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Industrial Output Rises for 4th Month; Retail Sales Fall in February

Industrial Output Rises for 4th Month; Retail Sales Fall in February

SEOUL, Mar. 29 (Korea Bizwire) — South Korea’s industrial output rose for the fourth consecutive month in February on the back of increasing semiconductor production, but retail sales fell amid high inflation, data showed Friday. Industrial output increased 1.3 percent on-month last month, following a 0.4 percent rise the previous month, according to the data [...]

S. Korea Fails to Join FTSE Russell’s Global Bond Index

S. Korea Fails to Join FTSE Russell’s Global Bond Index

SEOUL, Mar. 28 (Korea Bizwire) — South Korea has failed to be added to the World Government Bond Index (WGBI) run by FTSE Russell, the London-based organization said Thursday. South Korea will remain on its watch list for a potential upgrade to a market accessibility level of 2 from 1 and consideration for inclusion in [...]

Financial System Remains Stable despite Rising Debt Payment Burden, Asset Deterioration: BOK

Financial System Remains Stable despite Rising Debt Payment Burden, Asset Deterioration: BOK

SEOUL, Mar. 28 (Korea Bizwire) — South Korea’s financial system remains relatively stable, but debt payment burden and asset deterioration may increase amid extended monetary tightening, a central bank report showed Thursday. In its report on financial stability, the Bank of Korea (BOK) said despite woes over a possible rise in soured property development-related loans [...]

Regulator to Introduce New Rules to Protect Virtual Asset Users

Regulator to Introduce New Rules to Protect Virtual Asset Users

SEOUL, Mar. 27 (Korea Bizwire) — The financial regulator announced plans Wednesday to introduce new rules on the investigation and punishment of illegal transactions involving virtual assets. The new rules will be implemented in tandem with the new Virtual Asset Users Protection Act, set to be enacted July 19, according to the Financial Services Commission [...]

Consumer Sentiment Snaps 3-month Rise in March amid Rising Prices, Slumping Spending

Consumer Sentiment Snaps 3-month Rise in March amid Rising Prices, Slumping Spending

SEOUL, Mar. 26 (Korea Bizwire) — South Korea’s consumer sentiment snapped an improvement for the third consecutive month in March amid soaring prices of farm goods and a slump in private spending, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 100.7 this month, down from 101.9 the previous month, according [...]

South Korea Seeks Strategies to Enhance Fruit Industry Competitiveness, Addressing Inflation Challenges

South Korea Seeks Strategies to Enhance Fruit Industry Competitiveness, Addressing Inflation Challenges

SEOUL, March 25 (Korea Bizwire) – Finance Minister Choi Sang-mok said Monday that the government will devise measures to boost the competitiveness of the farming industry and revamp its logistics structure as surging prices of fruits and fresh food items have pushed up inflation. Choi announced the plan during a visit to a major discount [...]

Appeal Filed against Montenegro Court Ruling for Crypto Mogul Kwon’s Extradition to S. Korea

Appeal Filed against Montenegro Court Ruling for Crypto Mogul Kwon’s Extradition to S. Korea

SEOUL/ROME, March 22 (Korea Bizwire) — Montenegro prosecutors have appealed a recent court ruling for the extradition of disgraced crypto mogul Do Kwon to his home country of South Korea to face trial on charges connected to the crash of cryptocurrencies. Kwon, the co-founder of the cryptocurrency firm Terraform Labs, is wanted both by South [...]

Montenegro Court Confirms Crypto Entrepreneur Kwon’s Extradition to S. Korea

Montenegro Court Confirms Crypto Entrepreneur Kwon’s Extradition to S. Korea

WASHINGTON/ROME, Mar. 20 (Korea Bizwire) — An appeals court in the Balkan country of Montenegro finalized a decision Wednesday to have Do Kwon, the co-founder of the cryptocurrency firm Terraform Labs, be extradited to his home country, South Korea. In a statement on its website, the court said that it had rejected an appeal by [...]

South Korean Banks Boost Employee Pay Even as Branches Close

South Korean Banks Boost Employee Pay Even as Branches Close

SEOUL, Mar. 20 (Korea Bizwire) – South Korea’s major commercial banks rewarded employees with significant pay raises last year, despite continuing a cost-cutting drive that saw further reductions in staffing levels and branch networks across the country, according to financial filings. An analysis by Yonhap News of the 2023 business reports disclosed by the nation’s four [...]