SEOUL, Oct. 10 (Korea Bizwire) – The International Monetary Fund (IMF) maintained its 2023 growth outlook for South Korea at 1.4 percent Tuesday but revised down the forecast for next year amid a global economic slowdown. The organization’s latest projection for 2023 is the same as its forecast made in July when it slashed the [...]
SEOUL, Oct. 10 (Korea Bizwire) – Recent statistics show that premiums paid by customers for storm and flood damage insurance, providing protection against weather-related disasters such as typhoons, floods, and earthquakes, have seen an increase. However, the claim payout rates offered by insurers have remained static. According to data presented by the Financial Supervisory Service (FSS) [...]
SEOUL, Oct. 10 (Korea Bizwire) – The share of gifted properties in the housing transaction market continues to decline. According to housing transaction statistics compiled by the Korea Real Estate Board on Sunday, the nationwide share of gifted properties in housing transactions was 6.8 percent in August, the lowest since June 2020 when the figure was [...]
SEOUL, Oct. 9 (Korea Bizwire) – South Korea has seen no major impact from the Israel-Palestine conflict on the country’s imports of crude oil and natural gas, the trade ministry said Monday. Officials from the Ministry of Trade, Industry and Energy, the state-run Korea National Oil Corp. and the Korea Gas Corp held an emergency [...]
SEOUL, Oct. 8 (Korea Bizwire) – The number of employees at banks and insurance companies dipped by nearly 10,000, data showed Sunday. Bank jobs totaled at 116,582 as of June, down from 122,531 from the end of 2018, according to the Financial Supervisory Service statistics released by Rep. Yun Chang-hyun of the ruling People Power [...]
SEOUL, Oct. 7 (Korea Bizwire) –The Ppuri industry, which is crucial for the Korean manufacturing sector, is expected to rely more on foreign workers. This industry encompasses various manufacturing processes like casting, mold making, plastic processing, welding, surface treatment, and heat treatment. Recent data on the Korean labor market shows that 9.2 percent of workers [...]
SEOUL, Oct. 3 (Korea Bizwire) – Insider stock ownership at South Korea’s family-run conglomerates rose in 2023 from a year earlier, data showed Tuesday, as more founding members sought to tighten their grip on management. The insider stock ownership rate of 72 conglomerates that have group owners reached 61.2 percent this year, up 1.3 percentage [...]
SEOUL, Oct. 3 (Korea Bizwire) –The market for online e-coupon services, which provide gift certificates in the form of barcodes, is experiencing rapid growth. This surge can be attributed to the sustained popularity of non-face-to-face gifting practices that emerged during and after the COVID-19 pandemic. The online shopping industry anticipates that the transaction value of [...]
SEOUL, Oct. 3 (Korea Bizwire) – The heads of South Korea’s and Japan’s financial regulators on Tuesday agreed to resume regular “shuttle meetings” as part of their efforts to strengthen financial cooperation between the two countries, officials said. Kim Joo-hyun, chairman of Seoul’s Financial Services Commission (FSC), and Teruhisa Kurita, commissioner of Tokyo’s Financial Services [...]
SEOUL, Sept. 30 (Korea Bizwire) – Assets held by South Korean households in Seoul and the surrounding metropolitan areas were some 70 percent larger than those owned by households in the non-metropolitan regions, data showed Saturday. The average per-household assets in Seoul, the western city of Incheon and the surrounding Gyeonggi Province came to 692.46 [...]