SEJONG, Nov. 10 (Korea Bizwire) — When President Moon Jae-in took office after his victory in the unprecedented presidential by-election in May, he was confronted with tough challenges ranging from social upheaval caused by his predecessor to heightened regional diplomatic and military tensions. One of the biggest issues confronting the chief executive was finding a [...]
SEOUL, Nov. 10 (Korea Bizwire) — Malicious code targeting cryptocurrency is increasing at an alarming rate with the rising value of virtual money, statistics showed Friday. According to Korea Internet & Security Agency (KISA), 5,366 cases of damage from ransomware were reported in the January-September period this year, up 3.7-fold from 1,438 in the same [...]
SEOUL, Nov. 9 (Korea Bizwire) — With KB Financial Group Inc.’s extraordinary shareholders meeting 10 days away, a global corporate advisory firm has objected to two agenda items offered by the major banking group’s labor union, industry sources said Thursday. In a recent report, U.S.-based Institutional Shareholder Services Inc. (ISS) has advised shareholders to vote [...]
SEOUL, Nov. 8 (Korea Bizwire) — Foreign investors bought South Korean stocks and bonds worth US$3.48 billion in October due to expectations of improved corporate earnings amid eased tensions on the Korean Peninsula, the central bank said Wednesday. Local stocks and bonds bought by foreign investors stood at $2.84 billion and $650 million, respectively, the [...]
SEOUL, Nov. 8 (Korea Bizwire) — The Financial Action Task Force announced it will continue its countermeasures against North Korea during a general meeting in Buenos Aires, Argentina. According to the Financial Services Commission (FSC) on Monday, the FATF has decided to maintain its economic sanctions at the highest level for the seventh consecutive year [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s top financial regulator said Monday it will draw up measures by the end of this year to encourage the nation’s state pension fund to invest more in the KOSDAQ market. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks during a meeting with executives of [...]
SEOUL, Nov. 3 (Korea Bizwire) — The head of Kakao Bank, South Korea’s second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country’s banking sector. “The pace of innovation could slow down unless the restrictions are eased,” Yun Ho-young, one of [...]
SEOUL, Nov. 3 (Korea Bizwire) – The Ministry of Foreign Affairs’ announcement on October 31 that relations between South Korea and China will be normalized was music to the ears of the real estate industry, which has seen the market for high-end hotel room investors dwindle throughout the Chinese economic boycott. The geopolitical tensions and [...]
SEJONG, Nov. 3 (Korea Bizwire) – The number of temporary workers in South Korea rose slightly this year from 2016, with its percentage also gaining ground, government data showed Friday. A total of 6.54 million workers were non-regular workers, part-timers and outsourced laborers as of August 2017, up 1.5 percent, or 98,000, from a year ago, according to the data by Statistics Korea. They accounted for 32.9 percent of the country’s salaried [...]
SEOUL, Nov. 3 (Korea Bizwire) – South Korea’s top economic policymaker said Friday that the upcoming PyeongChang Winter Olympics will be a boon for the country tourism industry, coupled with recent improvement in relationship with China. “Tourism is an important industry that creates more jobs than other sectors,” Finance Minister Kim Dong-yeon said in a [...]