S. Korean biz start-ups increase in Sept.

SEOUL, Oct. 19 (Yonhap) -- The number of South Korean business start-ups climbed
in September from a month earlier on the back of burgeoning recovery hopes and
government stimulus measures, the central bank said Monday.

The number of newly-established companies stood at 5,193 last month, up 626 from
August, the Bank of Korea (BOK) said in a report.
"A batch of state measures to support small- and medium-sized companies and a
reviving economy helped lift the number of new businesses," a BOK official said.
The number of companies that went bankrupt rose to 138 in September, up 28 from a
month earlier, according to the BOK.
The increase came after the figure plummeted to the lowest level on record the
previous month, the BOK said, adding the September reading is far below the
average 181 for the first eight months of this year.
The default rate for corporate bills -- bonds, checks and promissory notes --
reached 0.02 percent last month, unchanged for a fourth month since June.
A slew of economic data are stoking optimism that the Korean economy is
rebounding from its worst downturn in more than a decade. Asia's fourth-largest
economy grew 2.6 percent in the second quarter from three months earlier,
bolstered by massive economic stimulus packages.
The government and the BOK have been scrambling to boost the slumping economy by
unveiling large-scale fiscal spending and slashing the policy interest rate. The
BOK cut its key rate by 3.25 percentage points to a record low of 2 percent in
five months to February.
pbr@yna.co.kr
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