SEOUL, July 31 (Korea Bizwire) — President Lee Jae Myung on Thursday called for establishing a next-generation power grid as he underscored the importance of shifting the country’s power supply infrastructure to one that centers on renewable energy. “Energy transition has become an essential task,” Lee said as he presided over a meeting of senior [...]
SEOUL, July 31 (Korea Bizwire) — The government on Thursday unveiled a comprehensive tax reform plan aimed at strengthening the national revenue base, which includes raising the top corporate tax rate and tightening capital gains taxation by broadening the definition of large shareholders. The reform marks the first major tax overhaul under President Lee Jae [...]
SEOUL, July 31 (Korea Bizwire) — South Korea’s Minister of Health and Welfare, Chung Eun-kyung, has called for stricter regulation of liquid-based e-cigarettes, equating their health risks to those of traditional combustible cigarettes, especially amid rising use among adolescents. In a written response submitted to the National Assembly following her confirmation hearing, Chung emphasized that [...]
SEOUL, July 30 (Korea Bizwire) — South Korea’s credit card spending rose sharply in the second quarter of 2025, buoyed by recovering consumer sentiment and optimism over potential economic stimulus measures in the second half of the year. According to data released Wednesday by the Credit Finance Association, total card-approved transactions reached 313 trillion won [...]
SEOUL, July 30 (Korea Bizwire) — The finance ministry said Wednesday it has briefed President Lee Jae Myung on plans to adopt a “performance-based” fiscal management approach aimed at enhancing investment efficiency and fiscal sustainability. The report was delivered during the third meeting of the emergency economic response task force, presided over by Lee. The [...]
SEOUL, July 30 (Korea Bizwire) — Foreign companies operating in South Korea are voicing strong opposition to the so-called “Yellow Envelope Law,” warning it could significantly raise legal risks and operational burdens — with some even suggesting they may reconsider their presence in the country if the bill passes. The legislation, led by the ruling [...]
SEOUL, July 30 (Korea Bizwire) — In a bold bid to restore confidence in South Korea’s financial markets, regulators have launched a new joint task force designed to swiftly identify and stamp out illegal stock trading practices. The team, which officially began operations Wednesday, brings together officials from the Financial Services Commission (FSC), the Financial [...]
Seoul, July 30 (Korea Bizwire) — South Korea’s Ministry of National Defense has introduced a revised executive order that would allow military officers, including colonels, to be promoted for acts of integrity — such as refusing unlawful or improper commands during the controversial December 3 martial law planning incident. The amendment to the Enforcement Decree [...]
SEOUL, July 30 (Korea Bizwire) — South Korea’s convenience store chains reported double-digit sales growth in the first week following the rollout of government-issued consumption coupons, with customers increasingly turning to nearby stores for everyday shopping. According to industry data released Tuesday, the four major operators — CU, GS25, 7-Eleven, and Emart24 — saw weekly [...]
SEOUL, July 29 (Korea Bizwire) — POSCO E&C’s chief executive publicly apologized on Tuesday following a series of fatal industrial accidents at company construction sites, drawing sharp rebuke from President Lee Jae-myung, who likened the repeated deaths to “murder by willful negligence.” At a press conference held at the company’s headquarters in Incheon’s Songdo district, CEO [...]