SEOUL, Dec. 7 (Korea Bizwire) – South Korea’s decades-long free subway ride policy for elderly passengers is being met with calls for a higher age threshold, with local public transport operators seeking ways to offset the growing losses. Since its implementation during the 1980s under the Chun Doo-hwan government, the free subway ride policy has been [...]
SEOUL, Dec. 7 (Korea Bizwire) – A shocking report has revealed that 6 in 10 middle class families in South Korea could suffer from financial hardships after retirement due to a lack of proper preparation. A study conducted by NH Investment & Securities’ research center found that 61.7 percent of middle class households believe their income [...]
SEOUL, Dec. 7 (Korea Bizwire) – Orion Corp., a major confectionery company in South Korea, said Thursday its Russian unit will invest US$81.3 million inthe next three years to build a new factory to meet the growing demand for its products in the Eurasian market. The construction of the new production facility in the Tver Region will begin early next year and is planned to be completed by 2020, the company said in a regulatory filing. Orion said that, when construction [...]
SEOUL, Dec. 7 (Korea Bizwire) – South Korea’s foreign ministry said Thursday it plans to persuade the European Union (EU) to exclude Asia’s fourth-largest economy from the EU’s new blacklist of tax havens. On Tuesday, the EU unveiled a list of 17 noncooperative tax jurisdictions including South Korea, Macau and the Marshall Islands, saying that [...]
SEOUL, Dec. 7 (Korea Bizwire) – A major heavy ion accelerator project has been given the green light, with a budget of 1.4 trillion won and an expected completion date in 2021, according to the science ministry. The Ministry of Science and ICT’s business monitoring task force announced plans on Wednesday for the construction of a [...]
SEJONG, Dec. 7 (Korea Bizwire) – The South Korean government has announced it will increase support for university laboratories that show potential, helping to create job opportunities. The Ministry of Education and the Ministry of Science and ICT announced plans to choose five universities to support next year as part of their job creation initiative, during [...]
SEOUL, Dec. 7 (Korea Bizwire) — Hyundai Development Company is converting to a holding company through a major structure reshuffle. At a board meeting held on Tuesday, plans were announced to divide the current structure of HDC into two, including a holding company and a separate operating company with official names yet to be determined. Through [...]
SEOUL, Dec. 6 (Korea Bizwire) – South Korean retail giant Shinsegae is striving to bring more people out to offline malls as local consumers increasingly opt for online shopping, industry sources said Wednesday. In late May, the retailer launched an open library at the Convention and Exhibition Center (COEX) in southern Seoul as part of its efforts to attract more shoppers to its shopping complex Starfield [...]
DAEGU, Dec. 6 (Korea Bizwire) – A local court ordered a hospital on Wednesday to pay 100 million won (around US $91,660) in damages to the family of a daughter for erroneously diagnosing her condition as cerebral palsy and causing her to be bedridden for about 10 years, the court said. According to the the parents visited a university hospital in the southeastern city of Daegu in 2001, when their daughter was 2 years old, to have [...]
SEOUL, Dec. 6 (Korea Bizwire) – President Moon Jae-in reiterated his determination to peacefully end North Korea’s nuclear ambitions Wednesday, saying the communist state is walking on the ice, but a peaceful solution is still possible. “The South-North Korean relations are still not so good. The tension between the South and the North is at its peak, and so it is a very cautious situation as if we are walking on [...]