SEOUL, June 15 (Korea Bizwire) — South Korea’s household debts stood at nearly 1.7 times their disposable income, data showed Sunday, with the pressure for loan repayment driving down consumer spending, potentially triggering an economic recession. The debt-to-income ratio for South Korean households and nonprofit organizations came to 174.7 percent as of end-2024, according to [...]
SEOUL, June 15 (Korea Bizwire) — South Korea’s exports to the Association of Southeast Asian Nations (ASEAN) countries are on the rise, helping offset recent drops in shipments to the United States and China amid a global trade war sparked partly by the U.S.’ evolving tariff policies, data showed Sunday. Outbound shipments to the ASEAN [...]
SEOUL, June 15 (Korea Bizwire) — For many South Korean households, the rising cost of everyday groceries is no longer just an inconvenience—it’s a growing burden. From fresh eggs to packaged snacks, the price tags lining supermarket shelves are fueling consumer frustration and prompting government action. According to data released Sunday, South Korea ranked as [...]
SEOUL, June 15 (Korea Bizwire) — As summer temperatures begin to climb, South Korea’s major retailers are seeing a sharp uptick in sales of sliced and mini watermelons, reflecting a growing consumer preference for convenience and smaller servings—especially among the nation’s increasing number of one- and two-person households. Traditionally seen as a “the bigger, the [...]
SEOUL, June 13 (Korea Bizwire) — The government conducted an emergency review of the country’s oil and gas supplies Friday amid escalating tensions in the Middle East following Israel’s strike on Iran, the industry ministry said, adding the country faces no immediate problem. The Ministry of Trade, Industry and Energy held the meeting with officials [...]
SEOUL, June 13 (Korea Bizwire) – South Korean stocks snapped their seven-day winning streak Friday as rising tensions in the Middle East heightened investors’ risk-off sentiment. The local currency was trading sharply lower against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 25.41 points, or 0.87 percent, to close at 2,894.62. [...]
SEOUL, June 13 (Korea Bizwire) — Officials from South Korea’s food and restaurant industry associations called on the government Friday to take steps to reduce import costs of key materials and support public delivery platforms. In a meeting with Prime Minister nominee Kim Min-seok, the officials said recent price increases in the food sector were [...]
SEOUL, June 13 (Korea Bizwire) — Hyundai Motor Group said Friday that its U.S.-based autonomous driving joint venture, Motional, has officially appointed robotics and artificial intelligence (AI) expert Laura Major as its president and chief executive officer (CEO). Major, who had served as the company’s chief technology officer (CTO) since its founding in 2020, was [...]
SEOUL, June 13 (Korea Bizwire) — South Korea’s economic recovery remains elusive, hampered by fragile domestic demand and worsening export conditions, as the government warns of persistent downward pressures that have now stretched into a sixth consecutive month. In its latest monthly economic report, known as the Green Book, the Ministry of Economy and Finance painted [...]
SEOUL, June 13 (Korea Bizwire) — South Korea and Indonesia have finalized a deal to slash Jakarta’s contribution to the joint KF-21 fighter jet project to 600 billion won (US$443 million), about one-third of the original amount, Seoul’s defense procurement agency said Friday. The two sides signed the agreement at an arms exhibition in Jakarta [...]