SEOUL, Jul. 12 (Korea Bizwire) — Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money. About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials [...]
SEOUL, Jul. 12 (Korea Bizwire) — CJ Cheiljedang Corp., South Korea’s leading maker of processed foods, said Wednesday it will sell all of its stake in Samsung’s life insurer through block trading, as the company pushes to jack up investment. The company will unload 2.98 million shares worth 357 billion won (US$311 million), or a [...]
SEOUL, July 11 (Korea Bizwire) – South Korea’s top 15 conglomerates said Tuesday they will voluntarily overhaul unfair practices without any intervention from the government, a local business lobby said. In a meeting with Lee Dong-geun, vice chairman of the Korea Chamber of Commerce and Industry (KCCI), 15 business leaders agreed with general calls that [...]
SEOUL, Jul. 11 (Korea Bizwire) — South Korea ranked second among emerging economies in the amount of stocks purchased by foreign investors during the first six months this year, market data showed Tuesday. Foreigners net bought US$9 billion worth of South Korean stocks during the January-June period, the second largest only after Taiwan’s $9.4 billion, [...]
SEOUL, Jul. 11 (Korea Bizwire) — The market value of Samsung Group, South Korea’s No. 1 business conglomerate, rose by 96 trillion won (US$83.5 billion) in the past six months helped by the strong performance of Samsung Electronics Co., industry data showed Tuesday. The market cap of 16 firms affiliated with the business group surged [...]
SEOUL, July 10 (Korea Bizwire) – Over six in ten startups in South Korea that initiated crowdfunding this year successfully managed to fund their business ideas, with around 15 projects getting help every month. According to a statement from the Financial Services Commission (FSC) on Sunday, since a crowdfunding platform was introduced last year, 197 [...]
SEOUL, Jul. 7 (Korea Bizwire) — As tall apartment buildings are proving popular in the South Korean housing market despite the country’s sluggish economy, an increasing number of home buyers are eyeing the residential skyscrapers around the country, which are widely seen as symbols of high social status and wealth, as well as landmarks in the [...]
SEOUL, July 7 (Korea Bizwire) – South Korea’s central bank is expected to hold its key rates steady this month as it could move to “normalize” interest in early 2018, Moody’s Analytics said Friday. The Bank of Korea (BOK) is set to hold its rate-review session next Thursday to decide whether to keep or adjust [...]
SEOUL, Jul. 7 (Korea Bizwire) — Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. is expected to secure at least 800 billion won (US$692 million) in cash through additional debt-for-equity swaps, industry sources said Friday. According to the sources, Daewoo Shipbuilding is planning to start the process of swapping debts for equity with bondholders next month [...]
SEOUL, Jul. 7 (Korea Bizwire) — Citibank Korea, the South Korean unit of Citigroup Inc., began shutting down five physical branches in the country Friday, as part of its plan to reorganize its operations, according to an industry source. Citibank has said it will drastically cut the number of its physical branches to 25 from [...]