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Rising Rents in Seoul's University Districts Underscore Need for Decentralization and Consideration of Mental Health
Seoul, South Korea – A recent study by the company behind the real estate information platform 'Dabang,' has found that the rent for one-room apartments (with a floor area of 33 square meters or less) in Seoul's major university districts has risen by over 15% in the past year. The data from Dabang showed that, as of last month, the average monthly rent for one-room apartments in these university districts, based on a deposit of 10 million KRW (approximately $8,300), was 596,000 KRW (about $500
2 min read
South Korea Boosts Global Presence of Domestic Alcoholic Beverages with 'K-Liquor' Brand
South Korea is taking steps to create a unique brand for its domestically-produced alcoholic beverages by introducing the 'K-Liquor' brand for products exported overseas. This initiative aims to make it easier for global consumers to recognize and enjoy Korean alcoholic drinks. To enhance the global competitiveness of traditional and small-scale alcoholic beverage manufacturers, the National Tax Service (NTS) has launched the K-Liquor Export Support Council in collaboration with industry stakeh
2 min read
Saemaul Geumgo Bank's Real Estate Loans Raise Concerns Over Asset Safety
Saemaul Geumgo Bank, also known as Saemaul Mutual Savings Bank or Saemaul Savings Bank, is facing scrutiny over its real estate project financing (PF) program due to the potential for non-performing loans. Established in 1973 as part of the Saemaul Undong (New Village Movement), the bank has provided large-scale loans totaling 56 trillion won, but the delinquency rate in the 9% range is causing concern for asset safety. According to information provided to a Democratic Party lawmaker's office b
1 min read
Korean Independence Fighter Hwang Ki-hwan Laid to Rest After Century-Long Wait
Korean independence fighter Hwang Ki-hwan, who inspired the hit South Korean TV series "Mr. Sunshine," has finally returned to his homeland after a century-long wait. Hwang, who died alone in New York in 1923, had been buried at Mount Olivet Cemetery, and his remains were repatriated to South Korea after a 15-hour flight. Honor guards carried Hwang’s casket, draped with the South Korean national flag, during the repatriation ceremony at Incheon Airport. The patriot was interred in the national c
2 min read
South Korea announces new policy to support single-parent families
The South Korea's Ministry of Gender Equality and Family has announced the approval of the first basic plan for policies aimed at supporting single-parent families. The first basic plan for policies supporting single-parent families has been developed to fulfill the national goal of building a society where no one is left behind, and everyone participates together. The plan includes strategies and objectives to actively respond to the difficult realities and changing social environments faced b
2 min read
MCST Takes Action Against Illegal PDF Distribution of Copyrighted Publications
The Ministry of Culture, Sports, and Tourism (MCST) has announced a crackdown on a large-scale operation that reproduces and distributes illegal PDF copies of over 3,000 publications. As the usage of digital devices has increased due to the COVID-19 pandemic, the practice of scanning and reproducing copyrighted material for commercial purposes has become more prevalent, particularly in online communities associated with universities. This trend has caused significant harm to the publishing indus
2 min read
Vertical Smart Farms to Transform Agricultural Promotion Zones in Korea
New System and Smart Agriculture Promotion Act to Overcome Land-use Restrictions and Boost Sustainable Agriculture In an ambitious move to increase the smart agriculture penetration rate to 30% of agricultural production by 2027, the Korean government plans to establish a system that enables the installation of vertical smart farms within agricultural promotion zones. This initiative will require overcoming the current land-use restrictions that typically limit development and construction proj
2 min read
Korean Farmers Alarmed by President's Rejection of Grain Management Law
Korean President Yoon Suk-yeol's recent veto of the Grain Management Law, passed by the Democratic Party of Korea, has drawn concern from the country's farming community. The legislation would require the government to buy surplus rice from farmers when market prices fall below a certain threshold or when surplus production surpasses a specified limit. The Grain Management Law has its roots in South Korea's history of agricultural policy, dating back to the 1960s and 1970s when the country focu
2 min read
South Korean Public Officials' Average Property Increases as Real Estate Prices Surge
Seoul, South Korea - A recent report by the Government Ethics Committee revealed that the average property of 2,037 South Korean public officials increased by KRW 29.81 million (approximately USD 24,500) this year. The disclosure comes amid a surge in real estate prices in the country, significantly impacting the wealth of public officials and raising concerns about transparency and potential conflicts of interest. According to the report, the average property value for public officials subject
2 min read
South Korea Grapples with Population Crisis and Struggling Pediatric Sector
South Korea's National Assembly Special Committee on Population Crisis, created in November last year to address the country's aging population, low birthrate, and regional depopulation, is finally set to begin its work on March 31st after a four-month delay. However, the committee faces criticism for its lack of urgency in addressing the pressing population crisis, which is impacting the country's pediatric sector. With a declining number of pediatricians and pediatric practices shutting down,
3 min read
Korean Shipbuilding Industry Faces Labor Shortage Amid Booming Orders
In 2023, the Korean shipbuilding industry is experiencing a surge in orders for the first time in a decade. However, a severe labor shortage has become a critical issue. Despite the demand for workers, the industry struggles to attract and retain talent, particularly among the younger MZ generation. The three major Korean shipbuilders, Korea Shipbuilding & Marine Engineering, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, have seen a significant increase in orders. The
1 min read
South Korean Workers' Average Debt Surpasses KRW 50 Million in 2021
South Korean workers' average debt reached a new high in 2021, exceeding KRW 50 million ($41,400) for the first time, according to a recent report by Statistics Korea. Although the growth rate of debt slowed compared to the previous year, it was still the largest increase since the agency began tracking wage earners' debt in 2017. In December 2021, the average loan for wage earners was KRW 52.2 million ($43,200), up 7.0% or KRW 3.4 million ($2,800) from 2020. The debt growth rate has slowed sin
1 min read