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Cards Used More Than Cash at CVS

Cards Used More Than Cash at CVS

SEOUL, April 24 (Korea Bizwire) – Cash payments fell to less than half of all payments at a major convenience store chain in 2016 as a growing number of people used credit, debit and other cards, the chain said Sunday. It is the first time that card payments have exceeded 50 percent of the total at any convenience store chain, CU said. Card payments at CU outlets rose to [...]

S. Korea Losing Port Calls After Hanjin Shipping’s Bankruptcy

S. Korea Losing Port Calls After Hanjin Shipping’s Bankruptcy

BUSAN, April 21 (Korea Bizwire) – Global shipping companies have reduced their calls at South Korean ports despite adding more worldwide services, partly a result of Hanjin Shipping going bankrupt, a research organization said Friday. Four different shipping alliances have been realigned into three major players — 2M, The Alliance and Ocean Alliance — in [...]

South Korea Begins Pilot Project for “Coinless Society”

South Korea Begins Pilot Project for “Coinless Society”

SEOUL, April 19 (Korea Bizwire) – South Korea plans to launch a pilot project for a coinless society this week, South Korea’s central bank said Wednesday, a move that could enhance convenience for ordinary people.  Under the project set to begin Thursday, consumers can deposit small change left from purchases of goods into their prepaid [...]

S. Korea’s Tax Burden Remains One of the Lowest in OECD: Data

S. Korea’s Tax Burden Remains One of the Lowest in OECD: Data

SEOUL, Apr. 17 (Korea Bizwire) — South Korea’s tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday. Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden ratio of Asia’s fourth-largest [...]

S. Korea Collected Nearly 320 tln won in Taxes in 2016: Gov’t

S. Korea Collected Nearly 320 tln won in Taxes in 2016: Gov’t

SEOUL, Apr. 17 (Korea Bizwire) — South Korea collected a record amount of local and central government taxes last year, official data showed Sunday, with the numbers likely to go up in the coming years. According to data by the finance and interior ministries and the central bank, Seoul brought in 318.1 trillion won (US$278.5 [...]

S. Korea Lags behind OECD States in Sustainable Growth Index

S. Korea Lags behind OECD States in Sustainable Growth Index

SEOUL, April 16 (Korea Bizwire) – South Korea ranked 24th among 28 Organization for Economic Cooperation and Development (OECD) member countries in terms of the state growth sustainability index, a local think tank said Sunday. The Hyundai Research Institute has developed its own index to measure each state’s sustainable growth levels. South Korea scored 0.443, [...]

Online Shopping Sites Suffer Consecutive Losses in 2016

Online Shopping Sites Suffer Consecutive Losses in 2016

SEOUL, April 14 (Korea Bizwire) – South Korea’s online shopping site operators continued to report operating losses last year from a year earlier, as more market competition hurt their profitability, regulatory data showed Friday. Coupang Inc. suffered a combined operating loss of 560 billion won (US$490.8 million) in the January-December period of 2016 compared with [...]