SEOUL, Feb. 4 (Korea Bizwire) - South Korea’s financial watchdog said Tuesday that it will map out a stricter supervisory system for banks and take stern measures against their lack of internal control systems and risk management. According to the Financial Supervisory Service (FSS), Woori Bank, KB and NH Nonghyup had extended inappropriate loans worth [...]
SEOUL, Feb. 4 (Korea Bizwire) - A joint motorway bridge project linking North Korea and Russia across the Tumen River is under way, with completion targeted by the end of 2026, according to a Russian report. The Russian government has tasked TonnelYuzhStroi, a construction company, with designing and building a motorway bridge over the river [...]
SEOUL, Feb. 4 (Korea Bizwire) - CJ Olive Young Corp., the distribution unit of South Korean food-to-cosmetics conglomerate CJ Group, said Tuesday it has set up a business entity in the United States as part of its expansion strategy. CJ Olive Young has recently established CJ Olive Young USA in Los Angeles to expand its presence [...]
SEOUL, Feb. 4 (Korea Bizwire) — South Korea has received 122,095 refugee applications since implementing its refugee program in 1994, with only 1,544 individuals being granted refugee status — an approval rate of 2.7% — according to statistics released by the Ministry of Justice on February 3. The country began accepting refugee applications in March 1994 [...]
SEOUL, Feb. 4 (Korea Bizwire) - The election for president of the national football governing body, postponed multiple times due to procedural issues, has been rescheduled for Feb. 26. The Korea Football Association (KFA) announced late Monday night that its new election management committee had settled on the new date after its first meeting held earlier in [...]
SEOUL, Feb. 4 (Korea Bizwire) — The Korea Advanced Institute of Science and Technology (KAIST) announced on February 3 that a new spacecraft propulsion system it has developed will be launched into space aboard a satellite on South Korea’s Nuri launch vehicle. A research team led by Choe Won-ho, a professor in KAIST’s Department of Nuclear [...]
SEOUL, Feb. 4 (Korea Bizwire) — More than half of South Korean job seekers say they are willing to accept positions at any company amid growing economic uncertainty, according to a new survey released on February 3. Career platform Saramin found that 55.2% of 464 entry-level job seekers surveyed said they would work “anywhere that offers [...]
SEOUL, Feb. 4 (Korea Bizwire) - South Korea’s Hanwha Group said Tuesday it has partnered with global energy technology firm Baker Hughes Co. for the joint development of a low-carbon ammonia gas turbine. Under the agreement, Hanwha Ocean Co. and Hanwha Power Systems Co. plan to expand their technological cooperation with Baker Hughes with a [...]
SEOUL, Feb. 4 (Korea Bizwire) - SK Telecom Co., South Korea’s largest mobile carrier, said Tuesday it will collaborate with the Massachusetts Institute of Technology (MIT) as part of its broader strategies to enhance its artificial intelligence (AI) capabilities. SK Telecom will join the MIT GenAI Impact Consortium, an industry-academia initiative aimed at exploring the [...]
SEOUL, Feb. 4 (Korea Bizwire) — The South Korean Ministry of the Interior and Safety announced on February 3 that it will expand benefits for consumers who help identify or frequently patronize businesses designated as “Good Price Shops” — establishments recognized for providing quality goods and services at reasonable prices. Under the new initiative, consumers who [...]