SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s financial regulator has launched an on-site inspection into securities firms and banks accused of mis-selling a 90 billion won ($65 million) investment product that collapsed entirely, marking the first major consumer protection probe under the leadership of newly appointed Financial Supervisory Service (FSS) Governor Lee Chan-jin. The FSS [...]
SEOUL, Oct. 16 (Korea Bizwire) — Despite six years under South Korea’s workplace bullying ban, nearly one in three employees who experience or witness such abuse choose not to report it, often fearing retaliation or reputational harm, a new government survey shows. According to data obtained by Rep. Kim Wi-sang of the People Power Party from [...]
DAEGU, Oct. 16 (Korea Bizwire) — The recent killing of a South Korean college student from Yecheon, North Gyeongsang Province, in Cambodia has shed new light on how young Koreans are being lured overseas by criminal networks with false promises of easy money, court records show. A Daegu District Court ruling issued in May detailed the [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korean police say recent criminal investigations have exposed a growing use of virtual assets to launder the proceeds of large-scale frauds, reigniting debate over the need for stronger oversight as authorities and industry consider expanding the use of digital currencies, including won-pegged stablecoins. The Ulsan Police Agency disclosed [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s top policy aide to President Lee Jae Myung said Wednesday that the government is considering a comprehensive overhaul of real estate taxation — including possible hikes in property holding taxes — as it moves to rein in surging home prices in Seoul and surrounding regions. Kim Yong-beom, the [...]
SEOUL, Oct. 15 (Korea Bizwire) – Families of victims of a Jeju Air Co. plane crash that occurred late last year have filed a lawsuit against U.S. aircraft manufacturer Boeing Co. in an American court, holding the company responsible for alleged manufacturing defects, according to the families Wednesday. According to the families and their legal [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s central bank and financial regulator have received below-average marks for their response to the climate crisis, ranking in the lower tier among ASEAN+3 economies, according to a new international assessment. The report by Positive Money, a U.K.-based think tank, evaluated 13 countries in the ASEAN+3 group — comprising [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s National Pension Service (NPS) said it will begin enforcing stricter “responsible investment” standards on private equity and other alternative investments, following heavy criticism over massive potential losses linked to the troubled retailer Homeplus. The decision, announced by the Ministry of Health and Welfare during a parliamentary audit on [...]
SEOUL, Oct. 15 (Korea Bizwire) — The South Korean government has moved to dismantle decades-old billing practices between clinics and diagnostic laboratories, a reform it says is essential to restoring transparency and safeguarding patient safety. But the medical community is pushing back, calling the measure hasty and detached from on-the-ground realities. The Ministry of Health and [...]
SEOUL, Oct. 15 (Korea Bizwire) — As South Korea pushes for wider adoption of Driver Monitoring Systems (DMS) to prevent fatigue-related traffic accidents, truck and bus drivers are voicing growing unease over privacy intrusions and cost burdens. While most drivers and operators acknowledge the need for safer roads, many fear that DMS — which tracks [...]