SEOUL, Feb. 6 (Korea Bizwire) — South Korean exports are forecast to decline in 2019, as outbound shipments contracted for two months in a row, economic organizations and observers said Wednesday. The poor export showings in December and January marked the first time in 27 months that shipments have fallen in consecutive months on an [...]
SEOUL, Feb. 6 (Korea Bizwire) — “Wealthy households” in South Korea spent nearly four times more per month than the national average, a report showed Wednesday. According to the 2019 Korean Wealth Report issued by KEB Hana bank, households that owned more than 1 billion won (US$898,500) worth of financial assets spent an average of [...]
SEOUL, Feb. 4 (Korea Bizwire) — According to financial industry watchers on Saturday, KB Kookmin Bank has extended the promotion period for the KB X BTS installment savings account to February 28. BTS, a famous idol group in South Korea, acted as models in promotional materials for the new account. The promotion was expected to [...]
SEOUL, Feb. 3 (Korea Bizwire) — Kim Seung-hwa usually visits banks at this time of year to get crisp new bills to prepare to give Lunar New Year’s cash gifts to her relatives. This year, the 37-year-old office worker in Seoul deposited 300,000 won (US$267) in her digital wallet, Kakao Pay, so she could wire [...]
SEOUL, Feb. 1 (Korea Bizwire) — The city of Gwangju and Hyundai Motor Co. signed an investment agreement on Wednesday to build a vehicle assembly plant in Gwangju. South Korean President Moon Jae-in was also present at the signing ceremony. The feat comes after a series of delays over one of the articles included in [...]
SEOUL, Feb. 1 (Korea Bizwire) — South Korea’s exports moved down 5.8 percent in January from a year earlier, government data showed Friday, due mainly to weaker performances by chips and petrochemical goods. Outbound shipments came to US$46.3 billion for January, down from $49.2 billion posted a year earlier, according to the data compiled by [...]
SEOUL, Jan. 30 (Korea Bizwire) — South Korea’s Hyundai Heavy Industries Group is seeking to buy its smaller rival, Daewoo Shipbuilding & Marine Engineering, industry sources said Wednesday, in what could be a major shakeup in the sector. The country’s top shipbuilder is in talks with state-run Korea Development Bank (KDB), a creditor bank that [...]
SEOUL, Jan. 30 (Korea Bizwire) — The number of counterfeit South Korean banknotes detected here last year reached a 20-year low, the central bank said Wednesday. The Bank of Korea (BOK) said a total of 605 fake bills were found in 2018, down a sharp 63.5 percent from 1,657 a year earlier. It was the [...]
SEOUL, Jan. 29 (Korea Bizwire) — Six out of ten South Koreans in their forties and fifties continue to bear the financial burden of supporting their children, even after having retired. According to a survey conducted by the Korea Insurance Development Institute on South Korean citizens living in six major cities, 56.6 percent of those [...]
SEJONG, Jan. 29 (Korea Bizwire) — South Korea’s industry ministry said Tuesday it plans to provide more incentives to overseas companies operating in the country and induce them to carry out more foreign direct investment (FDI). The Ministry of Industry, Trade, and Energy, which hosted meetings with officials from foreign companies here, said it is [...]