SEOUL, Sept. 26 (Korea Bizwire) – South Korean financial authorities have announced it is set to reform the regulatory landscape of the country’s investment sector to sway investors’ interest away from housing investment and towards startups and venture capital for innovative companies. According to the Financial Services Commission on Sunday, South Korean financial authorities are poised [...]
SEOUL, Sept. 26 (Korea Bizwire) – The number of venture businesses with annual sales of over 100 billion won has reached 513, the highest figure since records began in 2005, according to a new survey. Findings from the survey conducted by the Ministry of SMEs and Startups and the Korea Venture Business Association last year were [...]
SEOUL, Sept. 21 (Korea Bizwire) — South Korea said Thursday that the Federal Reserve’s decision to trim its balance sheet is likely to have a limited impact on Asia’s fourth-largest economy. “I don’t think the Fed’s decision will have a big impact on the domestic financial markets,” Bank of Korea Gov. Lee Ju-yeol told reporters [...]
SEOUL, Sept. 20 (Korea Bizwire) – After holding talks with CEOs of credit card companies in July and August, the Financial Services Commission (FSC) publicly disclosed that modifications to payment processing procedures will be implemented. One of the key points of the announced modifications is a system that will allow groups of restaurant-goers to split [...]
SEOUL, Sept. 18 (Korea Bizwire) – The government will decide soon whether to sell its remaining stake in Woori Bank, the nation’s top financial regulator said Monday. As part of a plan to privatize Woori Bank, the government sold a 28 percent stake to seven institutional investors last year but still holds an 18 percent [...]
SEOUL, Sept. 16 (Korea Bizwire) — South Korea’s tourism industry has been hit hard by a diplomatic row with China over the deployment of a U.S. missile shield here that has sent the number of Chinese visitors tumbling, a report said Friday. In mid-March, China banned the sale of group tours to Seoul in retaliation [...]
SEOUL, Sept. 15 (Korea Bizwire) – Lotte Group’s decision to pull its supermarket chain out of China after months of politically motivated retaliation from the Chinese government is triggering fears it could cause a domino effect among South Korean companies. After being subject to incessant retaliation – including raids by safety authorities from the Chinese government [...]
TAMPERE, Finland, Sept. 15 (Yonhap) – South Korea’s Gyeonggi Province said on Friday that Finnish drilling machine specialist Robit Plc. has agreed to invest US$10 million in a factory park in the province. Governor Nam Kyung-pil and Robit Chairman Harri Sjoholm signed a memorandum of understanding at the company’s headquarters in Tampere, under which the [...]
SEOUL, Sept. 15 (Korea Bizwire) – Prime Minister Lee Nak-yon met with the governor of the U.S. state of Wisconsin on Friday and discussed trade and economic cooperation, including the free trade pact between the two countries, Lee’s office said. Gov. Scott Walker has been on a four-day visit to South Korea since Wednesday, leading [...]
SEOUL, Sept. 14 (Korea Bizwire) – South Korea’s top steelmaker POSCO and leading chemicals manufacturer LG Chem have seen their market value surge during this year’s stock rally driven by large caps, data showed Thursday. POSCO’s market capitalization stood at 29.1 trillion won (US$25.8 billion) as of Wednesday, ranking fourth among the top 30 companies [...]