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S. Koreans’ Nonessential Spending Plummets amid Coronavirus

S. Koreans’ Nonessential Spending Plummets amid Coronavirus

SEOUL, Aug. 2 (Korea Bizwire) — South Korean consumers purchased far fewer nonessential items in the first quarter than normal due to economic uncertainty sparked by the coronavirus pandemic, data showed Sunday. The combined essential spending came to 84.81 trillion won (US$71 billion) in the January-March period, accounting for 40.56 percent of total household expenditures, [...]

S. Korea’s Growth Rate Second Highest Among 14 Major Countries

S. Korea’s Growth Rate Second Highest Among 14 Major Countries

SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s economy contracted 3.3 percent in the second quarter from a quarter earlier, but it fared well compared with other major economies, data showed Sunday. South Korea’s gross domestic product (GDP) growth rate was the second highest among the 14 countries that included the United States, China, Germany [...]

Naver Teams Up with Mirae Asset to Launch New Loan Service for Small Vendors

Naver Teams Up with Mirae Asset to Launch New Loan Service for Small Vendors

SEOUL, July 29 (Korea Bizwire) — Naver Inc., South Korea’s largest internet portal operator, is making bigger forays into the e-commerce and fintech markets by introducing a new loan service for small vendors operating in the company’s online shopping portal. Naver Financial Corp., the financial arm of Naver, said Tuesday it will introduce a new [...]

COVID-19 Fallout in Culture, Sports, Tourism Sectors Tops 7 tln Won

COVID-19 Fallout in Culture, Sports, Tourism Sectors Tops 7 tln Won

SEOUL, July 27 (Korea Bizwire) — Estimated financial losses caused by the new coronavirus in the areas of culture, sports and tourism in South Korea have reached over 7 trillion won (US$5.84 billion), according to the government Monday. In a report submitted to the National Assembly’s culture, tourism and sports committee, the culture ministry estimated [...]

S. Korean Imports from Japan Drop Following Japanese Export Restrictions

S. Korean Imports from Japan Drop Following Japanese Export Restrictions

SEOUL, July 27 (Korea Bizwire) — The South Korean economy’s dependence on Japan has been on a downward trend since Japan imposed export restrictions against South Korea in July 2019, the country’s leading business lobby group said Sunday. The share of imports from Japan among overall South Korean imports fell from 9.8 percent in Q1 [...]

S. Korea’s Wealth Fund Sets Sights on Commercial Properties in Europe, China

S. Korea’s Wealth Fund Sets Sights on Commercial Properties in Europe, China

SEOUL, July 26 (Korea Bizwire) — Korea Investment Corp. (KIC), South Korea’s US$157 billion sovereign wealth fund, is seeking to buy commercial properties in Europe and China, the company’s top executive has said, in what could be its latest alternative investments. “We are considering making investments one each in Europe and in China,” KIC Chairman [...]