SEOUL, June 17 (Korea Bizwire) – South Korea’s salaried workers spent less on congratulatory and condolence money for weddings and funerals in the first quarter as they felt the pinch amid an extended economic slowdown, government data showed Friday. In the three months ended March 31, people spent an average of 250,127 won (US$214) to [...]
SEOUL, June 13 (Korea Bizwire) – The number of self-employed South Koreans in their 30s has been on a steady rise since late last year as a prolonged economic slump forces more young people to set up one-man operations instead of finding jobs, a report showed Monday. According to the report by the Korea Labor [...]
SEOUL, June 10 (Korea Bizwire) – South Korean investors are piling into high-yield corporate bonds with relatively high risk in search of bigger returns as the country’s interest rates are at rock bottom, sources said Friday. Trading of these so-called mezzanine bonds have recently been active as investors are drawn to debt that offers a higher [...]
SEOUL, June 8 (Korea Bizwire) – Statistics Korea revealed Tuesday that it’s developing what it calls a ‘quick-time consumption index’ based on civilian credit card approval information provided by the Credit Finance Association (CFA). The new index will use big data related to credit card approval information from eight domestic credit card companies, and is [...]
SEOUL, June 6 (Korea Bizwire) – South Korea’s weakening export growth may hurt the country’s growth by 0.2 percentage point this year as global demand remains sluggish and uncertainties involving a possible U.S. rate hike this month remain high, a parliamentary agency said Monday. The country’s weak export growth will continue to weigh on its [...]
SEOUL, June 3 (Korea Bizwire) – Korea’s unyielding economic slump and more frequent corporate restructuring are driving employees to quickly prepare for a hazy future. These employees are referred to as saladents – a portmanteau of the words salaryman and student. According to a retail industry watcher, Hyundai Home Shopping generated 30 billion won in [...]
SEOUL, June 2 (Korea Bizwire) – The latest overseas investment bank (IB) analysis noted that Korea’s surging debt – household and corporate – is degrading its potential for economic growth. And with its aging society and poor foreign conditions, the gap between Korean and global economic growth rates will likely expand. One of the IBs, [...]
SEOUL, May 30 (Korea Bizwire) – South Korea, aiming to become the hub of Asia’s financial technology (fintech) sector, signed a memorandum of understanding with France on Monday. The agreement included sharing related information and supporting each other’s fintech firms. A partnership with France, a core player in the eurozone economy, is seen as offering [...]
SEOUL, May 14 (Korea Bizwire) – Just like the rest of the world, Korea is suffering from a prolonged economic downturn. Like societies elsewhere, Koreans and their businesses are adapting and adjusting to what is starting to be accepted as a new economic reality. To begin with, there has been a clear shift in [...]
SEOUL, May 13 (Korea Bizwire) – More than one hundred days have passed since the Korean government established new guidelines for credit checks, leading to more rigorous income evaluations for loan applicants. The policy is part of efforts to ease the national economic debt burden, which now stands at over 1.2 quadrillion won in household [...]