SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s central bank said Wednesday it will test the feasibility of a digital voucher based on a tokenized deposit as part of its trial to introduce a wholesale central bank digital currency (CBDC). Along with the Financial Services Commission, the Ministry of Science and ICT, and the Bank [...]
ULSAN, Nov. 6 (Korea Bizwire) – International and domestic companies are set to invest 37.2 trillion won in what will become the world’s largest floating offshore wind farm complex off the coast of Ulsan, South Korea. The Ulsan Metropolitan Government announced on November 5 that it will sign Letters of Intent (LOI) with multiple energy companies [...]
SEOUL, Nov. 6 (Korea Bizwire) – Pizza Hut Korea filed for court receivership after being ordered to pay billions of won in damages following a lawsuit by franchise owners, marking a significant downturn for the once-prominent pizza chain in South Korea. The company submitted its application for bankruptcy protection to the Seoul Bankruptcy Court on November [...]
SEOUL, Nov. 6 (Korea Bizwire) – A new survey has revealed that seven out of 10 Korean companies believe extending the retirement age would create significant management challenges due to seniority-based wage systems, according to findings released on November 5 by the Korea Enterprises Federation (KEF). The survey, conducted by Research & Research on behalf of [...]
SEOUL, Nov. 6 (Korea Bizwire) – A new report has revealed that global technology companies like Google and Meta may be substantially underreporting their earnings in South Korea, resulting in significantly lower corporate tax payments than their actual market presence would suggest. According to a report released on November 5 by professors Jeon Seongmin of Gachon [...]
BUSAN, Nov. 6 (Korea Bizwire) – In a significant upgrade to its municipal services, the city of Busan announced on November 5 the launch of Finding All, a new citizen-participation platform that combines blockchain and artificial intelligence technologies to streamline the process of locating lost items. The platform emerged from Busan’s Blockchain Specialized Cluster Creation Project, [...]
“Splendours of the Atlas: A Voyage Through Morocco’s Heritage” Displays Around 200 Rare and Never-Before-Seen Artifacts in Qatar DOHA, Qatar, Nov. 5 (Korea Bizwire) — The Museum of Islamic Art (MIA) opened Splendours of the Atlas: A Voyage Through Morocco’s Heritage, a landmark exhibition exploring Morocco’s rich artistic and cultural traditions. The opening reception was attended [...]
SEOUL, Nov. 5 (Korea Bizwire) – South Korea’s economy could face severe long-term consequences if it fails to adequately address the climate crisis, with projections showing an annual growth rate decline of 0.3 percentage points and a 21% drop in GDP by 2100, according to a new report from the Bank of Korea. The central bank [...]
SEOUL, Nov. 5 (Korea Bizwire) – French beef is set to make its return to South Korean markets after a 24-year hiatus, marking a significant development in bilateral trade relations. The ban, implemented in 2000 due to concerns over Bovine Spongiform Encephalopathy (BSE), commonly known as mad cow disease, was recently lifted following extensive safety verifications. [...]
JEJU, Nov. 5 (Korea Bizwire) – In a significant shift from its 1980s urban planning, Jeju Island is gradually removing its iconic palm trees from city streets, marking the end of an era in the island’s landscape design. The Jeju City government announced on November 4 that it plans to replace approximately 100 Washington palm trees [...]