SEOUL, June 17 (Korea Bizwire) — The government will select 10 industrial complexes to help support their application of artificial intelligence (AI) technologies to achieve enhanced productivity and find new business opportunities, the industry ministry said Tuesday. The Ministry of Trade, Industry and Energy will provide a combined 140 billion won (US$102.9 million) from the [...]
SEOUL, June 17 (Korea Bizwire) — On a weekday, a real estate agency in Seoul’s Mapo District was juggling multiple phone inquiries from prospective homebuyers but had little to offer, largely due to recent price hikes that encouraged home owners to withdraw their offerings in hope of further increases. “We are getting inquiries from over [...]
SEOUL, June 17 (Korea Bizwire) — A new report warns that South Korea’s elderly population faces a growing “double burden” as rising health insurance premiums and income taxes increasingly eat into public pension payouts, significantly reducing retirees’ real disposable income. According to a study released Tuesday by the National Pension Research Institute, the 2022 overhaul of [...]
SEJONG, June 16 — South Korea’s antitrust watchdog has imposed penalties on two major online game publishers, Krafton and Com2uS, for misleading players about the odds of winning in-game items—marking another step in a widening regulatory crackdown on deceptive practices in the gaming industry. The Korea Fair Trade Commission (KFTC) announced Monday that it has fined [...]
SEOUL, June 16 (Korea Bizwire) — Labor tensions are intensifying at South Korea’s top platform companies as unions at Naver and Kakao step up protests, raising fresh questions about corporate governance and workforce management in the country’s fast-evolving tech sector. According to the ICT industry on Sunday, Naver’s union, part of the Korean Federation of [...]
CHUNCHEON, June 16 (Korea Bizwire) – A coalition of environmental groups opposed to the controversial Mount Seorak cable car project has filed an emergency injunction seeking to suspend the development, citing irreversible ecological damage. The coalition, known as the National Action to Protect Mount Seorak National Park, submitted a request to the Chuncheon District Court on [...]
SEOUL, June 16 (Korea Bizwire) — President Lee Jae-myung on Monday called for South Korea and Japan to join hands for a better future, casting the two neighbors as important partners bound to work together amid a rapidly changing global environment. Lee made the remark in a congratulatory video message at the start of an [...]
SEOUL, June 16 (Korea Bizwire) — South Korea will extend its fuel tax cuts and consumption tax reductions for electric vehicles (EVs) to ease the financial burden on consumers amid rising prices and weakening demand, the finance ministry said Monday. Under the latest extension, the current fuel tax reductions — a 10 percent cut on [...]
SEOUL, June 16 (Korea Bizwire) — President Lee Jae-myung departed for Canada on Monday to attend the Group of Seven (G7) summit, marking his diplomatic debut on the global stage just less than two weeks into his term in office. Lee embarked on a three-day trip to Alberta to attend an expanded G7 summit session [...]
SEOUL, June 16 (Korea Bizwire) — LG Display Co., a global leader in display panel manufacturing, has filed a patent infringement lawsuit in the United States against Chinese firm Tianma Microelectronics Co. to protect its intellectual property, according to industry sources Monday. According to the sources, the South Korean company filed the suit Friday (U.S. [...]