SEOUL, Dec. 23 (Korea Bizwire) — A record share of North Korean defectors living in South Korea say they are satisfied with their lives, reflecting steady gains in employment and income that are narrowing long-standing economic gaps with the broader population, according to a government-affiliated survey released Tuesday. About 81 percent of respondents said they [...]
SEOUL, Dec. 23 (Korea Bizwire) — The South Korean government on Tuesday laid out a five-year strategy aimed at overhauling the country’s chemical industry, betting that a shift toward high-value and environmentally friendly products will help it fend off mounting competition and chronic oversupply from China. Under the plan, announced by the Ministry of Trade, [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s Constitutional Court has upheld provisions of the Road Traffic Act requiring users of electric scooters and other personal mobility devices to hold a driver’s license and wear protective gear, ruling that the measures do not violate the Constitution. According to legal officials on Monday, the court unanimously dismissed [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s homegrown KF-21 fighter jets under development will be fitted with air-to-ground capabilities starting in 2027, ahead of schedule, the state arms procurement agency said Tuesday. The plan comes as authorities plan to spend around 700 billion won (US$472 million) to conduct a series of tests involving 10 [...]
SEOUL, Dec. 23 (Korea Bizwire) — Senior South Korean officials on Monday pledged to speed the adoption of artificial intelligence across the agriculture and food sectors, positioning so-called “physical A.I.” as a key response to rural labor shortages and an aging farming population. Bae Kyung-hoon, the deputy prime minister and minister of science and information and [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s financial watchdog warned on Monday that bonus systems at banks and other financial institutions remain overly focused on short-term performance, even as incentive pay surged more than 30 percent last year. The Financial Supervisory Service said total performance-based compensation paid to employees at financial companies reached 1.396 trillion [...]
SEOUL, Dec. 23 (Korea Bizwire) — The South Korean government said it expects domestic petrochemical producers to cut as much as 3.7 million tons of naphtha cracking capacity, a key goal of a sweeping industry restructuring drive aimed at restoring competitiveness in an oversupplied global market. After reviewing restructuring plans submitted by major producers, the Ministry [...]
SEOUL, Dec. 22 (Korea Bizwire) — The antitrust regulator said Monday it has instructed the country’s flag carrier Korean Air Co. to revise its mileage integration plan as part of its merger with Asiana Airlines Inc. Korean Air has been notified to submit a more detailed plan within one month, including measures for the use [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korea has launched a public-private working group to push for the development of proprietary liquefied natural gas (LNG) cargo tanks to lessen dependence on foreign technologies, the industry ministry said Monday. The working group comprises industry, finance and oceans ministries, as well as major Korean companies, including Korea [...]
SEOUL, Dec. 19 (Korea Bizwire) — Kim Jong-cheol, the inaugural chair of the Korea Media Communications Commission (KMCC), vowed Friday to take stern measures against fake news and materials related to digital sex crimes. “I will take firm measures against false and manipulated information, as well as malicious comments polluting the public sphere of democracy, [...]