SEOUL, May 15 (Korea Bizwire) — The country’s financial watchdog said Thursday that it will prod financial firms to manage their incentive systems in a proper and reasonable manner. The Financial Supervisory Service (FSS) said incentive systems can carry risks if not properly managed, which also can hurt financial institutions’ soundness as well as the [...]
JEJU, May 14 (Korea Bizwire) — A new senior-led drone surveillance team officially began operations at Jeju International Airport on May 14, marking a novel initiative to boost airspace security using the experience of retired police officers, firefighters, and aviation professionals. The “Airport Safety Illegal Drone Patrol,” jointly launched by the Jeju Special Self-Governing Province [...]
SEOUL, May 14 (Korea Bizwire) — South Korea is ramping up efforts to reduce its reliance on foreign drone technology and establish itself as a global leader in the sector, with the launch of a government-backed drone alliance and five flagship development projects aimed at advancing domestic capabilities. The Ministry of Land, Infrastructure and Transport [...]
SEOUL, May 14 (Korea Bizwire) — A state-funded research institute has recommended the introduction of a “lifestyle registration system” as a necessary first step toward implementing the dual address system promised by Lee Jae-myung, the presidential candidate of the Democratic Party of Korea. In a report released Tuesday, the Korea Research Institute for Human Settlements [...]
SEOUL, May 14 (Korea Bizwire) — South Korea’s political and labor circles are locked in heated debate over a proposal to raise the legal retirement age from 60 to 65, reflecting growing tensions between an aging population and youth employment concerns. The issue, reignited during Labor Day remarks by Democratic Party leader Lee Jae-myung, has polarized [...]
SEOUL, May 13 (Korea Bizwire) — Unregulated electronic cigarette vending machines selling synthetic nicotine products are proliferating near schools in South Korea, sparking public concern over youth access and health risks, amid mounting calls for legislative reform. A recent investigation revealed unmanned vape shops operating near elementary, middle, and high schools in central Seoul, often [...]
SEOUL, May 12 (Korea Bizwire) — Starting May 16, Seoul will implement the nation’s first designated no-go zones for electric scooters and similar personal mobility devices in two bustling areas: Hongdae Red Road in Mapo District and the Banpo private education district in Seocho District, city officials announced Monday. The pilot initiative, jointly launched by [...]
SEOUL, May 12 (Korea Bizwire) — South Korea has newly designated robotics and defense technologies as part of its portfolio of advanced technologies the country aims to strategically develop as new economic growth engines, the industry ministry said Monday. The Ministry of Trade, Industry and Energy posted a notification of designation of the two new [...]
SEOUL, May 12 (Korea Bizwire) — As South Korea grapples with the financial implications of its aging population, the government has released the nation’s first full-scale survey on so-called “dementia money”—the frozen assets held by elderly citizens with dementia—and experts are urging swift action modeled on Japan’s experience. According to the Presidential Committee on Aging Society [...]
SEOUL, May 12 (Korea Bizwire) — In a new step toward carbon neutrality in the building sector, the South Korean government has introduced a savings program that rewards citizens with higher interest rates if they reduce their electricity consumption. The Ministry of Land, Infrastructure and Transport announced Sunday the launch of the “Energy-Saving DooDream Savings” product, [...]