SEOUL, Oct. 29 (Korea Bizwire) — Consumption inequality in South Korea worsened last year as the coronavirus pandemic undercut “discretionary” spending by lower-income earners due to toughened curbs on gatherings and business operation, a central bank report showed Friday. According to the report by the Bank of Korea, the consumption inequality index — a major [...]
SEOUL, Oct. 19 (Korea Bizwire) — The number of employees in the food service segment rebounded in April from a year earlier as the job market recovered amid the economic recovery, data showed Tuesday. The number of people employed at restaurants and eateries reached 1.6 million in April, 65,000 more than the previous year, according [...]
ANSEONG, Oct. 17 (Korea Bizwire) — Koh Jin-taek is proud of having built a small but stable farming business in Anseong, 77 kilometers south of Seoul, over the past two decades producing primarily lettuce, chicory and other types of leafy vegetables. He currently owns 44 vinyl greenhouses and had supplied nearly 10,000 kilograms of produce [...]
SEOUL, Oct. 11 (Korea Bizwire) — A recent study revealed that migrant workers in South Korea have been struggling with economic difficulties and discrimination after the spread of COVID-19. Professor Shim Mi-seung from Chonnam National University and professor Park Ji-hyeon from Pyeongtaek University conducted extensive interviews last year with seven foreign workers who have experienced [...]
SEOUL, Oct. 1 (Korea Bizwire) — The novel coronavirus pandemic has caused a combined 8.82 trillion won (US$7.4 billion) worth of damage to South Korea’s culture, sports and tourism sectors since it broke out early last year, a government report showed Friday. The amount of consumer spending in the tourism and leisure sector decreased by [...]
SEOUL, Sept. 30 (Korea Bizwire) — The growth in the number of workers hired by businesses in August fell to a five-month low last month, as the COVID-19 pandemic continued to weigh down on the economy, the government said Thursday. The total number of workers employed by businesses as of the end of last month [...]
SEOUL, Sept. 27 (Korea Bizwire) – It has been a year and a half since Gimpo International Airport shut down all international flights following the coronavirus outbreak, and the pandemic continues to rage on. The international flight terminal has been emptied, with 18 out of 19 duty-free shops and restaurants at the terminal temporarily closed [...]
SEOUL, Sept. 27 (Korea Bizwire) — Despite the ongoing COVID-19 pandemic, the number of lawsuits being filed in South Korea continues to grow. The National Court Administration reported that the number of registered lawsuits last year amounted to 6,679,233, up by 0.68 percent (44,889 cases) since the previous year. Among them, 4,829,616 cases dealt with [...]
SEOUL, Sept. 27 (Korea Bizwire) — Personal and corporate bankruptcies filed in South Korea showed a double-digit increase last year, a report said Monday, due mainly to the economic impact of the COVID-19 pandemic. The report issued by the National Court Administration said the number of personal bankruptcies filed in 2020 rose by 10.4 percent [...]
SEOUL, Sept. 13 (Korea Bizwire) — The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce. The daily average amount of electronic financial transactions came to 863.5 billion won (US$738 million) [...]