Government Kicks Off “New Leap Fund” to Wipe Out Old Debts for Over 1 Million Borrowers SEOUL, Oct. 8 (Korea Bizwire) — The South Korean government has launched a new debt relief initiative aimed at helping long-term defaulters rebuild their financial lives, but officials face a key hurdle in securing cooperation from private lenders that [...]
SEOUL, Oct. 8 (Korea Bizwire) — South Korea is turning to artificial intelligence to address a mounting environmental challenge: the massive volume of discarded clothing fueled by fast fashion. The Ministry of Climate, Energy and Environment announced Wednesday that it will invest 25 billion won ($18 million) through 2030—including 17.5 billion won in government funding—to [...]
SEOUL, Oct. 7 (Korea Bizwire) — A proposed bill that would make it illegal to create or distribute sexually explicit material using artificial intelligence (AI)–generated virtual characters is sparking intense public debate in South Korea, reflecting growing unease over the boundaries of technology and expression. The amendment to the Act on the Punishment of Sexual Crimes, [...]
SEOUL, Oct. 7 (Korea Bizwire) – The government has raised businesses’ mandatory hiring rate for people with disabilities to up to 4 percent to help expand their job opportunities. Under new measures announced by the labor ministry on Oct. 1, private sector businesses will be required to fill 3.5 percent of their workforce with people [...]
SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s middle-aged population — once considered the backbone of the nation — is increasingly dying alone, as government attention and welfare programs remain focused on the young and elderly. According to data from the National Data Office and the National Assembly Research Service, 74.8 percent of the 21,897 [...]
SEOUL, Oct. 6 (Korea Bizwire) – India is seeking deeper cooperation with South Korea in the shipbuilding sector as it strives to become one of the world’s top five shipbuilding nations by 2047, India’s secretary for shipping has said, highlighting the need to combine Seoul’s advanced technology with New Delhi’s abundant manpower. Shri T. K. [...]
SEOUL, Oct. 2 (Korea Bizwire) – President Lee Jae Myung on Thursday apologized for the suffering experienced by overseas adoptees in the past and vowed stronger efforts to protect their rights. Lee issued the message on Facebook a day after South Korea formally became a contracting party to the Hague Convention on Intercountry Adoption, completing [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korea risks falling short on hotel capacity as the number of foreign visitors is set to surpass 20 million this year, a national audit has found. The Board of Audit and Inspection said Wednesday that the Ministry of Culture, Sports and Tourism had failed to establish clear standards [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korea’s government has designated nearly 100 new transmission and substation projects as “national backbone power grid facilities,” clearing the way for streamlined approvals and fast-tracked construction under a special power grid law that took effect last month. The move, officials said Wednesday, is part of an ambitious plan [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korea’s leading association of listed firms has voiced opposition to a proposed across-the-board corporate tax hike, arguing it would further burden businesses already struggling with weak global demand and a downturn in the semiconductor sector. The Korea Listed Companies Association (KLCA) said Tuesday it had submitted a formal [...]