SEOUL, Nov. 9 (Korea Bizwire) — The government said Thursday it will inject nearly 3 trillion won (US$2.7 billion) into smaller companies to ease their cost burden resulting from a drastic increase of the wage floor starting next year. A company with less than 30 staff will be eligible for state support of up to [...]
SEOUL, Sept. 22 (Korea Bizwire) — Tesla Motors Inc.’s Model S 90D is eligible to receive government subsidies in South Korea as the country has recently eased regulations involving battery charging time, the environment ministry said Friday. On Thursday, the Ministry of Environment notified the U.S. electric carmaker of its decision to include the Model [...]
SEOUL, May 26 (Korea Bizwire) — The Constitutional Court on Thursday upheld a law that restricts subsidies on the purchase of smartphones and other mobile devices. The regulation, which sets the legal limit of subsidies at 330,000 won (US$295), was adopted to bring transparency and stability to the market long distorted by subsidies as telecom [...]
SEOUL, Feb. 24 (Korea Bizwire) – Despite the public skepticism, the government is serious about its plan to implement a ‘Family Day’ to promote domestic consumption. In a meeting chaired by acting president Hwang Kyo-ahn on Thursday, the government announced that it will designate one Friday a month as a “Day with Family,” on which [...]
SEOUL, Feb. 16 (Korea Bizwire) – Demand for electric vehicles is skyrocketing this year thanks to new government policies on EV subsidies. According to the Ministry of Environment, the number of EV subsidy applications has already surpassed the 1,200 mark just three weeks after the process began on January 25, which is four times greater [...]
SEOUL, Jan. 19 (Korea Bizwire) – The Ministry of Trade, Industry & Energy announced Wednesday that it will invest 245.1 billion won ($208 million) this year to help Korea’s dwindling shipbuilding industry diversify and hopefully breathe life into the sector. The investment will be divided into four areas – R&D (5 billion won), commercialization (4.5 [...]
SEOUL, Dec. 12 (Korea Bizwire) – The Ministry of Environment announced Sunday that it plans to support 14,000 new EV purchases in 2017 to push up the number of eco-friendly vehicles on the road. The government subsidy for purchasing a new EV in 2017 was set at 14 million won ($11,936) per vehicle, which is [...]
SEOUL, Jun. 4 (Korea Bizwire) — Phoneparazzi, a compensation system to hunt down phone sellers who illegally give monetary support to customers, will be modified to draw compensation money from both mobile distributors and telecommunications carriers. First introduced in June 2014, the Phoneparazzi system has been run by money solely provided by distributors. Anyone who [...]
SEOUL, Apr. 22 (Korea Bizwire) – Samsung Electronics Co.’s newest high-end smartphones – the Galaxy S6 and the Galaxy S6 Edge — are seen drawing less than expected attention from consumers, industry data showed Wednesday, casting clouds over the market’s upbeat sales estimate of over 50 million units for 2015. South Korea’s No. 1 tech [...]