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Lobby for Smaller Businesses Opposes Minimum Wage Hike

Lobby for Smaller Businesses Opposes Minimum Wage Hike

SEOUL, Jul. 28 (Korea Bizwire) — A business lobby representing small-sized businesses on Friday filed a complaint against the government’s decision on next year’s minimum wage hike. Earlier this month, a tripartite commission of the government, labor and management reached an agreement to increase the minimum hourly wage to 7,530 won (US$6.68) in 2018, up [...]

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]

Walking Delivery Service by Elderly Gains Popularity

Walking Delivery Service by Elderly Gains Popularity

  SEOUL, May 27 (Korea Bizwire) – A ‘walking delivery service’ in which elderly individuals buy products themselves and then deliver them to their destination via metro trains and buses has recently been gaining popularity. The ‘walking delivery service’, which began in 2006 in Songpa-gu, Seoul, tallied over 10,000 deliveries last year – a whopping 25 [...]

Korean Government to Push Establishment of Micro-Mobility Industry

Korean Government to Push Establishment of Micro-Mobility Industry

SEOUL, Jun. 15 (Korea Bizwire) — The Korean government will spend 5 billion won (US$ 4.48 million) on Korean SMEs to develop  three-wheeled mini EVs until 2016, according to an announcement on June 14. The Ministry of Trade, Industry and Energy (MOTIE) already initiated a 7 billion won (US$ 6.28 million) project last year to develop [...]

Eco Laundry Detergent Receives US$ 60,000 in Funding through Kickstarter and Indiegogo

Eco Laundry Detergent Receives US$ 60,000 in Funding through Kickstarter and Indiegogo

SEOUL, May 14 (Korea Bizwire) — A laundry detergent that cleans clothes with micro bubbles and a small amount of surfactant has attracted US$ 60,000 in funding through two international crowdfunding sites, Kickstarter and Indiegogo. JnK Science, the company behind the new type of detergent called SMACLE, said that it took in US$ 47,560 through [...]

Regulator Set to Allow Banks to Fund Fintech Firms

Regulator Set to Allow Banks to Fund Fintech Firms

SEOUL, May 6 (Korea Bizwire) — South Korea’s top financial regulator said Wednesday that it will pave the way for local banks to invest in financial technology firms as part of its efforts to boost the integration of the two industries. According to current financial laws, financial institutions are allowed to buy stakes in or [...]

Technology Financing by Banks Skyrockets 70-fold in 7 Months

Technology Financing by Banks Skyrockets 70-fold in 7 Months

SEOUL, Mar. 11 (Korea Bizwire) — Loans extended by South Korean banks to companies using their high-level technologies as collateral have soared 70-fold in the past seven months on a strong drive by the government, industry data showed Wednesday, spawning concerns that a huge chunk of such loans could turn sour, thus undermining lenders’ financial [...]