SEOUL, Nov. 5 (Korea Bizwire) – South Korea’s economy could face severe long-term consequences if it fails to adequately address the climate crisis, with projections showing an annual growth rate decline of 0.3 percentage points and a 21% drop in GDP by 2100, according to a new report from the Bank of Korea. The central bank [...]
SEOUL, Nov. 4 (Korea Bizwire) – In response to the recent suicide of a sex worker driven to despair by illegal loan sharks, Seoul Metropolitan Government has announced comprehensive measures to combat predatory lending practices, particularly those targeting vulnerable populations. The city’s initiative, announced on November 3, comes after the tragic death of a single mother [...]
SEOUL, Nov. 3 (Korea Bizwire) – South Korea’s household credit increased at a faster rate in October due to rising loans from savings banks and credit unions despite the government’s efforts to curb household debts, financial data showed Sunday. Outstanding household credit extended by all financial institutions, including commercial banks, savings banks, and insurance [...]
SEOUL, Nov. 2 (Korea Bizwire) – A South Korean government research institute has warned that if Donald Trump returns to the presidency and implements his proposed tariff policies, South Korea could see its exports decline by as much as $44.8 billion (61.7 trillion won). According to a report released on October 31 by the Korea Institute [...]
SEOUL, Nov. 2 (Korea Bizwire) – A new study warns that the proliferation of cashless businesses could disproportionately impact older consumers who rely heavily on cash and have lower digital literacy, according to research released October 31 by the Bank of Korea. The study, conducted by Lee Kyungtae of the Bank of Korea’s Financial and Monetary [...]
SEOUL, Oct. 30 (Korea Bizwire) – Household loan growth continued in October, rising slightly higher than the previous month, the country’s chief regulator said Wednesday, but added that it is unclear whether tightened curbs on loans for home rent would be implemented this year. Kim Byoung-hwan, head of the Financial Services Commission (FSC), told reporters [...]
SEOUL, Oct. 30 (Korea Bizwire) — An annual conference of South Korean business leaders from around the world is successfully under way in Vienna after its opening ceremony at the Austria Center Vienna earlier this week, organizers said Wednesday. The World Federation of Overseas Korean Traders Association (World-OKTA) opened its 28th leaders’ convention in the [...]
SEJONG, Oct. 29 (Korea Bizwire) – South Korea’s exports, long considered the backbone of its economy, are showing signs of weakness, amplifying concerns about the country’s economic outlook. The possibility of a Donald Trump victory in the U.S. presidential election, with his promises of aggressive tariff policies, is raising additional concerns about the recovery of exports [...]
SEOUL, Oct. 27 (Korea Bizwire) – South Korea’s Finance Minister Choi Sang-mok vowed to minimize the pace of its government debt growth through stricter budget restructuring in a meeting with a manager of Moody’s Investors Service, the finance ministry said Sunday. Choi made the remarks when he met with Marie Diron, managing director of Moody’s [...]
SEOUL, Oct. 25 (Korea Bizwire) – Data released by South Korea’s National Tax Service has revealed significant income disparities among the country’s workforce, with the average annual salary standing at 41.23 million won while top earners command substantially higher wages, particularly in the capital region. According to figures obtained by Representative Ahn Do-geol of the Democratic [...]