SEOUL, Jun. 8 (Korea Bizwire) –As South Korean consumers increasingly pursue value amid high inflation, convenience store chains are rolling out a wave of ultra-low-cost products priced below 1,000 won. With the “lunchhflation” of soaring midday meal costs straining office workers, these inexpensive food items have found particular appeal as affordable lunch options. The popular [...]
SEOUL, May 28 (Korea Bizwire) — Business leaders of South Korea and the United Arab Emirates (UAE) on Tuesday discussed ways to enhance economic cooperation and develop business partnerships in new industries, such as clean energy and ICT, a major business lobby here said. The Korea-UAE Business Forum, held in Seoul during the state visit [...]
SEOUL, May 24 (Korea Bizwire) — The finance ministry on Friday warned of uncertainties regarding inflation and vowed preemptive steps by extending tariff quota reduction on imports of agricultural products and boosting government reserves. “Prices of farm produce and petroleum products have fallen recently, but uncertainties remain high over the geopolitical situation in the Middle [...]
SEOUL, May 22 (Korea Bizwire) – As economic headwinds stir up demand for safe-haven assets, convenience stores in South Korea are seeing a surge of younger buyers snapping up affordable, bite-sized gold bars, underscoring the appeal of the precious metal as a compact investment during turbulent times. Convenience store operators say sales of card-sized gold bars [...]
SEOUL, May 21 (Korea Bizwire) – As the South Korean public continues to grapple with high interest rates and soaring consumer prices, credit card loan balances reached an all-time high last month, reflecting the mounting financial strain on ordinary citizens. According to data released on May 20 by the Credit Finance Association, the combined credit card [...]
SEOUL, May 21 (Korea Bizwire) — South Korea’s consumer sentiment declined to a six-month low for May amid high inflation and market rates, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 98.4 this month, down from the previous month’s 100.7, the lowest since November last year, according to the survey [...]
SEOUL, May 20 (Korea Bizwire) – The average rental income for individuals in the top 0.1% of landlords residing in Seoul neared a staggering 1.3 billion won, highlighting a stark divide in the capital compared to other regions of South Korea. The average for this elite tier in Seoul was 4.7 times higher than in Sejong, [...]
SEOUL, May 10 (Korea Bizwire) — First Vice Finance Minister Kim Byoung-hwan on Friday pledged to make all-out efforts to tame inflation, particularly in food prices, by announcing a plan to release reserves of agricultural products and utilize the tariff rate quota system. “The government plans to spare no effort to stabilize inflation, a key [...]
SEOUL, May 9 (Korea Bizwire) — South Korea’s fiscal deficit reached an all-time high in the first three months of 2024 due to rising expenditures aimed at buttressing an economic recovery, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of [...]
SEOUL, May 9 (Korea Bizwire) — South Korea logged a current account surplus for the 11th straight month in March on the back of an increased trade surplus, central bank data showed Thursday. The country’s current account surplus reached US$6.93 billion in March, following the surplus of $6.86 billion in February. In the first three [...]