SEOUL, Apr. 19 (Korea Bizwire) — South Korea will create venture capital funds of 23 trillion won (US$16.57 billion) in the clean energy fields to promote investment in green growth, the top economic policymaker has said. Finance Minister Choi Sang-mok announced the plan during a meeting of finance ministers and central bank deputies of the [...]
SEOUL, Apr. 17 (Korea Bizwire) – South Korean and Japanese finance ministers have voiced serious concerns over the sharp weakening of their currencies against the U.S. dollar and said they can take steps to curb market volatility amid escalating tensions in the Middle East, Seoul’s finance ministry said Wednesday. The verbal intervention by South Korea’s [...]
SEOUL, Apr. 9 (Korea Bizwire) – Samsung Electronics emerged as the most popular stock trading among South Korean minors so far this year, while Tesla and Apple led the charge in overseas equities, according to an analysis by Shinhan Investment Corp. In a review of the top 10 stocks traded by its underage clients from January [...]
SEOUL, Apr. 4 (Korea Bizwire) – The South Korean government has uncovered widespread discriminatory practices against temporary and part-time employees at major financial institutions, including banks, credit card companies, and credit bureaus. In a labor inspection spanning 35 firms during the first quarter, the Ministry of Employment and Labor found a total of 185 violations pertaining [...]
SEOUL, Apr. 3 (Korea Bizwire) — The financial regulator and Naver, the top online portal operator, signed an agreement Wednesday on cooperation for the digitalization of the financial sector. Under the memorandum of understanding, the Financial Supervisory Service (FSS) will seek to utilize Naver’s latest information technology, such as artificial intelligence (AI), to boost its [...]
SEOUL, Apr. 1 (Korea Bizwire) — The head of South Korea’s financial regulator on Monday urged local banks to continue improving their business practices, saying the government will continue to push for policies that encourage “change and innovation” through competition. Kim Joo-hyun, chairman of the Financial Services Commission (FSC), made the remark in a meeting [...]
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 [...]
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 [...]
SEOUL, Mar. 26 (Korea Bizwire) – A South Korean human rights watchdog has determined that a bank’s refusal to open an account for an Iranian national residing in the country based solely on their nationality constitutes discrimination. According to the National Human Rights Commission of Korea (NHRCK) on March 25, an Iranian citizen, identified only by [...]
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 [...]