SEOUL, Aug. 11 (Korea Bizwire) — The torrential rain that drenched the greater Seoul area resulted in thousands of cars being submerged, putting general insurance companies on alert. A record-breaking downpour that swept through Seoul, Gyeonggi Province and Incheon last Monday resulted in 12 general insurance companies receiving 9,189 reports of submerged cars as of [...]
SEOUL, Aug. 11 (Korea Bizwire) — Foreign investors became net buyers of South Korean stocks for the first time in six months in July on expectations that the Federal Reserve may slow the pace of monetary tightening, central bank data showed Thursday. Foreigners’ stock investment funds recorded a net inflow of US$160 million in July, [...]
SEOUL, Aug. 11 (Korea Bizwire) — The state rights watchdog on Wednesday ruled that it is discriminatory for insurance companies to deny people who take antidepressants while receiving psychotherapy treatments from subscribing to indemnity health insurance plans. The National Human Rights Commission of Korea (NHRCK) announced that it recommended that the CEOs of two local [...]
SEOUL, Aug. 10 (Korea Bizwire) — The city government of Seoul will no longer give permission to construct basement or semi-basement homes, while pushing to gradually weed out existing subterranean homes, officials said Wednesday. The plan follows the deaths of three family members in a flooded semi-basement home in Seoul’s Gwanak district Monday night when [...]
SEOUL, Aug. 10 (Korea Bizwire) — South Korea reported job additions for the 17th straight month in July, but the pace of job growth slowed from the previous month amid heightened economic uncertainty, data showed Wednesday. The number of employed people came to 28.48 million last month, up 826,000 from a year earlier, according to [...]
SEOUL, Aug. 10 (Korea Bizwire) — As a large number of vehicles have suffered from water damage due to the heavy rain that hit Seoul and surrounding regions late Monday, the share prices of non-life insurance companies slipped the following day. Shares of Lotte Insurance closed at 1,740 won on Tuesday, down 1.97 percent from [...]
SEOUL, Aug. 9 (Korea Bizwire) — The installment financing industry is up for fierce competition with e-commerce giant Coupang Inc. joining the arena. The Financial Supervisory Service said Monday that Coupang Pay’s subsidiary Coupang Financial has newly registered as an installment financing company last week. Coupang Pay owns a 100-percent share of Coupang Financial. Coupang [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s major construction firms are banding together to address inter-floor noise, which has emerged as a major social problem in recent years. Samsung C&T Corp., the construction unit of Samsung Group, announced that it recently signed an agreement with POSCO Engineering & Construction Co. and Lotte Engineering & [...]
SEOUL, Aug. 9 (Korea Bizwire) — The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said. According to the latest report published by the Korea Insurance Research Institute, the average monthly [...]
SEOUL, Aug. 8 (Korea Bizwire) — South Korea’s financial regulator said Monday state-run policy lenders plan to increase loans with low and fixed interest rates to small firms to help ease their financial burdens caused by high inflation and rising borrowing costs. The Financial Services Commission (FSC) said in a policy briefing to President Yoon [...]