SEOUL, Feb. 5 (Korea Bizwire) – As consumers grapple with rising inflation and interest rates leading to a domestic slowdown, the recommerce market, involving the resale of used items and collectible goods like luxury and limited edition products, is gaining momentum. Estimates suggest that the domestic recommerce market has recently surpassed a value of 30 trillion [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korean tech giant Naver Corp. said Friday its fourth-quarter net profit jumped 129 percent from a year earlier, largely driven by robust growth of its commerce and fintech businesses. The net profit came to 301.8 billion won (US$226.6 million) in the three months ending in December, compared with [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s inflation fell below 3 percent for the first time in six months in January, showing signs that inflationary pressure is easing, data showed Friday. But the prices could bounce back again to over 3 percent in the coming months due to rising global oil prices, Finance Minister [...]
SEOUL, Feb. 1 (Korea Bizwire) – Household loans extended by five major lenders in South Korea rose for the ninth consecutive month in January with the rate of increase also quickening from a month earlier, market sources said Thursday. Household loans extended by the five top lenders here added 2.9 trillion won (US$2.17 billion) from [...]
SEJONG, Feb. 1 (Korea Bizwire) — South Korea’s exports moved up for the fourth consecutive month in January as exports of chips rose at the sharpest rate in around six years, data showed Thursday. Outbound shipments advanced 18 percent on-year to US$54.6 billion last month, according to the data compiled by the Ministry of Trade, [...]
SEOUL, Jan. 31 (Korea Bizwire) – The National Assembly launched a committee Wednesday to gather public opinions on national pension reform in an effort to draw a bipartisan agreement on enhancing the financial stability of the system amid population aging. Revamping the national pension system is one of President Yoon Suk Yeol’s key agenda items [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]
SEOUL, Jan. 30 (Korea Bizwire) — Hyundai Capital Services Inc., South Korea’s leading auto finance company, said Tuesday it has raised US$1 billion by selling global bonds. Hyundai Capital sold $500 million worth of three-year debts in one tranche and $500 million worth of bonds in another tranche with a five-year maturity, the company said. [...]
SEOUL, Jan. 28 (Korea Bizwire) – South Korea took up less than 7 percent of China’s total imports last year, the lowest in 30 years, amid a change in the two countries’ trade relations and a global slump in the IT industry, data showed Sunday. South Korea accounted for 6.3 percent of China’s total inbound [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korea is currently grappling with a complex crisis of both domestic and international challenges. However, experts have critiqued the government’s policy responses to these external risks as insufficient. A report titled ‘The Impact of External Risks on the Korean Economy and Industry,’ published by the Korea Institute for Industrial [...]