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Samsung’s Galaxy Note 5 “Free”, but Monthly Bills Rise

Samsung’s Galaxy Note 5 “Free”, but Monthly Bills Rise

SEOUL, Aug. 17 (Korea Bizwire) – The Samsung Galaxy Note 5 64GB is now available at bargain-bin prices, it it hasn’t already sold out, that is. According to reports from within the mobile communications industry, telecommunications giant SK Telecom upped its total subsidy offer for the phone to 616,000 won irrespective of users’ data plans.  [...]

Banks’ Foreign Currency Deposits Rise in July

Banks’ Foreign Currency Deposits Rise in July

SEOUL, Aug. 17 (Korea Bizwire) – Foreign currency deposits held by banks operating in South Korea rose in July from a month earlier as exporters increased their deposits of dollar-denominated earnings, central bank data showed Thursday. Outstanding foreign currency deposits held by local lenders, domestic and foreign, reached US$69.11 billion in July, up $5.5 billion [...]

Financial Supervisory Service Sanctions Citibank Korea for Incompetence

Financial Supervisory Service Sanctions Citibank Korea for Incompetence

SEOUL, Aug. 14 (Korea Bizwire) - Citibank will face disciplinary action after a leak of its “A+ Check Card” security data caused domestic card holders to suffer losses. The leak was traced to online payments service Paypal, which was hit by a BIN attack. Denoting the first six numbers of a check or credit card’s number, the [...]

Sales of Gold Bars Soaring Amid Rising Tension on Peninsular

Sales of Gold Bars Soaring Amid Rising Tension on Peninsular

SEOUL, Aug. 14 (Korea Bizwire) – Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tensionwith North Korea, industry sources said Saturday. The Korea Gold Exchange, a local trader, said the average daily sales of100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average. Industry watchers said the demand for smaller gold bars is increasing as they are easier to carry compared [...]

South Korean Shares End Lower on Foreign Selling Amid Tensions over North Korea

South Korean Shares End Lower on Foreign Selling Amid Tensions over North Korea

SEOUL, Aug. 11 (Korea Bizwire) – South Korean stocks ended lower Friday as foreign investors sold local stocks amid escalating tensions between North Korea and the United States. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index lost 39.76 points, or 1.69 percent, to 2,319.71. Foreign investors offloaded shares [...]

Aging Population to Face Labor Force Shortage in 10 Years, Bank of Korea Says

Aging Population to Face Labor Force Shortage in 10 Years, Bank of Korea Says

SEOUL, Aug. 11 (Korea Bizwire) — A new report from the Bank of Korea claims South Korea will begin facing labor force shortages in 10 years in the face of an aging population, with the economically active population expected to plunge 13 percent by 2050. According to the report released by Lee Cheol-hee, an economics professor [...]

PyeongChang Olympics Economic Boon for Host S. Korea

PyeongChang Olympics Economic Boon for Host S. Korea

SEOUL, Aug. 10 (Korea Bizwire) — With less than 200 days remaining before the start of the 2018 PyeongChang Winter Olympics, South Korea is going all-out to make the event a successful endeavor for the host country, with the economic benefits being at the forefront of things being keenly considered. Earlier, Lee Hee-beom, the chief [...]

Holiday, Hot Weather Cause Credit-card Spending to Rise in Q2

Holiday, Hot Weather Cause Credit-card Spending to Rise in Q2

SEOUL, Aug. 4 (Korea Bizwire) – Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion [...]

9 in 10 Small Business Owners Consider Downsizing After Minimum Wage Hike

9 in 10 Small Business Owners Consider Downsizing After Minimum Wage Hike

SEOUL, Aug. 3 (Korea Bizwire) — Small business owners in South Korea are making moves to adapt to the country’s new minimum wage hike, as a new survey shows nine in ten will downsize to offset the expected economic impact. The surprising findings from a survey conducted by the Korea Federation of Micro Enterprise last month [...]