SEOUL, April 18 (Korea Bizwire) – Car insurers in South Korea turned to a profit in 2021 for the first time in four years thanks to a pandemic-caused fall in loss rates and a rise in insurance premiums and subscribers, data showed Monday. According to the data by the Financial Supervisory Service (FSS), 12 car [...]
SEOUL, April 17 (Korea Bizwire) — South Korea’s plan to lift almost all COVID-19 social distancing rules is expected to help spur private spending, but its recovery may not be robust as growing inflationary pressure could undercut domestic demand, experts said Sunday. Starting Monday, the country will remove all virus restrictions, except the mask mandate, [...]
SEOUL, April 15 (Korea Bizwire) — Shinhan Card Co. said Friday that it is vetting its card numbering scheme as some issued cards turned out to be vulnerable to security and unauthorized payments. There have been reports of unauthorized payments of its gift cards on online shopping platforms, although there has not been any reported [...]
SEOUL, April 14 (Korea Bizwire) — Financial affiliates of South Korean conglomerate Samsung Group on Thursday launched an integrated financial service app that offers various financial plans spanning insurance to financial investment. The new Samsung app, Monimo, offers services from four Samsung financial affiliates, such as Samsung Life Insurance Co., Samsung Fire & Marine Insurance, [...]
SEOUL, April 13 (Korea Bizwire) — South Korea’s financial regulator on Wednesday approved a digital insurance business by Kakao Corp. in a move that could heat up competition in the fledging digital insurance market. The Financial Services Commission (FSC) made the decision, saying the operator of the country’s leading mobile messenger KakaoTalk has satisfied all [...]
SEOUL, April 13 (Korea Bizwire) — The Seoul city government on Wednesday imposed an additional eight-month business suspension on HDC Hyundai Development Co. over a deadly building demolition project that claimed nine lives in June of last year. The latest administrative measure came after the company was slapped with an eight-month business suspension order on [...]
SEOUL, April 13 (Korea Bizwire) — Foreigners sold a net of some US$4 billion worth of South Korean stocks in March amid worries over the protracted war in Ukraine and the U.S. Federal Reserve’s aggressive move to tighten its monetary policy, central bank data showed Wednesday. Foreigners’ net stock selling came to $3.93 billion last [...]
SEOUL, April 13 (Korea Bizwire) — South Korean banks’ overseas operations saw their earnings jump nearly 62 percent in 2021 from a year earlier on higher interest income, data showed Wednesday. The combined net profit of local lenders’ 204 overseas subsidiaries and branches stood at US$1.17 billion in 2021, up 62.1 percent from a year [...]
SEOUL, April 12 (Korea Bizwire) — Financial affiliates of Samsung Group, South Korea’s top conglomerate, on Tuesday said they will launch a new integrated brand and unified platform to secure a larger pool of customers from the MZ generation. Named Monimo, the single platform, which will house five financial affiliates, including Samsung Life Insurance Co. [...]
SEOUL, April 8 (Korea Bizwire) — Shares of certain companies related to the extended operation of nuclear power plants are surging as the incoming government plans to reuse nuclear power plants that are currently scheduled to be retired. Wednesday’s stock price for Hanshin Machinery Co., a company that produces air compressors for nuclear power plants, [...]