SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s petrochemical sector, battered by an oversupply wave from China and the Middle East, remains deadlocked over restructuring plans despite government pressure and mounting financial strain. More than a month after companies agreed to draw up detailed restructuring blueprints by year’s end, no tangible progress has been made. [...]
SEOUL, Oct. 6 (Korea Bizwire) – India is seeking deeper cooperation with South Korea in the shipbuilding sector as it strives to become one of the world’s top five shipbuilding nations by 2047, India’s secretary for shipping has said, highlighting the need to combine Seoul’s advanced technology with New Delhi’s abundant manpower. Shri T. K. [...]
SEOUL, Oct. 2 (Korea Bizwire) – President Lee Jae Myung on Thursday apologized for the suffering experienced by overseas adoptees in the past and vowed stronger efforts to protect their rights. Lee issued the message on Facebook a day after South Korea formally became a contracting party to the Hague Convention on Intercountry Adoption, completing [...]
SEOUL, Oct. 2 (Korea Bizwire) — Incheon International Airport, South Korea’s main gateway, is bracing for heavier congestion during the upcoming Chuseok holiday as security screeners and other airport staff escalate labor actions over pay and staffing levels. Roughly 2.45 million passengers are expected to pass through the airport, about 50 kilometers west of Seoul, [...]
SEOUL, Oct. 2 (Korea Bizwire) — Despite repeated warnings, South Korea’s legal framework still fails to prevent unauthorized access to patients’ medical records, leaving sensitive information vulnerable to misuse. At the center of the concern is a glaring legislative gap: under current medical law, hospitals are only required to keep logs when electronic medical records [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korea risks falling short on hotel capacity as the number of foreign visitors is set to surpass 20 million this year, a national audit has found. The Board of Audit and Inspection said Wednesday that the Ministry of Culture, Sports and Tourism had failed to establish clear standards [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korea’s government has designated nearly 100 new transmission and substation projects as “national backbone power grid facilities,” clearing the way for streamlined approvals and fast-tracked construction under a special power grid law that took effect last month. The move, officials said Wednesday, is part of an ambitious plan [...]
SEOUL, Oct. 2 (Korea Bizwire) — Despite a sharp nationwide drop in the use of coal briquettes for home heating, pockets of households in Seoul, Daegu and parts of Gyeonggi Province continue to rely on the fuel at nearly steady levels, underscoring the strain of rising utility costs and the persistence of aging housing stock. [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korea’s leading association of listed firms has voiced opposition to a proposed across-the-board corporate tax hike, arguing it would further burden businesses already struggling with weak global demand and a downturn in the semiconductor sector. The Korea Listed Companies Association (KLCA) said Tuesday it had submitted a formal [...]
SEOUL, Oct. 2 (Korea Bizwire) — Nearly four in ten foreign companies operating in South Korea view the new government’s labor policies unfavorably, with particular concern over the recently enacted “Yellow Envelope Law,” a survey shows. According to a poll released Wednesday by the Korea Foreign Enterprises Association (KOFA), 41 percent of the 100 foreign-invested [...]