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Investigation Underway Into Latvian Bank Suspected of Illegal Dealing with N. Korea

Investigation Underway Into Latvian Bank Suspected of Illegal Dealing with N. Korea

SEOUL, Feb. 15 (Korea Bizwire) – Latvia is investigating a local bank suspected of illegal trading related to North Korea’s weapons system, the Latvian top diplomat said Wednesday. The investigation comes as the United States has reportedly imposed sanctions on the Latvian bank ABLV for its financial transactions with North Korean entities blacklisted by the United Nations Security Council. The Latvian bank’s financial transactions contributed to North Korea’s illicit procuring for or [...]

Young South Koreans Bigger, Weaker than Their Parents

Young South Koreans Bigger, Weaker than Their Parents

SEOUL, Feb. 14 (Korea Bizwire) – Despite being bigger and taller, young South Koreans are less muscular and less strong than the older generations, a new study has revealed. The study released by the Ministry of Culture, Sports and Tourism on Wednesday showed that South Korean men in their early 20s have grown 4.4 centimeters in [...]

Wary of Shifting Landscape, Hospitals Tighten Purse Strings

Wary of Shifting Landscape, Hospitals Tighten Purse Strings

SEOUL, Feb. 14 (Korea Bizwire) – Revenue worries in the aftermath of healthcare reforms dubbed “Moon Jae-in Care” are keeping hospitals’ coffers closed even as the government takes pains to encourage the medical sector to invest in new infrastructure.  After initially earmarking 390 billion won for a medical facility in “city of the future” Songdo [...]

Seoul Approves Fund to Pay N. Korea’s Olympic Bills

Seoul Approves Fund to Pay N. Korea’s Olympic Bills

SEOUL, Feb. 14 (Korea Bizwire) — South Korea on Wednesday approved a plan to use a government fund to support North Korea’s participation in the PyeongChang Winter Olympics, officials said. The South and North Exchange and Cooperation Promotion Council passed $2.64 million (2.86 billion won) in spending from the government budget for inter-Korean cooperation to [...]

Government Considering Compulsory Military Service for Naturalized Citizens

Government Considering Compulsory Military Service for Naturalized Citizens

SEOUL, Feb. 13 (Korea Bizwire) – The South Korean government is mulling over compulsory military service for naturalized citizens. According to the immigration reforms announced by Prime Minister Lee Nak-yeon at a meeting on Monday, men with naturalized Korean citizenship will be required to serve in the military just like South Korean-born citizens. During the [...]