SEJONG, July 26 (Korea Bizwire) – South Korea’s ratio of tax burden to its gross domestic product (GDP) will likely reach fresh record highs this year and next on a potential tax hike and rapidly rising government spending, government data showed Wednesday. According to the finance ministry, the government is expected to collect more than 250 trillion won (US$223 [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea will lower the maximum legal lending rate to 24 percent from next year and strengthen supervision of private lenders, in a move to help ease financial burdens for desperate borrowers, the nation’s top financial regulator said Wednesday. Choi Jong-ku, the new chairman of the Financial Services Commission [...]
SEOUL, Jul. 26 (Korea Bizwire) — The rate of return for equity funds of Samsung Electronics Co. and other Samsung Group-related firms exceeded 30 percent this year amid the bullish market backed by solid corporate earnings and the global economic recovery, industry data showed Wednesday. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.40 [...]
SEOUL, Jul. 25 (Korea Bizwire) — South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon [...]
SEOUL, Jul. 24 (Korea Bizwire) — The combined spending by banks on social contributions again fell in 2016, marking its fourth straight year of decline despite their healthier earnings, industry data showed Monday. According to the data by the Korea Federation of Banks, 21 financial institutions, including five major retail banks, spent a total of [...]
SEOUL, Jul. 24 (Korea Bizwire) — A decision to allow business owners and government employees to access Individual Retirement Plans (IRP) has the financial services industry abuzz. On the July 23, industry sources confirmed that the IRP’s current parameters for applicable clients will be expanded starting July 26. The reason for general excitement among banks, [...]
SEOUL, Jul. 24 (Korea Bizwire) — Global app-based rideshare service operator Uber Technologies Inc. and South Korea’s KB Financial Group Inc. have signed an agreement to work together to launch a domestic food delivery service, the financial conglomerate said Monday. Uber is expected to launch the food delivery service, UberEATS, in South Korea by the [...]
SEOUL, Jul. 23 (Korea Bizwire) — The size of assets under management by South Korea’s state pension fund surpassed the 600 trillion won (US$536.2 billion) mark for the first time ever, the government said Sunday. According to the Ministry of Health and Welfare, the total value of funds controlled by the National Pension Service (NPS) [...]
SEOUL, Jul. 22 (Korea Bizwire) — On July 20, figures released from a report by Statistics Korea revealed that the number of unemployed youth between the ages of 15 and 29 was 1.47 million as of May of this year, with the tally in some cases resulting from a failure to find work after graduation [...]
SEOUL, Jul. 21 (Korea Bizwire) — An increasing number of South Korean investors are showing interest in government bonds from countries such as Brazil, Mexico and Russia, with the value of Brazilian government bonds sold in South Korea during the first half of this year estimated to be around three trillion won, according to recent [...]