SEOUL, Jun. 12 (Korea Bizwire) — South Korea’s chief central banker on Wednesday emphasized the importance of a timely shift toward a monetary easing policy as inflation in Asia’s fourth-largest economy still runs high. In a speech to celebrate the 74th anniversary of the central bank’s establishment, Bank of Korea Gov. Rhee Chang-yong said inflation [...]
SEOUL, Jun. 11 (Korea Bizwire) – South Korea faces a grim economic outlook unless it can significantly boost productivity, according to a recent report by the Bank of Korea. The nation’s economic growth is at risk due to a combination of ultra-low birth rates, rapid aging, and stagnating productivity, which together could lead to economic stagnation [...]
SEOUL, June 10 (Korea Bizwire) – The Korea Chamber of Commerce and Industry (KCCI), a major South Korean business lobby, said Monday it opened its third overseas office in Germany. The KCCI said it opened the office in Frankfurt, following openings of previous overseas offices in Beijing and Hanoi in 1993 and 2009, respectively. “The [...]
SEOUL, Jun. 8 (Korea Bizwire) –As South Korean consumers increasingly pursue value amid high inflation, convenience store chains are rolling out a wave of ultra-low-cost products priced below 1,000 won. With the “lunchhflation” of soaring midday meal costs straining office workers, these inexpensive food items have found particular appeal as affordable lunch options. The popular [...]
SEOUL, Jun. 5 (Korea Bizwire) – The Conrad Seoul hotel in the Yeouido financial district has been sold for over 400 billion won, marking the largest single hotel transaction in South Korea this year, according to JLL, the global real estate services firm that advised on the deal. The sale represents the second-largest hotel transaction in [...]
SEOUL, Jun. 5 (Korea Bizwire) — South Korea’s foreign reserves declined in May due to a fall in deposits and the central bank’s foreign currency swap with the country’s national pension fund, central bank data showed Wednesday. The country’s foreign reserves had come to US$412.83 billion as of end-May, down $3.51 billion from the previous [...]
SEOUL, Jun. 4 (Korea Bizwire) – South Korea’s central bank is constructing a broadcast-quality studio to boost its communication efforts with the public on monetary policy decisions. The Bank of Korea recently awarded an 800 million won contract to purchase and install professional equipment for the studio, which will be located on the fourth floor of [...]
SEOUL, May 31 (Korea Bizwire) – The Financial Supervisory Service (FSS) of South Korea announced on May 30 the release of financial education videos with subtitles in four languages – English, Chinese, Vietnamese, and Thai – to help foreign residents understand and conveniently access the country’s financial system. The six videos, ranging from 12 to 15 [...]
SEOUL, May 29 (Korea Bizwire) – The use of so-called will testamentary trusts is rapidly gaining popularity in South Korea as more people seek ways to manage their inheritance and prevent conflicts among family members after their death. According to data from South Korean banks, the balance of will testamentary trusts held by the nation’s five [...]
SEOUL, May 29 (Korea Bizwire) -- The number of South Koreans who moved to different residences in the country increased in April from a year earlier amid signs of a recovery in the local property market, data showed Wednesday. Around 533,000 people changed residences last month, up 17.1 percent from a year earlier, according to [...]