SEOUL, Oct. 4 (Korea Bizwire) — With the Korean won plunging to record lows against the US dollar, discount store chains are scrambling to find ways to limit price increases for imported food products. Emart Inc. has been following changes in exchange rates in real-time, purchasing imported products with the exporting country’s currency. As a [...]
SEOUL, Oct. 22 (Korea Bizwire) — More than 20 billion won in South Korean coins and bills has been traded in for new currency over the past five years. Rep. Shim Jae-chul, a member of the Strategy and Finance Committee at the National Assembly, said on Sunday that the value of damaged banknotes, including burnt [...]
SEOUL, April 11 (Korea Bizwire) — The money supply in South Korea accelerated at the fastest pace in 10 months in February on increased corporate lending, central bank data showed Wednesday. The country’s M2 totaled 2,570.8 trillion won (US$2.41 trillion) in February, up 6.2 percent from 2,420.3 trillion won a year earlier, the Bank of [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korea’s central bank said Friday that it has selected 12 banks, including six foreign banks, as the lenders responsible for setting prices for direct won-yuan transactions. The Bank of Korea said the lenders will also be charged with taking the lead in providing liquidity to the market. The [...]
SEOUL, Sept. 4 (Korea Bizwire) — Hyundai Motor Co. and Kia Motors Corp., South Korea’s two biggest carmakers, saw their sales growth in Chile slow down this year due to the won’s strength, a state-run trade promotion agency said Monday. In the January-July period, Hyundai’s sales in the Latin American market grew 11 percent on-year to 17,276 [...]
SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]
SEOUL, Aug. 21 (Korea Bizwire) – The market leader of the food delivery service industry, Baedal Minjok, released a report citing operations data in an attempt to shutdown allegations that it was overcharging restaurants for advertising on its app. A spokesperson said the reason for doing so was because “there are recurring complaints about our [...]
SEOUL, Aug. 20 (Korea Bizwire) – Samsung Electronics Co.’s mobile payment service has hit 10 trillion won (US$8.76 billion) in accumulated transaction volume in South Korea, the company said Sunday. Samsung Pay was launched at home in August 2015 and had 2 trillion won of transactions in its first year. It uses magnetic secure transmission [...]