S. Korea`s Jan. biz failures drop on fewer working days

SEOUL, Feb. 19 (Yonhap) -- The number of corporate bankruptcies fell in January
from the previous month due mainly to a decline in working days, the central bank
said Thursday.
A total of 262 companies went belly up in January, down 83 from the previous
month, the Bank of Korea (BOK) said in a statement. Business failures hit 345 in
December, the highest since early 2005.
The central bank attributed the January decline to decreased working days as the
Lunar New Year's holiday fell on the month.
Fewer business days also lowered the number of start-ups last month. A combined
3,664 companies started business last month, down 133 from December, according to
the BOK.
The default ratio of corporate bills -- bonds, checks and promissory notes -- was
0.04 percent in January, unchanged from the previous month, it said.
pbr@yna.co.kr
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