BUSAN, July 6 (Korea Bizwire) – A 5.0-magnitude underwater earthquake with an epicenter only 52km off the coast of Ulsan was detected Tuesday night at 8:33 p.m. Although no casualties or damages resulted from the event, the tremor was sensed across the nation, and citizens in Ulsan and nearby regions panicked as they felt the ground [...]
SEOUL, July 6 (Korea Bizwire) – South Koreans with financial assets worth more than 1 billion won (US$860,000) jumped 15.9 percent last year from a year earlier helped by increased returns from their investments in equities and real estate, a private think-tank report said Wednesday. The number of such deep-pocket Koreans climbed to 211,000 in [...]
SEOUL, July 6 (Korea Bizwire) – A group of South Korean credit card companies said Wednesday they will consider taking legal action against Visa Inc. following the global payment network company’s recent decision to raise the card fees it receives from Korean card issuers starting next year. In May, Visa notified Korean card firms that [...]
SEOUL, July 6 (Korea Bizwire) – Another sinkhole (one meter wide and two meters deep) has formed near the new Lotte World Tower, the latest landmark skyscraper in Seoul. Lotte World Tower is a 123-floor skyscraper in Jamsil, Songpa District, and is currently in the final stages of construction. The tower has received widespread public [...]
SEOUL, July 5 (Korea Bizwire) – Visa Inc., a global payment network company, said Tuesday it will raise the fees for overseas credit card purchases using its networks it receives from South Korean credit card companies starting next year. In May, Visa notified Korean card firms of its planned fee hikes from October 2016. In [...]
SEOUL, July 4 (Korea Bizwire) – The Korean Financial Supervisory Service (FSS) revealed Monday that it will implement a ‘deliberation policy’ in which an investor will be required to take time before making a final decision to invest in high-risk financial products. The policy will take effect as early as this coming August. Currently, citizens [...]
SEOUL, July 4 (Korea Bizwire) – 8PERCENT, a P2P (peer-to-peer) lending company, revealed on July 4 that 30-something men who live in metropolitan areas are their primary investors. P2P lending refers to a system where lenders and borrowers make direct monetary exchanges with one another. A P2P lender evaluates the creditability of potential borrowers applying for [...]
SEOUL, July 4 (Korea Bizwire) – More than half of the young jobseekers in Korea are preparing for some kind of examination, particularly the civil service examinations. Most ‘lucky’ new hires who have started careers at large companies as permanent employees tend to stay in their jobs, whereas half of the new employees hired on temporary [...]
SEOUL, July 1 (Korea Bizwire) – “Samsung Group chairman Lee Kun-hee dies. Expecting announcement at 3 p.m. Embargo.” An unidentified tip announcing the death of one of Korea’s most revered business moguls shocked the Korean stock market which ran rampant across social media on June 30. The rumor of the death of Korea’s richest (Forbes [...]
SEJONG, July 1 (Korea Bizwire) – More young Koreans ended up working unskilled labor and temporary contract jobs last year. Employment figures show that many young people of working age even accepted employment opportunities that were far below their qualifications and capabilities. According to a recently published report entitled “Recent Employment Trend of Younger Generation and [...]