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Regulator to Remove Barriers for Insurance Premiums

Regulator to Remove Barriers for Insurance Premiums

SEOUL, Oct. 19 (Korea Bizwire) – South Korea’s top financial regulator said Sunday that it will allow local insurance firms to decide premiums for their insurance policies on their own in a bid to promote price competition in the long-slumped market. The Financial Services Commission (FSC) said it will remove guidelines for setting insurance premiums from the beginning of 2016. Since 2000, the financial authorities have required local insurers to set aside a certain amount of money to make [...]

S. Korea, U.S. See No Problem in Seoul’s Entry into TPP

S. Korea, U.S. See No Problem in Seoul’s Entry into TPP

SEOUL, Oct. 19 (Korea Bizwire) – Seoul and Washington have shared that there is no problem in South Korea’s entry into the U.S.-led Trans-Pacific Partnership deal as the two sides already have a free trade deal with high standards, an official said Sunday. An Chong-bum, senior presidential secretary for economic affairs, told reporters that the United [...]

Kerosene to be Traded on Local Spot Market This Month

Kerosene to be Traded on Local Spot Market This Month

SEOUL, Oct. 19 (Korea Bizwire) – South Korea’s bourse operator said Sunday that kerosene will be traded on its spot market later this month tofurther expand the country’s commodity spot trading market. Starting Oct. 26, kerosene will begin trading from 10 a.m. to 5 p.m. through the system, with the basic trading unit set at 20,000 liters, according to the Korea Exchange (KRX). Kerosene, or lamp oil, [...]

PSY Introduces K-Pop to American Universities

PSY Introduces K-Pop to American Universities

SEOUL, Oct. 16 (Korea Bizwire) – Korean singer and entertainer PSY and professor Seo Gyeong-duk from Sungshin Women’s University have started to distribute K-Pop brochures at American universities. The brochures, sensibly made out of eco-friendly materials, contain various information about K-Pop – the definition, history, secret to popularity, culture and ‘sing alongs’ (when the audience [...]

New Device Offers Infection Diagnoses in an Hour

New Device Offers Infection Diagnoses in an Hour

DAEJEON, Oct. 16 (Korea Bizwire) – A Korean research team has developed a medical device that can check if a patient is infected with viruses such as MERS (Middle East Respiratory Syndrome) or Ebola within an hour. The Korea Institute of Machinery and Materials (KIMM) announced that a research team led by Doctor Kwon Oh-won of the [...]

New Cosmetics Trend: Antioxidants

New Cosmetics Trend: Antioxidants

SEOUL, Oct. 16 (Korea Bizwire) – A new trend in the cosmetics industry is seeing companies launch products with antioxidant effects. Antioxidants prevent and suppress active oxygen from being formed in the human body. Each brand is pointing out that antioxidants are needed to keep the skin healthy when seasons change and the skin’s natural oil [...]

Where Do Chinese Tourists Go When They Come To Korea?

Where Do Chinese Tourists Go When They Come To Korea?

SEOUL, Oct. 16 (Korea Bizwire) – The subway stations that Chinese tourists visited the most during their trips to Korea over the recent Chinese holiday period were Myeong-dong Station (18 percent), Hongik University Station (12 percent), Dongdaemun Station (6 percent), Seoul Station (5.7 percent) and Incheon International Airport Station (5.6 percent). The results were revealed [...]

S. Korean Exporters’ Sentiment Turns Sour for Q4

S. Korean Exporters’ Sentiment Turns Sour for Q4

SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s exports are expected to continue to decline in the remainder of the year amid low oil prices and a slowing Chinese economy, a poll showed Friday. The country’s leading export sentiment index came to 48.6 for the October-December period, down 3.3 points from the previous quarter, according [...]