SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s finance ministry has increasingly found itself in hot water over growing calls to dig deeper into state coffers in response to the pandemic-caused economic slump, as it is wary of the country’s ballooning debt. A row over the finance ministry’s fiscal role reignited this week after Prime [...]
SEOUL, Oct. 3 (Korea Bizwire) — Nearly half of the restaurants that newly opened in 2013 had gone out of business by September this year, data showed Thursday, due mainly to the prolonged economic slump and rising costs. Around 15,000 of the 31,000 restaurants, cafes and bars that launched six years ago in the capital [...]
SEOUL, Dec. 31 (Korea Bizwire) — A shopping mall specializing in refurbished products has seen its sales soar after selling its goods at bargain basement prices. The company reportedly sold nutrition cream worth 50,000 won (US$44.92) for only 2,500 won (US$2.25) and facial masks worth 1,000 won for just 99 won. These shocking prices spread [...]
SEOUL, Nov. 15 (Korea Bizwire) — Retail sales and industrial output in restructuring-hit regions remained in a slump in the third quarter, government data showed Thursday. According to the data compiled by Statistics Korea, retail sales in South Gyeongsang Province, North Jeolla Province and Ulsan declined 2.3 percent, 1.2 percent and 1.2 percent, respectively, in [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Koreans have become more unfavorable to migrant workers amid the prolonged economic slump, with many reluctant to accept such workers as members of the South Korean society, a poll showed Wednesday. According to the survey conducted by the Seoul-based Overseas Koreans Foundation from July 31-Aug. 25, 61.1 percent [...]
SEOUL, Feb. 28 (Korea Bizwire) – More than half of people seeking to run their own business in South Korea are considering opening a cafe or a bakery, a survey showed Tuesday. In a survey of 4,625 people who have filed an online application to attend the upcoming International Franchise Seoul expo, 65 percent said [...]
SEJONG, Dec. 23 (Korea Bizwire) – The number of newly established companies in South Korea fell slightly last year amid a protracted economic slump, government data showed Friday. Some 813,000 new businesses were created in 2015, down 30,000 from 843,000 tallied a year earlier, according to the data compiled by Statistics Korea. They took up [...]
SEOUL, April 9 (Korea Bizwire) – The deepening economic stagnation has clearly shown the disparity between consumption patterns. As expenditures from the middle and lower classes decrease, retailers are targeting the upper class to attract more spending. Due to the prolonged economic slump, members of the middle and lower classes have been reluctant to open [...]