SEOUL· SEJONG, Aug. 31 (Korea Bizwire) — AliExpress, the Chinese e-commerce platform, has been hit with a multimillion-dollar penalty in South Korea for misleading customers with inflated discount claims on thousands of products. The Fair Trade Commission (FTC) said Sunday it imposed corrective orders and fines totaling 20.93 billion won ($15.5 million) after finding that [...]
SEOUL, Aug. 28 (Korea Bizwire) — South Korea’s financial regulators said Wednesday they will impose significantly harsher penalties on accounting fraud, expanding fines for both companies and executives in an effort to close loopholes that have allowed senior management to escape responsibility. Under the new framework approved by the Securities and Futures Commission, fines for [...]
SEOUL, Aug. 27 (Korea Bizwire) — South Korea’s parliament has passed a law banning the use of smartphones during class time in elementary, middle and high schools, in an effort to curb youth overdependence on digital devices — though critics argue the measure could prove largely symbolic and even restrictive of students’ rights. The amendment [...]
SEOUL, Aug. 27 (Korea Bizwire) — The veterans ministry said Wednesday it will promote South Korea’s bid to host an international sporting event for wounded service members in 2029 on board a British vessel docked in the southeastern port city of Busan. Veterans Vice Minister Kang Yun-jin and Na Hyeong-yoon, a gold medalist in cycling [...]
SEOUL, Aug. 27 (Korea Bizwire) — The transport ministry said Wednesday it will ban the use of plastic bags for portable battery storage on airplanes and instead require insulation tape as part of an updated in-flight safety measure for battery packs. The revision, set to take effect on Monday, comes after the government introduced a [...]
SEOUL, Aug. 27 (Korea Bizwire) — Starting next month, South Korea will strengthen its child support advance payment system to prevent delinquent parents from evading enforcement by making only partial payments, the Ministry of Gender Equality and Family said Tuesday. The program, launched in July 2024, allows the government to provide unpaid child support directly [...]
SEOUL, Aug. 27 (Korea Bizwire) — South Korea will establish a public-private task force this week to help commercialize Atlantic bluefin tuna, whose catch levels off the country’s east coast have soared in recent years due to warming seas, the Ministry of Oceans and Fisheries said on Tuesday. The council, set to launch Tuesday in [...]
SEOUL, Aug. 27 (Korea Bizwire) — South Korea will introduce fast-track immigration lanes at Incheon International Airport this week for foreign business executives, in a move aimed at improving the country’s appeal as a hub for international commerce. The Ministry of Land, Infrastructure and Transport and the Ministry of Justice said on August 26 that [...]
SEOUL, Aug. 25 (Korea Bizwire) — South Korea’s state-run postal service has suspended most shipments to the United States after Washington moved to impose customs declarations and duties on all small parcels, raising costs and disrupting cross-border trade. On Monday, the Korea Post stopped accepting low-cost airmail parcels bound for the United States. Beginning Tuesday, [...]
SEOUL, Aug. 25 (Korea Bizwire) — South Korea’s national police said it will expand the mandate of its mobile patrol units, deploying them more aggressively to prevent stalking and other relationship-based crimes, amid ongoing debate over the units’ effectiveness. The Korean National Police Agency announced on August 24 that patrol officers will be concentrated around [...]