SEJONG, Feb. 12 (Korea Bizwire) – Businessmen from South Korea and Uzbekistan held a meeting in Tashkent on Monday to push for greater cooperation between the two nations, Seoul’s finance ministry said. The meeting, also attended by government officials from the both sides, including South Korean Finance Minister Kim Dong-yeon, was arranged to hear the [...]
SEOUL, Feb. 9 (Korea Bizwire) – South Korea aims to create some 35,000 new jobs in the health care sector by 2022 as part of its efforts to become a global biotech and medical industry hub, the government said Friday. Under the plan announced by the Ministry of Trade, Industry and Energy, the government aims [...]
SEOUL, Feb. 9 (Korea Bizwire) – Nonghyup Financial Group Inc. said Friday its net profit jumped 167.9 percent in 2017 from a year earlier, thanks to a rise in interest income and lower loan-loss provisions. Net profit reached 859.8 billion won (US$784.8 million) last year, compared with the previous year’s 321 billion won, the group [...]
SEOUL, Feb. 8 (Korea Bizwire) – South Korean President Moon Jae-in and Polish President Andrzej Duda agreed Thursday to enhance the countries’ bilateral cooperation in the energy and infrastructure sectors. In their bilateral summit, held at Seoul’s presidential office Cheong Wa Dae, the heads of state noted the countries’ relationship and cooperation have steadily improved [...]
SEOUL, Feb. 8 (Korea Bizwire) – South Korea’s four major financial holding firms saw their net profits rise last year as interest income increased, according to industry data on Thursday. The combined net profit of KB Financial, Shinhan Financial, Hana Financial and Woori Bank stood at 9.77 trillion won (US$8.98 billion) lastyear, up more than 30 percent from a year earlier. KB Financial’s net profit jumped 54.5 percent on-year last year, and [...]
SEOUL, Feb. 8 (Korea Bizwire) – International travel expenses among South Koreans increased 15-fold last month amid reports that a record number of cryptocurrency investors travelled abroad to buy cryptocurrencies on the cheap. According to lawmaker Lee Hyun-jae, who is also a member of the Strategy & Finance Committee, international travel expenses amounted to nearly 42 [...]
SEOUL, Feb. 8 (Korea Bizwire) — The completion of two new nuclear reactors has been delayed by eight months to meet strengthened safety requirements against earthquakes, the energy ministry said Thursday. Construction of Shin-Hanul No. 1 and No. 2 reactors began in April 2010 and was planned to be completed by February next year. Ministry [...]
SEOUL, Feb. 8 (Korea Bizwire) — Samsung Engineering Co., a major South Korean industrial plant builder, said Thursday that its joint venture secured a US$ 3.1 billion deal to upgrade an oil refinery in the United Arab Emirates. Under the deal with the Abu Dhabi National Oil Company (ADNOC), Samsung and Netherlands-based CB&I will introduce [...]
SEOUL, Feb. 8 (Korea Bizwire) – The government has revealed the first draft of new guidelines for audit transparency, advising conglomerates to set up an all external director audit committee. The draft released by the Korea Corporate Governance Service (KCGS) during a policy discussion on Wednesday at the National Assembly Members’ Office Building, sets out guidelines [...]
SEOUL, Feb. 6 (Korea Bizwire) — More than perhaps any other business sector, the phalanx of rules and regulations guarding the gates into financial services for new entrants has been imposing, a reality the government has decided to change in order to encourage the emergence of more specialized actors. Financial Services Commission head Choi Jong-gu [...]