SEOUL, Aug. 17 (Korea Bizwire) – In the first half of the year, insurance companies in Korea made net profits of 4.5 trillion won, powered by a surge in one-time profits such as sales of equities. According to the Financial Supervisory Service (FSS) on August 16, the combined net income of 39 insurance firms in Korea [...]
Seoul, July 9 (Korea Bizwire) — There will be no need to fill out personal information such as names, addresses or phone numbers when applying for a savings account or investment account at a financial institution one is already dealing with, starting as early as the end of the year. Repeated signatures on documents will [...]
SEOUL, July 1 (Korea Bizwire) – From now on, one can verify the amount of inheritance including debt from the dead when the death is reported to authorities. In the past, inheritance verification required a number of inconvenient visits to several related offices. The Ministry of Government Administration and Home Affairs announced that it had begun [...]
SEOUL, June 16 (Korea Bizwire) – From August, drivers who cause traffic accidents while manipulating or watching DMB will receive penalty increases of 10 percent against their responsibility for the accident. In addition, the Financial Supervisory Service (FSS) will add 15 percent more responsibility on drivers who cause accidents in safety zones that protect those vulnerable [...]
SEOUL, June 12 (Korea Bizwire) – Korean stock firms are engaged in an increasing number of legal battles, and eight out of ten lawsuits are bringing them to the dock. According to the Financial Consumer Agency on June 11, the 58 stock firms serving the Korean stock market were engaged in 444 lawsuits seeking 1.728 [...]
SEOUL, Apr. 2 (Korea Bizwire) — More than a hundred executives at Samsung Electronics Co., South Korea’s No. 1 tech giant, left their posts between late last year and the first quarter of 2015, data showed Thursday, in what seems to be an aftereffect of the lackluster performance in 2014 smartphone sales. The number of [...]
SEOUL, March 13 (Korea Bizwire) — South Korea’s financial watchdog has imposed sanctions on relatives of big name companies and celebrities for engaging in illegal foreign exchange trading worth US$40 million, officials said Friday. The Financial Supervisory Service (FSS) decided to issue warnings against 39 individuals including LG Group Chairman Koo Bon-moo’s sister and Lee Soo-man, the [...]
SEOUL, March 12 (Korea Bizwire) – Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday. The combined net earnings of eight credit card firms stood at 1.8 trillion won (US$1.6 billion) last year, up 5 percent from the previous year, according to the [...]
SEOUL/SEJONG, Feb. 9 (Korea Bizwire) – South Korea’s tax earnings from the country’s 30 largest conglomerates are expected to shrink 15 percent this year, economic sources said Monday, as the business community claims rates are already high for a trade-dependent nation. Official data by Financial Supervisory Service (FSS) and corporate tracker Chaebul.com said the business groups [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korean lenders saw their combined net profit soar 60.4 percent last year from a year earlier as they set aside less reserves against bad loans, the financial watchdog said Friday. The combined net income of 18 local banks stood at 6.2 trillion won (US$5.7 billion) in 2014, up [...]