SEOUL, Nov. 13 (Korea Bizwire) – During periods of inflated prices, a phenomenon known as “shrinkflation” emerges, wherein companies opt to decrease the quantity of their products instead of increasing the price. This term, a fusion of “shrink,” implying a reduction in quantity, and “inflation,” signifying a rise in prices, reflects this strategy. When confronted with [...]
SEOUL, Dec. 26 (Korea Bizwire) — The government is seeking to revise laws to increase financial transparency of labor unions to make it harder for improper spending to take place, the labor minister said Monday. The proposal comes after a series of remarks by President Yoon Suk Yeol who emphasized bolstering oversight of unions. He [...]
SEOUL, Sept. 12 (Korea Bizwire) — In a country that boasts some of the fastest internet speeds in the world, and is home to some of the top consumer electronics companies, there is one area that has changed little since the 1990s – management offices at apartment complexes. The only exception might be the abundance [...]
SEOUL, Nov. 27 (Korea Bizwire) — Woori Bank, South Korea’s fourth-biggest lender by assets, said Sunday it is considering adopting a “one-strike” policy to prevent corruption. The bank came up with 100 things to be overhauled or improved after discussions with 100 representing employees on Tuesday and Wednesday, Woori Bank said in a statement. Among [...]
SEOUL, Nov. 22 (Korea Bizwire) — In a major step to enhance transparency in American forces stationed here, South Korea and the United States agreed on Tuesday to make public any non-confidential information they have in relation to the United States Forces Korea. “The Joint Committee discussed cooperative efforts to further enhance transparency of SOFA-related [...]
GEYONGGI, SOUTH KOREA, March 6 (Korea Bizwire) — The Gyeonggi provincial government has announced a plan to adapt blockchain technology for transparency where charitable donations are concerned. Blockchain is a groundbreaking technology that allows users to keep a record of all their transactions transparently, in linear and chronological order. “Working closely with charities and experts, we’ll develop [...]
SEJONG, Dec. 22 (Korea Bizwire) – South Korea’s big businesses still lack transparency in their governance as owner families still have a strong grip on influence without seats on the board of directors through cross-ownership, the state corporate watchdog said Thursday. The percentage of owners or their relatives who are listed as board members of [...]
SEJONG, Feb. 9 (Korea Bizwire) — The Organization for Economic Cooperation and Development (OECD) on Monday called on South Korea to enhance its transparency in taxes and regulatory policies to better attract overseas investment that can breathe new life into the country’s economy. The Going for Growth 2015 report released by the Paris-based organization said [...]