SEOUL, Nov.6 (Korea Bizwire) – Controversy over populism is stirring after Seoul Metropolitan Government decided to give benefits to young people who are preparing to get a job. The Seoul Metropolitan Government announced that it will give benefits of an average of 500,000 won for as long as six months to unemployed young people and [...]
SEOUL, Oct. 26 (Korea Bizwire) - More than 20 percent of South Korean conglomerates’ affiliates were found to be unprofitable and highly indebted last year, market data showed Monday, a revelation that comes amid the government’s push to prevent any fallout on the economy from their sudden collapse. The number of “zombie companies,” which can’t generate [...]
SEOUL, Oct. 26 (Korea Bizwire) - Global economic think tanks and investment banks (IBs) are predicting South Korea’s growth to slide to the upper 2 percent range in 2016 due to slumping exports and weak domestic demand, financial market sources said Monday. The latest monthly Consensus Economic report showed overseas think tanks and IBs expect Asia’s [...]
SEOUL, Oct. 22 (Korea Bizwire) – The proportion of public institutions that have adopted the government’s salary peak system initiative to create more jobs for young people now exceeds 60 percent. The government sent a warning message to unions at public organizations that are asking for a retirement age extension without adopting the salary peak [...]
SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s exports are expected to continue to decline in the remainder of the year amid low oil prices and a slowing Chinese economy, a poll showed Friday. The country’s leading export sentiment index came to 48.6 for the October-December period, down 3.3 points from the previous quarter, according [...]
SEJONG, Oct. 15 (Korea Bizwire) – The first Korean ‘Black Friday’ shopping event, which was initiated by the government and promoted across the country over the past two weeks, ended on October 14. The event was a desperate attempt by the government to boost consumption, with domestic demand frozen and exports low. The promotion benchmarked [...]
SEOUL, Oct. 4 (Korea Bizwire) – A growing number of South Korean companies failed to generate enough operating profit to pay tax and interest payments on their debt, potentially raising downside risks in Asia’s fourth-largest economy, data showed Sunday. Out of 628 listed companies excluding financial firms, 34.9 percent of the companies failed to make [...]
SEOUL, Sept. 30 (Korea Bizwire) — A youth employment fund proposed by President Park Geun-hye drew 1.92 billion won (US$1.62 million) from about 50,000 people in the first five days after its creation on Sept. 21, the presidential office said Wednesday. Park proposed to establish a private fund that helps create jobs for young people [...]
BEIJING, Sept. 29 (Korea Bizwire) – Business confidence of South Korean firms in China dropped in the third quarter of this year, hit by sluggish sales as the Chinese economy is cooling down. The quarterly business survey index (BSI) of about 230 South Korean firms, an indicator of their outlook for the coming quarter, was [...]
SEJONG, Sept. 29 (Korea Bizwire) – Unemployment among young people in South Korea is worse than the level reached during the global financial crisis, a state-run think tank said Tuesday, calling for urgent measures to tackle the problem. The Korea Institute for Industrial Economics and Trade (KIET) said in a report that overall conditions for [...]