SEOUL, Jan. 13 (Korea Bizwire) – The country’s financial regulator said Tuesday that local insurers will have to maintain an enhanced capital ratio requirement starting in 2027, a move to beef up their capital quality. Under the measures unveiled by the Financial Services Commission (FSC), the ratio of core capital to required capital will be [...]
SEOUL, Jan. 13 (Korea Bizwire) — South Korea will begin a large-scale push to convert livestock waste into renewable energy, seeking to cut greenhouse gas emissions while reducing environmental burdens from animal farming. The Ministry of Agriculture, Food and Rural Affairs said Monday that it will expand the use of solid fuel made from livestock manure, [...]
SEOUL, Jan. 13 (Korea Bizwire) — Seoul will roll out a new data-driven platform this week that allows residents, entrepreneurs and policymakers to track the city’s economic pulse in unprecedented detail, city officials said on Monday. The Seoul Metropolitan Government announced that it will launch an online “Economic Dashboard” on the Seoul Data Hub starting Jan. [...]
SEOUL, Jan. 12 (Korea Bizwire) – Defense Minister Ahn Gyu-back said Monday he is open to the idea of proposing a joint probe with North Korea into its claim of drone incursions into the country through the United Nations Command (UNC). On Saturday, the North’s military claimed that South Korea violated the North’s sovereignty by [...]
SEOUL, Jan. 12 (Korea Bizwire) – The science ministry plans to launch a joint committee with the budget ministry to coordinate planning for the country’s research and development (R&D) budget, according to officials Monday. The move is aimed at enhancing efficiency and consistency in drawing up R&D budget plans, according to the Ministry of Science [...]
SEOUL, Jan. 12 (Korea Bizwire) – Ordering a temporary suspension of business operations at e-commerce giant Coupang Corp. may be possible, the head of South Korea’s antitrust watchdog said Monday, amid an ongoing investigation over a recent large-scale data breach at the U.S.-listed company. “If an order is not implemented or if it is deemed [...]
SEOUL, Jan. 9 (Korea Bizwire) – South Korea launched an interagency team Friday to coordinate efforts ahead of anticipated negotiations with the United States on its bid to secure uranium enrichment and spent fuel reprocessing capabilities for peaceful use, officials said. The pangovernment consultative group comes as Washington has given Seoul the green light to [...]
SEOUL, Jan. 9 (Korea Bizwire) — South Korea will strengthen its public system for supplying essential medicines and medical devices in 2026, seeking to prevent treatment disruptions and reduce patients’ financial burdens, the government said this week. The Ministry of Food and Drug Safety said it will expand emergency import programs for rare and essential drugs, [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea has taken a step to strengthen its supply of strategic minerals by formally recognizing recycling and recovery from waste as a distinct industrial sector, a move aimed at shoring up domestic supply chains for materials critical to advanced manufacturing. The Ministry of Trade, Industry and Energy said Thursday [...]
SEOUL, Jan. 8 (Korea Bizwire) – China’s recent ban on exports of dual-use items with military applications to Japan will likely impact South Korea’s imports and industries, the industry ministry said Thursday, vowing measures to prevent a supply shortage of affected items. The Ministry of Trade, Industry and Resources held a supply chain inspection meeting [...]