SEOUL, Dec. 27 (Korea Bizwire) — More than three out of every 10 South Korean workers have invested in cryptocurrencies to make a quick buck, a recent survey showed Wednesday. Of the 941 salaried people questioned, 31.3 percent have invested in virtual currencies, according to the survey conducted by online job portal Saramin. The average [...]
SEOUL, Dec. 27 (Korea Bizwire) — Samsung Electronics Chairman Lee Kun-hee has seen the value of his stock assets rise by nearly 4 trillion won (US$3.7 billion) this year thanks to a rally of the tech giant on the local bourse, a market tracker said Wednesday. According to CEO Score, Lee, who has been hospitalized [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korea’s central bank said Friday that it has selected 12 banks, including six foreign banks, as the lenders responsible for setting prices for direct won-yuan transactions. The Bank of Korea said the lenders will also be charged with taking the lead in providing liquidity to the market. The [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korean stocks heavily bought by foreign investors shined on the main stock market, while such issues fared far worse on the tech-heavy secondary market, sources said Friday. The average return of the 10 most heavily purchased stocks by offshore investors stood at a whopping 66.5 percent in the [...]
SEOUL, Dec. 21 (Korea Bizwire) – The Financial Supervisory Services has announced the development of a risk assessment system to measure how protected the South Korean financial industry is from economic slumps and interest rate fluctuations. The new system named STARS-Ⅰ, which stands for the stress test for assessing the resilience and stability of a financial [...]
SEOUL, Dec. 20 (Korea Bizwire) – Financial authorities will ramp up efforts to crack down on moneylenders targeting young people and seniors from next year. According to the Financial Services Commission (FSC), a special task force will be launched as part of a joint effort with the Ministry of the Interior and the Seoul Metropolitan Government [...]
SEOUL, Dec. 15 (Korea Bizwire) – South Korea’s corporate watchdog is looking into whether Mirae Asset Group, a major financial service provider, is violating regulations over inside transactions among its affiliates, industry sources said Friday. The current law forbids inter-affiliate trading within a business group where the controlling family holds more than 30 percent of [...]
SEOUL, Dec. 14 (Korea Bizwire) – A slew of changes are coming to the financial services sector, from internet banks and the postal service being given the green light to begin offering products – a means of beefing up competition and thereby creating a “catfish effect” – to shrinking the yearly sales volume of firms’ [...]
SEOUL, Dec. 14 (Korea Bizwire) — An interest rate rise in South Korea will increase the debt repayment burdens of vulnerable households who over-extended themselves on mortgages during the low rate period, the central bank said Thursday. “In general, household and corporate borrowers will be able to afford an increase in debt repayment incurred by [...]
SEOUL, Dec. 14 (Korea Bizwire) – A leaked draft outlining the government’s cryptocurrency regulations has been met with a sigh of relief from investors, as earlier reports of an all-out ban seem to have been debunked. Despite a number of reports that the South Korean government would follow in China’s footsteps and ban all cryptocurrency transactions, [...]