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No Holidays for S. Korea’s Leading Semiconductor Facilities

No Holidays for S. Korea’s Leading Semiconductor Facilities

SEOUL, Sept. 24 (Korea Bizwire) –Choi Geon-wu, a 39-year-old SK Hynix employee, will not be able to visit his family over the Chuseok holidays because of the nature of his work, ensuring the safety of an industrial complex that produces semiconductors. Choi works as a firefighter at SK Hynix’s Cheongju factory, and is the first [...]

Gold Halibut to be Farmed Via Smartphone

Gold Halibut to be Farmed Via Smartphone

SEOUL, Sept. 24 (Korea Bizwire) — An environmentally-friendly method of fish farming that incorporates Information and Communication Technologies (ICT) and is controlled via smartphone will be operated on a trial basis. The local government of Jeju announced yesterday that it had selected two fishing companies (Haeyeon Fish Farm and Pungeo Corporation) as candidates for an [...]

Speed of Increase of Household Debt in Korea Exceeds OECD Average

Speed of Increase of Household Debt in Korea Exceeds OECD Average

SEOUL, Sept. 21 (Korea Bizwire) — After the onset of the global financial crisis, the speed of increase of household debt in Korean families was found to be 7.8 times the OECD average. The aggregate of loans taken out by low income families (bottom 30 percent of the population) or by those who with low [...]

Seoul to Unveil Plans for Arrival Duty-free Shops

Seoul to Unveil Plans for Arrival Duty-free Shops

SEOUL, Sept. 21 (Korea Bizwire) — The government plans to unveil a set of measures to open duty-free shops in arrival terminals later this month at the earliest part of its effort to reduce discomfort experienced by tourists and boost domestic consumption, the finance ministry said Friday. The measures would come after President Moon Jae-in [...]

Newly Revised Bill to Make Audits of “Officetels” Mandatory

Newly Revised Bill to Make Audits of “Officetels” Mandatory

SEOUL, Sept. 21 (Korea Bizwire) — A newly proposed law is expected to have operators of large officetels audited every year. In South Korea, an officetel is a multi-use property that contains both residential and commercial units. Yesterday, the Ministry of Justice made an advance legislation notice regarding officetels to be implemented tomorrow. The law [...]

Regulator to Grant 2 Internet-only Bank Permits Next Year

Regulator to Grant 2 Internet-only Bank Permits Next Year

SEOUL, Sept. 21 (Korea Bizwire) — The financial regulator said Friday it will give preliminary approval next year for two groups to launch Internet-only banks, as the government aims to reinvigorate the banking industry. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks a day after the National Assembly passed a bill [...]