SEOUL, May 1 (Korea Bizwire) — The antitrust regulator said Thursday it has decided to add four more business groups to the list of conglomerates subject to tighter supervision, including cryptocurrency exchange Bithumb. The number of conglomerates on the watchlist came to 92, which have 3,301 affiliates under their wings combined, compared with last year’s [...]
SEJONG, May 1 (Korea Bizwire) — The government will work to “swiftly” implement 25 trillion won (US$17.5 billion) of policy financing for export companies following the planned passage of an extra budget bill by the National Assembly, the finance ministry said Thursday. In a pan-government meeting on trade issues, the Ministry of Economy and Finance [...]
SEOUL, May 1 (Korea Bizwire) — The government on Thursday issued an administrative guidance order instructing SK Telecom Co. to suspend new subscriber sign-ups until it resolves a shortage of universal subscriber identity module (USIM) cards related to a recent company network data breach. The Ministry of Science and ICT said the measure aims to [...]
SEJONG, May 1 (Korea Bizwire) — South Korea has designated the southwestern city of Yeosu as an “industrial crisis response area” to help the ailing regional economy amid a slump in the petrochemical industry based in the area, the finance minister said Thursday. Finance Minister Choi Sang-mok made the announcement in an economy-related ministers meeting, [...]
SEOUL, May 1 (Korea Bizwire) — Lee Jae-myung, the presidential candidate for South Korea’s main opposition Democratic Party, has unveiled a sweeping set of labor policy proposals, vowing to support companies that adopt a 4.5-day workweek and gradually shift the nation toward a four-day workweek system. In a statement released via Facebook on April 30, [...]
SEOUL, April 30 (Korea Bizwire) — In a major policy shift to improve animal welfare and oversight, the South Korean government announced Tuesday that it will establish a horse welfare monitoring center and introduce mandatory horse registration starting in 2026. The Ministry of Agriculture, Food and Rural Affairs unveiled its five-year plan (2025–2029) aimed at enhancing [...]
SEOUL, April 30, (Korea Bizwire) — When a fire breaks out, every second can mean the difference between life and death. In South Korea, officials have zeroed in on a critical benchmark: reaching the scene within seven minutes of the emergency call. Beyond that window, authorities say, conditions become catastrophic. Within eight minutes, a typical [...]
SEOUL, April 29 (Korea Bizwire) — South Korea will set up a long-term strategy this year to commercialize autonomous marine vehicle technology as part of efforts to innovate the shipping industry, the oceans minister said Tuesday. “Autonomous ships utilizing cutting-edge digital technologies, such as artificial intelligence (AI), will play a significant role in improving maritime [...]
SEOUL, April 29 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base. The Financial Services Commission said it will complete procedures needed to revise related laws on insurers’ capital adequacy ratio by [...]
SEOUL, April 29, (Korea Bizwire) — South Korea’s overall disability employment rate saw a modest improvement in 2024, but private-sector companies continue to lag behind their mandatory hiring targets, government data showed Monday. According to the Ministry of Employment and Labor, as of the end of 2024, the average disability employment rate across 32,692 public [...]