SEOUL, May 9 (Korea Bizwire) — South Korea’s long-term economic potential is facing a steep decline and could enter negative territory by the 2040s if structural challenges go unaddressed, the state-run Korea Development Institute (KDI) warned in a report released Thursday. According to the report, “Projections for Potential Growth and Policy Implications,” South Korea’s potential growth [...]
SEOUL, May 9 (Korea Bizwire) — An increasing number of young South Koreans are withdrawing from society and confining themselves indoors, emerging only at night — a pattern that is raising alarm among mental health professionals, law enforcement, and social policy experts. According to a March 2025 report by the Office for Government Policy Coordination, [...]
SEOUL, May 9 (Korea Bizwire) — South Korean consumers reined in spending on everyday items and luxury goods in the first quarter of 2025, while showing a notable willingness to spend on travel-related expenses, according to new data from mobile analytics platform IGAWorks. The firm’s Mobile Index data, based on estimated credit and debit card transactions [...]
SEOUL, May 9 (Korea Bizwire) — South Korea’s medical establishment is uniting in support of the National Health Insurance Service (NHIS) as it prepares for a pivotal appeals court hearing in its landmark lawsuit against major tobacco companies over smoking-related health costs. The NHIS filed a 53.3 billion won ($37 million) damage claim in 2014 [...]
SEOUL, May 8 (Korea Bizwire) — Samsung Electronics announced a major organizational overhaul on Thursday, establishing a dedicated AI Productivity Innovation Group within its Device Experience (DX) division as part of its push to transform into a fully “AI-driven company.” The move marks a significant step in Samsung’s efforts to embed artificial intelligence into its [...]
MILAN, May 8 (Korea Bizwire) — South Korea is preparing to roll out a new cross-border payment system that will allow travelers to make purchases abroad by simply scanning a QR code with a mobile app — no credit or debit card required. A companion feature will also enable cash withdrawals from overseas ATMs, aimed [...]
SEOUL, May 8 (Korea Bizwire) — As concerns mount over the long-term sustainability of South Korea’s national health insurance system, the government has introduced a new AI-powered model designed to more precisely detect medical institutions suspected of overcharging patients. The Health Insurance Review and Assessment Service (HIRA) announced Thursday that it has developed an advanced [...]
SEOUL, May 8 (Korea Bizwire) — HD Hyundai is embarking on a pioneering effort to develop South Korea’s first humanoid robot specialized in welding, teaming up with leading AI and robotics companies to advance automation in shipbuilding. The company announced Wednesday that its subsidiaries — HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Robotics — [...]
SEOUL, May 8 (Korea Bizwire) — South Korea’s Ministry of Health and Welfare announced plans on Thursdsay to introduce policies supporting childbirth outside of marriage, signaling a potential shift in a country where traditional family structures have long dominated social norms. First Vice Health Minister Lee Ki-il stated during a radio interview on Parents’ Day that [...]
BUSAN, May 8 (Korea Biziwre) — Starting this year, residents of Busan who wish to own certain aggressive dog breeds such as pit bulls and Rottweilers must not only obtain a local government permit but also pass a formal temperament assessment, the city announced Wednesday. The move follows the implementation of South Korea’s revised Animal Protection [...]