SEOUL, Aug.12 (Korea Bizwire) – In order to revitalize the national tourist market and domestic economy that are withering from the effects of the Middle East Respiratory Syndrome (MERS) outbreak, the ‘Korea Grand Sale’ will take place from August 14 to October 31. Officials say that the sale will be the largest in scale since the [...]
SEOUL, Aug. 6 (Korea Bizwire) — The heads of South Korea’s major business groups own puny stakes in their affiliates, but a complex cross-shareholding structure allows their families to exercise nearly uncontrolled power over the sprawling business empires, data showed Thursday. In South Korea’s business scene, a “group” does not refers to a legal entity, [...]
SEOUL, July 27 (Korea Bizwire) – An increasing number of small and mid-sized companies are unable to cover their debt servicing costs with their operating profits. According to a report on the soundness of the debts of Korean companies from the Korea Institute of Finance released on July 26, although the leverage ratio of Korean [...]
SEOUL, Jul. 27 (Korea Bizwire) — The number of unemployed South Koreans in their 20s hit a new first-half record, data showed Sunday, adding to concerns over murky employment outlooks for the country’s younger generation. There were 410,000 unemployed people aged between 20 and 29 in the January-June period, the highest level since relevant data [...]
SEOUL, July 20 (Korea Bizwire) – With the increase of so-called “home alone” people or single-person households, a wave of change is coming to Koreans’ consumption patterns, and it is affecting the stock prices of related industries. Restaurants or karaoke rooms for one visitor are already thriving in Korea, and various ‘home alone’ products such [...]
SEOUL, July 14 (Korea bizwire) – Paul Singer, CEO of Elliott Management, released an old photo of himself taken when he visited Seoul World Cup Stadium in 2002 while the co-host country was astonishing the world. With red shirts emblazoned with the “Be The Reds” slogan, he posed in front of the stadium together with his [...]
SEJONG, July 14 (Yonhap) — South Korea plans to transform Busan into the world’s No. 2 transshipment cargo port by 2020 by building up infrastructure and streamlining operations, the government said Tuesday. The move could enable the country’s largest sea port to outstrip Hong Kong for the second place slot among the world’s transshipment harbors and place [...]
SEOUL, July 13 (Korea Bizwire) – In the past five years, income levels of the Korean middle class have increased steadily, but at half the rate of income growth for the upper class, leading to a deepening gap in the economic disparity between the classes. According to Oh Jae-sae, a lawmaker from the main opposition New [...]
SEOUL, July 9 (Korea Bizwire) — Business leaders in South Korea vowed Thursday to keep pushing for their planned investment and taking the lead in rejuvenating the economy, which is struggling with slumping domestic demand in the wake of the Middle East Respiratory Syndrome (MERS) outbreak. In a joint statement, presidents of the country’s top 30 [...]
SEOUL, July 7 (Korea Bizwire) – As Samsung Group and U.S. hedge fund Elliott Management are struggling over the merger between Cheil Industries and Samsung C&T, some are raising concern that Korean firms’ management rights should be defended from attacks by international hedge funds. They say that as the Korean economy has matured and its financial markets are [...]