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S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

SEOUL, Jan. 16 (Korea Bizwire) – South Korea’s top 100 large-cap companies have cut more than 7,000 jobs in 2016, data showed Monday, as they are reluctant to hire new employees amid the economy’s prolonged sluggishness.  According to the data by market tracker Chaebul.com, the leading companies had a combined 861,578 employees as of the [...]

Even Wealthy Families Tighten Purse Strings amid Economic Slump

Even Wealthy Families Tighten Purse Strings amid Economic Slump

SEOUL, Jan. 11 (Korea Bizwire) – South Koreans, both poor and rich, are tightening their belts with no economic recovery in sight and the prices of goods ascending, data showed Wednesday.  The spending-to-income ratio of local households hit a record low despite stagnant wage levels.  Department stores and duty-free shops, two routine shopping spots for [...]

Economic Growth Not Leading to Job Creation

Economic Growth Not Leading to Job Creation

SEJONG, Jan. 3 (Korea Bizwire) – South Korea’s economic growth is not creating as many jobs as before, government analysis indicated Tuesday, saddling the country with bad news when growth projections are being marked down.  Numbers provided by the Ministry of Strategy and Finance and Statistics Korea show the government expects 2.6 percent economic expansion [...]

Households Brace for Gloomy Economic Conditions in 2017

Households Brace for Gloomy Economic Conditions in 2017

SEOUL, Dec. 30 (Korea Bizwire) – Forty-two percent of South Korean households believe their economic conditions will deteriorate next year, according to a survey by Gallup Korea released Friday.  The survey suggested that South Korea’s consumer confidence has sharply eroded amid uncertainties in the troubled shipping and shipbuilding sectors, and an ongoing influence-peddling scandal involving [...]

Number of New Companies Falls in 2015 amid Protracted Economic Slump

Number of New Companies Falls in 2015 amid Protracted Economic Slump

SEJONG, Dec. 23 (Korea Bizwire) – The number of newly established companies in South Korea fell slightly last year amid a protracted economic slump, government data showed Friday.  Some 813,000 new businesses were created in 2015, down 30,000 from 843,000 tallied a year earlier, according to the data compiled by Statistics Korea.  They took up [...]

Consumer Spending Suffers Serious Slump

Consumer Spending Suffers Serious Slump

SEOUL, Dec. 19 (Korea Bizwire) – South Korea’s consumer spending sank to a “seriously” low level in the third quarter of the year, government data showed Monday, as most households tightened their purse strings amid slowing economic growth.  Slumping household consumption is widely feared to come as a further drag on Asia’s fourth-largest economy struggling [...]