GWANGJU, May 20 (Korea Bizwire) — Firefighters on Tuesday extinguished a massive fire that ravaged Kumho Tire’s plant in Gwangju, about three days after it first broke out. Fire authorities had fully put out the fire as of 11:50 a.m. after it began Saturday morning at the plant in Gwangju, about 270 kilometers south of [...]
SEOUL, May 20 (Korea Bizwire) — The first production model of South Korea’s homegrown KF-21 fighter jet entered final assembly Tuesday, the state arms procurement agency said, in a major milestone for the advanced aircraft acquisition project. A ceremony marking the final production phase took place at Korea Aerospace Industries Ltd.’s headquarters in Sacheon, about [...]
SEOUL, May 20 (Korea Bizwire) — The country’s financial regulator said Tuesday that tighter rules on household loans will come into effect from July as planned amid still higher debt levels. According to the Financial Services Commission (FSC), tighter debt-service-ratio (DSR) rules will be applied to virtually all kinds of household debts, and the stress [...]
SEOUL, May 20 (Korea Bizwire) — As South Korea prepares to mandate zero-energy building (ZEB) standards for private apartment complexes by the end of June, major construction firms are racing to upgrade their building technologies to meet new government regulations aimed at reducing greenhouse gas emissions. The new rules, which will apply to all private buildings [...]
SEOUL, May 20 (Korea Bizwire) — South Korea’s Fair Trade Commission (FTC) has uncovered more than 1,100 unfair contract clauses across 23 major webtoon and web novel content providers (CPs), exposing widespread practices that undermine creators’ copyright protections and allow for the unauthorized use of derivative works. Following a comprehensive review of contract terms from companies [...]
SEOUL, May 19 (Korea Bizwire) — South Korea’s military on Monday raised the possibility that North Korea received technological assistance from Russia in developing a new air-to-air missile following the North’s test of the weapon last week. On Saturday, the North’s state media reported North Korean leader Kim Jong-un oversaw anti-air combat and air raid [...]
SEOUL, May 19 (Korea Bizwire) — Presidential candidates ramped up their campaigns on Monday to woo swing voters in the key battleground of Seoul, with the election just 15 days away to pick a successor to former President Yoon Suk Yeol, who was ousted over his failed martial law bid. Democratic Party (DP) candidate Lee [...]
SEOUL, May 19 (Korea Bizwire) — The Democratic Party (DP) on Monday disclosed photos it claims show a judge overseeing the insurrection trial of former President Yoon Suk Yeol at a hostess bar, shortly after the judge denied allegations in connection with such a hostess bar. Jee Kui-youn of the Seoul Central District Court has [...]
SEOUL, May 19 (Korea Bizwire) — Servers at SK Telecom Co. containing personal information and universal subscriber identity module (USIM) data of all subscribers have been compromised in a cyberattack, raising concerns that critical USIM data used in financial transactions may have been leaked, a joint government-private investigation team said Monday. According to the team’s [...]
SEOUL, May 19 (Korea Bizwire) — Overseas voting for the June 3 presidential election is set to kick off Tuesday for a six-day run, the election watchdog said Monday. A total of 258,254 overseas South Korean nationals, including those registered as absentee voters, will be eligible to vote at 223 polling stations across 118 countries [...]