SEOUL, April 29 (Korea Bizwire) — South Korea will set up a long-term strategy this year to commercialize autonomous marine vehicle technology as part of efforts to innovate the shipping industry, the oceans minister said Tuesday. “Autonomous ships utilizing cutting-edge digital technologies, such as artificial intelligence (AI), will play a significant role in improving maritime [...]
SEOUL, April 29 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base. The Financial Services Commission said it will complete procedures needed to revise related laws on insurers’ capital adequacy ratio by [...]
SEOUL, April 29, (Korea Bizwire) — South Korea’s overall disability employment rate saw a modest improvement in 2024, but private-sector companies continue to lag behind their mandatory hiring targets, government data showed Monday. According to the Ministry of Employment and Labor, as of the end of 2024, the average disability employment rate across 32,692 public [...]
SEOUL, April 29, (Korea Bizwire) — South Korea will restrict the import of wild animals to a designated “white list” of 900 species starting later this year, while requiring permits for businesses that hold or sell large numbers of wildlife, the Ministry of Environment announced Monday. The ministry unveiled draft amendments to the Enforcement Decree [...]
DAEJEON, April 28 (Korea Bizwire) — South Korea’s Korea Advanced Institute of Science and Technology (KAIST) announced Monday that it has completed the first phase of establishing the Kenya Advanced Institute of Science and Technology (Kenya-AIST) in Kenya’s Konza Technopolis, marking the culmination of a decade-long overseas development initiative. The project, aimed at creating a premier [...]
SEOUL, April 28(Korea Bizwire) — Despite aggressive efforts to attract outstanding foreign talent to bolster its science and engineering sectors, South Korea is facing challenges in persuading international students to settle in the country after graduation, a new government report shows. On April 27, the National Research Foundation of Korea released findings from its study on [...]
SEOUL, April 28 (Korea Bizwire) — SpaceX and OneWeb are on track to launch low-Earth orbit (LEO) satellite communication services in South Korea before the end of 2025, according to the Ministry of Science and ICT. The ministry announced on April 27 that administrative procedures for approving the companies’ domestic satellite services are in the final [...]
SEOUL, April 27 (Korea Bizwire) — For a man in his twenties, a single desperate loan marked the start of a brutal spiral. Borrowing 200,000 won with the promise to repay double just a week later, he soon found himself crushed by mounting debts. When relentless collectors showed up at his daughter’s kindergarten, he saw no [...]
SEOUL, April 25 (Korea Bizwire) — South Korea will “prudently” decide whether to join the Alaska liquefied natural gas (LNG) project after conducting an on-site field inspection of the project, Seoul’s industry minister said Friday. Industry Minister Ahn Duk-geun said the government will approach the matter “prudently” as it is tied to the country’s energy [...]
SEOUL, April 25 (Korea Bizwire) — South Korea will soon mandate that large foreign gaming companies designate local representatives as part of a broader effort to enhance consumer protection and enforce gaming regulations more effectively, the Ministry of Culture, Sports and Tourism announced on Thursday. The ministry plans to revise the enforcement decree of the Game [...]