 액면가에 대해 표면이자를 계산하여 일정의 금액을 채권의 소유주에게 지급한다. 예를들어 액면가 5천만원. 표면이자 연 5%.2008년 1월 1일 기준으로 3년만기 채권의 소유자는. 매년 250만원의 이자를 지급받을 수 있으며 만기일에는 원리금 모두를 회수할수 있다.
하지만 채권의 소유자가 원리금을 회수하기 위해서 만기일까지 기다려야 할 필요는 없다.
만기일 전이라도 유통시장서 이를 팔 수 있기 때문인데. 이경우 채권의 소유자는 그간 지급받은 표면이자 + 채권을 팔때얻은 자본이득(손실)을 얻을 수 있다.

이때 자본이득(손실)이 생기는 이유는 시중금리에 따라서 유통가격이 변하기 때문이다.
예를들어 액면가 5천만원.표면이자 연5%의 채권이 있다고 하자.
이때의 시중연간이자율이 연8%라면 사람들은 구태여 상대적으로 위험한 채권을 더 낮은 이자를 받으면서 살 하등의 이유가 없다. 당연히 수요가 줄어든 채권은 가격이 하락하게 되는것이다.
시중연간이자율이 연11%로 더욱 상승해버리면 채권의 가격은 한층 하락하게 된다.
반대로 시중연간이자율이 연3%대로 형성되었다면 채권의 수요는 늘어나고 채권의 가격 또한 상승하게된다.
정리해보면 이자율이 높아지면 채권의 가격은 하락하고 이자율이 하락하면 채권가격은 상승하게 되는데.

사실 양자사이의 관계는 반대방향에서도 성립한다.
즉, 채권의 가격이 상승하면 이자율이 하락하고 채권의 가격이 하락하면 이자율은 상승하게 된다.

그런데 채권의 가격과 채권수익률의 측면에서 본다면 아이러니 하지 않을 수 없다.
이유는 채권의 가격이 상승하면 채권수익률은 낮아지고 채권의 가격이 하락하면 채권의 수익률은 높아지기 때문이다.
이유는 다음과 같다.
액면가 1000만원이고 표면이자가 연5%인 채권이 유통가격이 상승해 1100만원까지 올랐다고 하자.
유통가격은 상승했지만. 채권 발행 기업은 유통가격에 대한 연5%의 이자를 지급하는것이 아니라 액면가에 대해 연5%의이자를 지급하는 것이다.
즉. 1100만원의 가치를 지닌 증권으로 연 50만원의 수익(약 연 4.05%)밖에 올리지 못하는 것이다.
반대로 유통가격이 하락하게 된다면 수익률은 높아지게 된다.

국채와 지방채는 국공채로서 정부와 지방자치단체가 원리금 지급을 보증하는 채권으로 신용도와 안정성이 가장 높은 채권입니다. 3년 만기 국고채 수익률은 시장에서 기준금리 역할을 하고 있습니다

☞ 국채(Government Bond)

국채는 정부가 공공목적을 달성하기 위하여 발행하는 채권을 말합니다. 국채는 정부가 발행하는 채권으로 정부가 원리금 지급을 보증하기 때문에 안전성이 가장 높은 채권으로 국채금리는 시중실세금리를 반영하는 기준금리 역할을 하고 있습니다. 수익률 측면에서도 은행상품에 뒤지지 않고 절세 및 분리과세가 가능하여 장기투자 상품으로 적합니다.

국채에는 부동산 등기 또는 각종 인•허가시 등에 강제 소화되는 채권으로 국민주택1종이 있으며 만기는 5년, 표면금리 5%로 발행됩니다. 또 수도권 지역의 채권입찰제를 통해 분양되는 아파트 입주자가 매입하는 채권으로 국민주택 2종이 있으며 발행방법은 1종과 같고 표면금리 3%에 만기가 국채 중 최장기인 20년입니다.

국민주택채권의 경우 표면금리가 낮기 때문에 투자시 절세의 효과가 있고 표면금리가 낮은 만큼 세후수익률은 높게 나타납니다.

국채의 종류
- 국채 인수단의 경쟁입찰에 의하여 발행되는 국고채권과, 외국환 평형기금채권, 양곡증권 등이 있습니다.

☞ 지방채 (Municipal Bond)

지방채는 지방자치단체에서 공공사업이나 기 발행된 지방채의 상환 또는 필요한 지방 재정을 조달하고자 발행하는 채권입니다. 지방채는 국채보다 발행액수가 적고 신용도가 국채에 비하여 다소 떨어지기 때문에 유동성이 낮은 편이며 지방자치단체의 신용도에 따라 위험이 달라지게 됩니다.

지방채의 종류로는 지역개발채권, 도시철도채권, 도로공채 등이 있습니다.

ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ
1999년에 기금운용체계를 간소화하고 효율성을 높이기 위하여 국채관리기금을 폐지하여 공공자금관리기금법에 의한 공공자금관리기금에 통합함에 따라 국고채권은 공공자금관리기금의 부담으로 발행하게 되었다. 국고채권에 관하여는 국채법•동시행령 및 시행규칙과 한국은행총재의 국채사무처리세칙이 정하는 바에 의한다. 1년•3년•5년•10년의 만기로 발행되며, 3년 만기가 주류를 이룬다.
국고채권은 상장(上場)되지는 않았으나 가장 거래가 활발하고 실세금리를 민감하게 반영하는 채권의 하나로서 장외시장(場外市場)의 대표수익률(代表收益率)과 시중자금사정을 나타내는 기준금리(基準金利)를 파악하는 지표가 되고 있다.

금리는 채권에 있어서 수익률의 의미이죠.

즉, 금리가 오르면 채권수익률(=만기수익률, 유통수익률, 시장수익률)은 당연히 오르게 됩니다.

그 전에, 채권의 종류에는 복리채, 할인채, 이표채로 나눌 수 있는데,

채권은 FIXED-INCOME 이라고 합니다. 그 이유인즉, 들어올 이자와 만기상환 금액이

발행시점에 확정되어 있어서 그렇지요.

채권의 구조는 상환금액과 이자가 미리 언제 받을 것인가 정해져 있는데, 이것을

현재의 금리(수익률)로 현재가치화해서 매매시점의 단가를 계산해서 거래됩니다.

이걸 바탕으로 금리가 오르면 채권가격은 하락하게 되는데 다음의 현재가치화하는

매매식에서 이를 알 수 있죠.

복리채단가 : 만기상환금액 / ( 1 + 매매수익률 )^n
-> 매매수익률은 해당종목의 매매당시 금리이며, n 은 매매일~만기까지의 기간

할인채단가 : 10,000 / ( 1 + 매매수익률 )^n
-> 매매수익률은 해당종목의 매매당시 금리이며, n 은 매매일~만기까지의 기간

이표채단가 : 현금흐름이 발생되는 시점을 각 할인하여 구합니다.
(이표가 생기는 시점이 여러번이라서 그 횟수만큼 식을 써서 구합니다)

위 가격계산식에서 볼 수 있 듯, 매매수익률은 분모에 있기 때문에 금리가 오를 수록,
분모가 커져 결국 각 채권의 단가(가격)은 하락하게 됩니다.

또하나, 사는 투자자의 입장에서는 이자와 상환금액이 확정된 채권을 살 때, 싸게 사는게 유리하겠죠? (은행 이자율과 같습니다. 높은 금리를 받는게 유리하니까요)
이 말을 조금 생각하시면, 만기 시점에 받는 돈은 누구나 같은데, 높은 금리를 받는게 유리하다는 말이되고... 이는 남들보다 싸게(가격 하락) 사는 거란 얘기가 됩니다.


위의 내용을 이해하시게 된다면,

채권을 살 때는 금리가 높은 시점(채권수익률이 높은 시점)에 매수하는게 싸게 사는 것이니 좋은 거고,

팔 때는 금리가 낮은 시점 (채권수익률이 낮은 시점)에 매도하시는게 비싸게 매도하시는
것이 됩니다. (금리가 낮으면-> 채권가격 상승-> 높은 가격에 매도)

-> 제가 팔 때, 사려하는 다른 사람은 낮은 수익률을 받도록 해야 제가 매매차익이 발생하게 되죠.

추가로 채권에는 이자소득과 매매차익이 있습니다.

채권의 표면이율에 의한 이자소득은 과세되며, 가격차이에 의한 매매차익은 비과세죠.

따라서 일반 개인 투자시, 같은 매매수익률이라면 낮은 표면이율을 지닌 채권을 매매하는 게 훨씬 유리하게 됩니다.

더 궁금하신 내용있으시면 parky911@naver.com으로 문의하세요 ^^
account book 회계장부
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current account 경상 계정, 당좌 계정, 당좌 예금, =BOOK ACCOUNT
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* 수표 발행, 자동 이체에 대하여
How can I get a checkbook issued here?
어떻게 하면 여기서 발행하는 수표장을 얻을 수 있을까요?
May I have money sent direct to my account?
현금을 제 통장으로 직접 입금시킬 수 있을까요?
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* savings[passbook] account 저축성 예금
checking account 당좌예금
Savings and checking accounts usually earn interest if
the customer maintains a minimum balance.
(보통 저축예금과 당좌예금은 고객이 구좌에 최소한의
금액만 예금해 놓으면 이자가 붙는다.)
cf. 미국에서는 사업체 뿐만 아니라 개인도 현금(cash)보다
가계수표(check)를 훨씬 많이 쓰기 때문에 모든 사람이
당좌예금 구좌를 필수적으로 갖고 있어야 한다.
cf. account number 구좌 번호
account book 회계 장부
accountant 회계사
accounting 회계, 경리
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Cash is a good way to make small purchases,
but carrying large amounts of cash is dangerous.
Cash can be lost or stolen.
Cash should never be sent in the mail.
The most convenient method of payment is by personal check.
We open a checking account at a bank by depositing money.
The bank provides a checkbook of personal checks with our name and address on them.
The person to whom we write a check takes the check to his own bank
and deposits it into his own account, or receives the cash amount.
현금은 작은 물건을 구입하기에는 좋다.
그러나 대량의 현금을 지니고 다니는 것은 위험하다.
현금은 잃어버리거나 도난당할 염려가 있다.
현금을 우편으로 보내서는 안된다.
가장 편리한 지불 방법은 개인수표로 지불하는 것이다.
우리는 돈을 예치함으로써 은행에 당좌 예금 계좌를 개설한다.
은행은 우리의 이름과 주소가 적힌 개인 수표책을 제공한다.
우리가 어떤 사람 앞으로 수표를 발행하면, 그 사람은 그 수표를 은행에 가지고 가서
자신의 계좌에 예금하거나 수표 금액만큼의 현금을 지불 받는다.
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<은행에서의 회화>
1. 통장passbook, bankbook을 개설.폐쇄 할 때
나는 은행계좌를 개설하려합니다.
I'd like to open a bank account.
"a bank account"대신
"당좌예금"일때는 " a checking account",
"저축예금"일때는 "a saving account",
"정기예금"일때는 "a fixedtime deposit",
"보통예금"일때는 "an ordinary deposit",
"신탁예금"일때는 "a deposit in trust"등을 사용하여 응용할수 있습니다.
나는 은행계좌를 폐쇄하려합니다.
I want to close a bank account.
제 아내와 저는 공동 당좌예금을 개설하고 싶어요.
My wife and I want to open a joint checking account
저의 아내도 이용할 수 있도록 공동 명의로 하겠습니다.
A joint account, so my wife can use it too.
어느 예금의 이자가 가장 높습니까?
Which deposits yield the highest interest?
1년짜리 정기적금은 연 이율 12.3%입니다.
One-year time deposits yield 12.3% interest per annum.
서류를 작성해야 합니다.
We'll have to fill out some forms.
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<은행에서의 회화>
3. 돈을 입금하고자 할 때
얼마를 입금시키시겠습니까?
How much money would you like to deposit?
How much do you want to deposit?
예금신청서는 어디에 있나요.
Where are the deposit slips?
제 저축구좌에 예금을 할려고 합니다.
I'd like to make a deposit in my savings account.
이 은행 통장이 완전히 다 찼는데요. 새 것으로 만들어드리겠습니다.
This passbook is completely full. I'll make you a new one, sir.
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<은행에서의 회화>
1. 수표의 발행과 현금화
수표예금구좌를 개설하려 합니다.
I'd like to open a checking-savings account.
수표장을 받으십시오.
Here's a checkbook.
이 수표를 예치하고 싶습니다.
I want to deposit this check.
전 타주 발행 수표를 예치하고 싶어요.
I'd like to deposit this out-of-state check.
여러분들은 언제 봉급 수표를 받습니까?
When do you guys get your paycheck?
이 수표를 현금으로 바꾸어 주세요.
Could I cash this check please?
여행자 수표를 현금으로 바꿀 수 있나요?
Can I cash some traveler's checks?
그는 내게 개인 수표에 배서를 해주었다.
He endorsed his personal check to me.
여행자 수표의 아래쪽 왼편 구석에다 확인 서명하십시오.
Just countersign the traveler's check in the bottom left corner.
실례합니다만, 활자체로 적어주십시오.
Excuse me, please print your name.
서명란에 활자체로 성함을 써 주십시오.
Will you please print your name full on the dotted line?
여행자 수표들은 20달러, 50달러, 100달러, 그리고 500달러로 발행됩니다.
Traveler's checks come in $20, $50, $100, and $500 donlminations.
여행자 수표 판매에 대해 1% 수수료를 받습니다.
We charge a 1% commission on traveler's check sales.
수표가 인가될 때까지 이 자금에 대해서는 3일간 지불 유보될 겁니다.
There will be a 3-day hold on these funds until the check clears.
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KSIC-741
법무, 회계, 시장조사 및 사업 경영상담업
Legal, accounting, book-keeping and auditing activities ; tax
consultancy ; marketresearch and public opinion polling ; business and
management consultancy
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KSIC-7412
회계관련 서비스업
Accounting, book-keeping and auditing activities ; tax consultancy
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KSIC-74129
달리분류되지않은 회계관련 서비스업
Accounting book-keeping and auditing activities nec
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account (=a/c, acc, acct): 계정, 계좌, 계산서
account analysis: 계정분석
account book paper: 회계부 용지
account books: 상업장부, 회계장부
account bought: 매수 명세서
account chart: 계정과목 일람표
account closing procedures: 결산절차
account code: 계정과목 코드(기호)
account current: 당좌계정, 단기대차계정
account form balance sheet: 계정식 대차대조표
account form income statement: 계정식 손익계산서
account form profit and loss statement: 계정식 손익계산서
account form: 계정식(cf. 보고서)
account headings: 계정과목
account in arrears: 잔금계정
account in foreign currency: 외환계정, 외화계정
account in Korean currency: 원화계정
account in transit: (본지점)미달계정
account method: 계속기록계산법
account number plan: 계정과목 번호 표시법
account number: 구좌번호, 계좌번호, 계정과목번호
account of business: 영업보고서
account of credit sales: 외상매출금 계정
account of purchase:매입계정서
account paid: 지불완료계정
account payable ledger: 외상매입장, 외상매입처 원장
account payable not trade: 미지급금
account payable trade: 외상매입금
account payable: 외상매입금
account receivable insurance: 외상매출금보험, 매출채권보험
account receivable ledger: 외상매출금원장
account receivable not trade: 미수금
account receivable trade: 외상매출금
account rendered: 확정계정
account sales: 외상매출, 외상매출계산서
account settlement: 결산
account stated: 확정계정
account statement: 계산서
account symbol system: 계정기호 표시법
account system: 계정조직
account title: 계정과목
account transfers: 계정대체
account turnover: 예금 회전 수
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advanture account: 위탁상품 계정
advanture book: 위탁품 기입장
adventure in company: 조합위탁 적송품
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balance account: 잔고계정
balance an account: 계정을 조정하다
balance at the bank: 은행예금잔고
balance at the beginning of the period: 기초잔액
balance at the term-end: 기말잔액
balance book: 잔고장
balance brought forward: 전기이월 잔액
balance brought over from the last account: 전기이월금
balance carried forward: 차기이월 잔액
balance carried over: 차기이월
balance certificate: 잔액증명서, 잔고증명서
balance due: (산출세액에서 원천징수액을 공제한)요납부세액
balance form ledger sheet: 잔고식 원장
balance form: 잔고식
balance in hand: 보유잔고
balance in taxation: 과세형평
balance ledger: 잔고식 원장
balance of accounts: 계정잔액
balance of stores sheet: 재고품 수불부
balance of tax amount: 차감(요납부, 환부)세액
balance sheet analysis: 대차대조표 분석
balance sheet audit: 대차대조표 감사
balance sheet date: 대차대조표 일자
balance sheet equation: 대차대조표 등식
balance sheet for tax purpose: 세무 대차대조표
balance sheet: 대차대조표
balance the profit and loss: 손익 차감하다
balance: 잔액
balanced budget: 균형예산
balanced development: 균형된 발전
balancing tax: 대응과세
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bank acceptance: 은행인수어음
bank account reconciliation: 은행계정 조정
bank account: 은행계정, 예금
bank accounting: 은행회계
bank accounts: 은행구좌
bank advance: 은행대출
bank balance: 은행잔고
bank book-keeping: 은행부기
bank book: 은행통장, 당좌예금출납장
bank certificate of deposit: 은행예금증서
bank charges: 은행수수료
bank confirmation: 은행의 확인(고객의 신용상태를 확인해줌)
bank cost accounting: 은행원가계산
bank deposit method: 은행잔고법
bank deposit: 은행예금
bank discount rate: 은행할인료율
bank guarantee: 은행의 지급보증
bank interest: 은행이자
bank loans payable: 은행차입금
bank loans secured by mortgage on factory foundation: 공장재단담보에 의한 은행차입
bank loans: 은행차입금
bank over-drafts: 당좌차월
bank premises and equipments: 영업용 토지 건물집기
bank premises and real estate accounts: 부동산 동산 계정
bank prime rate: 은행우대금리(미국 상업은행의 일류 기업에 대한 최우대 대출금리)
bank reconciliation statement: 은행계정조정표
bank reconciliation: 은행계정조정표
bank reserve ratio: 예금지불준비율
bank reserve: 은행지불준비금
bank statement: 은행계산서(은행이 예금자에 대하여 제공하는 계산서, 은행 자체의 재무 요약
bank transfer: 은행간 대체
banker's acceptance bill: 은행인수어음
banker's acceptances: 은행인수어음
banker's ratio: 은행가 비율, 유동비율
banking facilities: 금융기관
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book account: 장부상의 대차
book audit: 장부감사
book balance: 장부상 잔액
book closing date: 장부마감일
book cost: 장부상 원가
book entry: 장부기입
book income: 장부상 소득
book inventory method: 장부재고법
book inventory: 장부상 재고
book makers: (도서)출판업자
book of accounts: 회계장부
book of final entry: 최종기입장부
book of original entries: 원시기입장부, 원시기입장
book of secondary entry: 제2차 기입장부
book price: 장부가격
book profit: 장부상 이익
book surplus: 장부잉여금
book valuation: 장부평가
book value of stock: 주식의 장부가액
book value per share: 일주당 장부가
book value: 장부상 가치, 장부가액
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bought and sold note: 매매보고서
bought book: 매입장
bought for account: 외상매입
bought for cash: 현금매입
bought: 매입처 원장
________________________________________

cash account: 현금계정
cash and carry: 현금 박치기, 현금지급 즉시 양도(sale for immediate cash)
cash and deposits with banks account: 현금예금 계정
cash and deposits with banks: 현금예금
cash asset: 현금자산
cash at bank: 은행예금(영국)
cash audit: 현금감사
cash balance: 현금잔고
cash basis accounting: 현금주의 회계
cash basis: 현금주의
cash before delivery: 양도전 현금지급조건
cash book: 현금출납장
cash break-even point: 손익분기점
cash budget: 현금수지예산
cash control: 현금관리
cash deposited for bond interest: 사채이자 지급금
cash deposition sinking funds: 감채기금 담보예금
________________________________________

change in accounting entity: 회계실체의 변경
change in accounting estimate: 회계추정의 변경(고정 자산의 내용연수 변경 등)
change in accounting method: 회계처리 방법의 변경
change in accounting period: 회계기간의 변경
change in accounting principles and practice: 회계의 절차 변경
change in character of business: 사업 성격의 변경
change in form of business: 사업 형태의 변경
change in reporting entity: 보고실체의 변경
change in tax rates: 세율 변경
change in the book value: 장부가액의 변경
change in the tax rate: 세율 변경
change in valuation method: 평가방법의 변경
change of depreciation method: 감가상각방법의 변경
change of intended usage: 용도변경
change of organization: 조직변경
________________________________________

close a business: 폐업하다
close a case: (사건을) 종결짓다
close a contract: 계약을 체결하다
close bank accounts: 은행 구좌를 폐쇄하다
close down a business place: 사업장을 폐쇄하다
close examination: 면밀한 조사
close of books: 장부마감
close of business: 폐업
close off: 계정 등을 없애다
close out: 처분하다
close scrutiny: 정밀검사
close the book: (장부를) 마감하다
close the ledger: 원장을 마감하다
close the loophole: 허점을 봉쇄하다
close(closed) corporation: 비공개법인
close-down: 폐업
________________________________________

closing accounts: 결산
closing adjustment: 결산조정
closing all accounts in the ledger: 원장의 각계정 마감함
closing balance account: 폐쇄잔고계정 (대륙식 회계)
closing balance sheet: 결산 대차대조표
closing business: 사업의 폐쇄
closing date: 마감일, 결산일, 폐업일
closing day: 마감일
closing inventory: 기말재고
closing of accounts: 결산
closing of book: 장부의 마감
closing price: (주식의) 종가
closing the ledger: 원장마감
closing trial balance: 마감시산표
closing: 폐쇄, 결산
________________________________________

daily account: 일계표
daily balance: 일일잔고
daily cash balance book: 일일잔고 기록장
daily collections record book: 일별 수금고 기록장
daily interest for arrearage: 일일 연체이자
daily labor report: 일일작업일지
daily piece work report: 작업수량일보
daily time card: 작업시간 일보
daily total: 일계
daily trial balance: 일계표
daily worker: 일용근로자
daily: 매일의
________________________________________

double assessment: 이중과세(double taxation)
double attachment: 이중압류
double benefits: 이중혜택
double costs: 이중비용
double counting: 이중 계산
double deductions: 이중공제
double distribution: 이중배부
double duty: 이중과세
double entries: 복식기장
double entry book-keeping: 복식부기
double insurance: 중복보험
double jeopardy: (한가지 죄로) 두 번 처벌 못함, 일사부재리
double tariff: 이중 세율제
double tax break: 이중감면
double tax burden: 이중과세부담
double taxation convention: 이중과세금지조약
double taxation relief: 이중과세방지
double taxation: 이중과세
double-account-form balance sheet: 복식회계 대차대조표
double-checked: 이중 점검된
________________________________________

enter in an account-book: 기장하다
enter in the ledger: 원장에 기입하다
enter into a contract: 계약을 체결하다
enter into agreements: 협정을 체결하다
enter into effect: 시행되다
enter into tax treaties: 조약을 체결하다
enter items as they apply: 해당사항을 기입하시오
enter up an account in: 계정에 기입하다
enter wrongly: 오기하다
enter: (컴퓨터에 자료를) 입력하다, 기입하다
________________________________________

expense account: 비용계정
expense analysis book: 경비내역 원장
expense analysis sheet: 경비내역표
expense analysis: 경비내역
expense arising from outside manufacture: 외주가공비
expense budget: 경비예산
expense disallowance: 손비부인, 손금부인
expense distribution: 비용배부
expense item: 비용항목
expense ledger: 경비원장
expense of idleness: 조업중단비용
expense on bonds: 사채발행비
expense report: 경비보고서, 비용보고서
________________________________________

housekeeping account-book: 가계부기
housekeeping expenses: 가계비
________________________________________

industrial accounting: 공업회계
industrial bank: 은행(산업은행)
industrial book-keeping: 공업부기
industrial capital: 산업자본
industrial conversion: 산업의 전환
industrial disease: 업무상의 질병
industrial foundation: 공장재단
industrial law: 노동법
industrial new design: 실용신안
industrial production: 공업생산
industrial property: 공업소유권
industrial ratio of return: 산업수익율법
industrial right: 공업소유권
industrial waste: 산업폐기물
industrial water: 공업용수
industrial: 산업의
________________________________________

materials (data) for investigation: 조사자료
materials accounting, department: 재료회계부
materials and supplies a/c: 재료 및 저장품 계정
materials and supplies returned journal: 재료 및 저장품 반품대장
materials budget: 재료예산
materials consumed sheet: 소비재료 내역서
materials control account: 재료총괄 계정
materials control: 재료관리
materials department: 자재부
materials handling department: 재료부문
materials in process: 원료재공품
materials in storage: 저장원재료
materials inspection report: 재료검사보고서
materials instrument: 유형자산
materials inventory: 재료재고
materials ledger: 재료원장
materials manufactured for own use: 자가소비용 생산재료, 자가제조 원재료
materials on hand: 보유자재
materials order book: 재료구입장
materials percentage method: 재료비 백분율법
materials price standard: 재료표준가격
materials price variance account: 재료비 가격차이 계정
materials purchase price variance: 재료구매 가격차이
materials purchased report: 재료구입보고서
materials purchased: 재료 구입액
materials quantity variance: 재료수량차이
materials receipt note: 재고입고표
materials received report: 재료입고 보고서
materials requisition note: 재료출고 청구표
materials return report: 원재료 반환표
materials returned report: 원재료 반환표
materials specification: 재료사양서(仕樣書), 자재명세서
materials testing report: 재료검사보고서
materials usage variance: 재료비 사용차이
materials: 재료
________________________________________

note, promissory note: 약속어음
notes and accounts payable: 매입채무
notes and accounts receivable: 매출채권
notes and bills discounted: 할인증권
notes and bills endorsed(contra): 어음배서의무
notes and bills payable: 지불증권
notes and bills receivable discounted: 할인증권
notes and bills receivable: 매출증권
notes discounted: 할인어음
notes due to affiliated company: 관계회사 지불증권
notes payable book: 지불어음기입장
notes payable to banks: 은행차입금
notes payable-trade: 지급어음
notes payable: 지급어음(미국)
notes receivable book: 받을 어음장
notes receivable discount: 수취어음 할인액
notes receivable due from employees: 종업원 증권 대부금
notes receivable from directors and officers: 임원 증권 대부
notes receivable journal: 받을 어음원장
notes receivable register: 받을 어음기입장
notes receivable-trade: 받을어음
notes receivable: 받을어음
notes received discounted: 할인어음
notes thus discounted or transferred by endorsement: 배서에 의해 지불 또는 할인된 어음
________________________________________

open-book account: 외상거래계정(구두약속에 의한 외상)
________________________________________

operating (working) capital: 영업자본, 운전자금
operating accounts: 영업활동계정
operating assets: 영업용 자산
operating budget: 영업예산
operating business: 영리회사
operating cost: 영업상의 비용
operating cycles: 영업주기
operating expense book: 영업비 내역장
operating expense ledger: 영업비 원장
operating expense: 영업 비용
operating fund: 운용자금
operating furniture: 영업용 집기
operating income: 영업이익
operating ledger: 영업원장
operating loss: 영업손실
operating profit and loss: 영업손익
operating profit: 영업이익
operating rate: 가동율, 조업도
operating ratio: 영업비율
operating receipt: 영업수입
operating report: 영업보고서
operating reserve: 영업준비금
operating results: 영업성적, 경영성적
operating revenue: 영업수익
operating section of income statement: 손익계산서의 영업손익계산 구분
operating section: 영업손익계산부문
operating statement: 손익계산서, 수지계산서
operating surplus: 영업잉여금
________________________________________

passbook accounts: 보통예금
________________________________________

payment against document: 증서 교환 지급
payment at regular fixed times: 정기지불
payment at short date: 단기지불
payment book: 지불기입장
payment by beneficiary: 공사부담금, 수익자부담금
payment by cash: 현금지불
payment by installment: 분할지불
payment by proxy: (부가가치세) 대리납부
payment by result: 능률급
payment by rough estimate: 개산지불
payment for another: 대납
payment in advance: 선(先) 지불
payment in full: 완납
payment in installments: 분할납부
payment in kind: 현물지불
payment in lump sum: 일시지불
payment in part: 부분적 지불
payment in substitutes: 대물변제
payment in substitution: 대물변제
payment of tax 세금납부
payment of tax: 세금납부
payment on a combined basis: 총괄납부
payment on account: 외상지급
payment on delivery: 인도 즉시 지불
payment received on uncompleted contracts: 미성공사 선수금
payment record of interest. etc: 이자 등의 지급조서
payment record: 지급조서
payment regarded as dividends: 간주배당
payment report: 지급보고서
payment slip: 출금전표
payment terms: 지불조건
payments unrelated to business: 업무에 무관한 지출
________________________________________

subsidiaries: 종속법인, 자회사, 현지법인
subsidiary accounts: 보조원장계정
subsidiary book: 보조부
subsidiary companies: 종속회사, 자회사
subsidiary corporation, subsidiary: 자회사
subsidiary department: 보조부문
subsidiary journal: 보조기입장
subsidiary ledger: 보조원장
subsidiary material cost: 보조 재료비
subsidiary-company accounting: 종속회사회계
________________________________________

결산일 account book, account day
________________________________________

보통예금: Passbook Accounts
________________________________________

복식부기 double entry book-keeping, double entry accounting
________________________________________

외화보통예금: Passbook Accounts in Foreign Currency
________________________________________

회계장부 account book
________________________________________

예금입금 Deposit
통장정리 Passbook update
예금출금/예금지급 Withdrawal
신용카드거래 Credit card service
비밀번호 PIN number
계좌이체 Transfer
계좌번호입력 Enter account #
조회후거래 Show balance first
무통장입금 Deposit without passbook
무카드입금 Deposit without card
통장입금 Deposit with passbook
카드입금 Deposit with card
환율, 이대로 1500원까지 올라서나?


2009년 01월 03일 (토) 안보람 기자 ggarggar@seoulfn.com




외환당국 손 놓자 새해 첫날 환율 '폭등'
불안심리 여전...상승세 당분간 지속될 듯
[서울파이낸스 안보람 기자] 2009년 첫 거래를 시작한 외환시장이 폭등세를 연출, 그동안 억눌렸던 불안감을 표출했다.

지난 연말 종가관리를 위해 지속적 개입에 나섰던 외환당국이 손을 놓자 '눌려있던 스프링이 튀어오르 듯' 달러화 매수 욕구가 분출되며 폭등세를 보인 것.

외환시장 전문가들은 일본계 은행의 회계결산이 마무리되는 3월까지는 환율 불안이 지속될 것으로 전망하면서도 미국, 중국, 일본 등과 체결한 통화스와프 협정 등의 영향으로 1500원을 넘어서지는 않을 것이라고 조심스럽게 내다봤다.

■환율...폭등
올해 첫 거래일인 2일 서울 외환시장에서 원•달러 환율은 작년말 종가보다 61.50원 뛰어오른 1321원으로 거래를 마쳐 1300원대에 재진입했다. 종가 기준으로 지난달 23일 이후 최고 수준을 보였으며, 작년 11월6일 이후 2개월여 만에 최대폭의 상승을 기록했다.

전거래일인 30일 종가보다 50.5원 오른 1310원으로 거래를 시작한 이날 환율은 1300원까지 밀려났지만 매수세가 강화되면서 1331원까지 치솟으며 외환시장을 '아비규환'에 빠뜨렸다.
이후 환율은 고점 인식 매물이 유입되며 1320원대로 내려선 뒤 공방을 벌였다.

외환시장 참가자들은 기업 결제수요 등의 영향으로 환율이 급등했다고 전했다. 지난해 말 외환당국의 만류와 지속적 미세조정 등으로 달러화 매수를 자제했던 기관들이 한꺼번에 결제용 달러화 매수에 나서면서 환율을 끌어올렸다는 설명이다.

다만, 역외세력이 1330원 부근에서 달러화 매도에 나서면서 추가 상승을 제한했다. 이와함께 외국인이 600억원 이상 주식을 순매수하면서 3거래일 연속 '바이코리아'를 이어간 점 역시 주가를 끌어올리며 원화 약세를 견인했다는 분석이다.

외환은행 원정환 대리는 "기업 결제수요가 많았으며 첫 거래일이어서 은행간 거래도 활발했다"며 "역외세력은 상단에서 차익실현성 매도에 나서는 모습이었다"고 말했다.

■1500원 넘볼까?
외환시장 전문가들은 기업과 은행의 환차손을 줄이기 위해 외환당국이 환율상승을 억눌러왔던 만큼 연초 환율 상승을 어느정도 예상해 왔다.

당국은 다양한 방법을 통해 환율 하락을 유도, 지난달 24일이후 4거래일 간 78.5원을 환율 폭락을 이끌었다.
이런 영향으로 지난해 말 우리 외환시장이 거래를 마친 후 이어진 역외선물환(NDF)시장에서 원•달러 환율은 1300원을 돌파했고, 심지어 뉴욕시장에서는 1350원대까지 치솟았다. 이는 이날 환율 폭등의 전주곡이 된 것으로 보인다.

전문가들은 당분간 이런 환율상승이 이어질 것으로 내다봤다. 외환당국의 연말 환율 관리가 기업과 은행의 환차손을 줄이기 위한 조치였던 만큼 당분간은 작년 말같은 강력한 매도개입은 자제할 것이라는 관측에 따른 것이다.

이와함께 3월말까지는 외화유동성 부족과 경기둔화에 따른 환율 상승세가 지속될 것이라고 전망했다. 일본계 은행의 회계결산이 3월말에 마무리 되기 때문이다.

다만, 1500원을 넘어섰던 지난해 11월같은 폭등세가 재현될 가능성은 낮을 것이라는 게 전문가들의 의견이다.

SK증권 염상훈 이코노미스트는 " 이달 첫 주에 환율의 고점 공방이 진행되겠지만 작년 11월과 같은 폭등세를 보이지는 않을 것"이라며 "주요국들과의 통화스와프 협정과 리보금리의 안정, 미국 증시 투자자들의 공포심리를 나타내는 변동성지수인 VIX(Volatility Index) 등 각종 위험지표의 완화, 외국인 주식매수세 재개 등이 환율 급등세를 진정시킬 것"이라고 설명했다.
• Firms buying back their original assets will also be subject to lower taxes if the new gains account for 30 percent of less or their total assets. (출처: The Korea Herald)
원래 자산을 다시 구입하는 기업도 차익이 총자산의 30퍼센트 이하일 경우에는 세금이 감면된다.
• The central bank noted that foreign investors particularly took the stronger won against the dollar as an opportunity to take profits in the fourth quarter. (출처: The Korea Herald)
한은은 외국인 투자자들이 특히 작년 4분기 달러화 대비 원화 강세를 이용해 많은 시세차익을 보았다고 지적했다.
• Newbridge will pay taxes on the profit in the United States, not Korea, the executives said. (출처: The Korea Herald)
뉴브리지는 차익에 대해서 한국이 아닌 미국에 세금을 납부해야 한다고 뉴브리지 임원들은 말했다.
• Some market participants have speculated that Sovereign may sell its shares for profit taking. (출처: The Korea Herald)
일부 시장 참가자들은 소버린이 차익 실현을 위해 보유 주식을 매각할 것으로 추측해 왔다.
• Korea Development Bank and the other shareholders are expected to gain about 450 billion won from the sale to STX. (출처: The Korea Herald)
산업은행과 기티 주주들은 STX로의 매각에서 약 4,500억의 차익을 얻을 전망이다.
• The fund, however, did not pay capital income taxes on the grounds that its affiliate is based in Belgium, with which Korea signed a treaty not to impose taxes on profits from stock sales. (출처: The Korea Herald)
그러나 론스타는 우리정부가 주식 양도차익에 세금을 부과하지 않기로 한 조약에 서명한 국가에 포함되는 벨기에에 자회사를 두고 있다는 이유로 추징 세액 납부를 거부했다.
• Bank stocks were also lower in early trade on profit-taking and as the strong won increased concerns about the economy. (출처: The Korea Herald)
은행주들도 오전장에서 원화 강세에 대한 우려감과 시세차익을 노린 매도세로 약세를 보였다.
• Lone Star raked in huge profits by purchasing a majority stake in Korea Exchange Bank in 2003 for $1.2 billion and selling an office building in Seoul to the Government of Singapore Investment Corp. for about 900 billion won ($860 million). (출처: The Korea Herald)
론스타는 2003년 외환은행의 지분을 12억달러에 인수하고 서울의 한 빌딩을 싱가포르 투자청에 9천억원 (8억6,000만달러)에 매각하는 과정에서 엄청난 양도차익을 거둬들였다.
• The foreign buying has been an abrupt turnaround from their fourth quarter performance last year when they took profits, selling about 2.5 trillion won worth of stocks. (출처: The Korea Herald)
이러한 외국인 매수세는 작년 4분기 차익 실현을 위해 약 2조5천억원의 주식을 순매도한 것과 비교하면 급반전된 모습이다.
• Newbridge, the first foreign company to invest in a Korean bank after the 1997-98 Asian currency crisis, is believed to have reaped 1.8 trillion won ($1.7 billion) from the $3.4 billion sale of Korea First Bank to Standard Chartered Plc this year. (출처: The Korea Herald)
1997-98년 아시아 외환 위기 이후 국내 은행에 투자한 최초의 외국계 기업인 뉴브리지는 올해 제일은행을 스탠다드차타드은행에 34억달러에 매각해 1조8천억원 (17억달러)의 차익을 본 것으로 알려지고 있다.
• However he also warned that the investors should watch out for profit-taking activities, as the market index went up quite rapidly this year. (출처: The Korea Herald)
그러나 그는 또 금년 주가 지수가 급등세를 보인 관계로 투자자들은 차익실현 매물의 출회에 유의해야 할 거라고 경고했다.
• Private equity funds forge partnerships to take over weak companies, turn them around and list or sell off them at a profit, (출처: The Korea Herald)
사모펀드는 파트너십을 구축해 경영난에 처한 회사를 인수해 경영을 정상화시킨 뒤 증시에 상장하거나 아니면 시세차익을 노리고 매각하는 펀드이다.
• Sovereign is believed to have reaped a profit of more than 804 billion won, including nearly 755.7 billion won in capital gain from its purchase and sale prices and 48.5 billion won in dividend payments, according to market estimates. (출처: The Korea Herald)
시장의 추정에 따르면 소버린은 매각차익 7,557억원과 배당금 485억원을 포함해 8,040억원 이상의 이익을 거둔 것으로 보여진다.
• Prime targets as speculators include those who spread false development information on property so that they sell real estate for short-term gains. (출처: The Korea Herald)
주된 단속 대상이 되는 투기꾼에는 부동산매매 단기차익을 노리며 허위 부동산 개발정보를 유포하는 사람들도 포함된다.
• We have to take into account the profit margins expected of 1.6 trillion won in purchases made by program buyers, and the highly speculative nature of this year`s rally, he added. (출처: The Korea Herald)
“투자자들은 1조6천억원에 달하는 프로그램 매도 물량이 출회될 가능성과 차익실현 매물을 염두에 두어야 할 것”이라고 그는 덧붙였다.
• Investors selling oil stocks to lock in profits on recent gains, and the Saudi Arabian oil minister`s pledge to possibly expand gas production, drew down the oil price, Korea National Oil Corp.`s daily report said yesterday. (출처: The Korea Herald)
최근 유가가 오르면서 차익을 챙기기 위해 투자자들이 석유 재고를 매도하고 사우디 아라비아 석유상이 석유생산 확대를 약속하면서 유가가 내렸다”고 어제 대한석유공사가 일일 발표에서 말했다.
• The fund, which manages about 94 trillion won in assets for pension funds, insurance companies and government agencies, is suspected of spreading false alarms about a possible hostile takeover attempt on Samsung Corp. to increase profit from the sales of its stake in the Korean company. (출처: The Korea Herald)
연기금, 보험회사, 정부기관의 자산 94조원을 운용하고 있는 헤르메스는 삼성물산 주식의 매각 차익을 늘릴 목적으로 삼성물산에 대한 거짓 적대적 인수합병 소문을 유포시킨 의혹을 받고 있다.
• Those statements prompted speculation by market analysts that Hermes had pumped up the price of Samsung stock in order to realize a bigger capital gain. (출처: The Korea Herald)
그러한 발언은 시장 분석가들로 하여금 헤르메스가 시세차익을 더 볼 목적으로 삼성물산의 주가를 끌어올리려 했다는 의혹을 갖게 했다.
• Some civic groups have called for his resignation, alleging that his wife reaped huge amounts of money by purchasing rice paddies under a false name. (출처: The Korea Herald)
일부 시민단체들은 이 부총리의 부인이 명의신탁을 통해 매입한 농지를 팔아 거액의 차익을 챙겼다고 주장하며 부총리의 사퇴를 요구해 왔다.
• The idea of imposing capital gains taxes on minority shareholders is also raising concerns that the move may hurt some of the growth momentum in the bullish local bourse. (출처: The Korea Herald)
소액주주의 주식 양도차익에 대해 세금을 부과하는 방안은 자칫 주식시장 전반이 위축되는 부작용을 발생시킬 수 있다는 우려를 낳고 있다.
• Firms buying back their original assets will also be subject to lower taxes if the new gains account for 30 percent of less or their total assets. (출처: The Korea Herald)
원래 자산을 다시 구입하는 기업도 차익이 총자산의 30퍼센트 이하일 경우에는 세금이 감면된다.
• Korea Development Bank and the other shareholders are expected to gain about 450 billion won from the sale to STX. (출처: The Korea Herald)
산업은행과 기티 주주들은 STX로의 매각에서 약 4,500억의 차익을 얻을 전망이다.
• The fund, however, did not pay capital income taxes on the grounds that its affiliate is based in Belgium, with which Korea signed a treaty not to impose taxes on profits from stock sales. (출처: The Korea Herald)
그러나 론스타는 우리정부가 주식 양도차익에 세금을 부과하지 않기로 한 조약에 서명한 국가에 포함되는 벨기에에 자회사를 두고 있다는 이유로 추징 세액 납부를 거부했다.
• Bank stocks were also lower in early trade on profit-taking and as the strong won increased concerns about the economy. (출처: The Korea Herald)
은행주들도 오전장에서 원화 강세에 대한 우려감과 시세차익을 노린 매도세로 약세를 보였다.
• Lone Star raked in huge profits by purchasing a majority stake in Korea Exchange Bank in 2003 for $1.2 billion and selling an office building in Seoul to the Government of Singapore Investment Corp. for about 900 billion won ($860 million). (출처: The Korea Herald)
론스타는 2003년 외환은행의 지분을 12억달러에 인수하고 서울의 한 빌딩을 싱가포르 투자청에 9천억원 (8억6,000만달러)에 매각하는 과정에서 엄청난 양도차익을 거둬들였다.
• The foreign buying has been an abrupt turnaround from their fourth quarter performance last year when they took profits, selling about 2.5 trillion won worth of stocks. (출처: The Korea Herald)
이러한 외국인 매수세는 작년 4분기 차익 실현을 위해 약 2조5천억원의 주식을 순매도한 것과 비교하면 급반전된 모습이다.
• Newbridge, the first foreign company to invest in a Korean bank after the 1997-98 Asian currency crisis, is believed to have reaped 1.8 trillion won ($1.7 billion) from the $3.4 billion sale of Korea First Bank to Standard Chartered Plc this year. (출처: The Korea Herald)
1997-98년 아시아 외환 위기 이후 국내 은행에 투자한 최초의 외국계 기업인 뉴브리지는 올해 제일은행을 스탠다드차타드은행에 34억달러에 매각해 1조8천억원 (17억달러)의 차익을 본 것으로 알려지고 있다.
• However he also warned that the investors should watch out for profit-taking activities, as the market index went up quite rapidly this year. (출처: The Korea Herald)
그러나 그는 또 금년 주가 지수가 급등세를 보인 관계로 투자자들은 차익실현 매물의 출회에 유의해야 할 거라고 경고했다.
• Sovereign is believed to have reaped a profit of more than 804 billion won, including nearly 755.7 billion won in capital gain from its purchase and sale prices and 48.5 billion won in dividend payments, according to market estimates. (출처: The Korea Herald)
시장의 추정에 따르면 소버린은 매각차익 7,557억원과 배당금 485억원을 포함해 8,040억원 이상의 이익을 거둔 것으로 보여진다.
• Prime targets as speculators include those who spread false development information on property so that they sell real estate for short-term gains. (출처: The Korea Herald)
주된 단속 대상이 되는 투기꾼에는 부동산매매 단기차익을 노리며 허위 부동산 개발정보를 유포하는 사람들도 포함된다.
• Private equity funds forge partnerships to take over weak companies, turn them around and list or sell off them at a profit, (출처: The Korea Herald)
사모펀드는 파트너십을 구축해 경영난에 처한 회사를 인수해 경영을 정상화시킨 뒤 증시에 상장하거나 아니면 시세차익을 노리고 매각하는 펀드이다.
• We have to take into account the profit margins expected of 1.6 trillion won in purchases made by program buyers, and the highly speculative nature of this year`s rally, he added. (출처: The Korea Herald)
“투자자들은 1조6천억원에 달하는 프로그램 매도 물량이 출회될 가능성과 차익실현 매물을 염두에 두어야 할 것”이라고 그는 덧붙였다.
• Investors selling oil stocks to lock in profits on recent gains, and the Saudi Arabian oil minister`s pledge to possibly expand gas production, drew down the oil price, Korea National Oil Corp.`s daily report said yesterday. (출처: The Korea Herald)
최근 유가가 오르면서 차익을 챙기기 위해 투자자들이 석유 재고를 매도하고 사우디 아라비아 석유상이 석유생산 확대를 약속하면서 유가가 내렸다”고 어제 대한석유공사가 일일 발표에서 말했다.
• The idea of imposing capital gains taxes on minority shareholders is also raising concerns that the move may hurt some of the growth momentum in the bullish local bourse. (출처: The Korea Herald)
소액주주의 주식 양도차익에 대해 세금을 부과하는 방안은 자칫 주식시장 전반이 위축되는 부작용을 발생시킬 수 있다는 우려를 낳고 있다.
• Many investors seem to want management control after the dispute with Libya was settled but I believe speculative capital targeting short-term profits should not take over the company. (출처: The Korea Herald)
“리비아와의 분쟁이 해결되면서 많은 투자자들이 회사 경영권을 노리는 듯 보이지만 단기 차익을 목표로 한 투기 자본이 회사를 인수해서는 안 된다.
• Korea`s finance regulators will open a formal investigation into British pension fund Hermes Investment Management amid growing suspicion that it engaged in share price manipulation to increase its profit from the sale of Samsung Corp. shares. (출처: The Korea Herald)
영국계 연금펀드인 헤르메스투자운용이 삼성물산 주식의 매매차익을 늘리기 위해 주가를 조작했다는 의혹이 증폭되고 있는 가운데 한국의 금융감독당국이 이 펀드에 대한 정식 조사에 착수할 예정이다.
• Market sources said Hermes realized a 20 billion won in profit in Samsung, not counting additional profit generated by the strengthening won. (출처: The Korea Herald)
시장 소식통에 따르면 헤르메스는 삼성물산 주식을 전량 처분함으로써 환율 하락에 따른 환차익을 제외하더라도 200억원 가량의 매매차익을 얻은 것으로 알려졌다.
• Analysts said external risk factors could weigh down the market sentiment and prompt investors to seek short-term profit taking. (출처: The Korea Herald)
분석가들은 외부 위험요인이 시장심리를 억압해 투자자들이 단기차익을 노릴 수 있다고 말했다.
• Hanarotelecom has been questioning Citigroup`s intentions, accusing them of seeking short-term financial gains by upping the bidding price and reselling debt. (출처: The Korea Herald)
하나로텔레콤은 시티그룹의 의도가 인수가격을 높여 단기 시세차익을 본 후 부채를 재매각하려는 것으로 보고 있다.
• Inflation is not a major issue but it has become one of the considerations in the monetary policy decision, said Ryu Seung-sun, a fixed income analyst at Mirae Asset Securities Co. (출처: The Korea Herald)
“인플레가 주요 이슈는 아니지만 통화정책 결정에 있어서 하나의 고려 요인이 되고 있다”고 유승선 미래에셋 채권담당 애널리스트는 말했다.
• Since the Asian nations are expected to try to cushion the impact of the currency risk on their economy, there`s little possibility of the BOK pursuing an aggressive tightening policy, said Cho Joong-jae, fixed income analyst at Goodmorning Shinhan Securities Co. (출처: The Korea Herald)
아시아 국가들은 자국 경제에 미치는 환율위험의 충격을 흡수하려고 노력할 것으로 보이기 때문에 “한국은행이 적극적인 긴축정책으로 갈 가능성은 없다”고 조중재 굿모닝신한증권 연구원이 말했다.
• The upward trend in crude oil and an imminent interest rate increase in the United States are unfavorable for the economy, said Ryu Seung-sun, a fixed income analyst at Mirae Asset Securities Co. (출처: The Korea Herald)
“고유가 추세와 임박한 미국의 금리 인상은 우리 경제로서는 악재이다”라고 미래에셋증권의 유승선 채권 담당 애널리스트는 말했다.
• But weak December figures to be released later this month would prompt the bank to cut the rate in February, said Kim Hyung-ki, a fixed income analyst at Daewoo Securities Co. (출처: The Korea Herald)
“하지만 부진했던 12월 지표가 이달 중에 발표되면 한은이 2월에는 금리를 인하할 것”이라고 대우증권에서 채권 분석을 맡고 있는 김형기 연구원이 말했다.
• Based on a spate of state data signaling that the economy may have bottomed out sooner than expected, the bank is more likely to reaffirm what it said last month, said Kong Dong-rak, fixed income analyst at Kyobo Securities Co. (출처: The Korea Herald)
경기가 예상보다 빨리 바닥에 도달했을 수도 있음을 알리는 정부 자료가 봇물처럼 터져 나오고 있어 “한국은행이 지난 달의 입장을 고수할 가능성이 높다”고 고동락 교보증권 채권 애널리스트가 말했다.
• The Fixed Income Analyst covers the term structure or yield curve analysis too. (출처: Wikipedia)
• He was inducted into the Fixed Income Analysts Society Hall of Fame in November 2002. (출처: Wikipedia)
• He has been inducted into the Derivatives Strategy Hall of Fame, the Fixed Income Analysts Society Hall of Fame and the Risk Magazine Hall of Fame. (출처: Wikipedia)
• One involved a former Goldman Sachs fixed-income trader, a former Merrill Lynch analyst and extended relatives in Croatia. (출처: Herald Tribune)
• To keep track of more accurate information on small companies` credit status, the government will spin off the credit information units of the Korea Credit Guarantee Fund and the Korea Technology Guarantee Fund to set up an overall credit bureau. (출처: The Korea Herald)
중소기업의 신용 상태에 관한 보다 정확한 정보를 파악하기 위해 정부는 기술신용보증기금의 기술평가업무를 하반기 중 분리해 기술평가단으로 독립운영키로 했다.
• Last year, the Korea Technology Credit Guarantee Fund helped finance some 20,000 smaller firms. (출처: The Korea Herald)
작년에 한국기술신용보증기금은 2만여 중소기업에 자금을 지원했다.
• The state-owned Industrial Bank of Korea took the initiative by signing a pact with the Korea Technology Credit Guarantee Fund to provide low-interest loans to South Korean businesses that will build facilities in the complex. (출처: The Korea Herald)
국책은행인 기업은행이 한국기술신용보증기금과 협약을 맺고 개성공단에 공장을 건설하는 한국의 회사들에 저리의 대출을 제공하는 데 앞장섰다.
• The state-run Korea Technology Credit Guarantee Fund estimates to have provided around 3 trillion won worth of credit guarantees to SMEs boasting a technological edge. (출처: The Korea Herald)
한국기술신용보증기금은 기술력이 인정되는 중소기업에 대해 약 3조원 규모의 신용보증을 제공한 것으로 추산된다.
• Korea Technology Credit Guarantee Fund will play a major role in the new policy it will guarantee up to 35 percent of loans extended to SMEs based on their technological prowess. (출처: The Korea Herald)
한국기술신용보증기금은 중소기업의 기술력을 기준으로 중소기업대출의 35퍼센트까지 보증하게 되어 새 정책에서 주된 역할을 차지하게 된다.
• Total outstanding bond issues by domestic banks stood at 120.1 trillion won at the end of last year, up 200 billion won from a quarter ago. (출처: The Korea Herald)
12월말 현재 국내은행의 금융채 발행잔액은 120조1000억원으로 작년 4분기중 2000억원 증가에 그쳤다.
• Investor demand also cooled as interest rates climbed and investment trust firms, the main buyers of bonds issued by banks, scaled back their investment, contributing to the slowed growth, the central bank said. (출처: The Korea Herald)
금리가 오르고 있고 금융채의 주 구매자인 투신사가 금융채 투자 규모를 줄이면서 투자자 수요도 냉각되어 금융채 발행 둔화에 기여하고 있다고 한은은 밝혔다.
• For the whole of 2003, their bond issuance rose a net 15.4 trillion won, slowing from an increase of 24.1 trillion won in 2002. (출처: The Korea Herald)
또한 작년 연간으로 금융채는 15조4000억원 증가, 2002년(24조1000억원)에 비해 증가세가 크게 둔화됐다.
• Amid a slowdown in lending and a rise in deposits, banks resorted less to bond sales for financing. (출처: The Korea Herald)
대출 감소세와 수신 호조세 와중에 시중은행들은 자본 조달을 위한 금융채 발행 의존도를 낮추고 있다.
• The bond holdings break down to 29.7 trillion won in government bonds, 38.6 trillion won in government-guaranteed bonds, 33.2 trillion won in monetary stabilization bonds, 22 trillion won in debts floated by financial institutions and the remaining 31.3 trillion won in bonds issued by other companies. (출처: The Korea Herald)
채권은 다시 정부채 29조 7000억원, 정부보증채 38조 6000억원, 통안증권 33조 2000억원, 금융채 22조원, 회사채 31조 3000억원 등으로 세분화되었다
국회 사무처 the Secretariat of the National Assembly

South Korean economy faces mounting problems
South Korean economy faces mounting problems
By John Chan
24 July 2008

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There are signs of growing economic trouble in South Korea. The country, which is currently the world’s 13th largest economy, is particularly vulnerable to the global economic turbulence. The financial shocks that began with the subprime mortgage crisis in the US loans last year, combined with global inflationary pressures, caught South Korea unprepared.

News of the bailout of the US mortgage giants—Fannie Mae and Freddie Mac—hit South Korea hard, with its share market plunging to a low for the year of 1,489.86 points. Economists and investors expressed concerns that South Korea may confront a combination of economic downturn, asset deflation, rising interest rates and inflation.

South Korea was in the midst of an aggressive expansion of bank lending when the international credit crunch hit in 2007. Small and medium enterprises (SMEs) and households are heavily indebted. Bank loans to SMEs stood at 398.9 trillion won ($US394.1 billion) in May, up 28.9 trillion won from December, while the overdue rate has increased to 1.3 percent in March, up from 1 percent in December.

Household debt has been growing even faster than the US. The total grew by 210 percent from 2001-2006, compared with 190 percent in the US for the same period. Total home mortgages reached 229 trillion won ($226.25 billion) in June, up 35.5 percent from 169 trillion won ($166.9 billion) at the end of 2004.

Although the housing prices in South Korea have not experienced a dramatic decline, rising mortgage interest rates—up 0.25 percent from April—are placing millions of families under enormous stress and raising the prospect of US-style home foreclosures. An unnamed Bank of Korea (BOK) official told the Korea Times on July 16 that it was still too early to talk about asset deflation. “However, if asset values drop by an additional 20 to 30 percent, chances are that the country will face another credit crisis,” he said.

Andy Xie, former chief Asia economist with Morgan Stanley, pointed out that South Korea is vulnerable to stagflation—economic slowdown combined with rising prices. “Korea may be experiencing a massive property bubble funded by debt. A decline of asset values and a rise of the consumer price index (CPI) are a deadly combination.”

The country’s top business lobby, the Federation of Korean Industries (FKI), which is composed of major conglomerates such as Samsung and Hyundai, issued a statement on July 16 declaring that the South Korean economy “has already entered a period of stagflation”. Federation chairman Cho Suck-rai said: “At this point, the government has little room to manoeuvre to overcome current economic difficulties.”

The statement followed an emergency meeting of the FKI board. It passed a “Resolution to Boost the Nation’s Economy”, which stated: “We agreed that we should not sit idle while seeing the economy collapse.” The 30 largest Korean corporations have agreed to spend 94.5 trillion won or $94 billion this year to stimulate the economy, up more than 25 percent from 2007. They also plan to create 39,000 jobs in the second half of the year, in addition to the 42,000 in the first half.

The statement came after the release of economic data for May by the National Statistical Office on July 7, which pointed to decreasing investment and dwindling production as well as weakening domestic demand. Mining and industrial production fell by 0.6 percent from April to May. Consumer sales shrank by 0.6 percent. Capital expenditure, a key indicator of business confidence, has fallen in four out of the five months from January to May.

The Chosun Ilbo pointed out that May, which has several public holidays, is traditionally a month with high demand for consumer goods. But this year, sales of durable goods such as cars, computers, telecom devices and furniture decreased by 2.2 percent compared to April, with semi-durable goods such as clothes and shoes down by 0.2 percent.

“The consumption trends show that consumers spent only on essentials and refrained from spending on items that were not urgently needed.” Yoo Byung-kyu, a director of the Hyundai Economic Research Institute told Chosun Ilbo: “As the business outlook is seen as negative by businesses, apprehension took its toll and firms are unable to decide on what and when to invest.”

Official statistics released on July 10 shows the consumer evaluation index in June at 61.3 (compared to a benchmark of 100). The indicator is based on a survey in which respondents are asked if their living standards have worsened compared to six months ago. The June figure is the lowest since September 2003—just before the credit card crisis that saw millions of people go into default. Inflation in June was 5.5 percent—the highest in more than nine years.

The administration of President Lee Myung-bak has been trying to downplay economic fears. On July 3, Finance Minister Kang Man-soo insisted there is no stagflation in South Korea, but has admitted that the economy “may be heading in” that direction. However, Kang has been under mounting pressure to resign because of his policy of allowing the won to fall in value alongside the US dollar in a bid to keep the country’s export prices competitive. His weak currency policy has been criticised for stoking inflation via high prices for imported raw materials, especially oil. South Korea recorded its first trade deficit in 11 years in June due to soaring oil prices, which cost an estimated record of $10 billion.

The combination of rising prices and a slowing economy has created a dilemma for the central bank. After much speculation of rate hikes to curb inflation, the BOK decided on July 10 to hold the rate unchanged at 5 percent for the 11th month in a row. BOK chief Lee Seong-tae told reporters: “[D]ecision-making is becoming more difficult with high inflation coinciding with an economic slowdown.” Lee warned in particular against the demands for wage rises: “We are concerned about the secondary effect of rising inflation, such as a wage price spiral, in which inflation may creep into wages and increase inflation expectation.”

Declining living standards and inflation have propelled hundreds of thousands into the streets in recent weeks. While opposition to US beef imports and concern about mad cow disease has been a trigger, the extent of the movement points to broader concerns about economic uncertainty, declining living standards, price rises and job losses. A wave of strikes by truck drivers over high fuel prices has rocked South Korea in recent weeks.

President Lee was forced to carry out a cabinet reshuffle on July 7 to try to stem the mass protests over US beef imports. All ministers tendered their resignations and three were replaced.

Lee, from the right-wing Grand National Party, won the presidential election last year by capitalising on widespread discontent over the state of the economy. His grand plan, known as “747,” promised 7 percent annual growth rate, doubling per capita income to $40,000 and making South Korea the world’s seventh largest economy.

Since his installation in February, Lee’s program has quickly fallen apart. The latest government estimate for the growth rate is now in the upper 4 percent range. However, Finance Minister Kang Man-soo admitted recently that if the oil price hits $170 a barrel, the growth rate might slip to 3 percent and inflation rise to 6 percent. Seoul is preparing to enforce emergency energy conservation measures if oil prices reach $150.

Earlier this month, Seoul decided to strengthen the won by intervening into the currency market. At one point, the won hit 993 against the greenback on July 9—from 1004.9 the previous day—the biggest jump since the October 1998. The government is believed to have sold $10 billion from its foreign currency reserves. International financial institutions, however, have put a big question mark over the government’s measures, due to the weakening US dollar and rising oil prices. Standard & Poor’s declared that such measures could not halt the decline of the won in the long term. Morgan Stanley predicted the intervention would “ultimately fail”.

Foreign investors are losing confidence over the South Korean economy, selling off 17.4 trillion won in shares this year—the highest sales level since the Seoul stock exchange was opened to foreigners in 1992. Foreign stock holdings have fallen from 44 percent of the domestic capital market in 2004, to 31.35 percent. A major concern among foreign investors is political instability. The Wall Street Journal wrote on July 7: “It’s unclear how much longer the [anti-US beef] movement will sustain momentum, as sentiment rises that the protests may be distracting the government from addressing major economic problems.”

South Korean investment overseas has also been suffering, the Chosun Ilbo reported on July 15. Fuelled by a flood of cheap credit, South Korean investors last year bought $52.4 billion in foreign stock—a more than threefold increase from 2006. By the end of 2007, South Korea held $116.6 billion in foreign funds, including bonds, with returns of 9 trillion won. This year, however, amid global financial turmoil, losses are estimated to be close at 12 trillion won. Last year’s profits have been wiped out and the value of investments is dwindling.

South Korea is highly exposed to global economic changes because of its dependence on exports of manufactured goods to Western markets, and imports of raw materials. It is the world’s fifth largest importer of oil and also buys large quantities of iron ore, coal and other minerals. Weakening demand in the US and Europe is having a major impact on Korean exporters. In the first half of this year, South Korea’s trade surplus with the US fell by 38.3 percent from the same period last year to just $2.8 billion. Exports to China, now South Korea’s largest trade partner, continue to increase, but China is rapidly becoming an economic competitor to South Korea.

South Korean corporations confront a difficult dilemma: squeezed on the one side by Japanese, European and American rivals who currently hold an advantage in advanced technology, and on the other by emerging economies, particularly China, which is increasingly involved in the manufacture of more sophisticated products including electronics and cars. South Korean firms, particularly in labour intensive industries, are increasingly looking for cheap labour in South East Asia and also in North Korea, which only compounds the social crisis at home. The fact that South Korea is no longer seen as an attractive manufacturing platform is indicated by the decline in foreign direct investment (FDI) over the past three years—its OECD ranking for FDI has plunged from 16th in 2004 to 29th last year—almost at the bottom.

The latest data indicates that these broader processes are producing a major economic crisis, which will intensify the country’s political and social turmoil.
South Korean government turns to repression to curb protests
WSWS에서 한국의 쇠고기 반대 집회에 대한 이야기가 또 실렸다. 이번에는 민주노총의 총파업 소식과 함께 글이 올라왔는데 ,YMCA 사무처장 폭행 사실에다가 비디오 클립까지 포함하여 깨나 내용이 많다.
South Korean President Lee Myung-bak has ordered the police to crack down on the anti-government movement that has developed since his administration’s decision to allow the resumption of US beef imports. The move is a response to fears in the Korean ruling elite that social discontent is spiralling out of control and aggravating an already unstable economic situation.
Lee’s office sought to outlaw industrial stoppages yesterday by an estimated 120,000 of the 511,000 members of the Korean Confederation of Trade Unions (KCTU), called over both wage demands and in opposition to US beef imports. Lee declared the stoppages were an “illegal and political walkout” and KCTU leaders have been summoned to appear before the Ulsan District Prosecutors Office. If they do not turn up, arrest warrants will be issued.
Hyundai Motors, whose 44,000-strong workforce closed down production lines for two hours at plants in Ulsan, Jeonju and Asan, has announced it is filing a petition for union leaders to be arrested and charged with “obstructing its business”.
Some 29,000 workers at Hyundai affiliate Kia Motors also took part in the brief stoppage, closing plants in Sohari, Hwaseong and Gwangju. Auto parts manufacturers Mando and Halla Climate Control were affected as well. The vast majority of workers at Daewoo Auto and Ssangyong Motors reportedly did not strike. Outside of the auto industry, few KCTU members participated.
Despite its limited scope, the strike contributed to the general panic in the South Korean corporate elite. The stock market Kopsi index plunged 2.6 percent in trading yesterday, the largest decline in three months and the 18th consecutive day of falls. The stock sell-off has been a response to high oil prices, the government’s lowering of economic growth expectations from 6 percent to 4.7 percent, rising inflation and the fear of political instability.
South Korea recorded a trade deficit of $US284 million in June, a dramatic reversal from the $1.03 billion surplus registered in May. The overall trade deficit for the six months to June has reached $5.7 billion. The cost of oil imports are the main cause, blowing out by 60.9 percent due to the global rise in prices.
Inflation is accelerating. The consumer price index (CPI) rose by the largest rate in June since the turmoil induced by the 1997-1998 Asian financial crisis. The CPI increased by 5.5 percent, compared with 4.9 percent in May. So far this year, the Korean currency, the won, has fallen by 12 percent, contributing to sharp price rises for oil, food and other commodities. The Korean central bank is under intense pressure to raise interest rates to shore up the currency and stem the exodus of foreign capital. Five-year government bonds have already risen this year from 4.92 percent to 5.97 percent.
Lee’s prime minister, Han Seung-soo, told a press conference on Tuesday: “The daily protests are making foreign investors avoid direct investment in Korea and also discouraging investment by domestic businesses. The credibility of South Korea’s economy is worsening rapidly.”
The protests began in April when Lee unexpectedly lifted the US beef ban, which had threatened to obstruct negotiations toward a US-Korea free trade agreement that will give Korean auto companies and other export industries greater access to the US market. US beef imports were banned in 2003 after a case of Mad Cow Disease was discovered in American cattle.
The protests against the decision rapidly developed into a volatile expression of the pent-up discontent and alienation within the working class and youth. Living standards have stagnated or declined since the 1997-1998 financial crisis, as successive governments have implemented policies to protect the profitability of Korean corporations.
President Lee, a former Hyundai CEO who took office in February, is viewed as an even more pro-big business figure than his predecessor Roh Moon-hyan. The policies that Lee unveiled—privatisation, constructing a canal from Seoul to Busan, changes to the education and health-care systems and support for the Bush administration’s hard-line stance against North Korea—have been widely opposed.
The US beef decision was seen as symptomatic of the government’s indifference to the conditions facing ordinary people. Even though no case of Mad Cow has been diagnosed in the US since 2003, thousands of young Internet users discussed the lifting of the ban as evidence that Lee was prepared to infect them in order to secure export opportunities for the chaebols—the Korean corporate conglomerates. On June 10, an estimated one million people demonstrated around the country, demanding Lee’s resignation and the maintenance of the prohibition on US beef.
For weeks, the Korean media has been voicing demands of the ruling elite for Lee’s administration to crack down on the demonstrations and suppress any move by workers to take industrial action. Lee is now clearly acting.
Yesterday’s move to arrest union leaders comes in the wake of brutal police actions on Saturday night against more than 20,000 people who assembled in Seoul Plaza—the largest demonstration since June 10. Over 10,000 riot police were mobilised to block an attempt to march on Lee’s presidential offices. A barricade of 30 police buses blocked their intended route.
Footage quickly published on the Internet showed police rushing into crowds of people and beating them with batons and riot shields, and demonstrators being bowled over and flushed along the ground by high-pressure water cannon. For the first time, the police added fluorescent dye to the water so that protestors could be tracked down and arrested later. As many as 400 demonstrators required medical treatment, as did 112 police.
In an Associated Press clip police can clearly be seen striking a man with the rim of their shields during one of their baton charges.
In another clip available on YouTube police officers can be seen repeatedly kicking a young woman in the head and body as she lies on the ground. The woman—later identified as a 24-year-old who said her family name was Jang—suffered a broken arm and severe bruising. She told journalists: “I continuously rolled my body to survive. They chased me, kicking me primarily in the head. I was afraid that I could die.”
Among the injured were members of the Young Men’s Christian Association (YMCA), who lay down on the road between the protestors and police in an effort to stop the baton charges. Police ignored their pacifist gesture and reportedly stomped on them and struck them with their batons as they ran over the top of them. YMCA Korean secretary general Lee Hak-yeong told journalists that his right arm had been broken. His associate, Hong Gyeong-pyo, was kicked unconscious.
The government seized upon the violent clashes to issue a declaration on Sunday that all further assemblies in Seoul Plaza were illegal and would be prevented.
On Sunday evening, police blocked the subway exits to the Plaza, where demonstrators intended to assemble, while hundreds of police fanned out into the surrounding streets. A truck rigged with protestor’s broadcasting equipment was towed away. At least 16 people who attempted to protest against the police actions were arrested.
At the break of dawn on Monday, police raided the offices of the Korea Solidarity of Progressive Movements, an organisation which has been prominent in the almost daily protests since the beef import ban was lifted in April. According to the Korea Herald, 23 computers, a laptop and boxes of documents were removed.
At the same time, more than 50 police raided the Seoul offices of the People’s Alliance for Countermeasures against Mad Cow Disease—the umbrella organisation for the 1,700 groups involved in the protests. For more than 90 minutes, the police rampaged through the building. They removed three computers, along with placards, banners and raincoats.
In response to the repression meted out to the Mad Cow Alliance, religious organisations have taken responsibility for organising the daily protests. The Catholic Priests’ Association for Justice held a mass in Seoul Plaza on Monday evening, criticising the resumption of beef imports and calling for the sacking of the police commissioner over Saturday’s brutality. Despite promises of non-violence by the religious groups, thousands of police were still mobilised on the streets. Protestant and Buddhist groups are planning similar vigils over the coming days.
For the Mad Cow Alliance’s next major action, scheduled for Saturday, it is calling for a massive turnout to turn the protest into a “Day of victory for one million protesters”.
Editorials in the Korean press have made clear that the ruling class expects the government to use overwhelming force to suppress the demonstration. The JongAng Daily declared on Monday: “As a nation, we have entered into a nightmare of lawlessness and anarchy... In our view the government should respond strongly to the violent protests pursuant to laws and regulations. It should not renege on its pledge to take the more radical leaders of the protestors into custody for initiating the violence.”
Lee’s cabinet has announced that police will be granted the right to use tear gas—a controversial move because tear gas was last used during the mass demonstrations and strikes that led to the downfall of the military dictatorship in 1987.
The instinctive resort of the ruling elite to police-state repression underscores just how superficial the so-called “democratic” reforms since 1987 have been. Behind the façade of elections, the interests of the same clique of powerful business families that benefited from the previous period of military rule continue to be served.
• He didn`t rule out that massive program selling ahead of the due date of options later this week would trigger further fluctuation of the benchmark index. (출처: The Korea Herald)
그는 이번주 말 옵션만기일을 앞두고 대규모 프로그램 매도 물량이 출회되어 주가지수의 변동폭을 더욱 심화시킬 가능성도 배제하지 않았다.
• Local bourses tumbled yesterday as investors dumped shares amid concerns about surging oil prices and terrorism alerts. (출처: The Korea Herald)
고유가와 테러 위협을 걱정한 투자자들이 앞다투어 주식 매도에 나섬에 따라 어제 국내 증시가 무너졌다.
• This compares with an overall 2.7 trillion won worth of net sales by foreign investors and 7.8 trillion won of sales by Korean retail investors, implying that institutions were largely responsible for this year`s bullish rally at the Seoul bourse. (출처: The Korea Herald)
이는 외국인 투자자의 2조 7000억원 순매도와 개인투자자 7조 8000억원 매도와 대조를 보여 기관들이 올해 서울증시의 강세에 크게 기여했음을 보여주었다.
• Despite the political uncertainty caused by the first-ever passage of an impeachment bill against President Roh Moo-hyun last month, overseas investors have been heavy buyers of Korean equities this year in contrast to selling by local retail investors. (출처: The Korea Herald)
지난 달에 사상 처음으로 발생한 노무현 대통령에 대한 탄핵법안 통과사태로 인한 정치적 불확실성에도 불구하고 올해 외국인투자자들은 국내 개인투자자들의 매도추세와는 대조적으로 한국 주식을 다량으로 매수하고 있다.
• Samsung Electronics Co.`s share buyback plan could also prompt foreign investors to a massive sell-off that would drop the markets, analysts said. (출처: The Korea Herald)
또 삼성전자의 자사주 매입 계획이 외국인의 대규모 매도를 유발해 증시를 하락시킬 수 있다고 애널리스트들은 말했다.
• Last week, Deutsche Bank downgraded its recommendation Samsung Electronics stock to sell from hold. (출처: The Korea Herald)
지난 주 도이치 뱅크는 삼성전자의 주식에 대해 기존의 “보유”에서 “매도”로 추천 등급을 하향조정했다.
• There was Arafat on the run from both Israeli and Arab armies; Arafat, reviled as godfather of the terrorism that blew up jetliners and killed Israeli Olympic athletes; Arafat addressing the United Nations; Arafat in a bunker in bomb-torn Beirut, and in Oslo receiving the Nobel Peace Prize; Arafat welcomed by U.S. President Bill Clinton, then shunned by U.S. President George W. Bush. (출처: The Korea Herald)
아라파트는 이스라엘과 아랍군 모두를 피해 다녔고 항공기를 폭파하고 이스라엘 올림픽 선수들을 살해한 테러리스트들의 대부로 매도당했으며 유엔에서 연설을 하는가 하면 폭탄공격으로 폐허가 된 베이루트의 벙커에 있었다가 오슬로에서 노벨 평화상을 수상하기도 했으며 미국의 빌 클린턴 대통령의 환영을 받는가 하면 죠지 더블유 부시 대통령으로부터 문전박대를 당하기도 했다.
• The capital from institutional investors tends to be more reliable, making the bourse less vulnerable to a sudden selling spree led by overseas investors, said Kim Se-jung, an analyst at Korea Investment & Securities Co. (출처: The Korea Herald)
“기관투자자들의 자금이 안정적으로 유입되면서 국내 증시는 외국인 투자자들의 갑작스런 매도 공세에 덜 취약하게 되었다”고 김세중 한국투자증권 애널리스트는 말했다.
• The man abused his wife by yelling at her often. (출처: 동아 프라임 한영사전)
그 남자는 고함을 쳐서 그의 아내를 종종 매도했다
• Reduced foreign selloffs and hopes for economic recovery will help the local market go upward. (출처: The Korea Herald)
“외국인의 매도가 줄어들고 있고 경기회복에 대한 기대감으로 주식시장이 상승할 것이다.
• This is a dramatic turnaround from the massive selling of Asian shares of nearly $4.35 billion last month. (출처: The Korea Herald)
이는 43억 5000만불 가까이 아시아 주식의 매도에 나섰던 지난 달과는 상황이 극적으로 역전됐다.
• The hottest sell-item this year has been Hyundai Motor. (출처: The Korea Herald)
올해 매도 1위 종목은 현대자동차였다.
• What the hell is meadowsweet? (출처: 웹검색 예문)
대체 매도스위트가 뭐야?
• You can buy, sell and hold in the Stock market. (출처: 세계일보 당근영어)
당신은 주식시장에서 매수, 매도, 보유를 할 수 있습니다.
• A SK Engineering official said the share sale was aimed to improve its financial condition but denied that the move was not intended to help its affiliate. (출처: The Korea Herald)
SK건설 관계자는 주식매도는 자금형편을 향상할 생각이었으나 계열사를 돕기 위한 것은 아니라고 부인했다.
• During the period, the United States also topped the list of the average monthly transactions, which included both purchase and selling of Korean stocks. (출처: The Korea Herald)
동 기간 중 미국은 국내 주식의 매수와 매도를 모두 포함한 월평균 주식거래량에서도 1위를 기록했다.
• If you look at the past investment patterns of foreign players, we`re more likely to see a foreign selling spree in the coming weeks, said Lee. (출처: The Korea Herald)
“외국인 투자자들의 과거 투자 패턴을 살펴보면 향후 몇주간 이들이 매도 공세를 펼칠 가능성이 높다”고 이 시장 전략가는 말했다.
• We have to take into account the profit margins expected of 1.6 trillion won in purchases made by program buyers, and the highly speculative nature of this year`s rally, he added. (출처: The Korea Herald)
“투자자들은 1조6천억원에 달하는 프로그램 매도 물량이 출회될 가능성과 차익실현 매물을 염두에 두어야 할 것”이라고 그는 덧붙였다.
• The possible long-term freeze of the call rate, however, would make the bond market more fragile and prompt more investors to join the recent selling spree in the coming months, analyst said. (출처: The Korea Herald)
하지만 콜금리를 장기간 동결하게 되면 채권시장이 취약해져 최근 매도에 나서고 있는 투자자들이 앞으로 더욱 늘어나게 될 것이라고 분석가들은 말했다.
• The bond market, in contrast, has seen a selling spree in recent weeks with bond yields climbing sharply. (출처: The Korea Herald)
반면 채권시장은 채권수익률이 급상승하면서 최근 몇 주간 매도 공세가 지속되고 있다.
• LG Investment and Securities Co. also said in a report that program selling and the losing appetite for local shares by overseas investors may work to drag the index down further. (출처: The Korea Herald)
LG투자증권도 보고서를 통해 프로그램 매도와 외국인 투자자의 매수 강도 약화가 주가를 더욱 하락시킬 것으로 내다봤다.
• The won`s sharp slide was closely related to heavy foreign stock selling. (출처: The Korea Herald)
“원화의 급격한 하락은 외국인의 주식 매도와 밀접한 관계가 있다.
• The BOK intervened heavily last year to slow down the won rally, but its dollar buying and won selling had no long-term effect. (출처: The Korea Herald)
한국은행이 지난 해에는 원화 상승을 둔화시키기 위해 개입을 확대했으나 달러-매입, 원화-매도 대책이 장기적인 효과를 얻지 못 했다.
• Too much expense burden may deter the government from implementing such expansionary fiscal policy, said Kong, warning of the risk of a mass sell-off in the bond market. (출처: The Korea Herald)
“지출 부담이 너무 커지면 정부의 재정정책 확대를 무산시킬 수 있다”고 공 애널리스트는 채권시장에서의 대규모 매도 가능성을 경고하며 말했다.
• Talks fell through, with Hanarotelecom and Dacom offering around 400 billion won, far below the creditor`s asking price, which was reported between 600 billion won and 700 billion won. (출처: The Korea Herald)
하나로텔레콤과 데이콤이 6-7천억 규모로 알려진 채권단의 매도가격에 훨씬 못미치는 4천억달러를 제시하는 바람에 협상은 결렬되었다.
• It earlier dropped to 12,095 won on massive selling by profit takers. (출처: The Korea Herald)
주가는 이익 실현을 노리는 투자자들의 대규모 매도로 12,095원까지 떨어졌었다.
• Despite the high volume of buying and selling on the bourse this year at 60.42 percent, retail investors have likewise been selling for three consecutive years, including this year, posting a staggering 7.9 trillion won worth of net sales. (출처: The Korea Herald)
올해 60.42퍼센트라는 다량의 매매에도 불구하고 개인투자자도 마찬가지로 3년 연속 매도에 치중하면서 7조 9000억원을 순매도했다.
• The higher tax will discourage multiple homeowners from selling houses, he said. (출처: The Korea Herald)
“중과세는 다주택 소유자의 주택 매도를 망설이게 할 것”이라고 그는 말했다.
• It`s true there are worries that if foreigners begin to sell, who will be able buy them all, said Kang Hyun-chul, a market strategist at LG Investment & Securities. (출처: The Korea Herald)
“만약 외국인들이 매도에 나서면 누가 그 물량을 다 받아낼 것인가 하는 우려가 있는 것은 사실”이라고 LG투자증권에서 시장전략을 맡고 있는 강현철 연구위원이 말했다.
대차대조표(Balance Sheet)


자산(Asset)
유동자산(Current Asset)
당좌자산(Quick Asset)
현금및 현금 등가물(cash & cash equivalent)
단기금융상품(short-term financial instruments)
유가증권(marketable securities)
단기매매증권(trading securities)
매출채권(accounts receivables, trade receivables)
단기대여금(short-term loans)
미수금(note receivables, other receivables)
미수수익(unrealized gain, accured income)
선급금(advance payments, advance to customer)
선급 비용(prepaid expense)
선급 법인세(prepaid tax expense)
재고자산(Inventory)
상품(merchandise)
제품(finished goods)
반제품(semi-finished goods)
재공품(work-in-process)
원재료(raw material)
저장품(supplies)
부재료(other material)
부산물(by-products)
미착품(material in transit)


고정자산(Non-current Asset)
투자자산(investments)
장기금융상품(long-term financial instruments)
투자유가증권(investment securities)
장기대여금(long term loans)
장기성매출채권(long-term trade receivables)
투자부동산(investment properties, investment in real estate)
보증금(guarantee deposits, warranties)
이연법인세차(deferred income tax assets)
지분법적용투자주식(securities under equity method)
매도가능증권(available-for-sale securities)
유형자산(property,plant & equipment(PP&E), tangible asset)
토지(land)
건물(buildings)
구축물(structures)
기계장치(machinery and equipment)
선박(ships)
차량운반구(vehicles and transpotation equipment)
건설중인자산(construction-in progress)
공기구비품(equipment)
감가상각누계액(accumulated depreciation)
무형자산(Intangibie asset)
영업권(goodwill)
산업재산권(industrial property right, patents)
광업권(mining right)
어업권(fishing right)
차지권(land use right)
창업비(organization cost)
개발비(development cost, improvements cost)
자산총계(Total assets)

부채(Liabilities)
유동부채(current liabilities)
매입채무(accounts payable, trade payable)
단기차입금(short-term borrowing)
미지급금(other accounts payable, accrued payable)
선수금(advance from customers, unearned revenue)
예수금(withholdings, other advance for customers)
미지급비용(accrued expense)
미지급이자(accrued interest expense)
미지급법인세(accured income tax, tax payable)
미지급배당금(accured dividend, dividends payable)
유동성 장기부채(current portion of long term debt)
선수수익(unearned revenue, unearned income)
단기부채성충당금(short term liability provision)
지급어음(notes payable)
부가예수금(other accrued liabilities)
고정부채(Non-current liabilities)
사채(debentures, bonds)
장기차입금(long term borrowing, bonds payables)
장기성매입채무(long term trade payable)
장기부채성충당금(long term liability provision)
이연법인세대(deferred income tax credit)
임대보증금(leasehold deposits received)
퇴직급여충당금(allowanced,provision for severance benefits)
부채총계(Total liabilities)

자본(Stockholder's Equity)
자본금(equities, capital stock)
보통주 자본금(common stock)
우선주 자본금(preferred stock)
자본잉여금(capital surplus, additional paid-in capital)
주식발행초과금(additional paid in capital-common stock,
paid-in capital in excess of par value)
감자차익(gain on (capital) reduction (of the par value of capital stock issued))
합병차익
재평가 적립금(market adjustments)
자산수증이익
채무면제이익
자기주식처분이익(gain on sale of treasury stock)
기타자본잉여금(other capital surplus)
이익잉여금(retained earnings)
이익준비금(free and unappropriated, legal reserve)
기타법정적립금(other statutory reserves)
임의적립금(appropriations, voluntary reserves)
차기이월결손금(undisposed(unappropriated) accumulated deficit(retained earnings)
carried over to the subsequent year)
기업합리화적립금(appropriation for plant)
재무구조개선적립금(reserve for financial structure improvement)
미처분이익잉여금(appropriated retained earnings)
처분전이익잉여금(unappropriated retained earnings carried over to subsequent year)
자본조정(contra equity items, capital adjustments)
주식할인발행차금(discount on stock issuance)
배당건설이자(pre-operating dividends)
자기주식(treasury stock)
미교부주식배당금(unissued stock dividends)
투자유가증권평가이익/손실(gain or loss on valuation of investment securities)
해외사업환산대(차)(overseas operations traslation credit(debit))
지분법적용투자주식평가이익(gain or loss on valuation of securities under equity method)
전환권대가,신주인수권대가
자본총계(Total Equities)


손익계산서(Profit/Loss(P/L),Income Statement)
매출액(sales)
매출원가(cost of goods sold, cost of sales)
매출총이익(gross profit, gross margin)
판매비와 관리비(selling expenses & administrative expenses)
영업이익(operating income)
영업외 손익(non-operating income)
이자수익(interest income)
배당금수익(dividend income)
임대료(retal income)
유가증권처분이익(gain on disposition of marketable securities)
외환차익(gain on foreign currency transaction)
외화환산이익(gain on foreign exchange traslation)
지분법평가이익(gain on valuation using euity method of accounting)
투자유가증권감액손실환입(recovery of incestment securities impairment loss)
투자자산처분이익(gain on disposition of investments)
유형자산처분이익(gain on sdispostion of tangible assets)
사채상환이익(gain on redemption of debentures)
법인세환급액(refund of income taxes)
영업외 비용(non-operating income)
이자비용(interest expense)
기타의 대손상각비(other bad debt expense)
유가증권처분손실(loss on disposition of marketable securities)
유가증권평가손실(loss on valuation of marketable securites)
재고자산평가손실(loss on valuation of inventories)
외환차손(loss on foreign currency transactions)
외화환산손실(loss on foreign exchange translation)
기부금(donations)
지분법평가손실(loss on valuation using equity method of accounting)
투자자산처분손실(loss on investment securies impairment)
투자유가증권감액손실(loss on disposition of investment assets)
유형자산처분손실(loss on disposition of tangible assets)
사채상환손실(loss on dedemption of debentures)
법인세추납액(additional payment of income taxes applicable to prior years)
경상이익(income before unusual or infrequent items and income taxes, ordinary profit(income))
특별이익(extraordinary gain, special gain)
자산수증이익(gain from assets contributed)
채무면제이익(gain on cancellation of debts)
보험차익(gain on insurance settlement)
특별손실(extraordinary loss, special loss)
재해손실(casualty losses)
법인세비용차감전순이익(income before tax expenses)
법인세비용(corporation tax, income tax expense)
당기순이익(Net income)
배당금(dividend)
사내유보이익(income retained in the business)
주당순이익(easning per share-net income)
처분전 이익잉여금(retained earnings-1/1,20xx)
전기이월이익잉여금(prior year-retained earnings)


현금흐름표(Cash Flow Statement)
영업활동으로 인한 현금흐름(Operating activities, Cash flow from operations:CFO)
당기순이익(net income)
감가상각비(depreciation)
투자활동으로 인한 현금흐름(Investing activities, Cash flow from investment:CFI)
투자자산(investments)
자본지출(capital expenditure)
재무활동으로 인한 현금흐름(Financing activities, Cash flow from financing:CFF)
배당금 지급(dividends paid)
장기부채 발행(issuance of long-term debt)
현금의 증감(increase(decrease) in cash)
출처 : Tong - musasi11님의 재 무 회 계통
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Page 1
대한투자신탁운용주식회사
(단위 : 원)
계 정 과 목
제 7 기
제 6 기
I.영 업 수 익 OPERATING REVENUES
42,650,396,639
21,262,086,133
투자신탁위탁자보수 Investment trust fees
35,445,485,685
17,173,918,947
투자회사운용수수료수익 Management fees
1,383,907,043
414,978,164
수수료수익 Fees income
3,119,730,555
1,671,421,305
수익증권환매수수료 Redemption fees
-
-
투자자문수수료 Investment advisory fees
323,000,000
-
투자일임수수료 Investment Discretionary fees
2,796,730,555
1,671,421,305
판매관리보수 Sale management fees
-
-
기타수수료수익 Other fees
-
-
수익증권이익분배금 Gains on profit sharing
-
-
이자수익 Interest income
2,669,273,356
1,979,325,540
채권이자 Interest on debenture
1,342,016
89,374,823
예금이자 Interest on bank deposits
2,607,099,882
1,861,615,051
대출채권이자 Interest on loans
-
-
증금예치금이자 Interest on deposits with KSFC
39,904,173
631,754
기타이자수익 Other interest income
20,927,285
27,703,912
배당금수익 Dividends
32,000,000
22,442,177
단기매매증권매매이익
Gains on sales of trading securities
-
-
수익증권매매이익
Gains on sales of beneficial securities
-
-
주식매매이익 Gains on sales of marketable stocks
-
-
채권매매이익 Gains on sales of marketable bonds
-
-
매입어음매매이익
Gains on sales of commercial paper
-
-
외화증권매매이익
Gains on sales of securities denominated in foreign currency
-
-
기타단기매매증권매매이익
Gains on sales of other marketable securities
-
-
단기매매증권평가이익 Gain on valuation of securities
-
-
수익증권평가이익
Gain on valuation of beneficial certificates
-
-
주식평가이익 Gain on valuation of stocks
-
-
채권평가이익 Gain on valuation of bonds
-
-
매입어음평가이익
Gains on disposition of commercial paper
-
-
외화증권평가이익
Gain on valuation of sec denominated in foreign currency
-
-
기타단기매매증권평가이익
Gain on valuation of other securities
-
-
양도성정기예금증서처분익
Gain on disposition of negotiable certificate of deposit
-
-
기타영업수익 Other operating income
-
-
손 익 계 산 서
제 7기 2006년 4월 1일부터 - 2007년 3월 31일까지
제 6기 2005년 4월 1일부터 - 2006년 3월 31일까지
________________________________________
Page 2
계 정 과 목
제 7 기
제 6 기
II.영 업 비 용 OPERATING EXPENSES
18,514,036,706
14,131,816,645
수수료비용 Commissions expenses
4,224,188,072
1,064,075,908
판매대행수수료 Sales agent commissions
-
-
유가증권매매수수료 Brokerage fees
-
-
기타지급수수료 Other commissions paid
4,224,188,072
1,064,075,908
이자비용 Interest expenses
18,975,440
-
콜머니이자 Interest on call money
-
-
환매조건부채권매도이자
Interest on bonds sold under reverse resale agreement
-
-
은행차입금이자 Interest on borrowing from KSFC
-
-
증금차입금이자 Interest on borrowing from KSFC
-
-
사채이자 Interest on debenture
-
-
고객예탁금이용료 Interest on customer's deposits
18,975,440
-
기타이자비용 Other interest expenses
-
-
신탁업무운용손실 Complementary expenses
-
-
단기매매증권매매손실
Losses on sales of marketable securities
-
-
수익증권처분손실
Losses on sales of beneficial certificates
-
-
주식매매손실
Losses on sales of marketable stocks
-
-
채권매매손실 Losses on sales of marketable bonds
-
-
매입어음매매손실
Losses on sales of commercial paper
-
-
외화증권매매손실
Losses on sales of securities denominated in foreign currency
-
-
기타단기매매증권매매손실
Losses on disposition of other marketable securities
-
-
단기매매증권평가손실 Loss on valuation of securities
-
-
수익증권평가손실
Loss on valuation of beneficial certificates
-
-
주식평가손실 Loss on valuation of stocks
-
-
채권평가손실 Loss on valuation of bonds
-
-
매입어음평가손실
Losses on disposition of commercial paper
-
-
외화증권평가손실
Loss on valuation of sec denominated in foreign currency
-
-
기타단기매매증권평가손실
Loss on valuation of other securities
-
-
양도성정기예금증서처분손실
Loss on disposition of negotiable certificate of deposit
-
-
판매비와 관리비 Selling & administrative expenses
14,270,873,194
13,067,740,737
임원급여 Executive compensation
448,046,671
388,955,552
종업원급여 Employee salaries & wages
6,975,313,124
7,388,503,389
퇴직급여
Provision current year portion severance & retire benefit
1,245,231,776
542,293,577
복리후생비 Other employee benefits
763,008,094
623,005,400
판매부대비 Sales promotions expenses
-
-
수익증권발행비 Beneficial certificates expenses
-
-
광고선전비 Advertising
285,082,886
306,390,989
공고비 Public announcements
13,684,000
11,043,100
여비교통비 Travel
181,481,444
119,114,334
________________________________________
Page 3
계 정 과 목
제 7 기
제 6 기
통신비 Communications
116,462,278
109,637,334
전산운용비 Computer system operation expenses
224,719,635
149,473,313
세금과공과 Taxes & dues
763,746,480
575,505,388
지급임차료 Rental expenses
1,120,124,422
1,056,320,217
용역비 Other service fees
136,692,970
62,074,430
감가상각비 Depreciation
124,351,323
227,293,171
무형자산상각 Amortization of intangible assets
72,251,231
67,082,943
접대비 Entertainment expenses
234,722,955
175,044,520
업무추진비 Business development
-
-
회의비 business meetings
29,813,744
33,392,050
인쇄비 Printings
38,618,869
18,632,647
차량유지비 Vehicle maintenance expenses
345,455,740
270,396,495
소모품비 Supplies
35,816,241
35,170,288
수선유지비 Repairs & maintenance
1,625,605
1,397,000
수도광열비 Utilities
7,775,350
8,464,940
보험료 Insurance
263,856,080
252,297,467
등기소송비 Legal expenses
3,873,670
2,348,500
행사비 Event expenses
235,379,154
110,680,024
조사연구비 Research expenses
383,943,755
372,370,111
연수비 Training
143,594,286
100,840,598
대손상각비 Bad debt expenses
15,412,057
-
잡비 Miscellaneous expenses
60,789,354
60,012,960
Ⅲ.영 업 이 익 OPEARTING INCOME
24,136,359,933
7,130,269,488
Ⅳ.영업외 수익 NON-OPERATING INCOME
143,433,485
73,826,217
유형자산처분이익 Gain on disposition of tangible assets
14,502,000
20,000
임대료 Rental income
-
-
지분법평가이익 Gain on equity method valuation
-
-
매도가능증권처분이익
Gain on disposition of securities available for sale
-
-
만기보유증권처분이익
Gain on diposition of securities held to maturity
-
-
투자자산처분이익 Gain on disposition of investment
-
-
유가증권감액손실환입
Reversal of securities reduction losses
-
-
사채상환이익 Gain on redemption of debenture
-
-
외환차익 Gain on foreign currency transactions
-
-
외환환산이익 Gain on foreign currency transactions
-
-
대손충당금환입 Reversal of allowance for bad debts
-
4,571,068
잡이익 Others
128,931,485
69,235,149
________________________________________
Page 4
계 정 과 목
제 7 기
제 6 기
V.영업외 비용 NON-OPERATING EXPENSES
43,213,452
382,305,420
유형자산처분손실 Loss on disposition of tangible assets
-
1,375,551
지분법평가손실 Loss on equity method valuation
-
-
매도가능증권처분손실
Loss on disposition of securities available for sale
-
-
만기보유증권처분손실
Loss on diposition of securities held to maturity
-
-
유가증권감액손실
Securities redution loss
-
-
투자자산처분손실
Loss on disposition of investment assets
-
-
사채상환손실 Loss on redemption of debenture
-
-
외환차손 Loss on foreign currency transactions
-
240,391
외화환산손실 Loss on foreign currency transactions
-
-
대손상각비 Bad debt expenses
-
-
기부금 Donations
12,055,990
100,641,000
잡손실 Others
31,157,462
280,048,478
Ⅵ.경 상 이 익 ORDINARY INCOME
24,236,579,966
6,821,790,285
Ⅶ.특 별 이 익 EXTRAORDINARY GAIN
-
-
자산수증이익 Gains from assets contributed
-
-
채무면제이익 Gains on exemption of debts
-
-
보험차익 Gains on insurance settlements
-
-
기타특별이익 Other extraordinary gain
-
-
Ⅷ.특 별 손 실 EXTRAORDINARY LOSS
-
-
재해손실 Casualty losses
-
-
기타특별손실 Other extraordinary losses
-
-
Ⅸ.법인세차감전순이익 INCOME BEFORE INCOME TAXES
24,236,579,966
6,821,790,285
Ⅹ.법 인 세 비 용 INCOME TAX EXPENE
6,730,051,000
1,976,720,445
XI.당 기 순 이 익 NET INCOME
17,506,528,966
4,845,069,840
주당경상이익 Ordinary income per share
1,945
538
주당순이익 Earnings per share
1,945
538
Reverse cash- and-carry arbitrage

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Chapter 3
1
CHAPTER 3
Futures Prices
In this chapter, we discuss how futures contracts are priced. This chapter is organized into the following sections:
• Reading Futures Prices
• The Basis and Spreads
• Models of Futures Prices
• Futures Prices and Expectations
• Future Prices and Risk Aversion
• Characteristics of Futures Prices



Chapter 3
2
Reading Futures Prices
TERMINOLOGY
To understand how to read the Wall Street Journal futures price quotations, we need to first understand some terminology.
Spot Price
Spot price is the price of a good for immediate delivery.
Nearby Contract
Nearby contracts are the next contract to mature.
Distant Contract
Distant contracts are contracts that mature sometime after the nearby contracts.



Chapter 3
3
Reading Futures Prices
TERMINOLOGY
Settlement Price
Settlement price is the price that contracts are traded at the end of the trading day.
Trading Session Settlement Price
New term used to reflect round-the-clock trading.
Open Interest
Open interest is the number of futures contracts for which delivery is currently obligated.



Chapter 3
4
Reading Futures Prices
Insert figure 3.1 Here



Chapter 3
5
How Trading Affects Open Interest
The last column in Figure 3.1 shows the open interest or total number of contracts outstanding for each maturity month. Assume that today, Dec 1997, widget contract has just been listed for trading, but that the contract has not traded yet. Table 3.1 shows how trading affects open interest at different times (t).



Chapter 3
6
Open Interest &Trading Volume Patterns
Insert Figure 3.2 Here
Insert Figure 3.3 Here



Chapter 3
7
The Basis
S0 = current spot price
F0,t = current futures price for delivery of the product at
time t.
The basis can be positive or negative at any given time.
Normal Market
Price for more distant futures are higher than for nearby futures.
Inverted Market
Distant futures prices are lower than the price for contracts nearer to expiration.
The Basis
The basis is the difference between the current cash price of a commodity and the futures price for the same commodity.



Chapter 3
8
The Basis
Example: if the current price of gold in the cash market is $353.70 (July 11) and a futures contract with delivery in December is $364.20.
How much is the basis?



Chapter 3
9
The Basis
Insert Figure 3.4 here
Insert Figure 3.5 here
Convergence
As the time to delivery passes, the futures price will change to approach the spot price.
When the futures contract matures, the futures price and the spot price must be the same. That is, the basis must be equal to zero, except for minor discrepancies due to transportation and other transactions costs.
The relatively low variability of the basis is very important for hedging.



Chapter 3
10
Spreads
Where
F0,t = The current futures price for delivery of the product at time t.
This might be the price of a futures contract on wheat for delivery in 3 months.
F0,t+k = The current futures price for delivery of the product at time t +k.
This might be the price of a futures contract for wheat for delivery in 6 months.
Spread relationships are important to speculators.
Spread
A spread is the difference in price between two futures contracts on the same commodity for two different maturity dates:



Chapter 3
11
Spreads
Suppose that the price of a futures contract on wheat for delivery in 3 months is $3.25 per bushel.
Suppose further that the price of a futures contract on wheat for delivery in 6 months is $3.30/bushel.
What is the spread?





Insert Figure 3.7 Here



Chapter 3
12
Repo Rate
Repo Rate
The repo rate is the finance charges faced by traders. The repo rate is the interest rate on repurchase agreements.
A Repurchase Agreement
An agreement where a person sells securities at one point in time with the understanding that he/she will repurchase the security at a certain price at a later time.
Example: Pawn Shop.



Chapter 3
13
Arbitrage
An Arbitrageur attempts to exploit any discrepancies in price between the futures and cash markets.
An academic arbitrage is a risk-free transaction consisting of purchasing an asset at one price and simultaneously selling it that same asset at a higher price, generating a profit on the difference.
Example: riskless arbitrage scenario for IBM stock trading on the NYSE and Pacific Stock Exchange.
Assumptions:
o Perfect futures market
o No taxes
o No transactions costs
o Commodity can be sold short
Price Exchange
Arbitrageur Buys IBM ($105) Pacific Stock E.
Arbitrageur Sells IBM $110 NYSE
Riskless Profit $ 5



Chapter 3
14
Models of Futures Prices
Cost-of-Carry Model
The common way to value a futures contract is by using the Cost-of-Carry Model. The Cost-of-Carry Model says that the futures price should depend upon two things:
o The current spot price.
o The cost of carrying or storing the underlying good from now until the futures contract matures.
Assumptions:
o There are no transaction costs or margin requirements.
o There are no restrictions on short selling.
o Investors can borrow and lend at the same rate of interest.
In the next section, we will explore two arbitrage strategies that are associated with the Cost-and-Carry Model:
o Cash-and-carry arbitrage
o Reserve cash-and-carry arbitrage



Chapter 3
15
Cash-and-Carry Arbitrage
A cash-and-carry arbitrage occurs when a trader borrows money, buys the goods today for cash and carries the goods to the expiration of the futures contract. Then, delivers the commodity against a futures contract and pays off the loan. Any profit from this strategy would be an arbitrage profit.


0
1
1. Borrow money
2. Sell futures contract
3. Buy commodity
4. Deliver the commodity
against the futures contract
5. Recover money & payoff
loan



Chapter 3
16
Reverse Cash-and-Carry Arbitrage
A reverse cash-and-carry arbitrage occurs when a trader sells short a physical asset. The trader purchases a futures contract, which will be used to honor the short sale commitment. Then the trader lends the proceeds at an established rate of interest. In the future, the trader accepts delivery against the futures contract and uses the commodity received to cover the short position. Any profit from this strategy would be an arbitrage profit.
0
1
1. Sell short the commodity
2. Lend money received
from short sale
3. Buy futures contract
4. Accept delivery from futures
contract
5. Use commodity received
to cover the short sale
Table 3.5 summarizes the cash-and-carry and the reverse cash-and-carry strategies.



Chapter 3
17
Arbitrage Strategies



Chapter 3
18
Cost-of-Carry Model
Where:
S0 = the current spot price
F0,t = the current futures price for delivery of
the product at time t.
C0,t = the percentage cost required to store (or carry) the commodity from today until time t.
The cost of carrying or storing includes:
 Storage costs
 Insurance costs
 Transportation costs
 Financing costs
In the following section, we will examine the cost-of-carry
rules.

The Cost-of-Carry Model can be expressed as:



Chapter 3
19
Cost-of-Carry Rule 1
The futures price must be less than or equal to the spot price of the commodity plus the carrying charges necessary to carry the spot commodity forward to delivery.



Chapter 3
20
Cost-of-Carry Rule 1
0
1
1. Borrow $400
2. Buy 1 oz gold
3. Sell futures contract
4. Deliver gold against
futures contract
5. Repay loan



Chapter 3
21
The Cost-of-Carry Rule 2
The futures price must be equal to or greater than the spot price of the commodity plus the carrying charges necessary to carry the spot commodity forward to delivery.




Chapter 3
22
The Cost-of-Carry Rule 2
0
1
1. Sell short 1 oz. gold
2. Lend $420 at 10%
interest
3. Buy a futures contract
4. Collect proceeds
from loan
5. Accept delivery on
futures contract
6. Use gold from futures
contract to repay the
short sale



Chapter 3
23
The Cost-of-Carry Rule 3
Since the futures price must be either less than or equal to the spot price plus the cost of carrying the commodity forward by rule #1.
And the futures price must be greater than or equal to the spot price plus the cost of carrying the commodity forward by rule #2.
The only way that these two rules can reconciled so there is no arbitrage opportunity is by the cost of carry rule #3.
Rule #3: the futures price must be equal to the spot price plus the cost of carrying the commodity forward to the delivery date of the futures contract.


If prices were not to conform to cost of carry rule #3, a cash-and carry arbitrage profit could be earned.
Recall that we have assumed away transaction costs, margin requirements, and restrictions against short selling.



Chapter 3
24
Spreads and The Cost-of-Carry
As we have just seen, there must be a relationship between the futures price and the spot price on the same commodity.
Similarly, there must be a relationship between the futures prices on the same commodity with differing times to maturity.
The following rules address these relationships:
Cost-of-Carry Rule 4
Cost-of-Carry Rule 5
Cost-of-Carry Rule 6




Chapter 3
25
The Cost-of-Carry Rule 4
The distant futures price must be less than or equal to the nearby futures price plus the cost of carrying the commodity from the nearby delivery date to the distant delivery date.

where d > n
F0,d = the futures price at t=0 for the distant delivery
contract maturing at t=d.
Fo,n= the futures price at t=0 for the nearby delivery contract
maturing at t=n.
Cn,d= the percentage cost of carrying the good from t=n
to t=d.
If prices were not to conform to cost of carry rule # 4, a cash-and-carry arbitrage profit could be earned.



Chapter 3
26
Spreads and the Cost-of-Carry
Table 3.6 shows that the spread between two futures contracts can not exceed the cost of carrying the good from one delivery date forward to the next, as required by the cost-of-carry rule #4.



Chapter 3
27
The Cost-of-Carry Rule 4
0
1
1. Buy futures
contract w/exp
in 1 yrs.
2. Sell futures
contract w/exp
in 2 years
3. Contract to
borrow $400
from yr 1-2
7. Remove gold
from storage
8. Deliver gold
against 2 yr.
futures contract
9. Pay back loan
2
4. Borrow $400
5. Take delivery on 1
yr to exp futures
contract.
6. Place the gold in
storage for one yr.



Chapter 3
28
The Cost-of-Carry Rule 5
The nearby futures price plus the cost of carrying the commodity from the nearby delivery date to the distant delivery date cannot exceed the distant futures price.
Or alternatively, the distant futures price must be greater than or equal to the nearby futures price plus the cost of carrying the commodity from the nearby futures date to the distant futures date.
If prices were not to conform to cost of carry rule # 5, a reverse cash-and-carry arbitrage profit could be earned.



Chapter 3
29
The Cost-of-Carry Rule 5
Table 3.7 illustrates what happens if the nearby futures price is too high relative to the distant futures price. When this is the case, a forward reverse cash-and-carry arbitrage is possible.



Chapter 3
30
The Cost-of-Carry Rule 5
0
1
1. Sell futures
contract w/exp
in 1 yrs.
2. Buy futures
contract w/exp
in 2 years
3. Contract to
lend $400
from yr 1-2
7. Accept delivery
on exp 2 yr
futures contract
8. Repay 1 oz.
borrowed gold.
9. Collect $400
loan
2
4. Borrow 1 oz. gold
5. Deliver gold on 1
yr to exp futures
contract.
6. Invest proceeds
from delivery for
one yr.



Chapter 3
31
Cost-of-Carry Rule 6
Since the distant futures price must be either less than or equal to the nearby futures price plus the cost of carrying the commodity from the nearby delivery date to the distant delivery date by rule #4.
And the nearby futures price plus the cost of carrying the commodity from the nearby delivery date to the distant delivery date can not exceed the distant futures price by rule #5.
The only way that rules 4 and 5 can be reconciled so there is no arbitrage opportunity is by cost of carry rule #6.



Chapter 3
32
Cost-of-Carry Rule 6
The distant futures price must equal the nearby futures price plus the cost of carrying the commodity from the nearby to the distant delivery date.
If prices were not to conform to cost of carry rule #6, a cash-and-carry arbitrage profit or reverse cash-and-carry arbitrage profit could be earned.
Recall that we have assumed away transaction costs, margin requirements, and restrictions against short selling.



Chapter 3
33
Implied Repo Rates
If we solve for C0,t in the above equation, and assume that financing costs are the only costs associated with holding an asset, the implied cost of carrying the asset from one time point to another can be estimated. This rate is called the implied repo rate.
The Cost-of-Carry model gives us:
Solving for
And



Chapter 3
34
Implied Repo Rates
Example: cash price is $3.45 and the futures price is $3.75. The implied repo rate is?

That is, the cost of carrying the asset from today until the expiration of the futures contract is 8.6956%.



Chapter 3
35
The Cost-of-Carry Model in Imperfect Markets
In real markets, no less than four factors complicate the Cost-of-Carry Model:
• Direct transactions costs
• Unequal borrowing and lending rates
• Margin and restrictions on short selling
• Limitations to storage



Chapter 3
36
Transaction Costs
Transaction Costs
Traders generally are faced with transaction costs when they trade. In this case, the profit on arbitrage transactions might be reduced or disappear altogether.
Types of Transaction Costs:
o Brokerage fees to have their orders executed
o A bid ask spread
A market maker on the floor of the exchange needs to make a profit. He/She does so by paying one price (the bid price) for a product and selling it for a higher price (the ask price).



Chapter 3
37
Cost-of-Carry Rule 1
with Transaction Costs
Recall that the futures price must be less than or equal to the spot price of the commodity plus the carrying charges necessary to carry the spot commodity forward to delivery.


We can modify this rule to account for transaction costs:
Where T is the percentage transaction cost.



Chapter 3
38
Cost-of-Carry Rule 1
with Transaction Costs
To show how transaction costs can frustrate an arbitrage consider Table 3.8.



Chapter 3
39
Cost-of-Carry Rule 2
with Transaction Costs
Recall from Cost-of-Carry Rule 2 that the futures price must be equal to or greater than the spot price of the commodity plus the carrying charges necessary to carry the spot commodity forward to delivery.
We can modify this rule to allow for transaction costs as follows:



Chapter 3
40
Cost-of-Carry Rule 2
with Transaction Costs
To show how transaction costs can frustrate an attempt to reserve cash-and-carry arbitrage. Consider Table 3.9.



Chapter 3
41
No-Arbitrage Bounds
Incorporating transaction costs and combining cost-of-carry rules 1 and 2, we have the following.
This equation defines the “No Arbitrage Bounds”. That is,
as long as the futures price trades within this range, no cash-and-carry or reverse cash-and-carry arbitrage transactions will be profitable.
Table 3.10 illustrates this equation.



Chapter 3
42
No-Arbitrage Bounds
In this case, as long as the futures price is between $426.80 and $453.20, arbitrage transactions will not be profitable.



Chapter 3
43
No-Arbitrage Bounds
Futures Price
Time
$426.80
$453.20



Chapter 3
44
Differential Transaction Costs
Situations occur where all traders do not have equal transaction costs.
For example, a floor trader, trading on his own behalf would have a lower transaction cost than others. So while he/she might be able to earn an arbitrage profit, others could not.
Such a transaction is called a quasi-arbitrage.



Chapter 3
45
Unequal Borrowing & Lending Rates
Thus far we have assumed that investors can borrow and lend at the same rate of interest. Anyone going to a bank knows that this possibility generally does not exist.
Incorporating differential borrowing and lending rates into the Cost-of-Carry Model gives us:
Where:
CL = lending rate
CB = borrowing rate



Chapter 3
46
Unequal Borrowing & Lending Rates



Chapter 3
47
Restrictions on Short Selling
Thus far we have assumed that arbitrageurs can sell short commodities and have unlimited use of the proceeds.
There are two limitations to this in the real world:
o It is difficult to sell some commodities short.

o Investors are generally not allowed to use all proceeds from the short sale.

How do limitations on the use of funds from a short sale affect the Cost-of-Carry Model?
We can examine this by editing our transaction cost and differential borrowing Cost-of-Carry Model as follows:



Chapter 3
48
Restrictions on Short Selling
The transaction cost and differential cost of borrowing model is as follows:
We modify this by recognizing that you will not get all of the proceeds from the short sale. You will get some portion of the proceeds.
Where:
ƒ = the proportion of funds received



Chapter 3
49
Restrictions on Short Selling
Table 3.12 illustrates the effect of limitations on the use of short sale proceeds.



Chapter 3
50
Restrictions on Short Selling
The effect of the proceed use limitation is to widen the no-arbitrage trading bands.
Futures Price
Time
$403.52
$461.44



Chapter 3
51
Limitations on Storage
The ability to undertake certain arbitrage transactions requires storing the product. Some items are easier to store than others.
Gold is very easy to store. You simply rent a safe deposit box at the bank and place your gold there for safekeeping.
Wheat is moderately easy to store.
How about milk or eggs?
They can be stored, but not for long periods of time.
To the extent that a commodity can not be stored, or has limited storage life, the Cost-of-Carry Model may not hold.



Chapter 3
52
How Traders Deal with Market Imperfections
The costs associated with carrying commodities forward vary widely among traders.
If you are a floor trader, your transaction costs will be very low. If you are a farmer with unused grain storage on your farm, your cost of storage will be very low.
Individuals with lowest trading costs (storage costs, and cost of borrowing) will have the most profitable arbitrage opportunities.
The ability to sell short varies between traders.



Chapter 3
53
The Concept of Full Carry Market
If the futures price is higher than that specified by above equations, the market is said to be above full carry.
If the futures price is below that specified by the above equations, the market is said to be below full carry.
To determine if a market is at full carry, consider the following example:
Suppose that:
September Gold $410.20
December Gold $417.90
Bankers Acceptance Rate 7.8%
To the extent that markets adhere to the following equations markets are said to be at “full carry”:



Chapter 3
54
The Concept of Full Carry Market
Step 1: compute the annualized percentage difference between two futures contracts.

Where
AD = Annualized percentage difference
M = Number of months between the maturity of the
futures contracts.
Step 2: compare the annualized difference to the interest
rate in the market.
The gold market is almost always at full carry. Other markets can diverge substantially from full carry.



Chapter 3
55
The Concept of Full Carry Market
Insert Figure 3.1 here
Futures Price Quotations



Chapter 3
56
Market Features That Promote Full Carry
Ease of Short Selling
To the extent that it is easy to short sell a commodity, the market will become closer to full carry.
Difficulties in short selling will move a market away from full carry.
Selling short of physical goods like wheat is more difficult, while selling short of financial assets like Eurodollars is much easier. For this reason, markets for financial assets tend to be closer to full carry than markets for physical assets.
Large Supply
If the supply of an asset is large relative to its consumption, the market will tend to be closer to full carry. If the supply of an asset is low relative to its consumption, the market will tend to be further away from full carry.



Chapter 3
57
Market Features that Promote Full Carry
Non-Seasonal Production
To the extent that production of a crop is seasonal, temporary imbalances between supply and demand can occur. In this case, prices can vary widely.
o Example: in North America, wheat harvest occurs
between May and September.
Non-Seasonal Consumption
To the extent that consumption of commodity is seasonal, temporary imbalances between supply and demand can occur.
o Example: propane gas during winter
Turkeys during thanksgiving
High Storability
A market moves closer to full carry if its underline commodity can be stored easily.
The Cost-of-Carry Model is not likely to apply to commodities that have poor storage characteristics.
o Example: eggs



Chapter 3
58
Convenience Yield
When there is a return for holding a physical asset, we say there is a convenience yield. A convenience yield can cause futures prices to be below full carry. In extreme cases, the cash price can exceed the futures price. When the cash price exceeds the futures price, the market is said to be in “backwardation.”



Chapter 3
59
Futures Prices and Expectations
If futures contracts are priced appropriately, the current futures price should tell us something about what the spot price will be at some point in the future.
There are four theories about futures prices and future spot prices:
o Expectations or Risk Neutral Theory
o Normal Backwardation
o Contango
o Capital Asset Pricing Model (CAPM)

Speculators play an important role in the futures market, they ensure that futures prices approximately equal the expected future spot price.



Chapter 3
60
Expectations or Risk Neutral Theory

The Expectations Theory says that the futures price equals the expected future spot price.

Where
= the expected future spot price



Chapter 3
61
Normal Backwardation

The Normal Backwardation Theory says that futures markets are primarily driven by hedgers who hold short positions. For example, farmers who have sold futures contracts to reduce their price risk.
The hedgers must pay speculators a premium in order to assume the price risk that the farmer wishes to get rid of.
So speculators take long positions to assume this price risk. They are rewarded for assuming this price risk when the futures price increases to match the spot price at maturity.
So this theory implies that the futures price is less than the expected future spot price.



Chapter 3
62
Normal Backwardation
Figure 3.9 depicts a situation that might prevail in the futures market for a commodity.
Insert figure 3.9 here



Chapter 3
63
Contango

The Contango Theory says that futures markets are primarily driven by hedgers who hold long positions. For example, grain millers who have purchased futures contracts to reduce their price risk.
The hedgers must pay speculators a premium in order to assume the price risk that the grain miller wishes to get rid of.
So speculators take short positions to assume this price risk. They are rewarded for assuming this price risk when the futures price declines to match the spot price at maturity.
So this theory implies that the futures price is greater than the expected future spot price.



Chapter 3
64
Contango
Figure 3.10 illustrates the price patterns for futures under different scenarios.
Insert Figure 3.10 here



Chapter 3
65
Capital Asset Pricing Model (CAPM)

The CAPM Theory is consistent with the Normal Backwardation Theory, the Contango Theory, and the Expectations Theories.
However, the CAPM Theory suggests that speculators will be rewarded only for the systematic portion of the risk that they are assuming.



Chapter 3
66
Statistical Characteristics of Futures Prices
Futures prices exhibit statistically significant first-order autocorrelation. However, not strong enough to allow profitable trading strategies.
Autocorrelation
o A time series is correlated when one observation in the series is statistically related to another.
o first-order autocorrelation occurs when one observation is related to the immediately preceding observations.
The Volatility of Futures Prices
o Evidence suggests that futures trading does not increase the volatility of the cash market.
Time to Expiration and Futures Price Volatility
o Price changes are large when more information is known about the future spot price.
• Retailers catch on to the buying power of immigrants
•
• Gina Ferazzi / Los Angeles Times
• Shoppers at La Curacao near downtown Los Angeles, a department store that focuses on a Spanish-speaking clientele.
• With sales wilting, big-box stores are starting to cater to shoppers whose primary language is not English.
• By Tiffany Hsu > > >
December 24, 2008
• Delfino Turan remembers his first trip to a Best Buy store, but not very fondly. ¶ Turan, at the time a recent immigrant from Mexico, said he could barely understand what salespeople were saying. What's more, he couldn't afford to pay for the purchases he wanted upfront, and the store didn't offer to extend credit. ¶ So Turan now shops for electronics at the La Curacao department store near downtown, where he went the other day to replace the broken TV in the lunch truck he operates. ¶ "Here they understand Spanish, and they understand people like us," he said after signing off on a down payment. "They treat you really well, they give easy credit, and they don't ever say no." ¶ Catering to immigrant customers has long been the stock in trade of ethnic-focused stores such as La Curacao Famsa, which caters to Spanish-speaking customers, and Kim's Home Center, a favorite of Korean immigrants. But as electronics sales wilt in the tough market and immigrants' buying power blooms, major big-box retailers such as Best Buy Co. and Wal-Mart Stores Inc. are catching on and catching up.

Many are using bilingual websites to turn online browsers into in-store clients, while others are hiring staffers with language skills and updating in-store signs and displays to appeal to immigrants.
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• "The Famsas and La Curacaos of this country have had those clients to themselves for a long time," said Juan Tornoe, an independent consultant who has worked with companies such as Domino's Pizza and Budweiser on Latino-targeted advertising. "Stores are looking for customers, and the wise ones are reaching out to immigrants through multiple channels."

Wal-Mart activated its Spanish-language website in September to coincide with Hispanic Heritage month and has special holiday sites in Chinese and Vietnamese.

Last year Best Buy launched a bilingual website with a Spanish-language option after some customers complained that they couldn't research products. Activity on the Spanish site has since far exceeded that of the original site, executives said. The company also recently signed Mexican soccer star Cuauhtemoc Blanco as a brand ambassador and has put up bilingual signage at 350 of its more than 1,000 stores, said Jeff Weness, director of Hispanic initiatives.
• One reason for the initiatives is buying power. Latinos alone spend more than $870 billion on consumer products. By 2015, the amount is expected to boom to $1.3 trillion, or 12% of total U.S. purchasing power, according to Hispanic Business Inc. At the entrance to the Best Buy in West Hollywood, a sign boasts that employees speak 15 languages (including Russian, Bengali and the Nigerian languages Ibo and Ogba). In the last six years, the store has hired a burst of young, second-generation immigrants, said manager Margie Kenney.

And when staff run into translation problems during a complex sale, they just hop on the new website and consult one of the bilingual videos posted there.

"When you're making big purchases, you need to ask intricate questions, and you feel more comfortable doing it in your own language," Kenney said. "Having employees that are a mixture of all the communities makes shopping a more comfortable experience."

At one point, only two Korean speakers worked at the store, just a few miles from Koreatown. Korean immigrants were avoiding the Best Buy, Kenney said, so she tripled the number of Korean speakers and put a coupon in a Korean-language newspaper.

Employees also noticed that on weekends, Latino customers made shopping a family event. So Kenney offered special deals on weekends and brought in popcorn, balloons and actors dressed as SpongeBob SquarePants to occupy children while their parents shopped.

Retailers who cater to immigrant populations say they are well aware of the rising competition, and they are adding to their arsenal of tactics to lure customers.

Kim's Home Center in Koreatown, for example, stocks its electronics department with products from Korean companies such as Samsung and LG. Also, "we have an advantage over other dealers because we mainly speak Korean in our store," said Si Youn, vice president of the 20,000-square-foot store.

At La Curacao, the 10 stores operate under the motto "Un poco de su país" (A little bit of your country), hoping that aisles hung with Brazilian and Spanish soccer jerseys and walls drenched in Mayan and Aztec symbolism can draw customers through the sheer force of nostalgia and homesickness.

Still, with the economy in a rut, immigrants are penny-pinching like any other consumer, shopping and spending less, defaulting on their store credit cards.

"It hasn't been easy," said Mauricio Fux, executive vice president of La Curacao, whose headquarters are in Los Angeles.

To stay competitive with the big chains, La Curacao tries to demystify the electronics it sells to its customers.

For example, La Curacao offers to send staffers to the homes of first-time computer buyers for two hours of in-home training in Spanish if they buy a warranty package. (Prices on these vary, but an optional four-year warranty on an $800 Sony Vaio laptop costs about $200.)

In stores, signs in Spanish -- such as one hawking a remote control that reads "No se complique la vida -- Todo en un solo control universal" (Don't complicate your life -- everything in one universal control) -- are scattered across the sales floor.

They also recognize that many of their customers don't have established credit or hefty checking accounts, and will work with them on payment terms.

La Curacao can't always compete on prices with the chain stores, but that kind of flexibility on payments helps the store compete, Fux said.

When buying his TV, Turan opted to pay $99 each month over nine months instead of $77 each month for 12 months. To be approved for the loan, he was required to produce only an ID from the Mexican consulate, not a California driver's license.

That flexibility makes buying expensive electronics more appealing to immigrants in tough times, said Turan, who has gone to La Curacao in the past to buy an Xbox for his son, a laptop and a computer that he sent to his sister in Mexico.

"We try to offer things that are relevant," Fux said. "If we did not evolve and just provided the same tired thing, people would stop coming."

tiffany.hsu@latimes.com
Forward contract
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A forward contract is an agreement between two parties to buy or sell an asset at a specified point of time in the future. The price of the underlying instrument, in whatever form, is paid before control of the instrument changes. This is one of the many forms of buy/sell orders where the time of trade is not the time where the securities themselves are exchanged.
The forward price of such a contract is commonly contrasted with the spot price, which is the price at which the asset changes hands on the spot date. The difference between the spot and the forward price is the forward premium or forward discount, generally considered in the form of a profit or [loss] by the purchasing party.
This process is used in financial operations to hedge risk, as a means of speculation, or to allow a party to take advantage of a quality of the underlying instrument which is time-sensitive.
A closely related contract is a futures contract; they differ in certain respects.
Contents
[hide]
• 1 Example of how the payoff of a forward contract works
• 2 Example of how forward prices should be agreed upon
• 3 Rational pricing
o 3.1 Extensions to the forward pricing formula
• 4 Theories of why a forward contract exists
• 5 See also
• 6 References
• 7 Further reading

[edit] Example of how the payoff of a forward contract works
Suppose that Bob wants to buy a house in one year's time. At the same time, suppose that Andy currently owns a $100,000 house that he wishes to sell in one year's time. Both parties could enter into a forward contract with each other. Suppose that they both agree on the sale price in one year's time of $104,000 (more below on why the sale price should be this amount). Andy and Bob have entered into a forward contract. Bob, because he is buying the underlying, is said to have entered a long forward contract. Conversely, Andy will have the short forward contract.
At the end of one year, suppose that the current market valuation of Andy's house is $110,000. Then, because Andy is obliged to sell to Bob for only $104,000, Bob will make a profit of $6,000. To see why this is so, one needs only to recognize that Bob can buy from Andy for $104,000 and immediately sell to the market for $110,000. Bob has made the difference in profit. In contrast, Andy has made a potential loss of $6,000, and an actual profit of $4,000.
[edit] Example of how forward prices should be agreed upon
Continuing on the example above, suppose now that the initial price of Andy's house is $100,000 and that Bob enters into a forward contract to buy the house one year from today. But since Andy knows that he can immediately sell for $100,000 and place the proceeds in the bank, he wants to be compensated for the delayed sale. Suppose that the risk free rate of return R (the bank rate) for one year is 4%. Then the money in the bank would grow to $104,000, risk free. So Andy would want at least $104,000 one year from now for the contract to be worthwhile for him - the opportunity cost will be covered.
Bob, as any other buyer would, will seek the lowest price he can for the contract - although as we've seen, there is an invisible lower limit of $104,000 that Andy will not go below. As a result, the contract price would be at least $104,000 or it will not happen at all.
[edit] Rational pricing
If St is the spot price of an asset at time t, and r is the continuously compounded rate, then the forward price at a future time T must satisfy Ft,T = Ster(T − t).
To prove this, suppose not. Then we have two possible cases.
Case 1: Suppose that Ft,T > Ster(T − t). Then an investor can execute the following trades at time t:
1. go to the bank and get a loan with amount St at the continuously compounded rate r;
2. with this money from the bank, buy one unit of stock for St;
3. enter into one short forward contract costing 0. A short forward contract means that the investor owes the counterparty the stock at time T.
The initial cost of the trades at the initial time sum to zero.
At time T the investor can reverse the trades that were executed at time t. Specifically, and mirroring the trades 1., 2. and 3. the investor
1. ' repays the loan to the bank. The inflow to the investor is − Ster(T − t);
2. ' settles the short forward contract by selling the stock for Ft,T. The cash inflow to the investor is now Ft,T because the investor receives ST from the buyer; there is an inflow of funds to the investor of Ft,T − Ster(T − t).
The sum of the inflows in 1.', 2.' and 3.' equals Ft,T − Ster(T − t), which by hypothesis, is positive. This is an arbitrage profit. Consequently, and assuming that the non-arbitrage condition holds, we have a contradiction. This is called a cash and carry arbitrage because you "carry" the stock until maturity.
Case 2: Suppose that Ft,T < Ster(T − t). Then an investor can do the reverse of what he has done above in case 1. But if you look at the convenience yield page, you will see that if there are finite stocks/inventory, the reverse cash and carry arbitrage is not always possible. It would depend on the elasticity of demand for forward contracts and such like.
[edit] Extensions to the forward pricing formula
Suppose that FVT(X) is the time value of cash flows X at the contract expiration time T. The forward price is then given by the formula:

The cash flows can be in the form of dividends from the asset, or costs of maintaining the asset.
If these price relationships do not hold, there is an arbitrage opportunity for a riskless profit similar to that discussed above. One implication of this is that the presence of a forward market will force spot prices to reflect current expectations of future prices. As a result, the forward price for nonperishable commodities, securities or currency is no more a predictor of future price than the spot price is - the relationship between forward and spot prices is driven by interest rates. For perishable commodities, arbitrage does not have this
The above forward pricing formula can also be written as:
Ft,T = (St − It)er(T − t)
Where It is the time t value of all cash flows over the life of the contract.
For more details about pricing, see forward price.
[edit] Theories of why a forward contract exists
Allaz and Vila (1993) suggest that there is also a strategic reason (in an imperfect competitive environment) for the existence of forward trading, that is, forward trading can be used even in a world without uncertainty. This is due to firms having Stackelberg incentives to anticipate their production through forward contracts.



http://209.85.175.132/search?q=cache:bdRVFAQzF-wJ:www.igidr.ac.in/~susant/FIXEDINCOME/sl_2_intratefutures.pdf+Reverse+cash-+and-carry+arbitrage&hl=en&ct=clnk&cd=5



Those days when people used paper to make up and manage all kinds of documents in the process of their jobs are gone now. Today electronic types of documents have replaced paper.
Unlike paper documents, electronic ones contribute to the maximum job efficiency with their convenience in production and storage. But they too have some disadvantages; it"s difficult to distinguish originals and copies like paper documents; it"s not easy to examine if there is a change or damage to the documents; they are also prone to alteration and damage by the external influences in the electronic environment; and electronic documents require enormous amounts of workforce and costs for immediate measures to be taken according to the changes to the S/W and H/W environment. Despite all those weaknesses, however, electronic documents increasingly account for more percentage in the current job environment thanks to their job convenience and efficiency of production costs. Both the government and private sector have made efforts to come up with plans to maximize their advantages and minimize their risks at the same time.
One of the methods is the Authorized Retention Center which is described in the study. There are a couple of prerequisites for its smooth operation; they should guarantee the legal validity of electronic documents in the administrative aspects and first secure the reliability and authenticity of electronic documents in the technological aspects. Responding to those needs, the Ministry of Commerce, Industry and Energy and the Korea Institute for Electronic Commerce, which were the two main bodies to drive the Authorized Retention Center project, revised the Electronic Commerce Act and supplemented the provisions to guarantee the legal validity of electronic documents in 2005 and conducted researches on the ways to preserve electronic documents for a long term and secure their reliability, which had been demanded by the users of the center, in 2006.
In an attempt to fulfill those goals of the Authorized Retention Center, this study researched technical standard for electronic record information package of the center and applied the ISO 14721 information package model that"s the standard for the long-term preservation of digital data. It also suggested a process to produce and manage information package so that there would be the SIP, AIP and DIP metadata features for the production, preservation, and utilization by users points of electronic documents and they could be implemented according to the center"s policies.
Based on the previous study, the study introduced the flow charts among the production and progress process, application methods and packages of technical standard for electronic record information package at the center and suggested some issues that should be consistently researched in the field of records management based on the results.


By JIN-YOUNG YOOK
SEOUL -- South Korea's financial watchdog said it had reached an agreement with the country's main creditor banks to evaluate struggling construction companies and small shipbuilders, with the aim of restructuring and consolidating the sectors.
Financial Supervisory Service Governor Kim Jong-chang said the banks will conduct credit-risk evaluations for companies facing liquidity problems amid the global financial turmoil. The banks will support the viable firms through cash injections and shepherd the weakest firms into bankruptcy.
Construction firms in particular have suffered as demands on housing units have dropped and more than 150,000 new apartment units remain unsold.
The news follows Dec. 9 talks between the Financial Services Commission, which develops and implements financial sector regulations and policies, and the FSS, which enforces them and supervises the system.
Those talks prompted a policy encouraging the liquidation of nonviable companies and reviving the corporate sector through restructuring. The FSS announcement Tuesday outlined how that policy will be implemented.
The banks began setting up task forces Tuesday. The teams will establish guidelines for industry-specific credit-risk assessment by the end of the year, and the banks will begin making evaluations about companies early in 2009.
The companies that will come under scrutiny include 26 small and medium-sized shipbuilders that receive orders from overseas, as well as construction companies with more than five billion won ($3.8 million) in loans, Mr. Kim said.
The FSC last week said it would launch a 20 trillion won bank recapitalization fund in January to support banks that may experience losses related to corporate-sector restructuring. The fund will help banks raise their capital bases and access cash when needed until the end of 2009.
Tuesday's announcement hurt sentiment on Korea's stock exchange, with the benchmark index falling 3%.
"The government's official announcement to soon begin restructuring construction firms fanned concerns about who will be subject to the restructuring process and how many firms will fall," said Lee Jin-woo, an analyst at Mirae Asset Securities.
Write to Jin-Young Yook at jin-young.yook@dowjones.com
• Reduced foreign selloffs and hopes for economic recovery will help the local market go upward. (출처: The Korea Herald)
“외국인의 매도가 줄어들고 있고 경기회복에 대한 기대감으로 주식시장이 상승할 것이다.
• This is a dramatic turnaround from the massive selling of Asian shares of nearly $4.35 billion last month. (출처: The Korea Herald)
이는 43억 5000만불 가까이 아시아 주식의 매도에 나섰던 지난 달과는 상황이 극적으로 역전됐다.
• The hottest sell-item this year has been Hyundai Motor. (출처: The Korea Herald)
올해 매도 1위 종목은 현대자동차였다.
• What the hell is meadowsweet? (출처: 웹검색 예문)
대체 매도스위트가 뭐야?
• You can buy, sell and hold in the Stock market. (출처: 세계일보 당근영어)
당신은 주식시장에서 매수, 매도, 보유를 할 수 있습니다.
• A SK Engineering official said the share sale was aimed to improve its financial condition but denied that the move was not intended to help its affiliate. (출처: The Korea Herald)
SK건설 관계자는 주식매도는 자금형편을 향상할 생각이었으나 계열사를 돕기 위한 것은 아니라고 부인했다.
• During the period, the United States also topped the list of the average monthly transactions, which included both purchase and selling of Korean stocks. (출처: The Korea Herald)
동 기간 중 미국은 국내 주식의 매수와 매도를 모두 포함한 월평균 주식거래량에서도 1위를 기록했다.
• If you look at the past investment patterns of foreign players, we`re more likely to see a foreign selling spree in the coming weeks, said Lee. (출처: The Korea Herald)
“외국인 투자자들의 과거 투자 패턴을 살펴보면 향후 몇주간 이들이 매도 공세를 펼칠 가능성이 높다”고 이 시장 전략가는 말했다.
• We have to take into account the profit margins expected of 1.6 trillion won in purchases made by program buyers, and the highly speculative nature of this year`s rally, he added. (출처: The Korea Herald)
“투자자들은 1조6천억원에 달하는 프로그램 매도 물량이 출회될 가능성과 차익실현 매물을 염두에 두어야 할 것”이라고 그는 덧붙였다.
• The possible long-term freeze of the call rate, however, would make the bond market more fragile and prompt more investors to join the recent selling spree in the coming months, analyst said. (출처: The Korea Herald)
하지만 콜금리를 장기간 동결하게 되면 채권시장이 취약해져 최근 매도에 나서고 있는 투자자들이 앞으로 더욱 늘어나게 될 것이라고 분석가들은 말했다.
• The bond market, in contrast, has seen a selling spree in recent weeks with bond yields climbing sharply. (출처: The Korea Herald)
반면 채권시장은 채권수익률이 급상승하면서 최근 몇 주간 매도 공세가 지속되고 있다.
• LG Investment and Securities Co. also said in a report that program selling and the losing appetite for local shares by overseas investors may work to drag the index down further. (출처: The Korea Herald)
LG투자증권도 보고서를 통해 프로그램 매도와 외국인 투자자의 매수 강도 약화가 주가를 더욱 하락시킬 것으로 내다봤다.
• The won`s sharp slide was closely related to heavy foreign stock selling. (출처: The Korea Herald)
“원화의 급격한 하락은 외국인의 주식 매도와 밀접한 관계가 있다.
• The BOK intervened heavily last year to slow down the won rally, but its dollar buying and won selling had no long-term effect. (출처: The Korea Herald)
한국은행이 지난 해에는 원화 상승을 둔화시키기 위해 개입을 확대했으나 달러-매입, 원화-매도 대책이 장기적인 효과를 얻지 못 했다.
• Too much expense burden may deter the government from implementing such expansionary fiscal policy, said Kong, warning of the risk of a mass sell-off in the bond market. (출처: The Korea Herald)
“지출 부담이 너무 커지면 정부의 재정정책 확대를 무산시킬 수 있다”고 공 애널리스트는 채권시장에서의 대규모 매도 가능성을 경고하며 말했다.
• Talks fell through, with Hanarotelecom and Dacom offering around 400 billion won, far below the creditor`s asking price, which was reported between 600 billion won and 700 billion won. (출처: The Korea Herald)
하나로텔레콤과 데이콤이 6-7천억 규모로 알려진 채권단의 매도가격에 훨씬 못미치는 4천억달러를 제시하는 바람에 협상은 결렬되었다.
• It earlier dropped to 12,095 won on massive selling by profit takers. (출처: The Korea Herald)
주가는 이익 실현을 노리는 투자자들의 대규모 매도로 12,095원까지 떨어졌었다.
• Despite the high volume of buying and selling on the bourse this year at 60.42 percent, retail investors have likewise been selling for three consecutive years, including this year, posting a staggering 7.9 trillion won worth of net sales. (출처: The Korea Herald)
올해 60.42퍼센트라는 다량의 매매에도 불구하고 개인투자자도 마찬가지로 3년 연속 매도에 치중하면서 7조 9000억원을 순매도했다.
• The higher tax will discourage multiple homeowners from selling houses, he said. (출처: The Korea Herald)
“중과세는 다주택 소유자의 주택 매도를 망설이게 할 것”이라고 그는 말했다.
• It`s true there are worries that if foreigners begin to sell, who will be able buy them all, said Kang Hyun-chul, a market strategist at LG Investment & Securities. (출처: The Korea Herald)
“만약 외국인들이 매도에 나서면 누가 그 물량을 다 받아낼 것인가 하는 우려가 있는 것은 사실”이라고 LG투자증권에서 시장전략을 맡고 있는 강현철 연구위원이 말했다.
• He didn`t rule out that massive program selling ahead of the due date of options later this week would trigger further fluctuation of the benchmark index. (출처: The Korea Herald)
그는 이번주 말 옵션만기일을 앞두고 대규모 프로그램 매도 물량이 출회되어 주가지수의 변동폭을 더욱 심화시킬 가능성도 배제하지 않았다.
• Local bourses tumbled yesterday as investors dumped shares amid concerns about surging oil prices and terrorism alerts. (출처: The Korea Herald)
고유가와 테러 위협을 걱정한 투자자들이 앞다투어 주식 매도에 나섬에 따라 어제 국내 증시가 무너졌다.
• This compares with an overall 2.7 trillion won worth of net sales by foreign investors and 7.8 trillion won of sales by Korean retail investors, implying that institutions were largely responsible for this year`s bullish rally at the Seoul bourse. (출처: The Korea Herald)
이는 외국인 투자자의 2조 7000억원 순매도와 개인투자자 7조 8000억원 매도와 대조를 보여 기관들이 올해 서울증시의 강세에 크게 기여했음을 보여주었다.
• Despite the political uncertainty caused by the first-ever passage of an impeachment bill against President Roh Moo-hyun last month, overseas investors have been heavy buyers of Korean equities this year in contrast to selling by local retail investors. (출처: The Korea Herald)
지난 달에 사상 처음으로 발생한 노무현 대통령에 대한 탄핵법안 통과사태로 인한 정치적 불확실성에도 불구하고 올해 외국인투자자들은 국내 개인투자자들의 매도추세와는 대조적으로 한국 주식을 다량으로 매수하고 있다.
• Samsung Electronics Co.`s share buyback plan could also prompt foreign investors to a massive sell-off that would drop the markets, analysts said. (출처: The Korea Herald)
또 삼성전자의 자사주 매입 계획이 외국인의 대규모 매도를 유발해 증시를 하락시킬 수 있다고 애널리스트들은 말했다.
• Last week, Deutsche Bank downgraded its recommendation Samsung Electronics stock to sell from hold. (출처: The Korea Herald)
지난 주 도이치 뱅크는 삼성전자의 주식에 대해 기존의 “보유”에서 “매도”로 추천 등급을 하향조정했다.
• There was Arafat on the run from both Israeli and Arab armies; Arafat, reviled as godfather of the terrorism that blew up jetliners and killed Israeli Olympic athletes; Arafat addressing the United Nations; Arafat in a bunker in bomb-torn Beirut, and in Oslo receiving the Nobel Peace Prize; Arafat welcomed by U.S. President Bill Clinton, then shunned by U.S. President George W. Bush. (출처: The Korea Herald)
아라파트는 이스라엘과 아랍군 모두를 피해 다녔고 항공기를 폭파하고 이스라엘 올림픽 선수들을 살해한 테러리스트들의 대부로 매도당했으며 유엔에서 연설을 하는가 하면 폭탄공격으로 폐허가 된 베이루트의 벙커에 있었다가 오슬로에서 노벨 평화상을 수상하기도 했으며 미국의 빌 클린턴 대통령의 환영을 받는가 하면 죠지 더블유 부시 대통령으로부터 문전박대를 당하기도 했다.
• The capital from institutional investors tends to be more reliable, making the bourse less vulnerable to a sudden selling spree led by overseas investors, said Kim Se-jung, an analyst at Korea Investment & Securities Co. (출처: The Korea Herald)
“기관투자자들의 자금이 안정적으로 유입되면서 국내 증시는 외국인 투자자들의 갑작스런 매도 공세에 덜 취약하게 되었다”고 김세중 한국투자증권 애널리스트는 말했다.
• The man abused his wife by yelling at her often. (출처: 동아 프라임 한영사전)
그 남자는 고함을 쳐서 그의 아내를 종종 매도했다




http://news.google.co.kr/news?oe=UTF-8&hl=ko&tab=wn&nolr=1&q=korea+development+bank&btnG=%EA%B2%80%EC%83%89


S.Korea expands trade finance support to large companies
SEOUL, Dec 28 - The Bank of Korea said on Sunday it would expand its $10 billion in trade finance support, a measure aimed at offering foreign currency liquidity to exporters, to large companies until the end of next year.
The central bank unveiled the support plan on Nov. 13 to help local exporters who were facing difficulties persuading banks to open letters of credit amid a drop-off in demand from overseas markets. [ID:nSEO240220]
But the measure was limited to small- and medium-sized companies by using their trade bills as a collateral for new loans from commercial banks, to which the central bank in turn provided foreign currency loans.
"The Bank of Korea will expand scope of companies receiving the trade finance support to all domestic companies temporarily from Dec. 29 until the end of December, 2009," it said in a statement.
"As financial support from the authorities focused on smaller companies, trade finance support for larger companies has not been smooth relatively."
South Korea's export dependent economy is seen as especially vulnerable to the fall-out a sharp slowdown in the global economy.
On Saturday, President Lee Myung-bak warned the country looked headed for its first economic contraction in a decade, reinforcing expectations for further interest rate cuts and fiscal stimulus to boost Asia's fourth-largest economy.



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영어비즈니스 399단어만 알아도 통한다
김영로 | 넥서스 | 2000.04.01
stock certificate or bond)(대개 복수형 securities로 사용됨) 유가증권 총보유량(the total holdings of allthe... day at a specific price) futures contract 선물계약 futures market ...
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금융영어사전
윤정문 | 더난출판 | 2001.01.01
fund, raising money, raising of capital〕 bond flotation　채권발행,... 외화자금 foreign currency futures　외국통화선물 foreign currency holdings　외화보유고〔foreign...