SEOUL, Jul. 21 (Korea Bizwire) — South Korean law enforcement agencies have revealed that 108 colleges entered into illicit agreements credit card companies, and received rebates for giving them exclusive rights to processing tuition payments by credit card. Financial authorities are considering imposing administrative sanctions on the card companies for their improper transactions. The Southern Gyeonggi Provincial [...]
SEOUL, July 21 (Korea Bizwire) – A decision by the government to raise the minimum wage next year is expected to cut profits at convenience and discount store chains, but it could help bolster consumption, according to foreign investment banks on Friday. The government has decided to hike minimum wage 16 percent to 7,530 won [...]
SEOUL, Jul. 20 (Korea Bizwire) — On July 27, Kakao Bank will join K Bank as one of the first two Korean digital banks. The company is currently running its final tests before the official launch of its online service. Kakao Bank brings an immense presence to the digital bank landscape by virtue of its [...]
SEOUL, July 20 (Korea Bizwire) – South Korea will set up a new ministry in charge of small and medium-sized businesses (SMEs) that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday. After long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business [...]
SEOUL, Jul. 20 (Korea Bizwire) — A new survey shows nearly 8 out of 10 employers are considering downsizing staff after the country’s new minimum wage of 7,530 – set to kick in next year – was announced last weekend. Findings from the survey on the new minimum wage released by recruitment website Alba Heaven [...]
SEOUL, Jul. 19 (Korea Bizwire) — South Korea’s national pension fund has raised its holdings of stocks in Samsung Electronics Co. and SK hynix Inc. apparently to capitalize on the global semiconductor industry boom, market data showed Wednesday. The National Pension Fund held 85.4 trillion won (US$75.8 billion) worth of stocks in 100 companies in [...]
SEOUL, Jul. 18 (Korea Bizwire) — South Korea’s minimum wage for 2018 has risen to 7,530 won ($6.70), after a government council voted nine to six in favor of the labor side of the negotiation team, pushing the country’s minimum wage above the likes of Israel and Spain. Compared to this year’s 6,470 won, next [...]
SEOUL, Jul. 16 (Korea Bizwire) — The value of South Korea’s overseas investment funds has jumped more than 40 percent over the past year as big-time investors look overseas for high returns despite the recent bull of the domestic stock market, data showed Sunday. According to the data by the Korea Financial Investment Association, the [...]
SEOUL, Jul. 14 (Korea Bizwire) — Convenience stores are emerging as the darling of South Korean lenders that are trying to cope with rising costs amid the fast-changing business environment centered on growth in online and mobile banking services. At the forefront of such a move are Internet-only banks such as K-Bank, which have no [...]
SEOUL, July 13 (Korea Bizwire) – South Korea’s main bourse closed at an all-time record high Thursday, with local analysts forecasting the market to maintain its current growth momentum moving forward on the strength of technology shares. The assessment comes as the country’s benchmark Korea Composite Stock Price Index (KOSPI) soared 17.72 points, or 0.74 [...]