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870,000 small business owners quit amid pandemic
Some 870,000 small business owners failed to see out the pandemic in 2020, while their companies’ operating profits nearly halved in the same period, government data showed Dec. 28. According to data from Statistics Korea and the Ministry of Small and Medium-sized Enterprises and Startups, the number of people ...
Regulator launches probe into Netflix, Wavve over alleged unfair biz practices
South Korea's antitrust regulator has launched an on-site inspection into over-the-top streaming platforms Netflix and Wavve on suspicions of their failure to properly notify users of terms of an early subscription cancellation, officials said Monday. The Fair Trade Commission (FTC) sent inspectors to their respective offices in Seoul and secured documents on their terms of use and other customer response policy measures on unsubscribing from the services, according to industry officials. Netf
Is money flocking to the strong crypto market in Korea?
Bitcoin, the leading cryptocurrency, continues its robust performance by hitting successive all-time highs, marking a trend of strength. However, as the domestic stock market remains in a state of stagnation, there are indications that substantial idle funds in the market have significantly withdrawn. According to statistics from the Korea Financial Investment Association on Saturday, investor deposits stood at 53.48 trillion won ($54.24 billion) as of Thursday. Compared to the previous
Major shifts among top market cap stocks on the KOSPI
Financial sector rises while secondary battery stocks decline As stock prices of large-cap stocks fluctuate since the beginning of the year, the ranking of the top companies by market capitalization has changed significantly. Expectations surrounding “value-up” programs have led to a surge in rankings of low PBR (Price-to-Book Ratio) stocks such as those in the financial sector, while secondary battery stocks have collectively slipped. Financial stocks and other low PBR stock
Container shipping costs of EU-S. Korea route up 40 pct amid Red Sea crisis
Container shipping costs from Europe to South Korea soared nearly 40 percent in February amid continued tensions surrounding the Red Sea, data showed Friday. The average shipping cost for a 40-foot container for the route jumped 38.7 percent on-month to 1.24 million won ($934.16) last month, according to the data from the Korea Customs Service. It marked the sharpest increase since the data became available in 2019. The average shipping cost from South Korea to the European Union also increas
S. Korea's overseas direct investment falls for first time in 3 years
South Korea's overseas direct investment fell for the first time in three years in 2023 amid an economic slowdown in China and geopolitical uncertainties, the finance ministry said Friday. Investments made by South Korean companies declined 22.2 percent on-year to come to $63.38 billion last year, according to the data compiled by the Ministry of Economy and Finance. It marked the first on-year fall since 2020, when the figure fell 11.2 percent. Investments, however, jumped 32.1 percent in 202
BOK warns hasty policy pivot amid inflation woes
South Korea's central bank said Thursday it will maintain its current restrictive policy stance as any hasty rate policy change may undermine market confidence and further raise already high household debt. In its latest monetary policy report, the Bank of Korea (BOK) said the country's inflation is treading on a downward path with core inflation also logging a mild slowdown but added that there are still high uncertainties at home and abroad. "It is still early to say that consumer price
Regulator revises stewardship code for institutional investors to join corporate value-up scheme
The financial regulator said Thursday it revised a stewardship code for institutional investors to encourage them to join a corporate value-up scheme. The revised code urges institutional investors to "check to make sure the companies they invest in establish and implement long-term strategies to improve their corporate value," and communicate about such efforts with the market, according to the Financial Services Commission (FSC). The stewardship code refers to a set of stewardship
Gov't expands low-interest loans for small businesses
The low-interest rate program for low-income earners and small businesses will be expanded to provide benefits to more people and businesses, the financial regulator said Wednesday. The program, launched September 2022, currently provides low-interest loans to those who had taken out loans prior to June 2023 at an annual rate of 7 percent or higher, according to the Financial Services Commission (FSC). It will be expanded to include those who take out such loans before Monday. Those who quali