SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s government on Wednesday unveiled a new package of information security measures that would require companies to notify users even when a personal data leak has not occurred but is deemed possible, reflecting a tougher regulatory stance in the wake of repeated cybersecurity incidents. Under the plan, firms will [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s National Assembly is moving closer to passing a revision of the Pharmaceutical Affairs Act that would bar telemedicine platforms from operating as drug wholesalers, a measure that has emerged as one of the most contested health policy debates of the new year. Lawmakers and health authorities are pressing [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s central bank has slipped another place in the global rankings of official gold holdings, underscoring its long-standing reluctance to add bullion even as prices surge to record highs. According to a report released Tuesday by the World Gold Council, the Bank of Korea held 104.4 metric tons of [...]
SEOUL, Jan. 27 (Korea Bizwire) — The South Korean government has received a letter from the United States raising concerns over Seoul’s push to tighten digital regulations, officials said Tuesday, as questions grow over whether the issue has become entangled in a widening trade dispute between the two allies. The letter, sent about two weeks ago [...]
SEOUL, Jan. 27 (Korea Bizwire) – Finance Minister Koo Yun-cheol said Tuesday the government will expand discount support for everyday items for the Lunar New Year holiday and supply more than 39 trillion won (US$26.94 billion) in funds for the self-employed and small businesses. Koo made the remarks at a Cabinet meeting presided over by [...]
SEOUL, Jan. 26 (Korea Bizwire) — President Lee Jae Myung’s decision not to automatically extend a temporary tax break for owners of multiple homes reflects an effort to restore policy normalcy and curb speculative investment in the housing market, a senior presidential aide said Monday, as opposition from property owners continues to mount. Lee Kyu-yeon, the [...]
SEOUL, Jan. 26 (Korea Bizwire) – South Korea’s cultural heritage authority on Monday sharply criticized a decision by Seoul’s municipal government to permit high-rise construction near Jongmyo Shrine, reopening a long-simmering dispute over how to balance urban redevelopment with the protection of one of the nation’s most sacred historical sites. The Korea Heritage Service said it [...]
SEOUL, Jan. 26 (Korea Bizwire) – South Korea’s antitrust watchdog said Monday that it has decided to block a Singapore-based private equity fund (PEF) from acquiring the country’s largest vehicle rental company, citing concerns that the deal would significantly restrict market competition. Careena Transportation Group Ltd., controlled by private equity firm Affinity Equity Partners, has been [...]
SEOUL, Jan. 26 (Korea Bizwire) –The government will begin providing monthly cash handouts to residents of rural areas facing population decline starting in late February, the budget ministry said Monday. Under the pilot program, residents of designated farming and fishing communities at risk of depopulation will each receive 150,000 won (US$104) per month in local [...]
SEOUL, Jan. 23 (Korea Bizwire) — South Korea’s climate and environment authorities said Thursday they will begin formally managing insects that appear in large numbers in urban areas, responding to a rise in outbreaks linked to climate change. The Ministry of Climate, Energy and Environment announced that so-called “urban mass-occurrence insects,” including the red-backed lovebug, will [...]