SEOUL, Feb. 25 (Korea Bizwire) — Small business owners in South Korea saw their income drop more than 10 percent from a year earlier in 2024 amid sluggish consumer sentiment, a poll showed Tuesday. According to the survey conducted by Mono Research from January 20 to February 7 on 500 small business owners, the level [...]
SEOUL, Feb. 16 (Korea Bizwire) — The number of self-employed individuals in South Korea who failed to repay their debts increased by 35% in 2024, as high interest rates and prolonged domestic economic stagnation deepened financial distress, new data shows. The burden was particularly severe for those aged 60 and older, with defaults in this group [...]
SEOUL, Jan. 18 (Korea Bizwire) — As the use of industrial robots grows across South Korean workplaces, so too does the number of related workplace accidents, sparking calls for stronger safety measures. According to the Korea Occupational Safety and Health Agency (KOSHA), industrial robot-related accidents resulted in 10 fatalities between 2020 and August 2024. All victims [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s newspaper industry has seen a decline in average revenue per outlet and per employee, highlighting challenges in a rapidly shifting media environment, according to the 2024 Newspaper Industry Survey released by the Korea Press Foundation on December 30. As of the end of 2023, the average revenue per [...]
SEOUL, Dec. 26 (Korea Bizwire) —A recent survey revealed that small business owners using self-service kiosks are saving labor costs equivalent to employing approximately one staff member. However, the cost of adoption and operational hurdles remain significant concerns. According to the Korea Federation of SMEs, 93.8% of 402 businesses, including restaurants, cafes, and PC rooms, [...]
SEOUL, Dec. 24 (Korea Bizwire) — A recent survey revealed that over half of Korean startups anticipate adverse effects on their businesses from the policies of Donald Trump’s second presidential term. The findings highlight concerns over protectionism, supply chain nationalism, and currency fluctuations. According to a poll conducted by the Korea Venture Business Association (KOVA) of [...]
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, Nov. 26 (Korea Bizwire) – The number of Korean venture companies surpassing ₩100 billion in annual revenue exceeded 900 for the first time last year, signaling robust growth in the country’s innovation-driven economy, the Ministry of SMEs and Startups announced on Tuesday. The total reached 908 firms in 2023, a 4.5% increase from 869 in [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korea’s e-commerce market is growing at a fast pace and is expected to grow 10.2 percent on-year to surpass 164 trillion won (US$118 billion) this year, a global market research firm said Wednesday. The Korean e-commerce market is set to reach 164.3 trillion won in 2024, up from [...]