SEJONG, May 29 (Korea Bizwire) — South Korea’s national debt surpassed the 1,200 trillion won (US$1.08 trillion) mark in 2014 due to increased fiscal spending for the economic recovery and a rise in pension payments for government employees and service members, a government report showed Friday. Gross national debt, including appropriations for pension payments, stood at [...]
SEOUL, April 21 (Korea Bizwire) – South Korea said Tuesday it will seek to hold a variety of sports and cultural events with North Korea this year to mark the 70th anniversary of Korea’s liberation from Japan’s colonial rule. South Korea plans to propose the creation of an ad hoc committee to the North to prepare [...]
“Setting aside cost issues, the recovery of the ferry Sewol is the path toward healing the minds of the victims, survivors and bereaved families who suffered pain from the Sewol sinking as well as those of all the citizens.” “The government should come up with a complete plan for the recovery and begin the work [...]
SEOUL, April 7 (Korea Bizwire) — South Korea’s national debt rose by 39 trillion won (US$35.9 billion) in 2014 from a year earlier as the government engaged in expansionary spending to prop up the weak economy, the finance ministry said Tuesday. According to the 2014 settlement of accounts, the national debt that covers the central [...]
SEJONG, March 31 (Korea Bizwire) — South Korea’s duty-free shop sales surged 21.6 percent on-year in 2014, the finance ministry said Tuesday, thanks to the steady rise in foreign travelers. Data sent by the ministry to the National Assembly showed sales by the 43 duty-free shops in the country hitting 8.3 trillion won (US$7.5 billion) last [...]
SEOUL, March 13 (Korea Bizwire) – As violence against medical staff increases in and outside of hospitals, the medical community has raised its voice to push for the legislation of rules reinforcing punishment against the crimes, in a move to prevent an escalation in these types of incidents. According to industry sources, there are two [...]
Seoul, Mar. 2 (Korea Bizwire) — The National Assembly of the Republic of Korea is holding an exhibition of art pieces created by Paik Nam-June, the founder of video art who passed away in 2006, at the National Assembly main hall from March 2 to May 31. Paik Nam-June was an experimental pioneer of video art [...]
SEOUL, Nov. 24 (Korea Bizwire) — The government will increase the tax exemption privileges to angel investment, the investment made by groups of individual investors to start-up firms. The subcommittee on taxation under the strategy & finance committee, National Assembly, was reported on November 21 to have approved the tax privilege restriction law that includes [...]
SEOUL, Nov. 17 (Korea Bizwire) — A low-cost, higher-quality videoconferencing solution has been developed by a domestic research organization. The Electronics and Telecommunications Research Institute said on November 16 that it has developed a videoconferencing system called “Giga Curix” and successfully completed a seamless pilot run by hosting a virtual meeting held between the National Assembly building [...]
SEOUL, Korea, April 18, 2014 (Korea Bizwire) – Criticism is mounting over the compensation system for reports on the violation of public laws is turning into certain ‘paparazzi’s (devoted reward hunters) exploitation. The National Assembly’s Science, ICT, Future Planning, Broadcasting and Communications Committee announced that out of 250 million won of total reward money (on [...]