SEOUL, Aug. 19 (Korea Bizwire) – A government policy aimed at reducing smoking through tobacco tax increases appears to have only short-term impact, with a recent study revealing that the sales drop triggered by higher prices typically vanishes within four months. According to a new report released Monday by the Korea Institute for Health and [...]
SEOUL, Jan. 9 (Korea Bizwire) — South Korea plans to release a record amount of agricultural products into the market to stabilize prices and ease the financial burden on people ahead of the Lunar New Year, the government said Thursday. Under the plan, the government will release 265,000 tons of 16 major agricultural items, including [...]
SEOUL, Dec. 27 (Korea Bizwire) — The government and the ruling People Power Party (PPP) agreed Friday to provide 11.6 trillion won (US$7.86 billion) next year to stabilize consumer prices and ease the financial burden on low-income households. The two sides made the agreement during a consultative meeting among government officials, PPP lawmakers and private [...]
SEJONG, Aug. 27 (Korea Bizwire) — Industry Minister Ahn Duk-geun has confirmed that the government will increase electricity prices after summer comes to a close, in an effort to ease financial burdens on Korea Electric Power Corp (KEPCO). “We plan to raise electricity bills,” Ahn said during a meeting with reporters in the central city [...]
SEOUL, Jul. 1 (Korea Bizwire) — The agricultural ministry said Monday it has launched steps to purchase 50,000 tons of rice in order to stabilize its price. The latest move comes in line with efforts to reduce the 150,000 tons of rice in storage, which was harvested in 2023, in the market this year, according [...]
SEOUL, May 20 (Korea Bizwire) — Hyundai Motor Co.’s vehicle selling prices soared over the past five years due to a weak won, higher costs and high-end models, the company’s data showed Monday. In the domestic market, the average selling price of Hyundai’s passenger vehicles rose to 53.19 million won (US$39,000) in the January-March period, [...]
SEOUL, May 7 (Korea Bizwire) – With the major food delivery apps in South Korea waging a “free delivery” war to lure customers, some franchise owners and restaurants have sparked controversies by charging higher prices for delivery orders compared to dine-in meals, citing the burden of the apps’ commission fees. On May 5, industry officials said [...]
SEOUL, Apr. 25 (Korea Bizwire) – The price of mango bingsu (shaved ice desserts) at upscale hotels in South Korea has been steadily climbing, with a new offering from Signiel Seoul now costing a staggering 130,000 won. According to hotel industry reports from April 24, Signiel Seoul began selling its ‘Signature Jeju Apple Mango Bingsu’ for [...]
SEOUL, Apr. 23 (Korea Bizwire) – A recent report from the market research firm TechInsight has revealed that South Korea leads the world in having the highest average selling prices for smartphones, surpassing 87 other countries surveyed. After initially overtaking Japan in 2021, South Korea has now held the top spot for two consecutive years in [...]
SEOUL, Mar. 15 (Korea Bizwire) — The government and the ruling People Power Party (PPP) have agreed to inject an additional 150 billion won (US$113 million) this week to stabilize the price hike of agricultural and livestock products, the party leader said Friday. According to government data, prices of agricultural, livestock and fishery products rose [...]