SEOUL, Feb. 16 (Korea Bizwire) — South Korea’s Housing and Urban Guarantee Corporation (HUG) has introduced a stringent “one-strike-out” policy to immediately initiate foreclosure proceedings against foreign landlords who fail to return tenants’ rental (jeonse) deposits, aiming to curb financial risks associated with non-compliant property owners. HUG announced on Friday that the new measure, effective since [...]
SEOUL, Feb. 13 (Korea Bizwire) — South Korea will implement virtual reality technology to help assess the driving capabilities of motorists aged 75 and older during their license renewal process, government officials announced on February 12. The initiative is part of a pedestrian safety action plan jointly developed by the Ministry of the Interior and Safety [...]
SEOUL, Feb.12 (Korea Bizwire) — The government said Wednesday it seeks to amend a law to place teachers with mental disorders on compulsory leave, following a fatal stabbing of an 8-year-old student by a school teacher that shocked the nation this week. Education Minister Lee Ju-ho announced the plan during a meeting of top education [...]
SEOUL, Feb. 12 (Korea Bizwire) — The South Korean government is intensifying its suicide prevention efforts in collaboration with local authorities as suicide deaths are expected to continue their upward trend from last year. The Ministry of Health and Welfare announced on February 11 that Second Vice Minister Park Min-soo held a meeting with deputy governors [...]
SEOUL, Feb. 12 (Korea Bizwire) — The Korea Minting and Security Printing Corporation (KOMSCO) has suspended gold bar sales as global demand for the precious metal surges, fueled by renewed fears of a tariff war under newly re-elected U.S. President Donald Trump. On April 10, gold spot prices closed at $2,908.17 per troy ounce, marking the [...]
SEOUL, Feb. 11 (Yonhap) – South Korea plans to expand its official development assistance (ODA) to 50 nations by 2029, the agriculture ministry said Tuesday, a move partly aimed at strengthening the global competitiveness of the country’s agri-food industry. The move comes as part of the government’s five-year plan to bolster the country’s international agriculture [...]
SEOUL, Feb. 11 (Korea Bizwire) — With permanent makeup and tattoos become increasingly mainstream in South Korea, lawmakers and health authorities are facing mounting pressure to establish safety and hygiene regulations for an industry that technically remains illegal under current law, according to a National Assembly report released on February 10. The National Assembly Research Service’s [...]
SEOUL, Feb. 10 (Korea Bizwire) – Four out of 10 dog farms in South Korea have closed their doors since the country legislated a law banning dog meat consumption last year, the agriculture ministry said Monday. Of the total 1,537 dog farms, 623, or 40 percent, have shut down their business since the government implemented [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s Financial Supervisory Service (FSS) announced on February 9 that it will enhance access to corporate disclosure information for foreign investors by expanding English-language content on its electronic disclosure system (DART) and launching a new open data platform on Sunday. The updated English DART system now allows real-time access [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s ambitious deep-sea gas exploration project, codenamed “Daewang Whale,” faces an uncertain future after the first drilling attempt failed to yield economically viable hydrocarbon reserves. With the government unwilling to fund a second drilling phase and the Korea National Oil Corporation (KNOC) grappling with financial instability, the project’s continuation [...]