SEOUL, June 11 (Korea Bizwire) —As South Korea’s ruling Democratic Party accelerates efforts to legalize and regulate won-based stablecoins, industry insiders warn that a hasty rollout could expose the financial system to disorder and weaken the country’s global competitiveness. In a move reflecting growing pressure from lawmakers, a consortium of major South Korean banks — including [...]
SEOUL, June 11 (Korea Bizwire) — A long-running legal battle between South Korean human rights activists and Google over personal data transparency has come to an end after 11 years, with both parties agreeing to a court-proposed settlement. Under the terms of the agreement, Google will provide South Korean users with improved access to their personal [...]
SEOUL, June 10 (Korea Bizwire) — South Korea’s National Tax Service (NTS) has launched an aggressive crackdown on 710 chronic tax delinquents who collectively owe more than 1 trillion won (approximately US$730 million), revealing widespread use of fraudulent schemes to hide assets and evade payment. The offenders, flagged for property tracking investigations, used tactics ranging [...]
SEOUL, June 10 (Korea Bizwire) — The Korea Trade-Investment Promotion Agency (KOTRA) said Tuesday it has launched an internal task force aimed at overhauling the country’s export strategy structure to help the country achieve US$1 trillion in annual exports. The trade structure innovation task force was formed to strategically respond to the rapidly changing global [...]
SEOUL, June 10 (Korea Bizwire) — President Lee Jae-myung has appointed vice ministers of finance, foreign affairs and industry as well as the country’s top trade negotiator, the presidential office said Tuesday. Lee Hyoung-il, commissioner of Statistics Korea, has been named first vice finance minister, while Lim Ki-keun, administrator of the Public Procurement Service, was [...]
SEOUL, June 10 (Korea Bizwire) — Prosecutors on Tuesday indicted a duo accused of blackmailing South Korean football star Son Heung-min with fake pregnancy claims to extort money from him. The Seoul Central District Prosecutors Office said it indicted a woman in her 20s on charges of extortion and attempted extortion, and a man in [...]
SEOUL, June 10 (Korea Bizwire) -- HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Tuesday it has secured a 2.4 trillion-won (US$1.76 billion) order to build eight container ships for an Asian shipping company by 2028. The 15,900 twenty-foot equivalent unit (TEU) container carriers will be constructed at the shipyard of HD Hyundai [...]
SEOUL, June 10 (Korea Bizwire) — Firefighters on Tuesday extinguished a blaze that broke out at a building inside the Jogye Temple compound in central Seoul, with no casualties reported, officials said. The blaze was put out at 11:57 a.m. about an hour and a half after it began at the international conference hall on [...]
SEOUL, June 10 (Korea Bizwire) — A lawmaker of the ruling Democratic Party (DP) on Tuesday introduced a bill allowing companies to issue stablecoins pegged to the South Korean currency, in what would be another boost for the cryptocurrency market. Rep. Min Byung-dug of the DP said the bill also seeks to establish a digital [...]
SEOUL, June 10 (Korea Bizwire) — The unification ministry on Tuesday cited the need for peace building and public safety as the reasons for its recent call on civic groups to halt campaigns to send anti-Pyongyang leaflets to North Korea. The stance came a day after the ministry expressed “regret” and “strongly” urged a halt [...]