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 [...]
SEOUL, Oct. 20 (Korea Bizwire) — Fresh and processed food sales are on the rise as more people are choosing to dine at home instead of going to a restaurant due to rising consumer prices. Major online shopping mall Gmarket, citing its sales data for the third quarter of this year, said Wednesday that fresh [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Aug. 29 (Korea Bizwire) — The estimated cost of preparing “charye” during this year’s Chuseok fall harvest holiday climbed 6.4 percent from a year ago amid growing inflationary pressure, a research center survey showed Monday. Charye is a ceremonial Chuseok ritual honoring deceased ancestors and is usually accompanied by various types of traditional Korean [...]
SEOUL, Aug. 26 (Korea Bizwire) — South Korean overseas direct purchasers are turning towards Japan to enjoy more affordable prices amid the yen’s prolonged weakness. Shinhan Card Co., a major South Korean credit card company, said the number of settlements made by its customers for overseas direct purchases from Japan during the first seven months [...]
SEOUL, Aug. 25 (Korea Bizwire) — South Korea will seek a joint response with the European Union over the U.S. Inflation Reduction Act that excludes electric vehicles assembled outside of North America from tax incentives, the industry ministry said Thursday. The law, signed by U.S. President Joe Biden last week, calls for the expansion of [...]
SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s nationwide consumer prices rose at the fastest pace in 24 years in the second quarter of the year on soaring energy and food costs, data showed Monday. The national consumer price index came to 107.54 in the April-June period, up 5.4 percent from a year earlier, according [...]