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Kakao Creates 300 bln Won Fund for Small Merchants amid Growing Scrutiny over Market Dominance

Kakao Creates 300 bln Won Fund for Small Merchants amid Growing Scrutiny over Market Dominance

SEOUL, Sept. 14 (Korea Bizwire) — South Korean internet giant Kakao Corp. said Tuesday it has decided to form a 300 billion won (US$256.2 million) fund for small merchants and scrap some of its services that compete against them, in a move to appease growing scrutiny from regulators and politicians over its rapidly expanding online [...]

S. Korea to Offer Rebates for Food Delivery, Promote Social Distancing

S. Korea to Offer Rebates for Food Delivery, Promote Social Distancing

SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s agriculture ministry said Friday it has set aside 20 billion won (US$17 million) to offer rebates to users of food delivery apps to promote social distancing and support local restaurants. Under the program set to start Wednesday, the government will provide a 10,000 won refund to those [...]

Major Korean Conglomerates Join Forces on Hydrogen Economy

Major Korean Conglomerates Join Forces on Hydrogen Economy

SEOUL, Sept. 8 (Korea Bizwire) — The heads of South Korea’s major conglomerates on Wednesday launched a business council to foster hydrogen as a clean energy source and expand its value chain. A total of 15 conglomerates, including Hyundai Motor, SK, POSCO, Lotte and Hanwha, launched Korea H2 Business Summit to encourage corporate investments and [...]

Buycotts as ‘Good Influence’ Gain Traction in S. Korea

Buycotts as ‘Good Influence’ Gain Traction in S. Korea

SEOUL, Sept. 7 (Korea Bizwire) — Jincheon, a county of some 85,000 residents, about 90 kilometers southeast of Seoul, received an unexpected windfall late last month following media reports that it will provide temporary accommodation to 390 Afghan evacuees brought in from Kabul. In support of the county’s decision to embrace the foreigners, people flocked [...]

Justice Ministry Seeking to Change Law to Allow Singles to Adopt

Justice Ministry Seeking to Change Law to Allow Singles to Adopt

SEOUL, Sept. 6 (Korea Bizwire) — The Ministry of Justice said Monday it plans to revise a law to allow a single person to legally adopt a child, as single-member households are becoming the country’s most common living arrangement. The ministry’s task force, aimed at making policies friendlier toward single-person households, has recently agreed to [...]

S. Korea Developing Massive Ballistic Missile as Powerful as Tactical Nuclear Weapon

S. Korea Developing Massive Ballistic Missile as Powerful as Tactical Nuclear Weapon

SEOUL, Sept. 2 (Korea Bizwire) — South Korea has been developing a massive ballistic missile as powerful as a tactical nuclear weapon, sources said Thursday, after the full lifting of U.S.-imposed restrictions on missile development. The surface-to-surface missile, which can carry a warhead of up to 3 tons with a flight range of 350-400 kilometers, [...]

S. Korea Endorses Bill Mandating Carbon Neutrality by 2050

S. Korea Endorses Bill Mandating Carbon Neutrality by 2050

SEOUL, Sept. 1 (Korea Bizwire) — South Korea’s parliament has passed a bill mandating over a 35 percent cut in greenhouse gas emissions by 2030 to eventually achieve carbon neutrality by 2050. The National Assembly passed the so-called “climate crisis response” act Tuesday night at a general voting session, becoming the 14th country in the [...]

Workers’ Employment Insurance Rate to be Hiked over Fund Depletion Woes

Workers’ Employment Insurance Rate to be Hiked over Fund Depletion Woes

SEOUL, Sept. 1 (Korea Bizwire) — The government on Wednesday decided to raise the rate of workers’ employment insurance next year as the state employment insurance fund is on the verge of being depleted amid the prolonged coronavirus pandemic. The labor ministry’s employment insurance fund committee held a meeting and ratified the decision to raise [...]

Game Developers Wade into Booming S. Korean Entertainment Industry

Game Developers Wade into Booming S. Korean Entertainment Industry

SEOUL, Aug. 31 (Korea Bizwire) — South Korean game developers have been turning their eyes to the production of TV series and films in a bid to diversify their business portfolios amid the booming Korean entertainment industry. Com2uS, an online and mobile game publisher, said last week that it has claimed a combined 38 percent [...]