SEOUL, Nov. 17 (Korea Bizwire) – Paper straw manufacturers are facing significant challenges following the government’s decision to extend the “notice period” preceding the plastic straw ban. Expressing their trust in the government, these companies find themselves in a crisis and are urgently seeking emergency funding. The Paper Straw Survival Plan Council, comprising 11 paper straw [...]
SEOUL, Nov. 17 (Korea Bizwire) – In a landmark development, a dual-class voting rights system long advocated by the venture capital industry has been implemented in South Korea for the first time. Under this new framework, shares now carry a maximum of 10 voting rights each. In the past, there have been cases where company founders [...]
SEOUL, Nov. 16 (Korea Bizwire) –The Anti-Corruption & Civil Rights Commission is considering revising the anti-corruption law to ease restrictions on the price of meals provided to public officials and some other professions, officials said Thursday. The Improper Solicitation and Graft Act, commonly known as the Kim Young-ran law, named after a former Supreme Court [...]
SEOUL, Nov. 15 (Korea Bizwire) – On Tuesday, KEPCO announced its adoption of a one-strike policy, including the possibility of dismissal, in response to a swift investigation prompted by the National Audit Office. The audit revealed that numerous employees had breached their non-competition obligations, engaging in the solar power business and fueling a fairness controversy. In [...]
GUNPO, Nov. 15 (Korea Bizwire) – With the pet dog population reaching 15 million in South Korea, several municipal governments are creating pet waiting areas at the entrances of public restrooms in parks for citizens who visit the parks with their pets. However, the local government in the city of Gunpo, Gyeonggi Province recently rejected a [...]
SEOUL, Nov. 14 (Korea Bizwire) –The Ministry of Science and ICT inaugurated the Seoul National University Graduate School of Artificial Intelligence Semiconductors during a ceremony held at the Design Research Center of Seoul National University on Tuesday. AI semiconductors, crucial for executing large-scale computations essential for high-speed and low-power artificial intelligence (AI) services, were the [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea will continue to play a key role in supporting developing nations’ responses to climate challenges as the Green Climate Fund (GCF) marked the 10th anniversary of the foundation this year, Seoul’s finance ministry said Tuesday. Established in December 2013, the GCF has been the world’s largest climate [...]
SEOUL, Nov. 14 (Korea Bizwire) — The government on Tuesday unveiled an ambitious plan to expand the size of the country’s video content industry to 40 trillion won (US$30.24 billion) by 2027. The government also plans to create a fund worth 1 trillion won by 2028 to help the industry produce globally competitive content, like [...]
SEOUL, Nov. 14 (Korea Bizwire) — The government said Tuesday all aircraft takeoffs and landings across South Korea will be temporarily prohibited to regulate noise during this year’s annual College Scholastic Ability Test (CSAT) later his week. According to the transportation ministry, aircraft takeoffs and landings will be restricted for 35 minutes between 1:05 p.m. [...]
SEOUL, Nov. 14 (Korea Bizwire) — President Yoon Suk Yeol said Tuesday the current ban on stock short selling will remain in effect until financial authorities devise measures to fundamentally prevent potential damage to retail investors. Yoon made the remarks during a Cabinet meeting, following the financial regulator’s decision to prohibit short selling in stocks [...]