SEOUL, Nov. 9 (Korea Bizwire) — President Moon Jae-in plans to replace his finance minister as early as this week, an official familiar with the issue said Thursday. The announcement on replacing Finance Minister Kim Dong-yeon could be made before Moon leaves for Singapore on Nov. 13 for annual summits with Southeast Asian and other [...]
SEJONG, Oct. 31 (Korea Bizwire) — South Korea’s industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown. Production in the mining, manufacturing, gas and electricity industries backtracked [...]
SEOUL, Oct. 29 (Korea Bizwire) — A number of industries that propelled South Korea to its economic “miracle” are now headed downhill. The China-U.S. trade war, rising interest rates in the U.S., lowered labor productivity and other hurdles have large Korean corporations stuck in a “tunnel of uncertainty” in which companies are unable to accurately [...]
SEOUL, Oct. 28 (Korea Bizwire) – The South Korean economy is expected to post a weak annual growth for this year due to the country’s high unemployment rate coupled with the falling corporate investment, industry watchers said Sunday. The Bank of Korea recently revised down the growth target for 2018 to 2.7 percent from 2.9 [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s per-capita gross domestic product (GDP) is on track to surpass US$30,000 this year and expected to exceed $40,000 in 2023, a parliamentary report showed Thursday. According to the report by the National Assembly Budget Office (NABO), South Korea’s per-capital GDP is expected to reach $31,862 this year, [...]
SEJONG, Oct. 24 (Korea Bizwire) – Top 1 percent of South Korean taxpayers earned an average 4.45 billion won (US$3.87 million) in investment income in 2016, data showed Wednesday. Their average investment income was 18.3 times bigger than the average income from salaries of top 1 percent earners, according to the data by the National [...]
SEOUL, Oct. 22 (Korea Bizwire) — New business trends become widespread as they are introduced from all corners of the globe each year. Recently in the U.S. and the South American country of Brazil, the idea of “sheconomy” has been gaining prominence. “Sheconomy” is a type of marketing strategy that targets women from product planning [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s financial industry may have reached the point of excess where its growth will only undermine further economic development. According to the Korea Institute of Finance, credit lines at South Korean financial institutions tend to concentrate on unproductive household loans and small businesses that combine to hamper financial [...]
SEJONG, Oct. 7 (Korea Bizwire) – The number of South Korean employees in their 30s and 40s suffered the biggest fall since 2009, government data showed Sunday, in the latest sign of sluggish employment amid an economic slowdown. The data compiled by Statistics Korea showed that the average number of employed people in their 30s [...]
SEOUL, Oct. 3 (Korea Bizwire) – Accumulated peer-to-peer (P2P) loans in South Korea are estimated at over 4 trillion won (US$3.57 billion) as of the end of August, data showed on Wednesday. P2P lending refers to a new type of loan extended to individuals or businesses through social network services and the Internet, covering [...]