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South Korea to Set Up New Ministry Dedicated to SMEs

South Korea to Set Up New Ministry Dedicated to SMEs

SEOUL, July 20 (Korea Bizwire) – South Korea will set up a new ministry in charge of small and medium-sized businesses (SMEs) that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday. After long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business [...]

Moon’s Rating Rises amid Stern Response to N.K. Missile Launch, Brisk Diplomacy

Moon’s Rating Rises amid Stern Response to N.K. Missile Launch, Brisk Diplomacy

SEOUL, Jul. 10 (Korea Bizwire) — President Moon Jae-in’s approval rating edged up again last week due in part to his stern response to North Korea’s missile launch and brisk diplomacy to rein in the provocative state, a survey indicated Monday. In the Realmeter survey conducted from Monday to Friday, Moon’s rating was tallied at [...]

Citizens Enjoy Newfound Freedom on Road Near Presidential Residence

Citizens Enjoy Newfound Freedom on Road Near Presidential Residence

SEOUL, Jul. 6 (Korea Bizwire) — Until recently, the 400-meter-long road along the presidential compound Cheong Wa Dae was dotted with checkpoints, barricades and plain-clothed policemen who would hurl a vexing, if not rude, question to passers-by, “Where are you going?” The heavily guarded trail kept conjuring up the aloof, high-handed image of a president [...]

Electricity Supply Remains Stable Despite Shutdown of Aging Coal Power Plants

Electricity Supply Remains Stable Despite Shutdown of Aging Coal Power Plants

SEOUL, Jul. 4 (Korea Bizwire) — Despite electricity shortage worries over the temporary shutdown of eight aging coal-fired power plants last month, the electricity supply in South Korea has remained relatively stable, industry reports said. According to the Korea Power Exchange (KPX), the country’s electricity consumption hit its monthly high on June 30, at 75.41 [...]

Rising Household Debt Won’t Affect Consumption Due to Rising Asset Value

Rising Household Debt Won’t Affect Consumption Due to Rising Asset Value

SEOUL, July 3 (Korea Bizwire) – South Korea will not undergo a sharp drop in consumption despite the ever-rising household debt, a private think tank said Monday, citing growth in property and financial asset value. Households where the head of the family was over 55 have witnessed a 94.51 percent rise in income and 78.32 [...]

Presidential Office Defends Reactor Construction Suspension

Presidential Office Defends Reactor Construction Suspension

SEOUL, Jun. 28 (Korea Bizwire) — The presidential office Cheong Wa Dae on Wednesday defended the government’s decision to temporarily suspend the construction of two nuclear reactors, saying it was made after “painstaking deliberations.” On Tuesday, Cheong Wa Dae announced that the government will halt the construction of the reactors in Ulsan, 414 kilometers southeast [...]

Seoul to Go Forward with THAAD Deployment, Foreign Minister Says

Seoul to Go Forward with THAAD Deployment, Foreign Minister Says

SEOUL, June 26 (Korea Bizwire) – South Korea will not reverse the planned deployment of an advanced U.S. missile defense system, its top diplomat said Monday, reiterating the government’s stance apparently aimed at easing uncertainty surrounding the agreement with the United States reached by the previous government. “As my president himself made it clear on [...]