SEOUL, Aug. 7 (Korea Bizwire) — A government-issued consumer relief program aimed at boosting local spending is sparking a lively debate in South Korea—not over its effectiveness, but over who should control the funds when recipients are underage. The controversy centers on “Livelihood Recovery Coupons” distributed to minors, which are legally collected by the head [...]
WASHINGTON, Aug. 7 (Korea Bizwire) – President Donald Trump said Wednesday that his administration will impose a 100% tariff on imported semiconductors, escalating trade tensions and raising fresh concerns for South Korean chipmakers such as Samsung Electronics Co. and SK hynix Inc. The tariff announcement came during a White House event highlighting Apple Inc.’s $100 billion [...]
SEOUL, Aug. 7 (Korea Bizwire) — South Korea’s Ministry of Environment on Wednesday unveiled new regulatory exemptions aimed at promoting the recycling of lithium iron phosphate (LFP) batteries and electronic waste, as part of a broader push to support emerging green technologies. Under the country’s regulatory sandbox framework, which allows temporary exemptions from existing laws [...]
SEOUL, Aug. 7 (Korea Bizwire) — South Korean shipbuilding conglomerate HD Hyundai Co. said Thursday it has signed an agreement with U.S. defense technology company Anduril Industries Inc. to expand cooperation in the naval defense sector, particularly in the development of unmanned surface vessels (USVs). The two companies signed a memorandum of agreement (MOA) on [...]
SEOUL, Aug. 7 (Korea Bizwire) — South Korea is drafting an ambitious policy blueprint aimed at curbing the outflow of high-level science and technology talent while aggressively courting top-tier researchers from overseas, particularly in the field of artificial intelligence. According to government officials, the Ministry of Science and ICT has identified an initial demand for [...]
SEOUL, Aug. 6 (Korea Bizwire) — Top officials from U.S. defense technology company Anduril Industries Inc. are visiting South Korea this week to discuss potential partnerships with local defense firms and commemorate the opening of the company’s new office in Seoul, government and industry sources said Wednesday. Brian Schimpf, chief executive officer (CEO) of Anduril, [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korea’s finance chief said Wednesday that the country’s Free Trade Agreement (FTA) with the United States remains effective, despite a recent tariff agreement between the two countries. Finance Minister Koo Yun-cheol made the remarks during a parliamentary session, following last week’s last-minute deal between Seoul and Washington. Under [...]
SEOUL, Aug. 6 (Korea Bizwire) – A special counsel team will make its second attempt to execute a warrant to detain jailed former President Yoon Suk Yeol on Thursday to bring him in for questioning over election meddling allegations involving him and his wife, judicial sources said. Special counsel Min Joong-ki’s team will make the [...]
SEOUL, Aug. 6 (Korea Bizwire) — Samsung E&A Co., a plant engineering arm of Samsung Group, said Wednesday it has won a 36 billion-won (US$26 million) order for the initial design and planning of a liquefied natural gas (LNG) project in Indonesia. Under a letter of award, the company will carry out front-end engineering design [...]
SEOUL, Aug. 6 (Korea Bizwire) – South Korea will introduce a temporary visa waiver program for Chinese group tourists starting late September, as part of efforts to boost domestic spending and the tourism market, government officials said Wednesday. The visa-free entry will come into force from Sept. 29 to June 30 next year, following a [...]