SEJONG, Oct. 31 (Korea Bizwire) — South Korea’s industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown. Production in the mining, manufacturing, gas and electricity industries backtracked [...]
SEOUL, Oct. 30 (Korea Bizwire) — Contrary to popular belief, young people were found to have fallen prey to voice phishing scams more than senior citizens, data showed Tuesday. According to the data from the Financial Supervisory Service (FSS), those in their 20s and 30s lost 42.5 billion won (US$37.26 million) from this kind of [...]
SEOUL, Oct. 29 (Korea Bizwire) — A number of industries that propelled South Korea to its economic “miracle” are now headed downhill. The China-U.S. trade war, rising interest rates in the U.S., lowered labor productivity and other hurdles have large Korean corporations stuck in a “tunnel of uncertainty” in which companies are unable to accurately [...]
SEOUL, Oct. 29 (Korea Bizwire) — Major South Korean financial firms vowed Monday to establish an emergency monitoring system to better respond to market instability, their association said. The pledge came after chiefs of 12 local securities firms and nine asset management companies held an emergency meeting earlier in the day to assess the current [...]
SEOUL, Oct. 28 (Korea Bizwire) – The South Korean economy is expected to post a weak annual growth for this year due to the country’s high unemployment rate coupled with the falling corporate investment, industry watchers said Sunday. The Bank of Korea recently revised down the growth target for 2018 to 2.7 percent from 2.9 [...]
SEOUL, Oct. 25 (Korea Bizwire) – Suhyup Bank announced yesterday that it was adopting a new service that allows customers to access their bank accounts via ATM by merely having the machines scan the veins in their palms. The banking service dubbed “Hands Up banking” is possible when customers are verified simply by presenting their [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s per-capita gross domestic product (GDP) is on track to surpass US$30,000 this year and expected to exceed $40,000 in 2023, a parliamentary report showed Thursday. According to the report by the National Assembly Budget Office (NABO), South Korea’s per-capital GDP is expected to reach $31,862 this year, [...]
SEOUL, Oct. 24 (Korea Bizwire) — An international financial research institute has published a report stating the average wealth of Korean adults is approximately 200 million won. According to the “Global Wealth Report 2018” published by Credit Suisse Research Institute (CSRI), the average monetary assets held by adult Koreans totaled $171,740, which was equivalent to [...]
SEJONG, Oct. 24 (Korea Bizwire) – Top 1 percent of South Korean taxpayers earned an average 4.45 billion won (US$3.87 million) in investment income in 2016, data showed Wednesday. Their average investment income was 18.3 times bigger than the average income from salaries of top 1 percent earners, according to the data by the National [...]
SEOUL, Oct. 23 (Korea Bizwire) — About 520,000 people, or 1.3 percent of South Korea’s population, were believed to have borrowed money from loan sharks last year, a survey showed Tuesday. They borrowed an estimated 6.8 trillion won (US$6 billion) from unregistered lenders at the end of last year, according to the survey of 5,000 [...]