South Korean retailers' confidence fell below par for the fourth quarter of the year due to strict social distancing measures to stem the spread of the new coronavirus, a poll showed Tuesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) came to 99 for the October-December period, down 7 points from three months earlier. It marks the first on-quarter drop in three quarters. The RBSI stood at 106 in the third quarter and 103 in the first quarter. The fig

Sales of imported high-end bags in South Korea soared last year despite a slump in private consumption induced by COVID-19 pandemic woes, data showed Monday. The estimated total of imported luxury bag sales, calculated on the basis of special consumption taxes and surtaxes imposed on shoppers, came in at 174.1 billion won ($147.3 million) in 2020, said Rep. Suh Byung-soo of the main opposition People Power Party, quoting data compiled by the National Tax Service and Korea Customs Service. Last

Users of delivery apps, online secondhand marketplaces and social network services have greatly increased due to the continued pandemic. The aggregate turnover of food delivery service providers in South Korea has increased by 78.6 percent in 2020 compared to the previous year, and monthly active users of Karrot -- an online secondhand marketplace -- increased threefold every year over the past three years. As such, the online market is rapidly growing and transactions are transforming to center

A growing number of defectors are pursuing unusual business ideas, not just NK-themed restaurants

South Korea's construction business sentiment bounced back in August from a month earlier due largely to seasonal factors, a poll showed Friday. The construction business survey index (CBSI) came to 94.9 last month, up 5.5 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. However, the September figure remains below par. A reading below 100 indicates builders are pessimistic about the current state of the construction industry and

The novel coronavirus pandemic has caused a combined 8.82 trillion won ($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 an estimated 39.3 trillion won from January 2020-June 2021 when Korea's first COVID-19 case was reported, according to the report by the Ministry of Culture, Sports and Tourism submitted to parli

New home permits in South Korea soared nearly 22 percent in the first eight months of the year amid rising housing prices, government data showed Friday. Construction permits issued for new homes came to 312,860 units in the January-August period, up 21.6 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. New construction permits in the South Korean capital of Seoul spiked 52 percent to 50,638 over the cited period. New home permits issued in

South Korea's exports have extended their gains to 11 consecutive months and set a record high level by rising 16.7 percent, data showed Friday, maintaining solid growth despite growing concerns over the spread of COVID-19 variants around the globe. Outbound shipments came to $55.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The monthly figure was the highest since South Korea started compiling such data in 1956. The previous record was $55.4

In comparison of 46 countries, Korea stays at 37th in Q2

South Korea’s tax agency is probing suspected tax evasion involving hundreds of young people who allegedly acquired houses, commercial buildings and stocks through undue wealth transfers from their parents. The National Tax Service said Thursday that it had launched a probe into 446 people in their early 30s or younger, saying they had “seriously hampered fairness” in society by increasing their wealth in an improper manner. The youngest property owner under investigation was

South Korea will put forth its best efforts to curb the nation’s fast-growing household debt and roll out additional measures next month to do so, while allowing borrowers to take out loans within their repayment capabilities, the nation’s fiscal chief said Thursday. Deputy Prime Minister and Finance Minister Hong Nam-ki made the remark at a meeting of macroeconomic leaders here, where he was joined by Bank of Korea Gov. Lee Ju-yeol, recently appointed chief of the policymaking Fin

 South Korea's trade ministry said Tuesday it has agreed with Uruguay to make joint efforts to speed up negotiations for a free trade pact with a group of South American countries. Trade Minister Yeo Han-koo plans to meet his Uruguayan counterpart, Francisco Bustillo, virtually later in the day to discuss ways to expand economic ties, according to the Ministry of Trade, Industry and Energy. "Uruguay is one of the key partners for South Korea, as the two can make joint efforts to overco

The government will clamp down on those suspected of taking expedient means to pass on wealth to their children as a part of measures to eradicate real estate speculation and fight corruption, Finance Minister Hong Nam-ki said Wednesday. Since March, the National Tax Service has been conducting a special investigation on suspected tax evasion by more than 800 people who sought to profit from speculative or illegal property transactions. The large-scale probe was launched in the wake of a scan

South Korean businesses are beginning to paint a rosier outlook for the coming months with the government gearing up to treat COVID-19 more like seasonal influenza and to ease social distancing, a report from a think tank showed Wednesday. The Korea Economic Research Institute’s forecast for next month’s business survey index of the country’s top 600 companies by sales showed the reading gained 2.8 points on-month to 103.4 for October. A reading above 100 means optimists ou

The government said Wednesday that it would try to freeze utility fees until the end of this year in an effort to stabilize prices amid rising costs for raw materials such as oil. 　 The Finance Ministry said there had been no talk of raising railroad and road fees, which include train fares, highway tolls, intercity and express bus fares, and wholesale regional water supply costs. 　 “While rates of local utilities such as gas, water and sewage, transport and garbage bags are to be determi