SEOUL, Feb. 7 (Korea Bizwire) — The International Monetary Fund (IMF) has cautioned that downside risks to South Korea’s economy remain significant, citing prolonged political uncertainty as a key factor that could dampen investment and consumer sentiment while heightening financial volatility. In its 2024 Annual Consultation Report on South Korea, released on February 7, the IMF [...]
SEOUL, Feb. 7 (Korea Bizwire) — South Korea’s Ministry of Justice has embarked on a sweeping revision of the nation’s Civil Act, marking the first comprehensive overhaul since its enactment in 1958. The reform aims to modernize property and contract laws, reflecting economic shifts and aligning with global legal standards. The ministry announced on February 7 [...]
SEOUL, Feb. 7 (Korea Bizwire) — BMW has introduced the latest iteration of its all-electric Sports Activity Vehicle (SAV), the ‘New iX,’ marking its global debut. The automaker announced the unveiling on February 7, highlighting significant advancements in power, design, and battery efficiency. The New iX, part of the BMW i sub-brand, incorporates the company’s latest [...]
SEOUL, Feb. 7 (Korea Bizwire) — A new survey has revealed distinct generational preferences in social media use among South Koreans, with younger users gravitating toward Instagram while those over 50 show a stronger affinity for Band. However, KakaoTalk remains the most widely used platform across all age groups. According to the “2024 Social Media User [...]
SEOUL, Feb. 7 (Korea Bizwire) — The number of exclusive insurance agents in South Korea has increased despite the growing influence of independent insurance agencies (GAs) in the market, according to industry data released on February 6. Unlike GA agents who sell products from multiple insurers, exclusive agents are directly employed by insurance companies and sell [...]
SEOUL, Feb. 7 (Korea Bizwire) — The South Korean Ministry of Health and Welfare and the Food and Drug Safety Ministry announced on February 6 proposed enforcement regulations requiring tobacco manufacturers to test harmful substances within one month of product launch. The regulations implement the Tobacco Harm Management Act passed in 2023, which takes effect November [...]
DAEJEON, Feb. 7 (Korea Bizwire) — South Korean researchers have developed groundbreaking technology that can establish temporary mobile communication networks from the air when ground infrastructure is disabled by disasters such as fires or warfare. The Electronics and Telecommunications Research Institute (ETRI) announced on February 6 that it successfully demonstrated mobile communication services achieving speeds of [...]
SEOUL, Feb. 7 (Korea Bizwire) — In a vocational training center in Seoul’s Jung district, Shin Hae-cheong, 72, carefully measures wallpaper and prepares paste for his latest assignment. A real estate agent by trade, Shin traveled from his provincial home to the capital to earn a wallpapering certification — what he hopes will be his ticket [...]
SEOUL, Feb. 6 (Korea Bizwire) – The government said Thursday it will deploy thermal imaging cameras and bird detection radar systems at all domestic airports to prevent airplane bird strikes following last month’s deadly Jeju Air Co. crash. The Ministry of Land, Infrastructure and Transport reported a comprehensive aviation safety improvement plan to a National Assembly [...]
SEOUL, Feb. 6 (Korea Bizwire) — Leading South Korean companies and institutions are increasingly restricting the use of DeepSeek, a Chinese artificial intelligence model, amid concerns over its excessive data collection practices. Kakao, which recently announced an official partnership with OpenAI, became the first major South Korean IT company to prohibit DeepSeek’s use for internal operations, [...]