SEOUL, July 15 (Korea Bizwire) — The Cabinet on Tuesday approved amendments to the Commercial Act that expand the fiduciary duties of corporate board members to all shareholders, in a move that many analysts say will help improve standards on corporate governance. The legislation is expected to lay the groundwork for strengthening the protection of [...]
SEOUL, July 15 (Korea Bizwire) — In a move aimed at easing daily financial burdens on low-credit individuals, South Korea’s financial authorities are considering allowing postpaid transit card functions for people undergoing debt workout programs. The initiative is part of President Lee Jae-myung’s broader policy agenda to support financially distressed small business owners and delinquent [...]
SEOUL, July 15 (Korea Bizwire) — As temperatures in parts of South Korea surged past 40°C again this summer, experts warn that extreme heat is no longer an anomaly, but a growing reality. In response, the government is shifting its focus from prevention to adaptation, launching community-level initiatives to safeguard vulnerable populations. On July 8, [...]
SEOUL, July 14 (Korea Bizwire) — A new report from the Korea Immigration Policy Institute reveals that over 78 percent of all workplace injuries suffered by foreign workers in South Korea in 2023 occurred in the construction and manufacturing sectors. According to the analysis, of the 8,434 work-related accident cases approved for industrial accident compensation [...]
SEOUL, July 14 (Korea Bizwire) – The foreign ministry said Monday that it is taking an alleged harassment and assault case involving a Honduran diplomat “seriously” and is taking steps in accordance with due procedures. Police in Busan said Sunday that it has booked a Honduran diplomat without physical detention for allegedly harassing and assaulting [...]
SEOUL, July 14 (Korea Bizwire) — The special counsel team investigating allegations involving former first lady Kim Keon Hee on Monday summoned the founder of Kakao Corp. and executives of several other companies for questionings over an investment scandal linked to one of Kim’s aides. The investigation team, led by special counsel Min Joong-ki, said [...]
SEOUL, July 14 (Korea Bizwire) – Unification Minister nominee Chung Dong-young said Monday he does not agree with the view that North Korea is South Korea’s “main enemy,” instead calling the North a “threat.” Chung made the remarks during a parliamentary confirmation hearing as the former conservative Yoon Suk Yeol administration defined the North Korean [...]
SEOUL, July 14 (Korea Bizwire) — South Korea’s financial authorities are preparing a sweeping overhaul of capital regulations to curb excessive bank lending in real estate and steer financial resources toward high-growth industries like artificial intelligence and biotechnology. According to industry officials on July 13, the Financial Services Commission (FSC) is reviewing plans to raise [...]
SEOUL, July 14 (Korea Bizwire) — In a narrow alleyway of Ttukdo Market, as a heatwave grips the city, 88-year-old Yoon loads bags of ice onto his scooter. For over five decades, he’s been running one of Seoul’s last remaining traditional ice shops — and now, he may be the very last. Once a thriving [...]
SEOUL, July 14 (Korea Bizwire) — In a move expected to accelerate the rollout of biosimilars — often referred to as a next-generation growth engine — South Korea’s drug regulator plans to streamline the approval process for these cost-effective biologic drugs beginning in 2026. According to pharmaceutical industry sources on Sunday, the Ministry of Food [...]