SEOUL, May 21 (Korea Bizwire) – A tense standoff has emerged between Hyundai Motor Group and the Seoul Metropolitan Government over the proposed height of buildings in the forthcoming Global Business Complex (previously Global Business Center) slated for Seoul’s affluent Gangnam district. The discord centers on the maximum number of floors for the tallest skyscraper in [...]
SEOUL, May 21 (Korea Bizwire) — The tripartite commission of labor, management and the public launched the process Tuesday to determine next year’s minimum wage, with the nation focused on whether it will exceed 10,000 won (US$7.35) per hour for the first time. The 27-member Minimum Wage Commission, with nine representatives from each of the [...]
SEOUL, May 20 (Korea Bizwire) — A Seoul court ordered the state to pay HDC Hyundai Development Co. around 9 billion won (US$6.6 million) in compensation for selling a plot of land used as a former U.S. Army base without decontaminating the soil, judicial officials said Tuesday. In 2016, HDC Hyundai purchased the former Camp [...]
SEOUL, May 21 (Korea Bizwire) — Hanwha Group Chairman Kim Seung-youn has called for turning the conglomerate’s defense affiliates into a global export powerhouse, as it seeks growth by selling beyond its main export destinations in Europe. Kim made the remarks as he visited a plant of the group’s key defense unit, Hanwha Aerospace Co., [...]
WASHINGTON, May 20 (Korea Bizwire) — The United States expressed condolences Monday over the death of Iranian President Ebrahim Raisi in a recent helicopter crash, which Defense Secretary Lloyd Austin portrayed as “very unfortunate.” Matthew Miller, the spokesperson for the State Department, issued a condolence message after the helicopter carrying the president and Iran’s top [...]
SEOUL, May 20 (Korea Bizwire) – In a bold move towards a more sustainable future, Seoul has announced a comprehensive strategy to reduce the use of single-use plastics, aptly dubbed the Plastic-Free Seoul initiative. Starting from September, events and festivals hosted by the city with an anticipated attendance of 1,000 or more people will be prohibited [...]
SEOUL, May 20 (Korea Bizwire) – The average rental income for individuals in the top 0.1% of landlords residing in Seoul neared a staggering 1.3 billion won, highlighting a stark divide in the capital compared to other regions of South Korea. The average for this elite tier in Seoul was 4.7 times higher than in Sejong, [...]
SEOUL, May 20 (Korea Bizwire) — The Seoul city government announced Monday it will invest 250.6 billion won (US$184.8 million) over the next five years to attract foreign talent and businesses, aiming to boost the city’s global competitiveness. The plan, announced by Seoul Mayor Oh Se-hoon, came amid an increasing foreign population in Seoul, with [...]
SEOUL, May 20 (Korea Bizwire) — The government has come under criticism for retracting a plan to force the Korea Certification (KC) safety mark on certain goods directly purchased overseas, following strong protests from consumers. The government said Sunday its proposed ban on direct overseas purchases of 80 types of goods that may affect public [...]
SEOUL, May 20 (Korea Bizwire) — Fireworks modeled after North Korea’s largest intercontinental ballistic missile (ICBM) have become available for purchase, in what observers say is another point of pride for the reclusive regime. On Sunday, North Korea’s state-run Korean Central TV showed footage of fireworks shaped like the Hwasong-17 ICBM displayed on shelves at [...]