SEOUL, August 4 (Korea Bizwire) — In a major step following recent U.S.-South Korea trade negotiations, Korea Trade Insurance Corporation (K-SURE) has issued its first investment guarantee under a $200 billion bilateral fund aimed at boosting Korean business ventures in the United States. K-SURE announced Sunday that it will provide a $1 billion financial guarantee [...]
MASGA initiative aims to deepen Korea-U.S. shipbuilding cooperation under Lee-Trump trade framework SEOUL, August 3 (Korea Bizwire) — South Korea’s leading shipbuilders have formed a joint task force to coordinate participation in the newly announced Korea-U.S. shipbuilding partnership, known as the MASGA (Maritime and Shipbuilding Growth Arrangement) initiative—a $150 billion sector-specific fund unveiled as part [...]
SEOUL, August 2 (Korea Bizwire) — South Korea’s emergency consumer coupon program, launched to revitalize local economies, achieved a 90% disbursement rate within just 11 days of rollout, but has since come under scrutiny over illegal cash conversions and human rights concerns related to the card’s design. The “Livelihood Recovery Consumer Coupons,” issued in prepaid [...]
SEOUL, August 2 (Korea Bizwire) — As South Korea’s foster care rate lags behind international standards, foster parents are sounding the alarm over growing financial burdens and administrative hurdles that discourage families from taking in vulnerable children. According to the Ministry of Health and Welfare, only 44.7% of children in protective care were placed in [...]
SEOUL, August 1 (Korea Bizwire) — As South Korea prepares to review Google’s request to export high-resolution local mapping data next month, government officials are signaling that national security—not trade relations—will remain the key lens through which the issue is assessed. Despite recent speculation that the matter might surface in the context of U.S.-Korea trade [...]
SEOUL, Aug. 1 (Korea Bizwire) – In a bid to curb traffic violations and enhance safety among commercial motorbike drivers, South Korea’s Ministry of Land, Infrastructure and Transport announced Wednesday that it will launch a one-year pilot program in October requiring front-facing number stickers on delivery motorcycles. Currently, motorcycles in Korea are only required to [...]
SEOUL, August 1 (Korea Bizwire) — Poland on Friday signed a deal worth about US$6.5 billion to purchase the second batch of K2 tanks from major South Korean defense contractor Hyundai Rotem Co., Seoul’s defense ministry said. The deal marks the largest-ever arms export contract won by a South Korean company and the first major [...]
SEJONG/ SEOUL, August 1 (Korea Bizwire) — South Korea’s top trade negotiator said Friday that further opening of the Korean rice market was not discussed in the recently concluded trade deal with the United States, refuting Washington’s claim on the politically sensitive issue. Finance Minister Koo Yun-cheol, who doubles as deputy prime minister for economic [...]
SEOUL, August 1 (Korea Bizwire) — A 19-year-old man was sentenced to five years in prison Friday on charges of violence and attempted arson during a riot related to former President Yoon Suk Yeol in January. The Seoul Western District Court handed down the sentence to the man, surnamed Shim, for trespassing at the same [...]
SEOUL, August 1 (Korea Bizwire) — The parliamentary judiciary committee on Friday approved a set of contentious bills vetoed by former President Yoon Suk Yeol, including legislation aimed at reducing the government’s clout over public broadcasters and strengthening labor protections. During the committee’s plenary session, the ruling Democratic Party (DP) lawmakers also unilaterally passed a [...]