SEOUL, Feb. 8 (Korea Bizwire) – The government has revealed the first draft of new guidelines for audit transparency, advising conglomerates to set up an all external director audit committee. The draft released by the Korea Corporate Governance Service (KCGS) during a policy discussion on Wednesday at the National Assembly Members’ Office Building, sets out guidelines [...]
SEOUL, Feb. 5 (Korea Bizwire) – A new report has revealed that well-off parents in South Korea typically spend between 600 and 700 million won ($642,700) for their children’s marriage, with nearly half of their children already having inherited property. Account holders with over 1 billion won in assets spent an average of 570 million won [...]
SEOUL, Jan. 30 (Korea Bizwire) — The government has unveiled a comprehensive technology road map to prepare for the Fourth Industrial Revolution, including plans to upgrade smart factories by 2020. The Ministry of SMEs and Startups has released the ‘SMEs Technology Road Map 2018 – 2020′, in which 236 technology development projects in a total [...]
SEOUL, Jan. 24 (Korea Bizwire) – Global rating agency Standard & Poor’s said Wednesday it has raised the outlook for South Korea’s growth rate to 2.8 percent this year from its previous forecast of 2.55 percent, citing the global economic recovery and rising exports of South Korean goods. The Bank of Korea (BOK) said last week that South Korea’s gross [...]
SEOUL, Jan. 19 (Korea Bizwire) – The number of South Koreans applying for debt settlement last year reached an eight-year high. According to a new report from the Credit & Recovery Counseling Service on Friday, the number of South Korean debt holders who negotiated a debt settlement amounted to 103,277 last year, up 7.2 percent from [...]
SEOUL, Jan. 17 (Korea Bizwire) – The labor policies pursued by the South Korean government will drive up labor costs for local companies and drive down their sales, a German consulting firm said Wednesday. In a presentation on Korea’s labor policies and their impact on businesses, Lee Soo-sung, managing partner at Roland Berger Seoul, estimated [...]
SEOUL, Jan. 11 (Korea Bizwire) – South Korea’s justice ministry is drawing up legislation aimed to curb overheating in the virtual currency market, including a complete shutdown of all cryptocurrency exchanges in the country, its minister said Thursday. “The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the [...]
SEOUL, Jan. 10 (Korea Bizwire) — Of all banknotes in circulation in South Korea last year, 50,000 won (US$46.70) bills accounted for just over 80 percent of the total value, as demand for the largest-denominated note jumped, according to the central bank Tuesday. There was 85.5 trillion won worth of outstanding 50,000 won notes in [...]
SEOUL, Jan. 9 (Korea Bizwire) – Bitcoin prices on South Korean exchanges have risen today despite hints at government regulation, and a drop in the value of the cryptocurrency in other markets. According to cryptocurrency exchange Bithumb, the price per bitcoin reached 24.7 million won as of 2:30 p.m. today, up 1.4 percent after financial [...]
SEOUL, Jan. 9 (Korea Bizwire) – Household debt in South Korea is growing at one of the fastest rates among OECD countries, which could be a serious threat to quality of life in the future. According to the OECD’s ‘How’s Life? 2017’ report, the debt-to-disposable income ratio of South Korean households was 170 percent as [...]