SEOUL, Nov. 6 (Korea Bizwire) — Nearly half of running jackets tested in South Korea lost their water-repellent performance after several washes, a government consumer watchdog said Wednesday. The Korea Consumer Agency tested eight popular running jacket brands and found that four of them showed weakened water repellency after five washes. The test rated water repellency [...]
SEOUL, Nov. 6 (Korea Bizwire) — A majority of South Koreans say they do not trust the national pension system, according to a new survey released Wednesday by the Korea Employers Federation (KEF). In the poll of 1,007 adults conducted by Mono Research, 55.7 percent said they did not trust the National Pension Service, compared [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s National Pension Service (NPS) will overhaul its 1,200 trillion won (US$905 billion) investment governance structure to enhance the professionalism and agility of how the world’s third-largest pension fund manages its growing assets. Under the new system, the NPS will split its single Investment Committee into two separate [...]
SEOUL, Nov. 5 (Korea Bizwire) — South Korea’s ruling party is moving swiftly to legislate an extension of the retirement age to 65 by the end of the year, backed by the nation’s two largest labor unions. But the country’s major business groups are warning that the proposal could amplify management uncertainty and deepen structural problems [...]
SEOUL, Nov. 5 (Korea Bizwire) — South Korea’s top financial regulator vowed Wednesday to reconsider compensation standards for investors in the so-called Belgian Fund scandal if evidence of mis-selling is confirmed, as part of a broader push to strengthen consumer protection in the financial sector. Lee Chan-jin, governor of the Financial Supervisory Service (FSS), made the [...]
SEOUL, Nov. 5 (Korea Bizwire) — South Korea plans to invest more than 900 billion won, or about $622 million, over the next seven years to develop advanced medical devices that officials described as “game-changing,” the Ministry of Trade, Industry and Resources said Wednesday. Under the initiative, which runs from 2025 through 2030, the government will [...]
SEOUL, Nov. 5 (Korea Bizwire) — Defense Minister Ahn Gyu-back signaled support on Wednesday for constructing South Korea’s first nuclear-powered submarine at a domestic shipyard, arguing that the nation’s decades of shipbuilding expertise make it capable of managing such an ambitious defense project. The comments come amid Seoul’s accelerating pursuit of a nuclear-powered submarine fleet—a capability [...]
DAEJEON, Nov. 5 (Korea Bizwire) — More than 100 South Korean teenagers voluntarily confessed to online gambling and sought help through a police-led rehabilitation program in Daejeon over the past year, according to police data released Tuesday. The Daejeon Metropolitan Police Agency said that between November last year and October this year, 109 students — including [...]
SEOUL, Nov. 4 (Korea Bizwire) — South Korea’s Cabinet approved a series of legislative revisions on Tuesday, including a law aimed at preventing “emergency room carousel” (being repeatedly sent from one ER to another) and protecting civil servants who take proactive administrative action. The revised Emergency Medical Service Act requires hospitals to set up dedicated phone [...]
SEOUL, Nov. 4 (Korea Bizwire) — President Lee Jae Myung pledged on Tuesday to accelerate South Korea’s path toward a self-reliant military and expand its defense capabilities, while renewing calls for dialogue with North Korea amid growing regional uncertainty. “We will significantly strengthen our national defense and realize the vision of self-reliant defense,” Lee said in [...]