SEOUL, Jan. 21 (Korea Bizwire) — Seoul city officials said Tuesday that hundreds of complaints filed by foreign visitors since the launch of a QR-based taxi reporting system have revealed widespread concerns over overcharging, prompting stepped-up enforcement against illegal fare practices. Since introducing the “Taxi QR Complaint System” in June last year — the first such [...]
SEOUL, Jan. 20 (Korea Bizwire) — The South Korean government has formally designated the 2024 knife attack on President Lee Jae-myung as the country’s first officially recognized act of terrorism, a decision that is expected to trigger a sweeping reinvestigation into the incident and the authorities’ initial response. The designation was approved Tuesday at a meeting [...]
SEOUL, Jan. 20 (Korea Bizwire) — A growing share of young South Koreans are stepping away from the labor market altogether, a shift that economists say reflects deeper structural strains in an economy struggling to adapt to technological change and slowing growth. According to a report released Tuesday by the Bank of Korea, the proportion of [...]
SEOUL, Jan. 20 (Korea Bizwire) – The South Korean government said Tuesday that it would introduce a temporary tax incentive aimed at encouraging retail investors to bring money back home, as policymakers seek to stem persistent capital outflows that have weighed on the nation’s currency. Under the plan, individual investors who sell overseas stocks this [...]
SEOUL, Jan. 20 (Korea Bizwire) – The chief of the country’s financial watchdog said Tuesday that his agency will look into risks related to private equity funds (PEFs), highlighting that illegal and unfair practices by some PEF operators may seriously undermine market principles. In a meeting with the heads of a dozen PEFs here, Lee [...]
SEOUL, Jan. 20 (Korea Bizwire) — Older South Koreans participating in government-sponsored job programs earned an average of about 405,000 won ($300) a month last year, with most saying the primary reason for working was to cover basic living expenses, according to a nationwide survey released Monday. The study, published by the Korea Labor Force Development [...]
SEOUL, Jan. 20 (Korea Bizwire) — Traffic accidents on icy winter roads are significantly more deadly than those occurring under normal driving conditions, South Korea’s transportation safety authority said on Monday, underscoring the dangers posed by freezing temperatures and black ice. An analysis of national accident data from 2022 to 2024 by the Korea Transportation Safety [...]
SEOUL, Jan. 20 (Korea Bizwire) — South Korea is confronting renewed debate over its drone regulations as the number of registered unmanned aircraft approaches 70,000 and hobbyists increasingly complain that the country’s rules are among the world’s most restrictive. Online forums and instructional videos about drones are frequently filled with frustrated comments from users who say [...]
SEOUL, Jan. 19 (Korea Bizwire) — The South Korean government is moving to expand traditional hanok architecture as part of a broader effort to strengthen regional tourism and revive smaller cities, officials said Monday, amid growing global interest in Korean culture. The Ministry of Land, Infrastructure and Transport said demand for hanok-based experiences has risen alongside [...]
SEOUL, Jan. 19 (Korea Bizwire) — Nearly eight in 10 local governments outside South Korea’s capital region say they face a serious risk of population decline, underscoring the deepening divide between Seoul and the rest of the country as demographic pressures mount. In a survey released Monday by the Federation of Korean Industries, 77 percent of [...]