SEJONG, Feb. 17 (Korea Bizwire) — South Korea’s finance ministry said Friday the country’s economy has slowed amid higher inflation and sluggish exports. “South Korea’s inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn,” the Ministry of Economy [...]
SEOUL, Feb. 15 (Korea Bizwire) — The Seoul city government put off its plan to raise the subway and bus fares to the second half of this year, city officials said Wednesday. The city had been pushing to increase its subway and bus fares by up to 400 won (US$0.31) starting in late April to [...]
SEOUL, Feb. 12 (Korea Bizwire) — China’s reopening from COVID-19 restrictions and its economic recovery are expected to help boost South Korea’s economic growth and exports, which are highly related to the neighboring country, a report showed Sunday. According to the report published by the Korea International Trade Association (KITA), global institutions have predicted that [...]
SEOUL, Feb. 10 (Korea Bizwire) — South Korean consumers are reducing the use of food delivery apps while showing a preference towards homemade meals, amid the easing of social distancing rules coupled with the economic slump. The monthly active users (MAU) of the nation’s big three food delivery apps — Baedal Minjok, Yogiyo, and Coupang [...]
SEOUL, Feb. 1 (Korea Bizwire) — The basic taxi fare in Seoul rose by 1,000 won (US$0.8) to 4,800 won on Wednesday, marking the first hike in nearly four years. The Seoul metropolitan government raised the base rate for midsized sedan cabs operating in the capital city starting 4 a.m. The last hike was carried [...]
SEOUL, Jan. 30 (Korea Bizwire) — The basic taxi fare in Seoul will rise by 1,000 won (US$0.8) to 4,800 won starting next month, the city government said Monday. The Seoul Metropolitan government’s plan to raise the base rate for mid-sized sedan cabs operating in the capital will go into effect on Feb. 1, it [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s state pension operator said Friday its fund is anticipated to be depleted in 2055 should the country maintain the current system amid the critically low birth rates and the aging population. The fund is also set to post a shortfall starting in 2041, according to the latest [...]
SEOUL, Jan. 26 (Korea Bizwire) — The government plans to boost energy vouchers and expand a discount of gas prices for vulnerable people to help them cope with surging costs of heating their homes, a senior presidential official said Thursday. Choi Sang-mok, senior presidential secretary for economic affairs, told reporters rising energy costs are inevitable [...]
SEOUL, Jan. 3 (Korea Bizwire) — Foreign direct investment (FDI) pledges to South Korea hit an all-time high last year, surpassing US$30 billion for the first time, data showed Tuesday. Foreigners pledged to invest $30.45 billion here last year, up 3.2 percent from a year earlier, according to the data by the Ministry of Trade, [...]
SEOUL, Jan. 1 (Korea Bizwire) — South Korea’s exports rose 6.1 percent in 2022 from a year earlier to reach an all-time high, but it suffered the largest ever trade deficit on high global energy prices, the industry ministry said Sunday. The country is forecast to see a 4.5 percent fall in exports in 2023 [...]