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Archive by category Economy & Inflation

S. Korea to Suffer $17 Billion Loss in Exports If FTA with U.S. Renegotiated

SEOUL, May 2 (Korea Bizwire) – South Korea’s exports to the United States are expected to suffer losses as much as US$17 billion over five years if the two nations renegotiate a bilateral free trade deal, according to a report on Sunday. South Korea’s businesses remain concerned after U.S. President Donald Trump told Reuters in an interview last week that he will either renegotiate or scrap the free trade deal with South Korea, calling it “horrible.” If tariff [...]

Big Biz CEOs Paid Average 22-Times More Than Ordinary Workers

SEOUL, May 2 (Korea Bizwire) – Chief executive officers (CEOs) leading South Korea’s biggest businesses receive salaries that are on average 21.9-times higher than those of ordinary employees, a local market researcher said Sunday. According to FN Guide, CEOs at the 30 largest companies in terms of market capitalization, took home substantially more pay than the average worker in 2016, with the gap widening to more than 50 [...]

Moody’s Maintains Hyundai’s Rating Despite Weak Q1 Results

SEOUL, April 27 (Korea Bizwire) – Global ratings agency Moody’s Investors Service said Thursday it will maintain the current Baa1 rating for Hyundai Motor Co., South Korea’s top automaker, despite its weak first-quarter earnings. On Wednesday, the carmaker reported a 21-percent on-year drop in first-quarter net profit due to weak sales in China and emerging [...]

U.S. Import Restrictions on Rise With New Tools for Tariffs

SEOUL, April 25 (Korea Bizwire) – The number of U.S. import restrictions so far this year has already surpassed half of last year’s total, a local trade body said Monday, including one against South Korean products. According to the Korea International Trade Association (KITA), the U.S. has launched an investigation into 24 separate cases on suspicions of anti-dumping and countervailing duties in the January-April period. This [...]

Cards Used More Than Cash at CVS

SEOUL, April 24 (Korea Bizwire) – Cash payments fell to less than half of all payments at a major convenience store chain in 2016 as a growing number of people used credit, debit and other cards, the chain said Sunday. It is the first time that card payments have exceeded 50 percent of the total at any convenience store chain, CU said. Card payments at CU outlets rose to [...]

S. Korea Losing Port Calls After Hanjin Shipping’s Bankruptcy

BUSAN, April 21 (Korea Bizwire) – Global shipping companies have reduced their calls at South Korean ports despite adding more worldwide services, partly a result of Hanjin Shipping going bankrupt, a research organization said Friday. Four different shipping alliances have been realigned into three major players — 2M, The Alliance and Ocean Alliance — in [...]

South Korea Begins Pilot Project for “Coinless Society”

SEOUL, April 19 (Korea Bizwire) – South Korea plans to launch a pilot project for a coinless society this week, South Korea’s central bank said Wednesday, a move that could enhance convenience for ordinary people. Under the project set to begin Thursday, consumers can deposit small change left from purchases of goods into their prepaid [...]

IMF Upgrades S. Korea’s 2017 Growth Forecast to 2.7 pct

SEJONG, Apr. 19 (Korea Bizwire) — The International Monetary Fund (IMF) on Tuesday raised its forecast for South Korea’s economic growth this year to 2.7 percent thanks to clear signs of a turnaround in the global economy. The latest forecast is up 0.1 percentage point from the 2.6 percent growth the agency estimated in its [...]

S. Korea’s Tax Burden Remains One of the Lowest in OECD: Data

SEOUL, Apr. 17 (Korea Bizwire) — South Korea’s tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday. Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden ratio of Asia’s fourth-largest [...]

S. Korea Collected Nearly 320 tln won in Taxes in 2016: Gov’t

SEOUL, Apr. 17 (Korea Bizwire) — South Korea collected a record amount of local and central government taxes last year, official data showed Sunday, with the numbers likely to go up in the coming years. According to data by the finance and interior ministries and the central bank, Seoul brought in 318.1 trillion won (US$278.5 [...]