SEOUL, June 17 (Korea Bizwire) – The government will extend the tax cut on fuel for automobiles by an additional two months but lower the cap for the reduction in consideration of global oil prices, inflation and the dwindling tax revenue, the finance ministry said Monday. South Korea has applied a 25 percent discount on [...]
SEOUL, Jun. 17 (Korea Bizwire) — The government on Monday unveiled a series of measures aimed at boosting the nation’s tourism sector amid signs of a robust recovery in the post-pandemic era. The measures, announced during a meeting of economic affairs ministers, including the Ministry of Culture, Sports and Tourism, focus on streamlining entry procedures [...]
SEOUL, Jun. 17 (Korea Bizwire) — South Korea will begin issuing the K-culture training visa for foreigners on a trial basis this year and consider introducing a new workation visa, with the goal of attracting more tourists from overseas, the finance ministry said Monday. It is part of the comprehensive measures presented by the ministry, [...]
SEJONG, Jun. 16 (Korea Bizwire) – The finance ministry announced plans to sell $1.3 billion in foreign exchange stabilization bonds, aiming to attract high-quality SSA (Sovereigns, Supranationals & Agencies) investors. The targeted investor pool includes governments, central banks, international organizations, and policy finance institutions. Foreign exchange stabilization bonds are designed to allow governments to intervene [...]
SEOUL, June 13 (Korea Bizwire) – Personal information processing policies of 49 companies and institutions, which are closely related to people’s daily life, will be evaluated by the government for the first time this year, the state’s data protection watchdog said Thursday. The 49 entities include major tech companies and online shopping malls, such as [...]
SEOUL, Jun. 13 (Korea Bizwire) – A new survey has underscored the increasing adoption of digital technologies like kiosks among older South Koreans, even as significant hurdles remain for many in that demographic navigating the online world. The report, released June 12 by the Seoul Digital Foundation after interviewing 5,500 residents aged 19 and above, found [...]
SEOUL, June 12 (Korea Bizwire) – The South Korean units of Google and Apple were among firms here fined for allegedly violating a law on location data collection, the telecom regulator said Wednesday. Google’s Korean unit was ordered to pay a fine of 3 million won (US$2,180) for allegedly violating a clause on disclosing its [...]
SEOUL, Jun. 12 (Korea Bizwire) – Despite spending 47 trillion won last year to tackle the country’s chronically low birth rate, about half of that budget was allocated to programs unrelated to the core issue, experts warned, calling for a restructuring of government spending to better address the demographic crisis. At a seminar on June 11 [...]
SEOUL, Jun. 12 (Korea Bizwire) — South Korea’s chief central banker on Wednesday emphasized the importance of a timely shift toward a monetary easing policy as inflation in Asia’s fourth-largest economy still runs high. In a speech to celebrate the 74th anniversary of the central bank’s establishment, Bank of Korea Gov. Rhee Chang-yong said inflation [...]
SEOUL, Jun. 10 (Korea Bizwire) – South Korea is set to introduce swifter penalties for non-custodial parents who defy court orders to pay child support, including travel bans and driver’s license suspensions if the amount in arrears is over 30 million won or they are delinquent on more than three payments. The Ministry of Gender Equality [...]