SEOUL, Aug. 19 (Korea Bizwire) — McDonald’s Korea said Friday it will raise prices of its main products for the second time in about six months in a move seen as intended to transfer soaring raw material and logistical costs over to customers. The Korean unit of the global fast food giant McDonald’s said it [...]
SEOUL, Aug. 19 (Korea Bizwire) — Major South Korean companies have seen their cost burdens rise sharply in 2022 from a year earlier on surging raw material prices and wage increases, data showed Friday. Their rising cost burdens are widely feared to undercut their profitability down the road amid flagging demand stemming from worries over [...]
SEOUL, Aug. 18 (Korea Bizwire) — Household income rose at the fastest pace on record in the second quarter due largely to pandemic-related cash handouts, but households’ propensity to consume hit a record low amid high inflation, data showed Thursday. The average household earned 4.83 million won (US$ 3,700) per month in the January-June period, [...]
SEOUL, Aug. 17 (Korea Bizwire) — A string of tax havens appeared in the list of countries that invested significantly in South Korea in the first half of this year, raising concerns about a possible influx of “dirty money,” government data showed Tuesday. The amount of foreign direct investment (FDI) in the country amounted to [...]
SEOUL, Aug. 7 (Korea Bizwire) — About one out of eight mid-aged people in South Korea has borrowed money due to economic challenges caused by the coronavirus pandemic, a survey showed Sunday. According to the survey of 3,923 people by the Korea Institute for Health and Social Affairs, 12.5 percent of people in their 40s [...]
SEOUL, Aug. 5 (Korea Bizwire) — As high inflation continues, an increasing number of South Koreans are turning to simple meals at discount stores. E-Mart Inc., a discount store chain under Shinsegae Group, saw the sales of simple meals such as sandwiches, salads and gimbap (seaweed rice rolls with vegetables) jump by 25 percent in [...]
SEOUL, Aug. 3 (Korea Bizwire) — Soaring consumer prices, a resurgence in the number of COVID-19 cases being reported, and scorching weather are prompting more young South Koreans in their 20s and 30s to postpone their summer vacation. “I saved up 10 vacation days. I’m thinking of going on a trip to Europe in the [...]
SEOUL, July 23 (Korea Bizwire) — Foreign currency deposits at banks in South Korea shrank in June as importers paid bills and individuals sold the greenback amid a strong dollar, data showed on Friday. Residents’ outstanding foreign currency-denominated deposits had reached US$87.06 billion as of end-June, down $2.11 billion from the previous month, according to [...]
SEOUL, July 21 (Korea Bizwire) — Foreign direct investment (FDI) pledged to South Korea’s free economic zones (FEZs) more than doubled in the first half of this year to hit a three-year high amid post-pandemic economic recovery, data showed Thursday. The country’s nine FEZs received US$560 million worth of FDI commitment during the January-June period, [...]
SEOUL, July 20 (Korea Bizwire) — Despite soaring consumer prices, exchange rates and interest rates, the polarization of consumption is becoming more severe than ever. Even Koreans in their 20s and 30s are choosing to stay at home rather than go on a holiday this summer. A 30-year-old office worker surnamed Jeong wanted to go [...]