SEOUL, Jul. 24 (Korea Bizwire) — Hundreds have gone missing after a dam collapsed in southeast Laos on Monday, affecting 1,300 households and displacing around 6,600 people, the Laotian news agency KPL reported Tuesday. According to the report, one of the auxiliary dams collapsed around 8 p.m. Monday at the Xepian-Xe Nam Noy hydropower plant [...]
MUSCAT, Jul. 24 (Korea Bizwire) — A senior Omani official on Tuesday proposed a preliminary deal with South Korea to create a smart city in a special economic zone in his country, the South’s prime minister said. Prime Minister Lee Nak-yon said that Asa’ad bin Tariq Al Said, the Omani deputy prime minister for international [...]
SEOUL, Jul. 24 (Korea Bizwire) — Inflationary pressure is likely to build up in South Korea down the road due to rising oil prices, the fallout from a record heat wave and signs of increasing public utility rates, analysts here said Tuesday. Looming large are surging international crude prices, which come as a big drag [...]
SEOUL, Jul. 23 (Korea Bizwire) — The government has decided to acquire 480 billion won of debt incurred over 10 years ago by small business owners, of which most will be written off. Meanwhile, an additional 1 trillion won will be pumped into the “Make it Happen” loan program for small business owners, which was [...]
SEOUL, Jul. 23 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, has posted rapid growth in its customer base and assets since its launch a year ago to overtake the country’s smallest regional lender, data showed Monday. Kakao Bank, controlled by Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, started [...]
SEOUL, Jul. 19 (Korea Bizwire) — A tax imposed on new car owners known as the special consumption tax will be lowered temporarily until the end of the year starting with car purchases made today. For example, consumers who buy a mid-sized sedan for 20 million won will be paying 430,000 won less tax due [...]
SEOUL, Jun. 13 (Korea Bizwire) — Escalating global protectionism, sparked by a Sino-American trade war, has put corporate Korea in a tight spot as it is feared to take a toll on exports, a key growth engine for Asia’s fourth-largest economy, industry sources said Friday. The United States and China, the world’s two largest economies, [...]
SEOUL, Jul. 10 (Korea Bizwire) — In February, a man in his 40s secretly took out a loan for 1 million won from a loan shark, without his family’s knowledge, under the premise that he would be paying it back within a week. Left with only 600,000 won in his hands after 400,000 won in [...]
SEOUL, Jul. 9 (Korea Bizwire) — Eight Samsung Securities officials have been indicted for selling “ghost” stocks that were mistakenly issued by the company in the massive fat-finger error that recently rattled the market, prosecutors said Monday. Three employees, including a 37-year-old surnamed Koo, will stand trial while being detained, with five others from the [...]
SEOUL, Jul. 6 (Korea Bizwire) — South Korean banks’ investment in crypto-assets remained low despite a recent craze for the new type of digital currencies, a central bank report said Friday. The outstanding balance of virtual accounts in local banks reached 2 trillion won (US$1.79 billion) as of December last year, according to the report [...]