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New Life Insurance Regulations Give Foreign Companies an Edge

New Life Insurance Regulations Give Foreign Companies an Edge

SEOUL, Aug. 23 (Korea Bizwire) — A report released on August 22 ranking the fourteen major life insurance companies by risk-based capital ratios showed four of the top five places occupied by foreign companies. Samsung Life Insurance held down second place with a 331.8 risk-based capital ratio (RBC), followed closely by Lina Life Insurance with [...]

Efforts to Support Social Enterprises Come to Fruition in Korea

Efforts to Support Social Enterprises Come to Fruition in Korea

SEOUL, Mar. 7 (Korea Bizwire) – Social enterprises that put people before profits have achieved great results, according to the Seoul Institute. A recent report conducted by Seoul Institute researcher Jo Dal-ho measured the achievements of social enterprises in Seoul and revealed the economic support from both the government and the private sector saw social enterprises [...]

S. Korea to Create Stable Environment for Foreign Businesses: Finance Minister

S. Korea to Create Stable Environment for Foreign Businesses: Finance Minister

SEJONG/SEOUL, Dec. 15 (Korea Bizwire) – South Korea’s finance minister said Thursday that Asia’s fourth-largest economy has strong economic and financial fundamentals to overcome the current headwinds stemming from the domestic political turmoil and a global economic slowdown.  The recent political turbulence sparked by the impeachment of President Park Geun-hye is feared to weigh on [...]

Tycoons Grilled in ‘Donation Scandal’ Involving President Park

Tycoons Grilled in ‘Donation Scandal’ Involving President Park

SEOUL, Nov. 14 (Korea Bizwire) – A number of South Korea’s tycoons, including Hyundai Motor Group Chairman Chung Mong-koo and Samsung Electronics Vice Chairman Lee Jae-yong, were summoned by prosecutors over the weekend for questioning over their companies’ cash donations to two dubious foundations controlled by President Park Geun-hye’s scandal-ridden confidante Choi Soon-sil, prosecution sources [...]

S. Korea, Iran Business Groups To Boost Ties

S. Korea, Iran Business Groups To Boost Ties

SEOUL, May 3 (Korea Bizwire) — Leading business groups of South Korea and Iran agreed Tuesday to promote commercial and industrial partnerships by establishing consultative bodies.  The Korea Chamber of Commerce and Industry (KCCI) said it has signed a memorandum of understanding with Iran’s Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).  The KCCI will [...]

Over Half of Biz in S. Korea Seek Belt-Tightening Management Next Year

Over Half of Biz in S. Korea Seek Belt-Tightening Management Next Year

SEOUL, Dec. 14 (Korea Bizwire) – More than half of business leaders in South Korea are seeking “belt-tightening” management next year amid gloomy outlooks for overall economic conditions, a poll showed Sunday. According to the poll of CEOs of 235 businesses by the Korea Employers Federation, a business lobby, 52.3 percent answered they will carry out the belt-tightening management next year. Of those polled, 32 percent said that they will maintain the “status quo,” while only 17.4 percent [...]