INCHEON, Oct. 24 (Korea Bizwire) — The development of Incheon Free Economic Zone, initially scheduled for completion by 2022, will be delayed to 2030 due to slowed investment in the aftermath of the global financial crisis and real estate market slump, officials said Tuesday. Known as IFEZ, the project was designated in August 2003 as [...]
SEOUL, Oct. 23 (Korea Bizwire) – On October 22, a report published by the Institute for International Trade (IIT) operating under the Korea International Trade Association (KITA) revealed that South Korea is lagging behind other countries with regards to exports of next-generation technologies. The report examined the TSI (trade specialization index) — a figure derived [...]
SEOUL, Oct. 23 (Korea Bizwire) — KB Financial Group, LG Electronics and Samsung SDI were among the top picks by foreign investors through October, which have enjoyed decent gains far exceeding the market-average returns, industry data showed Sunday. According to the data compiled by market tracker FNGuide, foreign investors have scooped up KB Financial Group [...]
SEOUL, Oct. 20 (Korea Bizwire) – A task force comprised of financial governance bodies such as the FSC (Financial Services Commission), the KFTC (Korea Fair Trade Commission) and the Ministry of Justice is currently in the process of reviewing existing financial law with the aim of laying out explicit parameters for punishable actions regarding the [...]
SEOUL, Oct. 20 (Korea Bizwire) — South Korea’s benchmark stock index is expected to break above 2,500 points by the end of this year, in what would be another milestone for the Korea Composite Stock Price Index (KOSPI), analysts said Friday. The KOSPI closed at an all-time high of 2,484.37 points earlier this week and [...]
SEOUL, Oct. 19 (Korea Bizwire) – A Seoul court ruled Thursday in favor of Samsung C&T Corp. and found its 2015 merger with another affiliate was lawful. The Seoul Central District Court turned down the request from Ilsung Pharmaceutical Co., a former major stakeholder of Samsung C&T, to nullify the merger with Cheil Industries Inc. The controversial merger of the two Samsung units was seen as part of the group’s succession plan for its heir Lee Jae-yong [...]
GENEVA, Oct. 19 (Korea Bizwire) – South Korea has given 390 million won to developing countries in trade aid in the hopes of helping improve trade bargaining power and enabling productive trading, according to the World Trade Organization. The aid for trade from South Korea was given to the Doha Development Agenda Global Trust Fund, which [...]
SEOUL, Oct. 18 (Korea Bizwire) – South Korean banks have been accused of staying off the radar and making profits through high additional interest rates for banking products such as loans, despite government efforts to lower interest rates. According to data from the Financial Supervisory Service (FSS) revealed by lawmaker Park Chan-dae, who is a member [...]
SEOUL, Oct. 18 (Korea Bizwire) – President Moon Jae-in promised additional support Wednesday for companies that create new quality jobs while vowing to implement his pledge to create at least 810,000 new jobs in the public sector. “First, (the government) will work to create new jobs in areas related to public safety, security and social [...]
SEOUL, Oct. 18 (Korea Bizwire) — Foreign investors offloaded South Korean stocks and bonds worth US$4.3 billion in September due to profit-taking amid North Korea risks, the central bank said Wednesday. Foreign investors sold local stocks and bonds worth $830 million and $3.47 billion, respectively, the Bank of Korea (BOK) said. It marked the second [...]