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Baseball Commissioner Named New Head of Pro Sports Association

Baseball Commissioner Named New Head of Pro Sports Association

SEOUL, Jan. 16 (Korea Bizwire) – The head of the country’s top baseball league was named the new president of the national professional sports association on Tuesday. Chung Un-chan, commissioner of the Korea Baseball Organization (KBO), was appointed the second president of the Korea Professional Sports Association (KPSA). The KPSA was formed in November 2015, [...]

Government Investigations Target Top Bitcoin Exchanges

Government Investigations Target Top Bitcoin Exchanges

SEOUL, Jan. 11 (Korea Bizwire) – In what could be the first domino to fall in a sweeping investigation into all things cryptocurrency, Coinone, one of the top three exchanges in the country, is currently the subject of a police investigation. With fellow exchange Bithumb also falling under the crosshairs of the National Tax Service, [...]

Gov’t to Give Tax Breaks, Ease Listing Rules to Boost KOSDAQ Market

Gov’t to Give Tax Breaks, Ease Listing Rules to Boost KOSDAQ Market

SEOUL, Jan. 11 (Korea Bizwire) — The government will give tax breaks to individuals that invest in mutual funds for startups and soften some listing rules for the junior KOSDAQ stock market, officials said Thursday. The move is part of a new policy move to boost the KOSDAQ market and help smaller firms raise funds [...]

S. Korean Gov’t to Help Cosmetics Companies Expand Presence in ASEAN Market

S. Korean Gov’t to Help Cosmetics Companies Expand Presence in ASEAN Market

SEOUL, Jan. 10 (Korea Bizwire) — The South Korean government will assist local cosmetics makers in expanding their presence in the Association of Southeast Asian Nations (ASEAN) market, the government said Wednesday. The Ministry of Food and Drug Safety will expand education programs for local manufacturers, covering topics such as customs procedures and product registration, [...]

Regulators Inspect Virtual Bank Accounts for Corporate Customers over Cryptocurrency Worries

Regulators Inspect Virtual Bank Accounts for Corporate Customers over Cryptocurrency Worries

SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell [...]

Local Gov’ts Feeling the Pinch as Smokers Switch to E-Cigarettes

Local Gov’ts Feeling the Pinch as Smokers Switch to E-Cigarettes

CHEONGJU, Jan. 5 (Korea Bizwire) — What on the surface appears to be good news actually has municipal governments worried. Last year, tobacco consumption tax revenues declined considerably, which may be interpreted by some as a sign of a healthier public who, deterred by a government-ordered price hike of around 80 percent, are willing to [...]

Government to Scrap Part-Time Hiring Quota for Public Sector

Government to Scrap Part-Time Hiring Quota for Public Sector

SEJONG, DAEJEON, Jan. 5 (Korea Bizwire) — A well-intentioned mandate issued by the prior presidential administration seeking to procure employment options for women returning to the workplace, is on its last legs, wobbling underneath the weight of criticism that the presidential decree has caused more problems than it is worth. The Ministry of Personnel Management [...]

Guaranteed Pay for Performers at PyeongChang Olympics Opening and Closing Ceremonies

Guaranteed Pay for Performers at PyeongChang Olympics Opening and Closing Ceremonies

SEOUL, Jan. 5 (Korea Bizwire) — PyeongChang Olympics organizers have guaranteed to pay performers for the opening and closing ceremonies, amid reports that staff are being underappreciated. According to POCOG, the PyeongChang Olympics organizing committee on Thursday, steps are being taken to ensure the payment of performers for the opening and closing ceremonies, including a [...]