SEOUL, Mar. 7 (Korea Bizwire) — The Green Climate Fund (GCF), an international organization on fighting climate change, has approved US$490 million in funding for projects on low emissions and climate resilience in 23 developing nations, South Korea’s finance ministry said Thursday. During a three-day board meeting in Rwanda that began Monday, the board of [...]
WASHINGTON, Mar. 6 (Korea Bizwire) — U.S. officials’ recent focus on the idea of “interim steps” for a path towards North Korea’s ultimate denuclearization is raising a flurry of questions about their intentions and the direction of America’s policy on the recalcitrant regime. The idea has come into the spotlight in South Korea as some [...]
SEOUL, Mar. 7 (Korea Bizwire) – The trend of pet ownership in South Korea has surged to new heights, with a quarter of all households now boasting furry friends. This boom in pet adoption has had a remarkable ripple effect on the pet insurance industry, witnessing a substantial 50% increase in policies over the past year. [...]
SEOUL, Mar. 6 (Korea Bizwire) – In an unprecedented move rippling through South Korea’s healthcare system, hospitals—including the prestigious “Big 5″ medical centers in Seoul—are grappling with a dire shortage of resident physicians by instituting unpaid leave for their staff. This drastic measure, a direct fallout from a significant decrease in patient admissions and surgical procedures, [...]
SEOUL, Mar. 6 (Korea Bizwire) – In response to the growing care service staff shortage, the Bank of Korea (BOK) has suggested employing foreign workers and applying a differential minimum wage to mitigate the issue, sparking discussions about its feasibility. Labor unions criticize this measure as a temporary solution, highlighting the need to improve the conditions [...]
SEOUL, Mar. 6 (Korea Bizwire) – The value of delinquent loans among self-employed individuals in South Korea has surged by nearly 50% in a year, with the delinquency rate of young self-employed individuals in their 20s and 30s increasing the fastest. This trend indicates that self-employed individuals are facing financial difficulties due to high interest rates [...]
SEOUL, Mar. 5 (Yonhap) — An appeals court in the Balkan country of Montenegro has overruled an earlier decision to extradite Do Kwon, the co-founder of the cryptocurrency firm Terraform Labs, to the United States to face fraud charges, the court’s website showed Tuesday. Earlier, the High Court in Podgorica ruled that Kwon should be [...]
SEOUL, Mar. 6 (Korea Bizwire) – North Korean leader Kim Jong-un has sent tractors to the northeastern province of Ryanggang, state media said Wednesday, in an apparent move to boost crop output amid chronic food shortages. Without disclosing the number of tractors sent, the North’s Korean Central News Agency (KCNA) reported that a ceremony took place [...]
SEOUL, Mar. 6 (Korea Bizwire) — The financial regulator said Wednesday it will work to quickly provide up to 5 trillion won (US$3.75 billion) in financial support to local firms this year, while pushing to create an additional 3 trillion-won investment fund for businesses. The government earlier announced plans to provide more than 76 trillion [...]
SEOUL, Mar. 6 (Korea Bizwire) — A leader of the country’s biggest doctors’ assocation appeared before police for questioning Wednesday in connection with the walkout by trainee doctors protesting the government’s decision to hike the medical school quota. The questioning of Joo Soo-ho, the chief spokesperson of the Korea Medical Association (KMA), came as thousands [...]