SEOUL, Feb. 26 (Korea Bizwire) — South Korea posted the second lowest economic growth during the fourth quarter of last year among major advanced and emerging economies, data showed Sunday. Asia’s fourth-largest economy shrank 0.2 percent on-quarter in the October-December period to mark the first negative growth in nine years. It was the second-lowest quarter-to-quarter [...]
SEOUL, Feb. 26 (Korea Bizwire) — The income of households led by people in their 40s fell sharply in the fourth quarter of last year, government data showed Saturday, as sluggish economic growth hurt the overall job market. According to Statistics Korea, the average earned income of such households stood at little over 3.4 million [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s short-term foreign debt rose sharply last year, with its ratio to the total reaching a five year high, the finance ministry said Friday. The country’s total external debt stood at US$418.8 billion at the end of last year, up $34.7 billion from a year ago, according to [...]
SEJONG, Feb. 22 (Korea Bizwire) – South Korea’s chief economic policymaker said Thursday that the government is not ruling out the use of extra budgetary funds to help create more quality jobs for young people. “In order to finance job creation, the government does not rule out the formation of supplementary budget,” Finance Minister Kim Dong-yeon said in a meeting with reporters. “All policy tools will be mobilized [...]
SEJONG, Feb. 21 (Korea Bizwire) – The jobless rate in Geoje, located in the southern part of the country, reached the highest level among South Korean cities, as local shipyards implemented massive job cuts amid an industry-wide slump, data showed Wednesday. According to the data compiled by Statistics Korea, the unemployment rate in the city, home to the country’s major shipyards, including Daewoo Shipbuilding & Marine Engineering Co. (DSME) [...]
SEJONG, Feb. 21 (Korea Bizwire) – Starting next month, it will be possible to make currency swaps for up to $1,000 and $2,000 via automated kiosks and online services operated by fintech firms. The government announced on Tuesday that it had been working on modifications to foreign currency exchange regulations which it expects to go [...]
SUWON, Feb. 19 (Korea Bizwire) — The Gyeonggi Urban Innovation Corporation has unveiled plans for a global business center at the Second Pangyo Techno Valley. The 249.5 billion won project will see a 13-storey building built on a 12,817 square meter lot, an edifice that will serve as the Global Biz Center for the much anticipated [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea will expand investment in food and agriculture companies with good growth potential to help tide them over during the challenges of their early development, the farm ministry said Monday. The Ministry of Agriculture, Food and Rural Affairs said it will create a fund worth 50.5 billion (US$47.2 [...]
SEOUL, Feb. 19 (Korea Bizwire) — Money pouring into stock market funds reached new record highs as of late last month, on the strength of the recent market rally, financial data showed Sunday. The total held by investor deposits, money for derivatives trading, repurchase agreements (RP) account receivables for consignment, credit loans for stock investment [...]
SEOUL, Feb. 14 (Korea Bizwire) – Blockchain technology-based money transfer services were found to be too slow and hard to restore where there is a glitch, according to tests conducted by the Bank of Korea. According to the BOK, speed and restoration issues were discovered in blockchain money transfers between banks, the central bank of South [...]