SEOUL, June 29 (Korea Bizwire) – Starting next year, anyone issued a new credit card will be able to redeem their reward points without any restrictions. The Korea Financial Supervisory Service (FSS) announced its “Improvement Plan for Unfair Business Practices of Credit Card Companies” on Tuesday, June 28, which will prohibit credit card companies from placing [...]
SEJONG/SEOUL, June 28 (Korea Bizwire) – South Korea’s finance ministry on Tuesday said it has trimmed its growth estimate for the year, while seeking to draw up a 10 trillion won (US$8.45 billion) extra budget to buttress Asia’s fourth-largest economy against headwinds such as a slump in domestic and overseas demand and, more recently, Britain’s [...]
SEOUL, June 27 (Korea Bizwire) – As the city of Seoul has recently established a ‘Seoul Resident Grievance Center’ at the Seosomun local government office to resolve conflicts between residents due to inter-floor noise in apartment buildings, the construction industry is also coming up with specialized designs to minimize the transmission of noise between floors. According [...]
SEOUL, June 27 (Korea Bizwire) – Brexit, the U.K’s decision to leave the European Union (EU), is quickly driving down the value of the British pound, and Korean shoppers are rushing to Britain’s online markets to take advantage of favorable exchange rates. Customers were quick to react to news of the ‘leave’ campaign’s victory, and started [...]
SEOUL, June 27 (Korea Bizwire) – Would you trust a robot to manage your financial assets? Korea’s Financial Services Commission (FSC) announced upcoming legislation on Sunday that will allow a ‘robo-advisor’, an AI-based asset management service, to serve as an investment advisor and a manager of investors’ financial assets. Although robo-advisors have performed certain financial [...]
SEOUL, June 27 (Korea Bizwire) – Local investors are increasingly beginning to lean toward the U.S. dollar and other safer assets, such as short-term deposits, market data showed Monday, following Britain’s unprecedented vote to quit the European Union (EU) that has apparently left long-term commitments riskier, as well as unattractive, amid record low interest rates. [...]
SEOUL, June 26 (Korea Bizwire) – South Korea has come under growing pressure to take more aggressive budgetary and monetary measures after Britain’s decision to leave the European Union, officials and experts here said Sunday. The unexpected move has added to global market uncertainties and is fueling financial sector turbulence that is adversely impacting Asia’s [...]
SEOUL, June 26 (Yonhap) – The decision by Britons to pull out of the European Union (EU) could force British law firms out of South Korea’s legal market, local sources said Sunday. Such a step will be a setback for the legal firms that have been systematically gearing up to expand their presence in the [...]
SEOUL, June 24 (Korea Bizwire) – South Korea on Friday said it will use all means to stabilize the local financial market following the unexpected result of the historic British referendum to leave the European Union. As the world’s fifth-largest economy got ready to leave the 28-member economic bloc, South Korea’s financial market suffered a [...]
SEOUL, June 24 (Korea Bizwire) – The South Korean government said Friday it has revised down the annual economic growth outlook by 0.3 percentage point to 2.8 percent, in the face of sluggish global economic conditions and troubles facing certain industries. During a meeting with the ruling Saenuri Party, government policymakers said growth is expected [...]