SEOUL, , July 8 (Korea Bizwire) — A growing number of young South Koreans are remaining out of the labor force well after graduation, many continuing to live with their parents — a phenomenon known locally as the “Kangaroo Tribe.” A new government-funded study has found that this group accounts for nearly 17% of all economically inactive [...]
SEOUL, July 8 (Korea Bizwire) — South Korea’s pharmaceutical industry is once again under fire as a string of illegal rebate scandals have surfaced in 2025, reigniting calls for structural reform and stronger support for new drug development. Prosecutors recently indicted three mid-sized pharmaceutical companies and their employees in connection with the so-called “residents’ rebate” [...]
SEJONG, July 7 (Korea Bizwire) — South Korea’s latest euro-denominated foreign exchange stabilization bond (FESB) offering in London has garnered record-breaking demand, signaling strong global investor confidence in the country’s fiscal and economic outlook under its newly inaugurated administration. According to the Ministry of Economy and Finance, the €1.4 billion issuance on June 26 attracted [...]
SEOUL, July 7 (Korea Bizwire) — President Lee Jae Myung on Monday urged for swift action regarding parliamentary vetting of his Cabinet member picks and key legislation during a dinner meeting with members of the ruling Democratic Party (DP), sources said. At the meeting held at the presidential residence, Lee requested attendees to see that [...]
SEOUL, July 7 (Korea Bizwire) — Prime Minister Kim Min-seok was inaugurated Monday at a ceremony in the central administrative city of Sejong, where he plans to remain the rest of the week to focus on regional development issues. Kim’s inauguration took place four days after the National Assembly confirmed his nomination in a vote [...]
SEOUL, July 7 (Korea Bizwire) — A special counsel team said Monday it plans to summon former and incumbent executives of Sambu Construction Co., as it widens its investigation into stock price manipulation allegations involving the mid-sized builder and former first lady Kim Keon Hee. The team — led by special counsel Min Joong-ki — [...]
SEOUL, July 7 (Korea Bizwire) — Vice Foreign Minister Park Yoon-joo met with China’s top envoy to Seoul on Monday to discuss ways of enhancing bilateral cooperation, the foreign ministry said. The meeting took place in Seoul as Chinese Ambassador to South Korea Dai Bing paid a courtesy visit to congratulate Park on his appointment, [...]
SEOUL, July 7 (Korea Bizwire) — A hearing on whether to issue an arrest warrant for former President Yoon Suk Yeol over his martial law bid will be held later this week, a court said Monday. The Seoul Central District Court said the hearing has been scheduled for 2:15 p.m. Wednesday following special counsel Cho [...]
SEOUL, July 7 (Korea Bizwire) — The UNESCO World Heritage Committee (WHC) on Monday rejected a South Korean proposal calling for a review of Japan’s implementation of its pledged measures regarding industrial sites linked to wartime forced labor. The decision came after the proposal was put to an unprecedented vote during the WHC session in [...]
SEOUL, July 7 (Korea Bizwire) — An ongoing labor dispute at GM Korea Co., the South Korean unit of General Motors Co., has escalated as the union secured the legal right to strike following a breakdown in wage negotiations, sources said Monday, fueling concerns that the American auto giant may scale back its production in [...]