Latest news with #ChaGyu-geun
Korea Herald
5 days ago
- Business
- Korea Herald
Promoting sustainable, innovative growth in local industries
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Act on the Establishment and Operation of the Southeastern Regional Industrial Investment Corporation Proposed by Rep. Min Byoung-dug (Democratic Party of Korea) ● This bill would establish the Southeastern Regional Industrial Investment Corporation to boost industrial competitiveness and support the sustainable growth of local businesses, with approximately 3 trillion won ($2.2 billion) in capital contributed by public institutions. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) and Rep. Kim Hyun-jung (Democratic Party of Korea) ● The current Act requires investors holding 5 percent or more of a listed company's shares, or making a 1 percentage point change in shareholding thereafter, to report their shareholding and purpose to financial authorities if the intent is to influence management. This bill would narrow the broad phrase 'to influence management' to 'to substantially influence effective control,' aiming to protect minority shareholders' voting rights. Pending Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry Proposed by Rep. Lee Chul-gyu (People Power Party) ● This bill proposes allowing swift infrastructure support and exempting research and development workers in the semiconductor industry from the 52-hour weekly work limit with mutual agreement, aiming to enhance the industry's global competitiveness. Promulgated Bill: Special Act on Underground Safety Management Competent Authority: Ministry of Land, Infrastructure and Transport ● Effective May 27, the amended law will authorize the Minister of Land, Infrastructure and Transport to conduct onsite inspections to assess the safety management of underground facilities and surrounding ground in areas at risk of ground subsidence Administrative Announcement: Partial Amendment to the Enforcement Decree of the Personal Information Protection Act ● In line with the recent amendment to the Personal Information Protection Act regarding the domestic agent system, this draft amendment specifies the scope of entities subject to the domestic agent requirement. For queries about the bills, contact cr@ koreadherald@
Korea Herald
06-06-2025
- Business
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
The level of political uncertainty in South Korea has returned to levels seen prior to the martial law incident, following the recent presidential election, the central bank said Friday. According to data submitted by the Bank of Korea to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the political uncertainty index stood at 1.5 as of June 4, the day after the election, in which Democratic Party candidate Lee Jae-myung defeated conservative rival Kim Moon-soo. The index, which had been around 0.4 in early December, spiked to a record high of 12.8 in mid-December, following former President Yoon Suk Yeol's surprising declaration of martial law on Dec. 3. Though the index rose slightly above 1 after the election, the BOK noted that such minor fluctuations are common in normal times and should not be interpreted as meaningful. The index is compiled by the BOK's research department by tallying the number of media articles that include both the keywords "politics" and "uncertainty" in their headlines or main text. It reflects relative values, with the long-term average from the beginning of 2000 set at zero, the BOK said. The previous record high was 8.8, recorded on March 17, 2004, following the passage of the impeachment motion against the late former President Roh Moo-hyun. The economic uncertainty index also fell to 1.2 as of June 4, a level similar to the 1.1 recorded on Dec. 3. The index had surged to 5.4 on Jan. 2 but gradually declined, reaching as low as 0.5 on May 15, the BOK said. "The political uncertainty that has weighed on the economy over the past six months is expected to ease significantly," BOK Gov. Rhee Chang-yong said at a press briefing last week. "Political factors are no longer having a meaningful impact on the won-dollar exchange rate." The Korean won had weakened sharply earlier this year, nearing 1,500 won per US dollar, largely due to the domestic political turmoil and concerns over the sweeping tariff measures under US President Donald Trump's administration. But it rebounded to its strongest level in about seven months Thursday, closing at 1,358.4 won per dollar. (Yonhap)
Korea Herald
16-03-2025
- Business
- Korea Herald
BOK rules out inclusion of bitcoin in foreign exchange reserves
The South Korean central bank has called for a "cautious approach" to an idea of including bitcoin as foreign exchange reserves given its price volatility, officials said Sunday. There have been discussions among lawmakers about the possible inclusion of cryptocurrencies in its strategic reserves after US President Donald Trump announced the establishment of a strategic bitcoin reserve and digital asset stockpile earlier this month. In an answer to a question by Rep. Cha Gyu-geun of the minor Rebuilding Korea Party, the Bank of Korea said it "has neither discussed nor reviewed the possible inclusion of bitcoin in foreign exchange reserves" and "a cautious approach is needed" to the matter. The BOK cited high volatility in bitcoin prices as a major reason. "In the case of cryptocurrency market instability, transaction costs to cash out bitcoins could rise drastically," the central bank said. Cryptocurrencies also do not meet the criteria for foreign exchange reserves set by the International Monetary Fund, such as liquidity, market value and credit rating, it added. (Yonhap)
Korea Herald
04-03-2025
- Automotive
- Korea Herald
Enhancing bank services, safety measure for electric cars
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed. Proposed Bill: Partial Amendment to the Insurance Business Act Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) ● This amendment mandates that stocks issued by affiliates of an insurance company and held by the company be valued at market prices rather than acquisition costs. It also sets a cap on the total value of these holdings, limiting them to 3 percent of the company's total assets. Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Choi Eun-seok (People Power Party) ● To improve access to financial services in rural areas and enhance user convenience, this amendment permits non-financial institutions, such as post offices, to offer bank agency services. Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment clarifies the duty of directors to protect shareholder interests by specifying that in the event of a merger, an essential business or an asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests. Competent authority: Ministry of Land, Infrastructure and Transport ● To address growing concerns about fire-related accidents involving electric cars, this bill requires domestic electric car manufacturers to obtain government safety certification for the batteries used in their vehicles before launching them on the market. ● To address a personnel shortage in the electrical construction industry, this amendment relaxes the requirements for intermediate electrical construction engineers by recognizing individuals without formal educational qualifications in the field but who have specialized work experience and expertise in electrical construction as qualified for the position of intermediate electrical construction engineers.
