SEOUL, Oct. 2 (Korea Bizwire) — South Korea’s consumer prices slowed to the lowest level in 3 1/2 years in September, falling below 2 percent for the first time since early 2021, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 1.6 percent on-year last month, compared with a 2 percent increase a [...]
SEOUL, Oct. 2 (Korea Bizwire) – In a bold move towards personalized healthcare, the South Korean government has embarked on a large-scale initiative to build a national biodata bank, aiming to usher in an era of precision medicine. The project, launched in April, seeks to collect and integrate genetic information, clinical data, and lifestyle habits from [...]
SEOUL, Oct. 2 (Korea Bizwire) – In South Korea, prescriptions for methylphenidate, a medication used to treat Attention Deficit Hyperactivity Disorder (ADHD), have skyrocketed in the first half of this year, nearly matching the total number of patients prescribed the drug in all of 2023. This surge comes amid growing misconceptions about the drug as a [...]
SEOUL, Oct. 2 (Korea Bizwire) — The government on Wednesday unveiled additional financial support for low-income earners that include complete debt forgiveness for those who are willing but unable to repay their loans. The move comes amid sharp increases in household debts and the number of people going bankrupt. The number of people filing for [...]
SEOUL, Oct. 2 (Korea Bizwire) — SK bioscience Co., a biopharmaceutical arm of South Korea’s SK Group, said Wednesday it has completed its acquisition of a controlling stake in the German biotech company IDT Biologika. In June, the Korean company agreed to take over a 60 percent stake in IDT Biologika from Klocke Group for [...]
YANGYANG, Oct. 2 (Korea Bizwire) – Wild pine mushrooms from Yangyang, South Korea, known as “Yangyang songi,” have shattered price records, selling for an unprecedented 1.6 million won per kilogram. The Yangyang Sokcho Forestry Cooperative reported on October 1 that during the previous day’s auction, top-grade Yangyang songi mushrooms reached this new pinnacle. The auction prices [...]
SEOUL, Oct. 2 (Korea Bizwire) – The South Korean Fair Trade Commission (FTC) has initiated regulatory action against AliExpress, the popular Chinese online shopping platform, over allegations of false advertising. On September 30, the FTC sent a report detailing potential sanctions to an AliExpress affiliate responsible for product sales. The commission determined that the company’s advertisements, [...]
SEOUL, Oct. 1 (Korea Bizwire) – In a significant breakthrough for electric vehicle safety, LG Chem, one of South Korea’s leading chemical companies, has announced the development of a new material that could potentially prevent battery fires by cutting off electrical flow when temperatures rise abnormally. The innovation, described as a “thermal runaway inhibiting [...]
SEOUL, Oct. 1 (Korea Bizwire) — Hyundai Motor Group said Tuesday it has signed an initial pact with a Saudi Arabian foundation for cooperation in a smart city project. The South Korean automotive group and Misk Foundation signed a memorandum of understanding (MOU) for a partnership in a Saudi Arabian smart city project and to [...]
SEOUL, Oct. 1 (Korea Bizwire) – As Seoul prepares for its annual International Fireworks Festival, a spectacle that typically draws hundreds of thousands of spectators, a frenzy for prime viewing spots is driving up prices across the city. Hotels and restaurants with coveted views of the Han River are seeing their rates soar, prompting local authorities [...]