SEOUL, Jan. 27 (Korea Bizwire) – Finance Minister Koo Yun-cheol said Tuesday the government will expand discount support for everyday items for the Lunar New Year holiday and supply more than 39 trillion won (US$26.94 billion) in funds for the self-employed and small businesses. Koo made the remarks at a Cabinet meeting presided over by [...]
SEOUL, Jan. 27 (Korea Bizwire) – The South Korean government said Tuesday that it had received a formal letter from the United States urging swift implementation of a bilateral tariff agreement, a move that comes as President Donald Trump signaled a tougher trade stance toward one of Washington’s closest Asian allies. The confirmation followed Mr. [...]
JEJU, South Korea, Jan. 27 (Korea Bizwire) — Citrus fruit grown entirely with renewable energy has entered the market for the first time in South Korea, as Jeju Island moves to extend its clean-energy transition into agriculture. The provincial government on Monday officially launched what it calls “RE100 citrus,” produced using only self-generated renewable power throughout [...]
SEOUL, Jan. 27 (Korea Bizwire) — As South Korea’s population ages, anxieties over access to cremation facilities have resurfaced among grieving families, echoing memories of last winter’s so-called “cremation crisis,” when a surge in deaths led to delays in funeral schedules. Yet government data and industry officials say that, for now, the system remains largely [...]
SEOUL, Jan. 26 (Korea Bizwire) — President Lee Jae Myung’s decision not to automatically extend a temporary tax break for owners of multiple homes reflects an effort to restore policy normalcy and curb speculative investment in the housing market, a senior presidential aide said Monday, as opposition from property owners continues to mount. Lee Kyu-yeon, the [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korea’s General Motors unit is facing legal resistance from its labor union over plans to shut down company-run repair centers, a move workers say threatens both labor agreements and consumer safety. The GM Korea Branch of the Korean Metal Workers’ Union said Monday it has filed for a court [...]
SEOUL, Jan. 26 (Korea Bizwire) – South Korea’s cultural heritage authority on Monday sharply criticized a decision by Seoul’s municipal government to permit high-rise construction near Jongmyo Shrine, reopening a long-simmering dispute over how to balance urban redevelopment with the protection of one of the nation’s most sacred historical sites. The Korea Heritage Service said it [...]
SEOUL, Jan. 26 (Korea Bizwire) – South Korea’s antitrust watchdog said Monday that it has decided to block a Singapore-based private equity fund (PEF) from acquiring the country’s largest vehicle rental company, citing concerns that the deal would significantly restrict market competition. Careena Transportation Group Ltd., controlled by private equity firm Affinity Equity Partners, has been [...]
SEOUL, Jan. 26 (Korea Bizwire) –The government will begin providing monthly cash handouts to residents of rural areas facing population decline starting in late February, the budget ministry said Monday. Under the pilot program, residents of designated farming and fishing communities at risk of depopulation will each receive 150,000 won (US$104) per month in local [...]
WASHINGTON, Jan. 24 (Korea Bizwire) – A newly released U.S. defense strategy is signaling a subtle but consequential shift in Washington’s approach to the Korean Peninsula, raising the prospect of changes to the American military footprint in South Korea and placing new expectations on Seoul to assume greater responsibility for its own defense as the [...]