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Financial Governance Bodies Form Task Force to Draft Cryptocurrency Regulations

Financial Governance Bodies Form Task Force to Draft Cryptocurrency Regulations

SEOUL, Oct. 20 (Korea Bizwire) – A task force comprised of financial governance bodies such as the FSC (Financial Services Commission), the KFTC (Korea Fair Trade Commission) and the Ministry of Justice is currently in the process of reviewing existing financial law with the aim of laying out explicit parameters for punishable actions regarding the [...]

Court Backs Merger of Two Samsung Units

Court Backs Merger of Two Samsung Units

SEOUL, Oct. 19 (Korea Bizwire) – A Seoul court ruled Thursday in favor of Samsung C&T Corp. and found its 2015 merger with another affiliate was lawful. The Seoul Central District Court turned down the request from Ilsung Pharmaceutical Co., a former major stakeholder of Samsung C&T, to nullify the merger with Cheil Industries Inc. The controversial merger of the two Samsung units was seen as part of the group’s succession plan for its heir Lee Jae-yong [...]

South Korea Gives $35,000 in Trade Aid to Developing Countries

South Korea Gives $35,000 in Trade Aid to Developing Countries

GENEVA, Oct. 19 (Korea Bizwire) – South Korea has given 390 million won to developing countries in trade aid in the hopes of helping improve trade bargaining power and enabling productive trading, according to the World Trade Organization. The aid for trade from South Korea was given to the Doha Development Agenda Global Trust Fund, which [...]

South Korean Banks Slammed for Making Profits off Additional Interest

South Korean Banks Slammed for Making Profits off Additional Interest

SEOUL, Oct. 18 (Korea Bizwire) – South Korean banks have been accused of staying off the radar and making profits through high additional interest rates for banking products such as loans, despite government efforts to lower interest rates. According to data from the Financial Supervisory Service (FSS) revealed by lawmaker Park Chan-dae, who is a member [...]

Foreigners Sell S. Korean Stocks and Bonds for Second Straight Month over N. Korea Risks

Foreigners Sell S. Korean Stocks and Bonds for Second Straight Month over N. Korea Risks

SEOUL, Oct. 18 (Korea Bizwire) — Foreign investors offloaded South Korean stocks and bonds worth US$4.3 billion in September due to profit-taking amid North Korea risks, the central bank said Wednesday. Foreign investors sold local stocks and bonds worth $830 million and $3.47 billion, respectively, the Bank of Korea (BOK) said. It marked the second [...]

Growth Pace of Household Lending Slows Down in Sept

Growth Pace of Household Lending Slows Down in Sept

SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s household lending by banks rose at the slowest pace in five months in September, but mortgage loans continued the upside trend amid the government’s toughened financial measures to cool down the real estate market, central bank data showed Monday. Outstanding household loans from lenders came to 749.2 [...]

South Korea’s Foreign Exchange Holdings Drop for First Time in Months

South Korea’s Foreign Exchange Holdings Drop for First Time in Months

SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s foreign exchange holdings have dropped for the first time in seven months, according to the Bank of Korea (BOK). The BOK said on Thursday that the country’s foreign exchange reserves were estimated at 364.7 billion dollars, down 170 million dollars from the previous month. It’s the first time [...]