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S. Korea Suggests U.S. Carry out Joint Study on FTA’s Economic Effect

S. Korea Suggests U.S. Carry out Joint Study on FTA’s Economic Effect

SEJONG, Jul. 25 (Korea Bizwire) — South Korea suggested the United States carry out a joint study on the economic impact of the Seoul-Washington free trade agreement before starting talks on its amendment, Seoul’s trade ministry here said Tuesday. “Regarding your request to convene a special session of the Joint Committee under the KORUS FTA, [...]

Financial Services Industry Readies for Battle as Floodgates to Individual Retirement Plans Open

Financial Services Industry Readies for Battle as Floodgates to Individual Retirement Plans Open

SEOUL, Jul. 24 (Korea Bizwire) — A decision to allow business owners and government employees to access Individual Retirement Plans (IRP) has the financial services industry abuzz. On the July 23, industry sources confirmed that the IRP’s current parameters for applicable clients will be expanded starting July 26.  The reason for general excitement among banks, [...]

Jeju Investors to Face Greater Scrutiny

Jeju Investors to Face Greater Scrutiny

JEJU, Jul. 24 (Korea Bizwire) — On July 21, Jeju Island’s government announced new regulations that will modify the approval process for investors that wish to participate in local developmental projects. Officials from South Korea’s largest island stated the new regulations will soon come into effect, as they seek investors for the latest development project, [...]

Seoul Metro to Trial Solar-Powered Air Conditioning System

Seoul Metro to Trial Solar-Powered Air Conditioning System

SEOUL, Jul. 24 (Korea Bizwire) — Seoul Metro is using renewable energy sources to operate its air-conditioning systems in a pilot project at a number of subway stations, the public corporation announced last Friday. Following the trial of a solar-powered air-conditioning system at Dobongsan Station last month, the government-owned transport corporation is set to introduce a [...]

Seoul Campaign Encourages Responsible Alcohol Consumption

Seoul Campaign Encourages Responsible Alcohol Consumption

SEOUL, Jul. 24 (Korea Bizwire) — The Seoul Metropolitan Government announced plans on Sunday to launch a campaign to tackle harmful drinking culture, a prevailing problem among South Korean businesses. As part of its efforts to combat excessive drinking during business socializing sessions known as ‘hoesik’, the Seoul government is distributing simple guidelines outlining seven useful [...]

Mangwon Residents Oppose ‘Mangridan-gil’ Nickname, Fear Gentrification

Mangwon Residents Oppose ‘Mangridan-gil’ Nickname, Fear Gentrification

SEOUL, Jul. 24 (Korea Bizwire) — Local residents in the neighborhood of Mangwon are expressing concerns over the widely spread nickname ‘Mangridan-gil’ as signs of gentrification have emerged in recent months, with some accusing map service providers like Naver of causing a nuisance by making use of the unofficial name, which attracts tourists and has [...]

Kakao Spins Off Transportation Services Unit

Kakao Spins Off Transportation Services Unit

SEOUL, Jul. 24 (Korea Bizwire) — The division at Kakao Corp responsible for its taxi-hailing and chauffeur services is being separated from South Korea’s largest messaging company, and will be launched as an independent entity next week. Starting in August, Kakao Mobility will operate as an independent entity, separated from its parent company Kakao Corp, [...]

Noodle Maker Ottogi has Reputation to Thank for Blue House Invitation

Noodle Maker Ottogi has Reputation to Thank for Blue House Invitation

SEOUL, Jul. 24 (Korea Bizwire) — News that noodle maker Ottogi has been listed as one of the fifteen companies included in President Moon’s powwow with major business leaders on July 27 has caught many by surprise. The list contains industry heavyweights such as Hyundai and Samsung, which makes the inclusion of a middle-sized company [...]

Aging Coal Plant Reopens as Biomass Plant

Aging Coal Plant Reopens as Biomass Plant

SEOUL, Jul. 24 (Korea Bizwire) — The aging coal-powered Young Dong Unit 1 power station has been revamped as the country’s largest environment-friendly biomass plant, replacing coal with wood pellet fuel. According to the Yeongdong Eco Power Division of Korea South-East Power (KOSEP), around 96 billion won was invested to renovate the Young Dong Unit 1 [...]