SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s ambitious deep-sea gas exploration project, codenamed “Daewang Whale,” faces an uncertain future after the first drilling attempt failed to yield economically viable hydrocarbon reserves. With the government unwilling to fund a second drilling phase and the Korea National Oil Corporation (KNOC) grappling with financial instability, the project’s continuation [...]
HAENAM, South Korea, Feb. 8 (Korea Bizwire) — Haenam County in South Jeolla Province has introduced an expanded financial support system for newborns, ensuring that a child born in 2025 will receive up to 91.56 million KRW ($63,100) in government assistance by the time they turn 18. According to Haenam County officials on February 7, the [...]
SEOUL, Feb. 7 (Korea Bizwire) — South Korea’s Ministry of Justice has embarked on a sweeping revision of the nation’s Civil Act, marking the first comprehensive overhaul since its enactment in 1958. The reform aims to modernize property and contract laws, reflecting economic shifts and aligning with global legal standards. The ministry announced on February 7 [...]
SEOUL, Feb. 7 (Korea Bizwire) – Heavy snow blanketed South Korea for the second consecutive day on Friday and is expected to continue into the weekend in many regions, with around 15 centimeters already piling up in southwestern regions, the state weather agency said. On Friday morning, 3 to 8 centimeters of snow fell per [...]
SEOUL, Feb. 7 (Yonhap) – Acting President Choi Sang-mok on Friday emphasized the importance of close communication with parliament to expedite the passage of a bill designed to enhance the country’s capital markets. The revised bill, which recently failed to pass, includes provisions for corporate tax reductions for high-performing companies and a separate taxation scheme [...]
SEOUL, Feb. 7 (Korea Bizwire) – North Korean leader Kim Jong-un has attended a groundbreaking ceremony for a regional hospital, highlighting the wide gap between urban and rural areas and pledging to make the modernization of regional health service a “top priority,” state media reported Friday. Kim attended the ceremony Thursday, which marked the start [...]
SEOUL, Feb. 7 (Korea Bizwire) — The South Korean Ministry of Health and Welfare and the Food and Drug Safety Ministry announced on February 6 proposed enforcement regulations requiring tobacco manufacturers to test harmful substances within one month of product launch. The regulations implement the Tobacco Harm Management Act passed in 2023, which takes effect November [...]
SEOUL, Feb. 7 (Korea Bizwire) – A 3.1-magnitude earthquake struck an area northwest of South Korea’s central city of Chungju early Friday, the state weather agency said. The quake took place in an area 22 kilometers northwest of Chungju’s city hall in North Chungcheong Province, at 2:35 a.m., according to the Korea Meteorological Administration. The [...]
SEOUL, Feb. 7 (Korea Bizwire) — In a vocational training center in Seoul’s Jung district, Shin Hae-cheong, 72, carefully measures wallpaper and prepares paste for his latest assignment. A real estate agent by trade, Shin traveled from his provincial home to the capital to earn a wallpapering certification — what he hopes will be his ticket [...]
SEOUL, Feb. 6 (Korea Bizwire) – The government said Thursday it will deploy thermal imaging cameras and bird detection radar systems at all domestic airports to prevent airplane bird strikes following last month’s deadly Jeju Air Co. crash. The Ministry of Land, Infrastructure and Transport reported a comprehensive aviation safety improvement plan to a National Assembly [...]