SEOUL, Jan. 23 (Korea Bizwire) – South Korea’s Big Mac index moved down two notches from six months earlier to the 25th spot, the global index showed Monday, indicating the South Korean won may be more undervalued than it was before. The average price of a Big Mac hamburger came to US$3.68 in South Korea [...]
SEOUL, Jan. 20 (Korea Bizwire) – A lower court ordered Deutsche Bank on Friday to compensate investors for damage it caused by manipulating stock prices, in the nation’s first-ever ruling on a class action suit. The Seoul Central District Court ordered the Germany-based financial services company to pay a total of 8.55 billion won (US$7.28 [...]
SEOUL, Jan. 18 (Korea Bizwire) – Yes, you can get reimbursed for damaged banknotes, but it depends on the extent of the damage. The Bank of Korea and other commercial banks in South Korea currently replace damaged banknotes and coins with new bills only if they meet certain criteria. In 2016, 1.89 billion won ($1.62 [...]
SEOUL, Jan. 17 (Korea Bizwire) – NH Investment & Securities became the first securities firm in Korea to adopt a biometric authentication system that scans veins on the palm of a user’s hand, to be used for financial transactions. According to officials, customers who register their biometric information can take advantage of the new system [...]
SEOUL, Jan. 16 (Korea Bizwire) – Despite the increasing number of certified public accountants in Korea, the number of CPAs at accounting firms continues to decrease gradually. According to the Korean Institute of Certified Public Accountants, the number of CPAs at accounting firms was at 10,100 at the end of last year, accounting for 52.9 [...]
SEOUL, Jan. 16 (Korea Bizwire) – South Korea’s top 100 large-cap companies have cut more than 7,000 jobs in 2016, data showed Monday, as they are reluctant to hire new employees amid the economy’s prolonged sluggishness. According to the data by market tracker Chaebul.com, the leading companies had a combined 861,578 employees as of the [...]
SEOUL, Jan. 13 (Korea Bizwire) – South Korea’s state financial watchdog said Friday it paid more than 120 million won (US$100,000) last year in cash rewards for helping punish violators of capital market rules. A total of 120.7 million won was given to five informers of such irregularities as stock price manipulation, unfair trading and [...]
SEOUL, Jan. 12 (Korea Bizwire) – The net asset of South Korea’s overseas investment fund is forecast to reach 100 trillion won (US$84.5 billion) soon, as investors are seeking higher returns amid declining rates, market watchers said Thursday. The figure hit a record high of 91.7 trillion won on Friday after surpassing the 90 trillion [...]
SEOUL, Jan. 11 (Korea Bizwire) – A recent analysis by the Hana Institute of Finance revealed that although Korea has a relatively stable financial market compared to 24 other emerging markets around the world, increasing corporate debt is becoming a serious risk. In its financial risk assessment, the institute analyzed five categories, including corporate debt, [...]
SEOUL, Jan. 11 (Korea Bizwire) – South Koreans, both poor and rich, are tightening their belts with no economic recovery in sight and the prices of goods ascending, data showed Wednesday. The spending-to-income ratio of local households hit a record low despite stagnant wage levels. Department stores and duty-free shops, two routine shopping spots for [...]