SEOUL, July 16 (Korea Bizwire) — Justice Minister nominee Jung Sung-ho vowed Wednesday to accelerate reforms aimed at separating the prosecution’s investigative and indictment functions, saying it is an “unavoidable” trend. In a parliamentary confirmation hearing, Jung said the reform initiatives intended to reduce the concentration of power within the prosecution have been discussed since [...]
SEOUL, July 15 (Korea Bizwire) — President Lee Jae Myung has sent official invitation letters to 20 other leaders of the Asia-Pacific Economic Cooperation (APEC) for this year’s summit in South Korea, his office said Tuesday. South Korea will host the upcoming APEC summit in Gyeongju, about 370 kilometers southeast of Seoul, from Oct. 31 [...]
SEOUL, July 15 (Korea Bizwire) – Finance minister nominee Koo Yun-cheol said Tuesday he will push for big investments in artificial intelligence (AI) and biohealth industries to help revitalize the South Korean economy currently in a “structural crisis.” “The government will work to fundamentally strengthen the country’s job creation capacity by making big investments in [...]
SEOUL, July 15 (Korea Bizwire) — The Cabinet on Tuesday approved amendments to the Commercial Act that expand the fiduciary duties of corporate board members to all shareholders, in a move that many analysts say will help improve standards on corporate governance. The legislation is expected to lay the groundwork for strengthening the protection of [...]
SEOUL, July 15 (Korea Bizwire) — In a move aimed at easing daily financial burdens on low-credit individuals, South Korea’s financial authorities are considering allowing postpaid transit card functions for people undergoing debt workout programs. The initiative is part of President Lee Jae-myung’s broader policy agenda to support financially distressed small business owners and delinquent [...]
SEOUL, July 14 (Korea Bizwire) – Unification Minister nominee Chung Dong-young said Monday he does not agree with the view that North Korea is South Korea’s “main enemy,” instead calling the North a “threat.” Chung made the remarks during a parliamentary confirmation hearing as the former conservative Yoon Suk Yeol administration defined the North Korean [...]
SEOUL, July 13 (Korea Bizwire) — President Lee Jae-myung on Sunday delivered a sweeping appeal to link economic equity with democratic resilience, warning that without tangible improvements to people’s lives, democracy could fall prey to authoritarian forces cloaked in the guise of economic growth. Speaking at the opening ceremony of the World Congress of Political [...]
SEOUL, July 11 (Korea Bizwire) — President Lee Jae Myung has tapped a lawmaker of the ruling Democratic Party as land minister and the head of a travel platform as culture minister, the presidential office said Friday, completing the nomination of all 19 members of his first Cabinet. Rep. Kim Yun-duk of the ruling Democratic [...]
SEOUL, July 10 (Korea Bizwire) — The presidential office said Thursday it will push for a special law to establish industrial zones entirely powered by renewable energy sources, in a move aimed at addressing regional power imbalances. Presidential chief of staff for policy Kim Yong-beom told reporters that the initiative seeks to pave the way [...]
SEOUL, July 10 (Korea Bizwire) — President Lee Jae Myung on Thursday instructed senior aides to draw up measures to maximize effects of cash handouts, which is a part of an extra budget as a stimulus package to boost private consumption. Lee gave the instruction at a meeting with senior aides earlier in the day, [...]