SEJONG, Dec. 15 (Korea Bizwire) – North Korea’s per capita income was unchanged at 1.39 million won (US$1,179.10) last year, about one twenty-secondth of South Korea’s, government data showed Thursday. According to data by Statistics Korea, North Korea’s nominal gross national income (GNI) came to 34.5 trillion won in 2015, with its moribund economy contracting [...]
SEJONG/SEOUL, Dec. 15 (Korea Bizwire) – South Korea’s finance minister said Thursday that Asia’s fourth-largest economy has strong economic and financial fundamentals to overcome the current headwinds stemming from the domestic political turmoil and a global economic slowdown. The recent political turbulence sparked by the impeachment of President Park Geun-hye is feared to weigh on [...]
SEJONG, Dec. 15 (Korea Bizwire) – The home ownership rate in South Korea came to 56 percent in 2015, data showed Thursday. According to the annual data by Statistics Korea, 10.06 million households out of 19.11 million in the country owned homes as of Nov. 1, 2015. The latest data indicated that 44 percent of [...]
SEOUL, Dec. 15 (Korea Bizwire) – Thousands of prospective college students and parents visited COEX on Thursday for the 2017 academic year university fair, hosted by the Korea Council for University Education. The event was attended by officials from 135 universities across the country, and offered free counselling, information about different schools and the college [...]
PAJU, South Korea, Dec. 15 (Korea Bizwire) – Paju, a city located northwest of Seoul, approved Wednesday a private-funded BTO (build-transfer-operate) business plan to recycle treated waste water that will then be used by industrial complexes in the city. The new venture will make use of treated waste water from Paju through the establishment of [...]
SEOUL, Dec. 15 (Korea Bizwire) – The first snowstorm of this winter, on Wednesday, was bad news for a lot of the residents and travelers in the affected regions, but for AI quarantine officials, who have been struggling to contain the nationwide H5N6 virus, it was a pleasant omen. More than 14 million poultry have [...]
SEOUL, Dec. 15 (Korea Bizwire) – Lotte Group became the first South Korean conglomerate to make paternity leave mandatory for male employees, marking a significant step forward in changing Korea’s strenuous working culture. The new company policy affects all its affiliates, and obliges male employees to take a minimum of one month of paternity leave [...]
SEOUL, Dec. 15 (Korea Bizwire) – Ending a decade-long legal battle. South Korea’s top court on Thursday confirmed the validity of the tax the government imposed on U.S. private equity firm Lone Star’s profits from its sale of a Seoul building, The Supreme Court upheld a lower court’s decision which approved the 64.8 billion won [...]
SEJONG, Dec. 15 (Korea Bizwire) – South Korea will take firm and resolute action to stabilize the local financial markets to prevent any fallout from the latest U.S. rate hike, the government said Thursday. Earlier in the day, the U.S. Federal Reserve raised its key interest rate by a quarter of a percentage point to [...]
SEOUL, Dec. 15 (Korea Bizwire) – Samsung Display Co., the display-making unit of Samsung Group, saw its third-quarter sales of flexible organic light emitting diode (OLED) screens exceed US$1 billion, according to industry data Thursday. In terms of sales of small and medium-sized flexible OLED screens for smartphones and other wearable gadgets, Samsung Display took [...]