SEOUL, Sept. 14 (Korea Bizwire) – As South Korea grapples with an unprecedented pace of population aging, coupled with trends towards longer life spans with chronic illnesses and an increase in single-person households, the need for individuals to prepare for their own elder care is becoming increasingly urgent. On September 12, the Korea Life Insurance Association [...]
SEOUL, Sept. 13 (Korea Bizwire) — The South Korean economy continues to show signs of recovery, driven by strong exports and manufacturing output, with consumer prices showing signs of stabilization, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in the Green Book, its monthly economic report, noting that domestic [...]
SEOUL, Sept. 12 (Korea Bizwire) — Hanwha Group, a South Korean defense-to-insurance conglomerate, said Thursday it plans to pay 600 billion won (US$447.8 million) for a controlling stake in the Singaporean offshore plant firm Dyna-Mac Holdings. The group’s two defense and shipbuilding affiliates, Hanwha Aerospace Co. and Hanwha Ocean Co., will make a cash tender [...]
SEOUL, Sept. 11 (Korea Bizwire) – The financial regulator said Wednesday it will work to strengthen punishment for illegal money lending businesses and nullify their very contracts that are deemed antisocial. The move follows a recent spike in the number of complaints against loan sharks, which jumped from 10,350 in 2022 to 12,884 last year, [...]
SEOUL, Sept. 10 (Korea Bizwire) – President Yoon Suk Yeol said Tuesday the government will temporarily raise health insurance payments to hospitals for the upcoming Chuseok holiday to better reward their services and to prevent disruptions in emergency medical care. During a Cabinet meeting, Yoon addressed concerns over possible disruptions to the medical system during [...]
SEOUL, Sept. 9 (Korea Bizwire) – The financial regulator on Monday announced plans to revise related laws to require payment gateway (PG) service providers to maintain sufficient funds to settle all payments. The move follows massive payment delays by two e-commerce platforms — TMON and WeMakePrice — due to a liquidity crisis caused by their [...]
SEOUL, Sept. 6 (Korea Bizwire) – As inflation continues to squeeze household budgets, South Korean consumers are increasingly turning to budget-friendly options at convenience stores. CU, one of the country’s leading convenience store chains, reported a significant surge in sales of products priced under 1,000 won on September 5. The trend reflects a broader shift in [...]
SEOUL, Sept. 4 (Korea Bizwire) – The government proposed raising the pension contribution rate to 13 percent from 9 percent and differentiating the pace of raising the contribution rate by age group, Health Minister Cho Kyoo-hong said, in what would be the biggest overhaul of the ailing pension system in 21 years. Details of the [...]
SEOUL, Sept. 3 (Korea Bizwire) — In South Korea, a rush for loans at internet banks is intensifying as the country’s five largest banks continue to impose lending restrictions. Customers are flocking to online lenders, which are perceived as more accessible, in a phenomenon known as “open runs” – where borrowers attempt to secure loans as [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Korea’s consumer prices slowed to the lowest level in nearly 3 1/2 years in August on easing prices of farm produce and global oil, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2 percent on-year last month, compared with a 2.6 percent on-year rise a [...]