SEOUL, Aug. 14 (Korea Bizwire) — Hyundai Steel has withdrawn a 4.61 billion won ($3.4 million) damages lawsuit against members of its irregular workers’ union, who staged a strike in 2021. The move comes as the ruling Democratic Party pushes to pass the so-called “Yellow Envelope Law” this month, aimed at limiting companies’ ability to seek [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea will hold a ceremony this week commemorating President Lee Jae Myung’s recent election and the 80th anniversary of Liberation Day, the interior ministry said Wednesday. The special ceremony symbolizing Lee’s appointment by the people will take place at Gwanghwamun Square in downtown Seoul on Friday in a [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea’s Presidential Committee on National Planning unveiled Wednesday a comprehensive set of labor policy initiatives that would extend protections to the country’s smallest workplaces and strengthen rights for all workers. The proposals are part of President Lee Jae Myung’s broader agenda for his term, aimed at modernizing the nation’s [...]
SEOUL, Aug. 13 (Korea Bizwire) — A lawyer who previously defended President Lee Jae Myung in his corruption trials was nominated as the new chief of South Korea’s financial watchdog Wednesday. The Financial Services Commission (FSC) said it nominated lawyer Lee Chan-jin as the new governor of the Financial Supervisory Service (FSS) in an extraordinary [...]
SEOUL, Aug. 13 (Korea Bizwire) — President Lee Jae Myung nominated new education and gender equality ministers as well as the heads of the nation’s corporate watchdog and financial regulator Wednesday, the presidential office said. Choi Kyo-jin, superintendent of the Sejong City Office of Education, was named education minister, presidential chief of staff Kang Hoon-sik [...]
SEOUL, Aug. 11 (Korea Bizwire) — Former minor party leader Cho Kuk will be granted a special pardon on the occasion of Liberation Day, the justice ministry said Monday, cutting short his two-year prison term over charges in connection with his daughter. Cho will be granted an exemption of his sentence under the presidential amnesty [...]
SEOUL, Aug. 11 (Korea Bizwire) — President Lee Jae Myung’s special pardons for political figures, businesspeople and low-level offenders aim to promote national unity and revitalize the local economy, the presidential office said Monday. During an extraordinary Cabinet meeting, Lee approved special pardons and reinstatement for 2,188 individuals on the occasion of Liberation Day, which [...]
SEOUL, Aug. 11 (Korea Bizwire) — South Korea’s military force has significantly dwindled, with total personnel expected to fall to 450,000 by July 2025, down from 560,000 in 2019. This marks a reduction of 110,000 soldiers over six years, a decline of more than 20%. The reduction follows a broader trend that has seen the army’s [...]
PYEONGTAEK, South Korea, Aug. 10 (Korea Bizwire) – The commander of the U.S. Forces Korea (USFK) said taking “shortcuts” for the transition of wartime operational control (OPCON) to Seoul from Washington could imperil the readiness posture on the Korean Peninsula. Gen. Xavier Brunson stressed the need to adhere to bilaterally agreed-upon conditions for the OPCON [...]
SEOUL, Aug. 10 (Korea Bizwire) — The Trump administration has reportedly pressed South Korea for explicit consent regarding the strategic flexibility of U.S. Forces Korea (USFK), a key issue that may emerge as a significant agenda item in upcoming U.S.-South Korea summits or security discussions. Strategic flexibility allows the U.S. military to expand its operational reach [...]