SEOUL/SEJONG, Nov. 10 (Korea Bizwire) — South Korea will carry out eased lending rules for first-time homebuyers and owners of one home next month as the once-hot housing market appears to be entering a downturn amid rising interest rates, the land ministry said Thursday. The government has adopted stricter lending rules and other regulations to [...]
SEOUL, Nov. 9 (Korea Bizwire) — Wireless charging for electric vehicles will be available in South Korea next month as part of the country’s deregulation plans in the information technology sector, the ICT ministry said Wednesday. The Ministry of Science and ICT said in a report submitted to a government meeting on regulatory reforms presided [...]
SEOUL, Nov. 9 (Korea Bizwire) — Foreign investors turned net buyers of South Korean stocks in October despite continued global monetary tightening as they picked up oversold shares, central bank data showed Wednesday. Foreigners’ stock investment funds logged a net inflow of US$2.49 billion in October, swinging from the previous month’s net outflow of $1.65 [...]
SEOUL, Nov. 8 (Korea Bizwire) — Photos and videos of the Itaewon crowd crush on YouTube and other social media platforms are exacerbating the trauma among victims and their families as well as the public. A 29-year-old office worker surnamed Lee who lost a friend in the stampede unintentionally ran into a YouTube video of [...]
SEOUL, Nov. 7 (Korea Bizwire) – Foreign currency-denominated securities sold by South Korean financial institutions have taken a big hit from a local insurer’s recent decision not to exercise a call option for long-term hybrid bonds, which is widely feared to negatively affect their future overseas issues. A week ago, second-tier insurer Heungkuk Life Insurance [...]
SEOUL, Nov. 7 (Korea Bizwire) — Food company Daesang Corp. said Monday it has formed a joint venture with a Polish fermented food maker as the South Korean maker tries to expand the traditional fermented vegetable dish globally. Daesang said it has agreed on a 76-24 joint venture called “Daesang ChPN Europe” with Charsznickie Pola [...]
SEOUL, Nov. 5 (Korea Bizwire) — The two miners rescued from a collapsed mine in southeastern South Korea are quickly recovering, medical doctors said Saturday. The pair surprised the nation by miraculously walking out alive after being trapped for more than nine days in the zinc mine in the county of Bonghwa, 244 kilometers southeast [...]
SEOUL, Nov. 4 (Korea Bizwire) — Hanwha Aerospace Co. of South Korea signed an executive contract, worth US$3.55 billion, with Poland for the supply of Chunmoo multiple launch rocket systems, Seoul’s defense authorities announced Friday. The two sides signed the deal as a follow-up to a framework contract inked last month. It has lifted South [...]
SEOUL, Nov. 4 (Korea Bizwire) — South Korea’s two major tech giants — Kakao Corp. and Naver Corp. — have begun a crackdown on imitation police costumes on their e-commerce platforms in response to the controversy that fake police costumes obstructed the process of containing the Itaewon crowd crush. Naver banned all searches for imitation [...]
SEOUL, Nov. 4 (Korea Bizwire) — The government plans to readjust the renewable energy distribution goals and renewable portfolio standards (RPS) with the aim to make the policy more realistic. The Ministry of Trade, Industry and Energy on Thursday announced plans to improve policies on renewable energy in response to the changing energy environment. First, [...]