SEOUL, Dec. 29 (Korea Bizwire) — Purchasing a home in Seoul remains a significant financial challenge, with residents needing to save their entire salaries for 13 years to afford a property, according to data released by South Korea’s Ministry of Land, Infrastructure, and Transport on Friday. The report highlights ongoing housing affordability issues across the country, [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s 10 largest conglomerates have nearly doubled their corporate bond issuance over the past two years to manage increasing financial burdens. However, with rising interest rates and tighter liquidity conditions, these firms face significant challenges in refinancing their debt, raising concerns about potential ripple effects in the country’s [...]
SEOUL, Dec. 27 (Korea Bizwire) — A former head of South Korea’s financial regulator has been appointed as the country’s representative tasked with promoting its economic and financial standing, the foreign ministry said Friday. Choi Jong-ku, a veteran technocrat and a former chairman of the Financial Services Commission (FSC), will serve as the ambassador-at-large for [...]
SEOUL, Dec. 27 (Korea Bizwire) — The government and the ruling People Power Party (PPP) agreed Friday to provide 11.6 trillion won (US$7.86 billion) next year to stabilize consumer prices and ease the financial burden on low-income households. The two sides made the agreement during a consultative meeting among government officials, PPP lawmakers and private [...]
SEOUL, Dec. 26 (Korea Bizwire) —In the ever-evolving economic landscape of South Korea, Millennials—those born in the 1980s—have emerged as a cornerstone of the nation’s financial vitality. According to a new report from Woori Financial Group, this generation is navigating a delicate balance between robust earnings, strategic investments, and cautious spending, all while reshaping economic [...]
SEOUL, Dec. 26 (Korea Bizwire) — Insurance payouts for small business closures in South Korea have reached a historic high of 1.3 trillion won in 2024, reflecting the deepening impact of the economic slowdown, according to the Korea Federation of SMEs. The federation reported on December 25 that payments under the “Yellow Umbrella” business closure insurance [...]
SEOUL, Dec. 26 (Korea Bizwire) — Kim Jin-ha, a 78-year-old small clothing shop owner in Seoul’s Yeomni-dong, begins his day arranging clothing displays and preparing his store for the day’s customers. Despite his dedication of 25 years to the store, Kim says he has seen his profits steadily decline, as sluggish consumer spending has made [...]
SEOUL, Dec. 25 (Korea Bizwire) – South Korea’s main business lobby said Wednesday it has sent letters calling for support for the Korean economy from its 33 global counterparts amid the political turmoil following President Yoon Suk Yeol’s botched martial law declaration this month. The Federation of Korean Industries (FKI) said it sent the letters [...]
SEOUL, Dec. 25 (Korea Bizwire) — South Korea’s cryptocurrency market has experienced a significant surge in investors, coinciding with the U.S. presidential election and growing optimism around President-elect Donald Trump’s pro-crypto policies. According to data submitted by the Bank of Korea to lawmaker Lim Kwang-hyun of the National Assembly’s Strategy and Finance Committee, the number of [...]
SEOUL, Dec. 25 (Korea Bizwire) — The South Korean government has introduced measures to limit the use of treasury shares by listed companies during corporate spin-offs, aiming to prevent misuse that could unfairly enhance major shareholders’ control. The Financial Services Commission (FSC) announced on December 24 that amendments to the Capital Markets Act Enforcement Decree, approved [...]