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Archive by category Features

FSC Eases Construction Completion Guarantee Rules for Project Financing

SEOUL, Feb. 17 (Korea Bizwire) — South Korean financial authorities have unveiled plans to reform project financing (PF) regulations, significantly relaxing the strict completion guarantee requirements that construction companies have long argued were excessively burdensome. According to financial authorities, the Financial Services Commission (FSC) shared a draft of improved completion guarantee guidelines with about 40 representatives [...]

Financial Regulators Extend Dividend Transparency to Quarterly Payments

SEOUL, Feb. 17 (Korea Bizwire) — The South Korean Financial Supervisory Service (FSS) announced on February 16 that investors will now be able to confirm dividend amounts before investing in quarterly dividends, following recent regulatory changes. The amendment to the Capital Markets Act, which took effect this year, removed provisions that had fixed quarterly dividend record [...]

Korean Large Companies Outpace Japan, EU in Wages but Face Growing SME Gap

SEOUL, Feb. 17 (Korea Bizwire) — A new analysis has revealed that South Korea’s large companies offer significantly higher wages and wage growth rates compared to their counterparts in Japan and the European Union. According to a report released February 16 by the Korea Enterprises Federation (KEF), the annual total wages at large Korean companies, excluding [...]

Samsung Electronics Launches Employee Resource Groups to Foster Inclusive Workplace

SEOUL, Feb. 17 (Korea Bizwire) — Samsung Electronics has established its first domestic Employee Resource Groups (ERGs) to promote an inclusive work environment and accelerate mutual growth between employees and the company. According to the Samsung Electronics Newsroom, the company held a launch ceremony for its Device Experience (DX) division’s ERGs on February 11 at its [...]

Surging Demand for Generative AI Drives Subscription Growth

SEOUL, Feb. 17 (Korea Bizwire) — Subscription-based services in South Korea saw significant growth in 2024, with generative artificial intelligence (AI) leading the surge, according to a recent analysis by KB Kookmin Card. The financial institution reported that total subscription transactions increased by 12.9% in 2024 compared to the previous year, while spending on subscription services [...]

‘Comfort Woman,’ Activist Gil Won-ok Dies at 97

SEOUL, Feb. 17 (Korea Bizwire) — Gil Won-ok, a former sex slave for Japanese troops who campaigned to raise awareness of the World War II atrocity, died Sunday, the gender equality ministry said. She was 97. Gil was 13 years old when she was taken from her home in Pyongyang, now the capital of North [...]

Construction Costs Soar, Pushing Major Builders’ Margins to Breaking Point

SEOUL, Feb. 17 (Korea Bizwire) — Amid a real estate market downturn, South Korea’s major construction companies are grappling with surging construction costs that have pushed their cost-to-sales ratios above 90%, triggering disputes and lawsuits over cost increases between builders and project owners. According to industry sources, among top-ranked construction companies, Hyundai Engineering & Construction and [...]

Surge in Debt Defaults Among South Korea’s Self-Employed Amid Economic Slowdown

SEOUL, Feb. 16 (Korea Bizwire) — The number of self-employed individuals in South Korea who failed to repay their debts increased by 35% in 2024, as high interest rates and prolonged domestic economic stagnation deepened financial distress, new data shows. The burden was particularly severe for those aged 60 and older, with defaults in this group [...]

New Policy Targets Foreign Landlords Defaulting on Rental Deposits

SEOUL, Feb. 16 (Korea Bizwire) — South Korea’s Housing and Urban Guarantee Corporation (HUG) has introduced a stringent “one-strike-out” policy to immediately initiate foreclosure proceedings against foreign landlords who fail to return tenants’ rental (jeonse) deposits, aiming to curb financial risks associated with non-compliant property owners. HUG announced on Friday that the new measure, effective since [...]

Tada Sues Kakao Mobility Over Alleged Market Manipulation

SEOUL, Feb. 16 (Korea Bizwire) — South Korean mobility platform Tada has filed a lawsuit against Kakao Mobility, accusing the industry giant of unfair business practices that allegedly restricted competition and harmed Tada’s operations. According to the information and communications technology (ICT) sector on February 16, Tada’s parent company, VCNC, filed the damages suit last month [...]