SEJONG, Feb. 7 (Korea Bizwire) — South Korea plans to more than double its foreign-exchange trading hours and allow offshore firms to participate in the market in line with efforts to attract more investment from overseas, the financial authorities said Tuesday. Under the plan, Asia’s No. 4 economy will extend the operating hours of its [...]
SEOUL, Feb. 7 (Korea Bizwire) — Kakao Pay Corp., the online payment unit of South Korean tech giant Kakao Corp., said Tuesday it swung to the black last year thanks to increased financial income. Kakao Pay logged a net profit of 27.5 billion won (US$22 million) on a consolidated basis in 2022, turning from a [...]
SEOUL, Feb. 7 (Korea Bizwire) — After the government announced that it would allow security token offerings, South Korean brokerages are doubling down on efforts to launch related services. Shinhan Securities Co., for instance, announced on Monday that it will set up a security token offering (STO) alliance. An STO alliance is an organization that [...]
SEOUL, Feb. 1 (Korea Bizwire) — The basic taxi fare in Seoul rose by 1,000 won (US$0.8) to 4,800 won on Wednesday, marking the first hike in nearly four years. The Seoul metropolitan government raised the base rate for midsized sedan cabs operating in the capital city starting 4 a.m. The last hike was carried [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s bourse operator said Tuesday it will push to open the derivative market earlier and allow for nighttime trading in the area as part of efforts to upgrade investment practices to global standards and reduce volatility. Currently, derivative trading in South Korea starts at 9 a.m., the same [...]
SEOUL, Jan. 30 (Korea Bizwire) — Banks in South Korea returned to their pre-pandemic operation hours for the first time in about 1 1/2 years Monday in line with the government’s eased virus curbs despite their labor unions’ protest. First-tier banks, including KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup, along with other financial institutions, [...]
SEOUL, Jan. 30 (Korea Bizwire) — The basic taxi fare in Seoul will rise by 1,000 won (US$0.8) to 4,800 won starting next month, the city government said Monday. The Seoul Metropolitan government’s plan to raise the base rate for mid-sized sedan cabs operating in the capital will go into effect on Feb. 1, it [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s state pension operator said Friday its fund is anticipated to be depleted in 2055 should the country maintain the current system amid the critically low birth rates and the aging population. The fund is also set to post a shortfall starting in 2041, according to the latest [...]
SEOUL, Jan. 26 (Korea Bizwire) — A financial regulator chief on Thursday warned of stern action against labor unions opposing banks’ plan to “normalize” their pandemic-caused shortened operation hours as the government is set to lift the indoor mask mandate later this month. “As far as I know, employers have determined the stance (of normalizing [...]
SEOUL, Jan. 26 (Korea Bizwire) — The government plans to boost energy vouchers and expand a discount of gas prices for vulnerable people to help them cope with surging costs of heating their homes, a senior presidential official said Thursday. Choi Sang-mok, senior presidential secretary for economic affairs, told reporters rising energy costs are inevitable [...]