SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s per capita income could plunge by up to 30 percent if the divided two Koreas are unified, a report showed Tuesday. In the report to assess a unified peninsula’s economic potential, the Korea Development Institute (KDI) estimated that South Korea’s per capita gross national income (GNI) could [...]
SEOUL, Aug. 8 (Korea Bizwire) – ‘Kinfolk life’ is a term derived from Portland, Oregon based Kinfolk magazine, which promotes a slow lifestyle by providing different ways for readers to simplify their lives, cultivate community, and spend more time with friends and family, or kinfolk. The number of such ‘kinfolk’ seekers has grown in recent [...]
SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s job market recovery stalled in the first quarter of this year amid weak economic growth despite improvements in other members of the Organization for Economic Cooperation and Development (OECD), data showed Tuesday. South Korea’s employment rate for people aged 15-65 stood at 65.9 percent for the January-March [...]
SEJONG, Aug. 1 (Korea Bizwire) – South Korea’s exports fell by more than 10 percent in July, with the rate of decline returning to double digits after single digits in May and June, the trade ministry said Monday. Outbound shipments came to US$41 billion last month, down 10.2 percent from the same month last year, [...]
HONGSEONG, South Korea, July 29 (Korea Bizwire) – China’s Tsingtao Brewery made a last-minute decision on July 19 not to partake in the Daegu Chimaek (chicken and beer) Festival, which kicked off on July 27 in Daegu, less than two weeks after the Korean government announced that it would deploy a THAAD battery in South [...]
SEJONG, July 28 (Korea Bizwire) – South Korea set out new tax code revisions Thursday, seeking to boost corporate investments in new future industries and household income and spending to cope with faltering exports and flaccid domestic demand. The government finalized the plan at a meeting chaired by Finance Minister Yoo Il-ho in Seoul, and [...]
SEJONG, July 28 (Korea Bizwire) – North Korea’s economy could face stronger shocks if international sanctions on the communist country persist, a report said Thursday. North Korea is under the toughest U.N. sanctions ever over its fourth nuclear test and its long-range rocket launch earlier this year. The sanctions call for, among other things, the [...]
SEOUL, July 13 (Korea Bizwire) – Household loans extended by local banks continued to rise at a fast rate in June, apparently on record low interest rates, central bank data showed Wednesday. Outstanding household loans extended by local lenders came to 667.5 trillion won (US$582.67 billion) as of the end of last month, up 6.6 [...]
SEOUL, June 30 (Korea Bizwire) – South Korean households are taking out loans at a faster clip than the increase in their income or ability to pay back, suggesting that household debt may cause serious problems down the road, the central bank said Thursday. In a report to the National Assembly, the Bank of Korea [...]
SEJONG/SEOUL, June 28 (Korea Bizwire) – South Korea’s finance ministry on Tuesday said it has trimmed its growth estimate for the year, while seeking to draw up a 10 trillion won (US$8.45 billion) extra budget to buttress Asia’s fourth-largest economy against headwinds such as a slump in domestic and overseas demand and, more recently, Britain’s [...]