SEOUL, Jun. 24 (Korea Bizwire) — The “Dream Island” project, a large-scale tourism and leisure complex that will be built on reclaimed land within Yeongjong Island located in Incheon, appears to be nearing reality. At Lotte Hotel in Seoul on Monday, the Ministry of Oceans and Fisheries held a briefing session on the start of [...]
SEOUL, Jun. 23 (Korea Bizwire) — South Korea’s finance ministry is expected to slightly cut its growth estimate for the year in the face of a delayed recovery in chip prices and the escalating trade dispute between the United States and China, sources said Sunday. The South Korean government has been adhering to the stance [...]
SEOUL, Jun. 21 (Korea Bizwire) — The Bank of Korea (BOK) said Thursday that it conducted a month-long “Pan-National Coin Exchange Campaign” in May, exchanging a total of 221 million coins worth 32.2 billion won (US$27.7 million) for banknotes. The campaign was led by the Korea Federation of Banks, Korean Federation of Community Credit Cooperatives, [...]
SEOUL, Jun. 20 (Korea Bizwire) — South Korean banks will fully open their payment system to fintech firms in December, officials said Thursday, in a move that could encourage the development of new payment services and greater competition in the financial sector. Currently, the financial payment network in South Korea has a closed system accessible [...]
SEOUL, Jun. 20 (Korea Bizwire) — South Korean energy and telecom conglomerate SK Group is likely to be the top debt seller in the first half of the year, industry data showed Thursday, as it attempted to refinance maturing debts and invest in promising businesses. According to the data compiled by Infomax, the financial news [...]
SEOUL, Jun. 20 (Korea Bizwire) — A recent survey has revealed that the number of overseas stock investors in their 20s has been surging. Shinhan Investment Corp. said Wednesday that its survey of 30,000 customers investing in overseas stocks showed there were 17,340 investors in their 20s as of the end of May, accounting for [...]
SEOUL, Jun. 20 (Korea Bizwire) — The number of cryptocurrency exchanges in South Korea has risen amid a lack of regulations to prevent investors from trading virtual coins with opaque accounts, industry data showed Thursday. In May, the number of cryptocurrency exchanges stood at 205 in South Korea, although the frenzied buying seen in January [...]
SEOUL, Jun. 19 (Korea Bizwire) — South Korea’s major commercial banks have begun cutting unnecessary work hours ahead of the full implementation of the government’s new 52-hour workweek policy in July. The banking sector introduced the 52-hour workweek system earlier this year, but since the actual legal enforcement date is from the first day of [...]
SEOUL, Jun. 18 (Korea Bizwire) — The Cabinet approved an ordinance Tuesday to introduce an electronic securities system in September, under which listed stocks and bonds do not exist in paper form, officials said. Under the new system, issuance, registration and circulation of securities will be performed on an electronic basis without physical certificates starting [...]
SEOUL, Jun. 18 (Korea Bizwire) — South Korea plans to spend 32 trillion won (US$27 billion) over the next four years to renovate old public infrastructure and carry out extensive safety inspections on them, the industry ministry said Tuesday. Under the project that will run from 2020 to 2023, the government plans to draw up [...]