SEOUL, May 9 (Korea Bizwire) — South Korea’s fiscal deficit reached an all-time high in the first three months of 2024 due to rising expenditures aimed at buttressing an economic recovery, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of [...]
SEOUL, May 9 (Korea Bizwire) — President Yoon Suk Yeol said Thursday he will create a new ministry to tackle the country’s low birth rate. Yoon made the remark during an address to the nation marking the second anniversary of his presidency. “In order to overcome the low birth rate, which can be considered a [...]
SEOUL, May 9 (Korea Bizwire) — South Korea logged a current account surplus for the 11th straight month in March on the back of an increased trade surplus, central bank data showed Thursday. The country’s current account surplus reached US$6.93 billion in March, following the surplus of $6.86 billion in February. In the first three [...]
SEOUL, May 9 (Korea Bizwire) – Demonstrations denouncing Israel erupted across Seoul on May 8, concentrated in university districts, as Israel initiated attacks on Rafah, the southernmost city in the Gaza Strip densely populated by Palestinian refugees. At Seoul National University, members of the pro-Palestinian student group Subak (Watermelon) set up a tent emblazoned with the [...]
SEOUL, May 9 (Korea Bizwire) – A recent surge in temperatures has led to a significant spike in the population of ticks known to transmit infectious diseases, with their occurrence rate increasing by approximately 38% compared to the yearly average, according to the Korea Disease Control and Prevention Agency (KDCA). On May 8, the KDCA revealed [...]
JEJU, May 9 (Korea Bizwire) – On the scenic vacation of island of Jeju, South Korea, an innovative initiative is using drones to assist with beach cleanups and a range of public services, highlighting the region’s embrace of cutting-edge technologies. According to Jeju provincial authorities, a special project will be launched on the islands of Chagwido [...]
SEOUL, May 8 (Korea Bizwire) — With President Yoon Suk Yeol set to begin his third year in office, South Korea has presented sluggish economic growth amid stubborn inflation unseen in decades, experts said Wednesday, calling for a clear, detailed policy mix to spur growth while maintaining its restrictive fiscal stance and structural reforms. Growth [...]
SEOUL, May 8 (Korea Bizwire) — North Korean leader Kim Jong-un has sent a congratulatory message to Russian President Vladimir Putin for formally starting his fifth term as Moscow’s leader, state media said Wednesday, amid deepening military cooperation between the two nations. Putin began his fifth term Tuesday, extending his 24-year rule for another six [...]
SEOUL, May 8 (Korea Bizwire) — Veterans Minister Kang Jung-ai has posthumously conferred a medal to a late French politician, Louis Marin (1876-1960), to honor his support for Korea’s independence from Japan’s 1910-45 colonial rule, the ministry said Wednesday. Kang presented the Order of Merit for National Foundation to Louis Dominici, the president of the [...]
SEJONG, May 8 (Korea Bizwire) – Industry Minister Ahn Duk-geun has said the government is weighing the “appropriate timing” to raise utility prices, including gas and electricity, amid the volatility in the global market. “As the situations in the Middle East remain unstable, we are monitoring the situation while finding the appropriate timing to raise [...]