SEOUL, Dec. 31 (Korea Bizwire) — South Korea will implement a new trade rule this week focusing on offering broader support for companies impacted by free trade agreements (FTAs) and other trade pacts, the industry ministry said Tuesday. The Act on Addressing Changes in Trade Environment, an upgraded version of the Act on Trade Adjustment [...]
SEJONG, Dec. 30 (Korea Bizwire) — South Korea’s economy has entered uncharted waters as Deputy Prime Minister Choi Sang-mok assumes the role of acting president following the impeachment of Prime Minister Han Duck-soo, who had been serving as acting president. The markets, which had barely weathered the shock of the December 3 martial law declaration by [...]
SEOUL, Dec. 30 (Korea Bizwire) — As the won-dollar exchange rate soars to nearly 1,500 won, small and medium-sized enterprises (SMEs) in South Korea are grappling with mounting challenges, including volatile currency markets and the looming enforcement of stricter labor regulations. The steep rise in the exchange rate—up from the 1,300-won range earlier this year—has [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s 10 largest conglomerates have nearly doubled their corporate bond issuance over the past two years to manage increasing financial burdens. However, with rising interest rates and tighter liquidity conditions, these firms face significant challenges in refinancing their debt, raising concerns about potential ripple effects in the country’s [...]
SEOUL, Dec. 27 (Korea Bizwire) — The government and the ruling People Power Party (PPP) agreed Friday to provide 11.6 trillion won (US$7.86 billion) next year to stabilize consumer prices and ease the financial burden on low-income households. The two sides made the agreement during a consultative meeting among government officials, PPP lawmakers and private [...]
SEOUL, Dec. 26 (Korea Bizwire) — Insurance payouts for small business closures in South Korea have reached a historic high of 1.3 trillion won in 2024, reflecting the deepening impact of the economic slowdown, according to the Korea Federation of SMEs. The federation reported on December 25 that payments under the “Yellow Umbrella” business closure insurance [...]
SEOUL, Dec. 26 (Korea Bizwire) — Kim Jin-ha, a 78-year-old small clothing shop owner in Seoul’s Yeomni-dong, begins his day arranging clothing displays and preparing his store for the day’s customers. Despite his dedication of 25 years to the store, Kim says he has seen his profits steadily decline, as sluggish consumer spending has made [...]
SEOUL, Dec. 25 (Korea Bizwire) — Taiwan’s stock market has emerged as the top performer among Asia-Pacific’s major indices in 2024, while South Korea’s benchmark Kospi index lags near the bottom, weighed down by domestic and global challenges. According to CNBC, Taiwan’s Taiex index surged 28.85% this year through December 23, leading gains among 11 key [...]
SEOUL, Dec. 24 (Korea Bizwire) — A recent Bank of Korea survey reveals that one in three major South Korean export companies anticipates a decrease in exports next year, citing intensifying competition from China and potential impacts from a second Trump administration among key concerns. According to the central bank’s regional economic report released on December [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s manufacturing and export sectors, the backbone of its economy, are bracing for significant challenges in early 2025 due to rising global trade tensions and domestic political instability. Concerns are growing over protectionist policies from major economies, particularly under the incoming Trump administration, and a leadership void in [...]