SEOUL, Jan. 8 (Korea Bizwire) – The financial watchdog will launch an official audit of e-commerce giant Coupang Inc.’s financial unit next week over its high-interest loan product following a preliminary inspection, officials said Thursday. Coupang Financial has come under fire for charging high interest rates on loans to vendors by leveraging its dominant market [...]
SEOUL, Jan. 7 (Korea Bizwire) — South Korean authorities warned on Wednesday that personal data stolen from at least 21 domestic medical and educational institutions, as well as online shopping platforms, appears to have been sold online, underscoring growing concerns over a sustained wave of cyberattacks targeting sensitive information. The Ministry of Science and ICT and [...]
SEOUL, Jan. 7 (Korea Bizwire) – Finance Minister Koo Yun-cheol said Wednesday that the government’s economic policy for this year will focus on stabilizing people’s livelihoods. “The starting point of a major economic leap forward is a solid foundation for the people’s livelihood,” Koo said while presiding over an inaugural meeting of ministers. The government [...]
SEOUL, Jan. 7 (Korea Bizwire) — South Korea’s efforts to boost parental leave as part of its fight against ultra-low birthrates continue to run up against a stark divide between large corporations and small businesses, according to a new government-commissioned survey that highlights persistent workplace barriers for parents. The findings, released Wednesday, show that while awareness [...]
SEOUL, Jan. 6 (Korea Bizwire) — The oceans ministry said Tuesday it plans to expand imports of mackerel through the tariff-rate quota system and release government reserves amid soaring prices. Starting this month, the Ministry of Oceans and Fisheries said it plans to release 2,000 tons of mackerel from its stockpiles with a 30 to [...]
SEOUL, Jan. 6 (Korea Bizwire) — The labor ministry on Tuesday vowed to take stern action against U.S. e-commerce giant Coupang Inc. amid allegations the company violated a set of workplace laws. The remark came after the Ministry of Employment and Labor launched a task force to investigate suspected violations of labor and industrial accident [...]
SEOUL, Jan. 6 (Korea Bizwire) — The government plans to conduct a trial voyage along Arctic shipping routes from the southeastern port city of Busan to Rotterdam in the Netherlands around September, the acting oceans minister has said. “The government plans to operate a 3,000 twenty-foot equivalent unit (TEU) container ship on a trial run [...]
SEJONG, Jan. 6 (Korea Bizwire) — The nation’s highest court is set to deliver a high-profile ruling on whether Coupang, the country’s dominant e-commerce platform, violated fair trade laws by collecting sales promotion fees and incentives from its suppliers—a decision that could reshape regulatory oversight of online retail practices. The case stems from penalties imposed by [...]
SEOUL, Jan. 6 (Korea Bizwire) — South Korea will allow foreign aquaculture technicians to work across a broader range of farmed species starting this year, as the government moves to ease chronic labor shortages in the country’s aging fisheries sector. The Ministry of Oceans and Fisheries and the Ministry of Justice said Monday that the scope [...]
SEOUL, Jan. 5 (Korea Bizwire) — South Korea’s main bourse operator on Monday introduced a series of new review criteria for initial public offerings (IPOs) specifically targeting companies in core technologies, such as artificial intelligence (AI). The Korea Exchange (KRX) said it has completed amending rules on listing regulation enforcement as part of efforts to [...]