SEOUL, Dec. 17 (Korea Bizwire) — The Bank of Korea (BOK) is developing an artificial intelligence-based early warning system to better prepare for potential risks, its chief said Tuesday. During an international forum in Seoul, BOK Gov. Rhee Chang-yong said the central bank had decided to actively invest in the AI-based financial forecast and warning [...]
SEOUL, Dec. 16 (Korea Bizwire) — Finance Minister Choi Sang-mok reiterated Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasizing the country’s robust economic system. Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and [...]
SEOUL, Dec. 13 (Korea Bizwire) — Unionized workers of the state-run Industrial Bank of Korea (IBK) have voted to stage a general strike later this month over failed wage negotiations with the management, union officials said Friday. More than 80 percent of the unionized workers at the policy lender voted Thursday to stage a general [...]
SEOUL, Dec. 10 (Korea Bizwire) – The growth in South Korea’s employment insurance registrations reached its lowest point in nearly four years, highlighting a slowdown in the labor market as the country faces a range of economic headwinds. According to the Ministry of Employment and Labor, the number of regular employment insurance subscribers increased by [...]
SEOUL, Dec. 4 (Korea Bizwire) – In response to growing demand for obesity medications, Samsung Fire & Marine Insurance has launched health insurance products that cover high-cost obesity treatments, marking a significant development in the Korean health insurance market. These new plans offer coverage for GLP-1 class obesity medications, such as Wegovy and Saxenda, which [...]
SEOUL, Nov. 25 (Korea Bizwire) – Following the devastating Mercedes-Benz EQE fire in an Incheon apartment complex parking garage last August, which damaged approximately 800 vehicles, concerns about rising auto insurance premiums have become reality, even as traffic accidents and fatalities decline. According to the Korea Automobile Citizens’ Association, traffic fatalities have dropped by half, from [...]
SEOUL, Sept. 18 (Korea Bizwire) – As South Korea prepares for the launch of Wegovy, a highly anticipated weight loss medication, next month, questions are arising about its coverage under private health insurance plans. Wegovy, produced by Danish pharmaceutical company Novo Nordisk and famously touted by Tesla CEO Elon Musk as his weight management secret, is [...]
SEOUL, Sept. 14 (Korea Bizwire) – As South Korea grapples with an unprecedented pace of population aging, coupled with trends towards longer life spans with chronic illnesses and an increase in single-person households, the need for individuals to prepare for their own elder care is becoming increasingly urgent. On September 12, the Korea Life Insurance Association [...]
SEOUL, Sept. 10 (Korea Bizwire) – President Yoon Suk Yeol said Tuesday the government will temporarily raise health insurance payments to hospitals for the upcoming Chuseok holiday to better reward their services and to prevent disruptions in emergency medical care. During a Cabinet meeting, Yoon addressed concerns over possible disruptions to the medical system during [...]
SEOUL, Sept. 3 (Korea Bizwire) — In South Korea, a rush for loans at internet banks is intensifying as the country’s five largest banks continue to impose lending restrictions. Customers are flocking to online lenders, which are perceived as more accessible, in a phenomenon known as “open runs” – where borrowers attempt to secure loans as [...]