SEJONG, Feb. 25 (Korea Bizwire) – South Korea’s finance minister will attend the Group of 20 meeting for top economic policymakers in China later this week to discuss a variety of global issues such as increased market volatility and toughened economic conditions, the finance ministry said Thursday. The Ministry of Strategy and Finance said Finance [...]
SEOUL, Feb.23 (Korea Bizwire) – The Seoul Metropolitan Government has selected ‘diginomics’ as a new strategy to boost city growth. With the city currently losing its growth engine, and with the population dwindling and expected to fall under 10 million, diginomics will be counted on to boost growth, create jobs and make the lives of [...]
SEOUL, Feb. 18 (Korea Bizwire) – One out of four South Korean companies plan to reduce their workforces this year to save costs, bracing for the grim reality of sluggish exports and dull domestic consumption, a poll showed Thursday. According to the survey by online recruiting agency Saramin on 307 human resource officials, 23.8 percent [...]
SEJONG, Feb. 18 (Korea Bizwire) – South Korea will make efforts to prevent rising North Korean risks from hampering foreign investment in the country following North Korea’s latest nuclear test and rocket launch, the trade minister said Thursday. After carrying out an alleged hydrogen bomb test in early January, Pyongyang defiantly launched a long-range rocket [...]
SEOUL, Feb.17 (Korea Bizwire) – Even as the economy is suffering, Koreans seem to be ready to open their wallets for their children. Due to the ‘eight-pocket’ phenomenon, which refers to eight people – parents (2), grandparents (4), uncle and aunt – spending money on one child, products and services related to children are showing [...]
SEOUL, Feb.16 (Korea Bizwire) – Apple’s Apple Pay mobile payment service will launch in China on February 18. Samsung is hoping to follow shortly with its Samsung Pay service, and is currently wrapping up negotiations with Chinese partners, adding a sense of tension to the Chinese mobile payment market. According to Chinese media, Apple Pay [...]
SEOUL/SEJONG, Feb. 11 (Korea Bizwire) – South Korea’s new economic policy team led by Finance Minister Yoo Il-ho is facing tough challenges as domestic and overseas developments threaten to drag down growth down the road, local observers said Thursday. The warning comes as slowdowns in China and emerging markets, contracting exports and weakening domestic consumption [...]
SEOUL, Feb.10 (Korea Bizwire) – The number of households having trouble paying off their debts due to a lack of income is increasing. According to data issued by the Bank of Korea (BOK), the number of households with limited financial ability was 1,580,000 in March 2015, which was 14.7 percent of the 10,720,000 households with [...]
SEOUL, Feb. 10 (Korea Bizwire) – The South Korean government said Wednesday the local economy remains intact despite the latest provocations made by North Korea, adding it will roll out market stabilization measures in case of any contingencies. “There have been no special trends after North Korea’s missile launch during the holiday,” Vice Finance Minister [...]
SEOUL, Feb. 5 (Korea Bizwire) – Despite global oil prices hitting a multi-year low due to a supply glut, local oil refiners pocketed decent earnings last year on the back of improved cracking margins, and their stellar performance may continue into this year, analysts say. Oil prices have been in the doldrums since early last [...]