SEOUL, Feb. 19 (Korea Bizwire) — South Korean tech giant LG Electronics Inc. said Sunday it has showcased non-fungible token (NFT) artworks on its next-generation organic light-emitting diode (OLED) TVs at an art exhibition in the United States. The firm has partnered with American sculptor Barry X Ball to exhibit his artworks, including a 39-second-long [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korea’s Engel’s coefficient jumped in the post-pandemic era far higher than in other major countries, indicating that low-income earners are struggling more financially in relative terms, a private think tank said Thursday. The Korea Economic Research Institute (KERI) reported that the Engel’s coefficient for the Asia’s fourth-largest economy [...]
SEJONG, Feb. 17 (Korea Bizwire) — South Korea’s finance ministry said Friday the country’s economy has slowed amid higher inflation and sluggish exports. “South Korea’s inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn,” the Ministry of Economy [...]
SEOUL, Feb. 15 (Korea Bizwire) — The Seoul city government put off its plan to raise the subway and bus fares to the second half of this year, city officials said Wednesday. The city had been pushing to increase its subway and bus fares by up to 400 won (US$0.31) starting in late April to [...]
SEOUL, Feb. 14 (Korea Bizwire) — About 2,200 employees of South Korea’s major commercial banks have left on voluntary retirement since late last year in return for receiving huge severance pay. According to industry sources, KB Kookmin Bank, Shinhan Bank and Woori Bank reflected their voluntary retirement expenses in their fourth-quarter results. These banks provided [...]
SEOUL, Feb. 14 (Korea Bizwire) — Kakao Pay Corp., the online payment unit of South Korean tech giant Kakao Corp., is expected to see its earnings and share price decline due to Apple Pay’s debut in the country. DB Financial Investment last week downgraded shares of Kakao Pay from “buy” rating to “hold.” Considering that [...]
SEOUL, Feb. 12 (Korea Bizwire) — China’s reopening from COVID-19 restrictions and its economic recovery are expected to help boost South Korea’s economic growth and exports, which are highly related to the neighboring country, a report showed Sunday. According to the report published by the Korea International Trade Association (KITA), global institutions have predicted that [...]
SEOUL, Feb. 10 (Korea Bizwire) — South Korean consumers are reducing the use of food delivery apps while showing a preference towards homemade meals, amid the easing of social distancing rules coupled with the economic slump. The monthly active users (MAU) of the nation’s big three food delivery apps — Baedal Minjok, Yogiyo, and Coupang [...]
SEOUL, Feb. 9 (Korea Bizwire) — Foreign investors’ net selling of South Korean securities slowed sharply in January as they increased holdings of stocks amid expectations the U.S. Federal Reserve would slow monetary tightening and China’s economy would recover, central bank data showed Thursday. The value of their combined investment in local securities — stocks [...]
SEOUL, Feb. 8 (Korea Bizwire) — South Korean internet-only kakaobank said Wednesday that its net profit hit an all-time high last year thanks to increased interest income. Its net profit came to 263.1 billion won (US$208.5 million) in 2022, up 28.9 percent from the previous year, the lender said in a regulatory filing. Its revenue [...]