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Sun, October 1, 2023 | 18:45
Minimum wage stirs up controversy again
The government's ordinance to revise the calculation method for the minimum wage is stirring up controversy and fueling conflict between businesses and workers. They have been locking horns over a particular issue concerning the inclusion of wages employers need to pay their employees for days off. Basically, companies will have to “legally” count and add wages for weekends w...
South Korea eases rules on foreign exchange services
The country will allow consumers to wire money overseas through their stock accounts opened at securities companies beginning Jan. 1, according to the Ministry of Economy and Finance, Tuesday. They can also send money using their credit cards to recipient accounts abroad, it added. The amount they can transfer will be limited to $30,000 a year.
Stocks turn bearish on US dim outlook, shutdown
There are growing fears that a global bear market is getting started as the U.S. political deadlock over President Donald Trump's budget for the border wall to block Mexicans from illegally entering the country is threatening investors worldwide. The impact of Trump's hardball negotiation tactic of “his way or the government shutdown” will be less severe than an outlook for t...
BTS to make splash on KB 'Play Digital' ad
On Jan. 1, 2019, global boy band sensation Bangtan Boys (BTS) will appear in an advertisement promoting KB Kookmin Bank. Titled “Play Digital KB,” the ad will feature the seven-member band singing and dancing to a fast rhythm and beat that can help viewers experience the bank's digital transformation in a few short seconds. Its teaser ad was unveiled on KB Kookmin Bank's Liiv...
Helping small biz
Shin Myung-hyuk, deputy executive vice president of Woori Bank, right, poses with Mapo-gu Office head Yoo Dong-gyun, center, and Chong Kwan-han, chief executive of Seoul Credit Guarantee Foundation, at the district office in Seoul, Monday, after signing an agreement to financially support small businesses in the district. The lender will extend 30 billion won in loans backed ...
Shinhan becomes younger, faster for digital age
Shinhan Financial Group has made its key subsidiaries “younger and faster” by replacing chief executives of seven Shinhan companies with those in their 50s for the digital age, according to the holding company. On Dec. 21, group Chairman Cho Yong-byoung held a board meeting and decided to nominate the new chief executives, including Jin Ok-dong for Shinhan Bank and Kim Byung-...
Trade conflict, debt to weigh on economy
The ongoing trade conflict between the United States and China will weigh on Korea's growth in 2019, according to the ASEAN Plus Three Macroeconomic Research Office (AMRO). In the annual analysis report for Korea issued Dec. 21, AMRO said Asia's fourth-largest economy also faces risks stemming from vulnerable levels of debt held by the self-employed and low-income earners.
Thanking soldiers!
NongHyup Bank CEO Lee Dae-hoon, front row fourth from left, raises his fist with soldiers at an army base in Cheorwon, Gangwon Province, Dec. 21. The bank delivered 12,500 healthy snack bars made of rice and beans to the base. Courtesy of NongHyup Bank
BOK stuck between Fed hike, slowdown
The Bank of Korea (BOK) is once again stuck in the middle of the United States Federal Reserve's interest rate hike and a domestic slowdown, analysts said Thursday. As the market had expected, the Fed raised its key rate to 2.25 percent to 2.5 percent. This further widens the gap with the BOK, which increased its rate to 1.75 percent in November. The Fed is expected to raise ...
Digital ties
Han Dong-hwan, left, head of KB Financial Group's digital finance, holds up a document with NHN Entertainment CEO Chung U-jin after the two sides agreed to cooperate in digital technology and finance at NHN headquarters in Seoul, Thursday. KB Financial said they will work together to develop services using big data and cloud computing. Courtesy of KB Financial Group