GWANGMYEONG, South Korea, Oct. 16 (Korea Bizwire) – The South Korean city of Gwangmyeong, just south of Seoul, said Monday it will sign a memorandum of understanding with French national railway company SNCF this year to implement a Eurasia railway project to connect South and North Korea by rail to Europe. Former French Minister for [...]
SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s household lending by banks rose at the slowest pace in five months in September, but mortgage loans continued the upside trend amid the government’s toughened financial measures to cool down the real estate market, central bank data showed Monday. Outstanding household loans from lenders came to 749.2 [...]
SEOUL, Oct. 16 (Korea Bizwire) – Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries, the top shipbuilders in the country, are struggling from lack of work caused by falling demand for new vessels. According to recent industry data, however, that could change in the not-too-distant future thanks to a projected rise [...]
SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s foreign exchange holdings have dropped for the first time in seven months, according to the Bank of Korea (BOK). The BOK said on Thursday that the country’s foreign exchange reserves were estimated at 364.7 billion dollars, down 170 million dollars from the previous month. It’s the first time [...]
SEJONG, Oct. 13 (Korea Bizwire) – South Korea’s economic recovery momentum remains feeble as weak domestic demand such as private consumption offset strong overseas sales, a government report said Friday. “The South Korean economy has been maintaining an upturn pace on the back of brisk exports and recovering global demand, but domestic consumption has remained [...]
SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]
SEOUL, Oct. 11 (Korea Bizwire) – South Korea’s main stock index hit a record high on Wednesday, buoyed by strong buying by foreign investors, while Samsung Electronics rallied ahead of its earnings release. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.35 points, or 1 percent, [...]
SEOUL, Oct. 11 (Korea Bizwire) — South Korea ranked 22nd in the per capita net financial assets among 53 major economies last year, a report said Wednesday. The average South Korean had 28,180 euros in financial assets including cash, bank deposits, stocks, insurance and pensions last year, according to a global wealth report by the [...]
SEOUL, Oct. 4 (Korea Bizwire) – As the public’s interest in digital currency grows, the Bank of Korea announced on October 2nd that it will be difficult for digital currency to be used as a common currency. The Bank of Korea stated this in its report on the current status and implications of digital currency [...]
SEJONG, Oct. 2 (Korea Bizwire) – More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday. A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a [...]