Start-ups Set Record In March, Data Show

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Start-ups Set Record In March, Data Show

The number of business startups in March was the largest since the height of the dot-com boom last June, the Bank of Korea said Wednesday.

The central bank said there were 3,647 startups in the nation's eight largest cities, 350 more than in February. It was the largest number since June, when there were 3,950

"Our analysis indicates an improving business outlook contributed to the increase in startups," Seuh Tae-seok, an analyst at the bank, said. "Business startups are becoming more diversified as college graduates unable to find employment were starting their own businesses," he added.

The bank reported that the number of businesses in the eight cities that defaulted on notes and bills fell from 233 in February to 185 in March. Default measured in financial terms rose, however, as notes from earlier defaults, including that of Korea Industrial Development, were reported, the bank said. Default figures reached 2.9 trillion ($2.2 billion), or 0.34 percent of total obligations due to clear.

Separately, the National Statistical Agency said consumer confidence improved slightly in March, with a household survey for the next six months predicting a rise in spending.





by Kim Young-sae

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