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Experts Worry About Financial Crisis Due to Spiking Borrowing Costs: BOK Survey

Experts Worry About Financial Crisis Due to Spiking Borrowing Costs: BOK Survey

SEOUL, Nov. 27 (Korea Bizwire) — Nearly 60 percent of economic and financial experts worry that South Korea could face a financial crisis in the short term amid concerns that spiking borrowing costs could weigh on businesses and households, a central bank survey showed Sunday. According to the survey that the Bank of Korea (BOK) [...]

Low-income Tier Spends Half of Disposable Income on Food amid Soaring Consumer Prices

Low-income Tier Spends Half of Disposable Income on Food amid Soaring Consumer Prices

SEOUL, Nov. 22 (Korea Bizwire) — The lower income tier spent more than half of its disposable income on food in the third quarter of this year, with consumers directly exposed to surging prices, the statistics agency said Monday. Statistics Korea’s Household Income and Expenditure Survey showed that households located in the lower 20 percent [...]

Central Banks Should Stop Series of Rate Hikes amid Deepening Recession Risks: U.S. Expert

Central Banks Should Stop Series of Rate Hikes amid Deepening Recession Risks: U.S. Expert

SEOUL, Nov. 9 (Korea Bizwire) — South Korea and other major economies should stop a string of interest rate hikes to fight inflation, as the extended monetary tightening would exacerbate recession risks, a U.S. expert said Wednesday. Robert Barro, an economics professor at Harvard University, stressed that the central banks around the world, with the [...]

Consumer Sentiment Could Decrease Further Due to Impact of Itaewon Tragedy

Consumer Sentiment Could Decrease Further Due to Impact of Itaewon Tragedy

SEOUL, Nov. 3 (Korea Bizwire) — Concerns are growing that year-end consumption activities could drastically cool down if consumer sentiment is dampened due to the impact of the Halloween crowd crush in Seoul’s Itaewon district. According to the Bank of Korea (BOK), South Korea’s consumer sentiment index (CSI) has remained below 100 for five straight [...]

S. Korea to Release Vegetable, Salt Reserves amid Price Hikes

S. Korea to Release Vegetable, Salt Reserves amid Price Hikes

SEOUL, Oct. 29 (Korea Bizwire) — South Korea plans to release its stockpile of vegetables and salt to cope with the lingering inflation for the annual kimchi-making period ahead of winter, the government said Friday. Under the plan, South Korea will release 5,000 tons of garlic, 1.4 tons of peppers and 3.6 tons of onions [...]

FDI Pledges to S. Korea Hit Record High Through September

FDI Pledges to S. Korea Hit Record High Through September

SEOUL, Oct. 5 (Korea Bizwire) — Foreign direct investment (FDI) pledges to South Korea rose 18.2 percent on-year during the first nine months of this year on the solid growth in investment in such advanced sectors as chips and batteries, the industry ministry said Wednesday. The country received US$21.52 billion worth of FDI commitments during [...]

More Import Restrictions Imposed on S. Korean Products Every Year: Data

More Import Restrictions Imposed on S. Korean Products Every Year: Data

SEOUL, Sept. 30 (Korea Bizwire) — An increasing number of South Korea’s major trading partners are implementing import restrictions on Korean products every year, data showed Thursday. Rep. Park Young-soon of the Democratic Party referred to a Korea Trade-Investment Promotion Agency (KOTRA) report that said the number of import restrictions on Korean products rose from [...]

Maryland Gov. Hogan Expects ‘Compromise’ over Controversial Law on Inflation After Midterm Elections

Maryland Gov. Hogan Expects ‘Compromise’ over Controversial Law on Inflation After Midterm Elections

SEOUL, Sept. 17 (Korea Bizwire) — Maryland Gov. Larry Hogan voiced cautious hope Saturday for a “compromise” over a new U.S. law aimed at reducing inflation that has unnerved South Korea by excluding electric vehicles made outside North America from tax benefits. He raised the possibility of a breakthrough on the controversial matter after the [...]

S. Korea’s Overseas Direct Investment Up 13 pct in Q2

S. Korea’s Overseas Direct Investment Up 13 pct in Q2

SEOUL, Sept. 16 (Korea Bizwire) — South Korea’s overseas direct investment rose 13.1 percent on-year in the second quarter of this year amid the post-pandemic economic recovery, data showed Friday. The value of investments made overseas by South Korean companies reached US$19.26 billion in the April-June period, up from $17.03 billion a year earlier, according [...]