SEJONG, Feb. 6 (Korea Bizwire) — South Korea’s finance ministry said Tuesday it would delay the implementation of a revised tax scheme designed to widen the taxation base among foreign investors in the face of strong calls from related industries to scrap such a move. Under the revised tax schemes, the Seoul government was planning [...]
SEOUL, Feb. 5 (Korea Bizwire) – A new report has revealed that well-off parents in South Korea typically spend between 600 and 700 million won ($642,700) for their children’s marriage, with nearly half of their children already having inherited property. Account holders with over 1 billion won in assets spent an average of 570 million won [...]
SEOUL, Feb. 5 (Korea Bizwire) – South Korea’s two major banks are suspected of creating lists to give undue hiring favors to the families and acquaintances of influential figures, sources said Sunday. The Financial Supervisory Service (FSS) has recently filed complaints with the prosecution against five banks, including KEB Hana Bank and KB Kookmin Bank, [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s “kimchi premium” — a reference to the 15 to 25 percent premium on Bitcoin prices locally compared with foreign markets — is now reversed, with the price of one unit of the most widely known cryptocurrency dropping below valuations abroad. According to Bithumb, South Korea’s largest cryptocurrency [...]
SEOUL, Feb. 2 (Korea Bizwire) — The brand value of Samsung Electronics Co. rose two notches from a year earlier to rank fourth in an annual report on the world’s most valuable brands, a British corporate valuation and strategy consultancy said Friday. The South Korean tech giant’s brand value jumped 39 percent to US$92.3 billion [...]
SEOUL, Jan. 30 (Korea Bizwire) — The government has unveiled a comprehensive technology road map to prepare for the Fourth Industrial Revolution, including plans to upgrade smart factories by 2020. The Ministry of SMEs and Startups has released the ‘SMEs Technology Road Map 2018 – 2020′, in which 236 technology development projects in a total [...]
SEOUL, Jan. 30 (Korea Bizwire) – South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. The real-name trading system is also part of the government’s latest measures to curb speculative investment [...]
SEOUL, Jan. 29 (Korea Bizwire) – A host of measures designed to lower the barriers of entry and ramp up competition in the financial sector have been devised by the Financial Services Commission (FSC) for 2018. The FSC will increase the number of online insurance firms – there is currently only one in operation – [...]
SEOUL, Jan. 29 (Korea Bizwire) — Stock values for stakeowners of biopharmaceutical companies nearly doubled over the past year, with Celltrion leading the pack, data showed Sunday. According to Chaebul.com, which tracks corporate records, 32 people each owned more than 100 billion won (US$93.76 million) worth of shares in biopharmaceutical firms as of Friday’s closing. [...]
SEOUL, Jan. 25 (Korea Bizwire) — Industrial Bank of Korea (IBK) said Thursday it will launch self-service shops during the latter half of the year amid growing non-face-to-face transactions. “We are sending some employees to Japan next month so they can look into self-service stores there to catch up with the growing proportion of non-face-to-face [...]