SEOUL, Dec. 17 (Korea Bizwire) — The Bank of Korea (BOK) is developing an artificial intelligence-based early warning system to better prepare for potential risks, its chief said Tuesday. During an international forum in Seoul, BOK Gov. Rhee Chang-yong said the central bank had decided to actively invest in the AI-based financial forecast and warning [...]
SEOUL, Dec. 17 (Korea Bizwire) — Acting President Han Duck-soo said Tuesday the government will work to implement the 2025 budget on the first day of next year to help stabilize the economy amid rising uncertainties at home and abroad. Han called for the swift allocation of the budget during the first Cabinet meeting since [...]
SEOUL, Dec. 17 (Korea Bizwire) – The number of properties auctioned off due to loan defaults in South Korea is on track to hit its highest level in 11 years, reflecting the combined impact of soaring interest rates and a sluggish real estate market. Sharp Rise in Property Auctions Data from the Court Registration Information Plaza [...]
SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s manufacturing and mining sectors saw their first decline in business establishments in seven years, driven by a slowdown in the semiconductor industry and a downturn in textiles. According to Statistics Korea’s preliminary Mining and Manufacturing Survey, released on December 16, the total number of businesses with 10 or [...]
SEOUL, Dec. 16 (Korea Bizwire) — Finance Minister Choi Sang-mok reiterated Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasizing the country’s robust economic system. Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and [...]
SEOUL, Dec. 13 (Korea Bizwire) – Amid growing geopolitical and economic uncertainties, including escalating U.S.-China tensions and the anticipated inauguration of Donald Trump’s second term, South Korea’s major corporations are conducting high-level strategy meetings to fine-tune their business plans for 2024. Samsung Electronics to Focus on Core Competitiveness Samsung Electronics will host its biannual Global [...]
SEOUL, Dec. 13 (Korea Bizwire) – A new analysis has revealed that Japan stands as South Korea’s strongest competitor in global exports, with the two countries sharing nine out of their top 10 export items. According to a report titled “Analysis of Global Competition Trends in Top 10 Export Items” released by the Korea Trade-Investment Promotion [...]
SEOUL, Dec. 13 (Korea Bizwire) – South Korea’s overseas direct investment fell for the third consecutive quarter in the July-September period amid uncertainties in the global economy and geopolitical risks, the finance ministry said Friday. Investments made by South Korean companies overseas totaled US$14.19 billion in the third quarter, down 6 percent from $15.1 billion [...]
SEOUL, Dec. 13 (Korea Bizwire) — Unionized workers of the state-run Industrial Bank of Korea (IBK) have voted to stage a general strike later this month over failed wage negotiations with the management, union officials said Friday. More than 80 percent of the unionized workers at the policy lender voted Thursday to stage a general [...]
SEOUL, Dec. 13 (Korea Bizwire) — Trade Minister Cheong In-kyo visited Japan on Friday to meet his Japanese counterpart and discuss ways to expand bilateral economic cooperation amid global business uncertainties, Seoul’s trade ministry said Friday. Cheong held the meeting with Vice Minister for International Affairs Takehiko Matsuo in Tokyo to share opinions on achieving [...]