Standard Chartered waives commissions on remittances

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Standard Chartered waives commissions on remittances

Standard Chartered Korea said yesterday that it will temporarily exempt commission on overseas transfers for foreign labor workers from 48 underdeveloped countries named by the United Nation in 2009.

The countries include Bangladesh, Nepal and Myanmar.

The bank said considering that these foreign labor workers send 65 percent of their earnings here to their families back home, it has decided to suspend commissions on overseas transfers for the next six months until Sept. 19.

The bank said the workers will be able to save 18,000 won ($15) when transferring $10,000.

Ford Korea head Jung Jae-hee becomes chairman of Kaida

Ford Korea President Jung Jae-hee was named the new chairman of the Korea Automobile Importers and Distributors Association (Kaida) at the association’s general meeting held yesterday at Ritz-Carlton Hotel in southern Seoul. He is the organization’s ninth chairman.

Jung, who graduated from Inha University with a major in mechanical engineering and earned his MBA at the University of Pittsburgh, joined Ford in 1992. He has been the chief executive of Ford Korea since 2001.

“At an important time when imported cars are popular, I will do my best to help the imported vehicle market leap forward,” Jung said.

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