SEOUL, Sept. 13 (Korea Bizwire) –Almost 60 percent of Gyeonggi Province residents support Governor Lee Jae-myung’s plan to introduce a local currency. According to a survey released yesterday, 59 percent of 1,000 Gyeonggi respondents were in favor of the new local currency, which is expected to be launched next year. In addition, 78 percent of [...]
SEOUL, Sept. 13 (Korea Bizwire) – The frozen job market in South Korea is showing no signs of thawing. Disappearing part-time jobs at restaurants, wholesale and retail businesses are deteriorating the outlook for young people, as unemployment approaches the rock bottom felt during the financial crisis in the late 1990s. The employment data for August [...]
SEOUL, Sept. 13 (Korea Bizwire) – Securities companies in South Korea have shuttered more than 800 branches over the past seven years. As of the end of June, a total of 1,013 branches were being operated by 55 securities firms in the country, according to the Korea Financial Investment Association. This represents a 44.3 percent plunge [...]
SEOUL, Sept. 13 (Korea Bizwire) — Starting October 1, new insurance subscribers no longer need to reveal their disabilities, so as to ensure fair conditions for the physically challenged people who want to purchase insurance policies. According to the Financial Supervisory Service, the previous provision that required insurance plan seekers to notify insurance companies of any [...]
SEJONG, Sept. 13 (Korea Bizwire) – The total amount of money that South Koreans deposited in overseas financial accounts increased in 2018 from a year earlier as authorities push forward efforts to identify hidden assets abroad, the tax office said Thursday. A total of 1,287 companies and individuals reported overseas accounts this year, up [...]
SEOUL, Sept. 12 (Korea Bizwire) — The maximum possible number of shares investors can purchase in a single order will be reduced starting next week to prevent fat-finger errors, the local bourse operator said Wednesday. Investors will be allowed to buy a maximum of 1 percent of a firm’s total shares per order starting Monday, [...]
SEOUL, Sept. 11 (Korea Bizwire) — The financial watchdog said Tuesday it will require home shopping channels to spell out insurance and annuity products, in a move that would make it easier for consumers to understand terms and conditions of a contract. Under the move, home shopping channels will be required to use larger text [...]
SEOUL, Sept. 11 (Korea Bizwire) — South Korea’s major securities firms plan to hire more workers in the second half of this year, market watchers said Tuesday. Though official job announcements have yet to be made, the country’s top 10 brokerages plan to add more than 500 new workers in total in the coming months. [...]
SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s financial watchdog said Monday it will provide a trial service of machine-readable regulation that would help companies better comply with state rules. As one of the financial technology sectors, machine-readable regulation allows companies to better meet regulatory requirements and avoid hefty fines. Financial Supervisory Service Gov. Yoon [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s household savings rate is expected to drop down the road due to population aging as elderly people find little room to save due to falling income, a report said Thursday. South Korea became an aged society in 2017, with more than 14 percent of its 50 million [...]