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Archive by category Policies and Regulation

Police to Treat Hidden Cameras as Cyber Terrorism

Police to Treat Hidden Cameras as Cyber Terrorism

SEOUL, Jul. 4 (Korea Bizwire) — Moving forward, South Korean law enforcement agencies will be treating hidden camera crimes as cyber terrorism. This new designation applies not only to those who capture the illicit footage, but also those who distribute such materials. The National Police Agency said that it was adding 159 police investigators currently [...]

Gov’t to Seek Revision of Refugee Act to Prevent Abuse by Fake Asylum Seekers

Gov’t to Seek Revision of Refugee Act to Prevent Abuse by Fake Asylum Seekers

SEOUL, Jun. 29 (Korea Bizwire) — The Justice Ministry said Friday it will seek to revise the Refugee Act to prevent fake asylum seekers from abusing the system and take steps to handle refugee applications much more quickly to screen out bogus claimants. The measures came amid growing anti-refugee sentiment in South Korea sparked by [...]

Seoul to Aid Youth with Unpaid Student Loans

Seoul to Aid Youth with Unpaid Student Loans

SEOUL, Jun, 28 (Korea Bizwire) — The Seoul Metropolitan Government will join hands with the Korea Student Aid Foundation (KSAF) to help youth currently in credit delinquency resulting from student loans, by offering funds totaling 160 million won. Those eligible for the bailout should be credit delinquents residing in Seoul or having graduated from a [...]

Research Study Predicts Pension Fund Depletion in 2058

Research Study Predicts Pension Fund Depletion in 2058

SEOUL, Jun. 26 (Korea Bizwire) — The national pension could run out of money by 2058 if current financial conditions continue, two years earlier than previously projected by the government, a research publication said Tuesday. The paper from the Korea Institute for Health and Social Affairs (KIHASA) predicted the National Pension Service (NPS) will start [...]

Indoor Smoking Lounges to be Closed at Airports

Indoor Smoking Lounges to be Closed at Airports

SEOUL, Jun. 25 (Korea Bizwire) — Indoor smoking lounges at airports will gradually be shut down and outdoor smoking areas will be relocated further away from zones with passenger traffic, authorities said Monday. Smoking areas will be rearranged at the country’s 14 airports nationwide to reflect the changing social perception of smoking and second-hand smoke, [...]

Samsung Securities to Pay Huge Price for Its Fat-finger Error

Samsung Securities to Pay Huge Price for Its Fat-finger Error

SEJONG, June 23 (Korea Bizwire) — The financial watchdog’s punishment against Samsung Securities Co. over its fat-finger error will not make a financial dent, but it could weaken its market position in the long run, experts said Saturday. On Thursday, the Financial Supervisory Service (FSS) decided to recommend that Samsung Securities should face a six-month [...]

Corporate Competition “Unfair”: Survey

Corporate Competition “Unfair”: Survey

SEOUL, Jun. 23 (Korea Bizwire) — A new survey has revealed that that 7 out of 10 people working for small and medium sized startup companies thought that competition practices among Korean businesses were unfair. This was according to a study commissioned by the Small and Medium Business Administration that was conducted on May 23 [...]

Gov’t to Support Expansion of Blockchain Industry

Gov’t to Support Expansion of Blockchain Industry

SEOUL, Jun. 23 (Korea Bizwire) — The Ministry of Science, ICT and Future Planning (MSIP) revealed yesterday its plans to secure a competitive edge in blockchain technology on a global scale by pushing forth six projects in the sector. The six projects to utilize blockchain technology are in the fields of livestock products, customs, real [...]

Gov’t Requires More Transparency from Banks

Gov’t Requires More Transparency from Banks

SEOUL, Jun. 23 (Korea Bizwire) — The South Korean government has announced measures aimed at strengthening the transparency of banks, as they are being advised to provide loan applicants with a detailed breakdown of the interest they will be charged. In the case of banks having charged unjustifiable high interest rates, the surplus in interest [...]