SEOUL, Nov. 26 (Korea Bizwire) – The number of Korean venture companies surpassing ₩100 billion in annual revenue exceeded 900 for the first time last year, signaling robust growth in the country’s innovation-driven economy, the Ministry of SMEs and Startups announced on Tuesday. The total reached 908 firms in 2023, a 4.5% increase from 869 in [...]
SEOUL, Nov. 26 (Korea Bizwire) – “All cosmetic samples for just 10,000 won.” Such listings have become increasingly common on Danggeun Market, South Korea’s popular secondhand trading platform, reflecting a growing divide in the nation’s beauty market amid persistent inflation. While some consumers hunt for bargain cosmetics and sample-size products, others flock to luxury brands like [...]
SEOUL, Nov. 25 (Korea Bizwire) – Following the recent suicide of a single mother in her 30s who was harassed by loan sharks, experts are calling for stronger enforcement of debt collection laws amid continuing reports of illegal collection practices. According to the Supreme Court’s Judicial Yearbook released November 24, only 13 cases (16.7%) out of [...]
SEOUL, Nov. 25 (Korea Bizwire) – Following the devastating Mercedes-Benz EQE fire in an Incheon apartment complex parking garage last August, which damaged approximately 800 vehicles, concerns about rising auto insurance premiums have become reality, even as traffic accidents and fatalities decline. According to the Korea Automobile Citizens’ Association, traffic fatalities have dropped by half, from [...]
SEOUL, Nov. 21 (Korea Bizwire) – Seoul’s bustling Myeong-dong district has emerged as the ninth most expensive retail location globally, according to a new report by Cushman & Wakefield Korea. The real estate services firm analyzed retail rental prices in 138 major cities, revealing that Myeong-dong’s annual average rent per square meter reached ₩10.32 million, a [...]
SEOUL, Nov. 21 (Korea Bizwire) – As global economic uncertainties persist, South Korea’s largest conglomerates are intensifying efforts to secure cash reserves, even divesting profitable core businesses and world-leading operations to strengthen their financial positions and fund future investments. According to industry sources on November 20, major business groups are actively selling profitable subsidiaries and flagship [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korea’s e-commerce market is growing at a fast pace and is expected to grow 10.2 percent on-year to surpass 164 trillion won (US$118 billion) this year, a global market research firm said Wednesday. The Korean e-commerce market is set to reach 164.3 trillion won in 2024, up from [...]
SEOUL, Nov. 20 (Korea Bizwire) – Outstanding credit card loans have risen sharply to reach an all-time high as of end-October amid tight lending regulations by banks and weak domestic demand, data showed Wednesday. Outstanding loans extended by nine major credit card firms amounted to 42.22 trillion won (US$30.25 billion) as of end-October, the largest [...]
SEOUL, Nov. 20 (Korea Bizwire) — An International Monetary Fund (IMF) team said Wednesday that South Korea’s economy is forecast to grow 2 percent next year, citing downside risks including a slowdown in trade and heightened geopolitical tensions. The latest forecast by the IMF team marked a 0.2 percentage-point drop from an earlier projection presented [...]
SEOUL, Nov. 19 (Korea Bizwire) – South Korea’s inheritance tax system, among the highest in developed nations, is hampering business continuity and economic dynamism, according to a new report released on November 18 by the Korea Chamber of Commerce and Industry (KCCI). The report, “Five Reasons Why Inheritance Tax Reform is Necessary,” comes as the government’s [...]