National News

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

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

The Ministry of Justice in South Korea announced on Tuesday that it will be issuing a new type of identification card for foreigners staying in the country for more than 90 days, beginning this Saturday. This marks the first redesign of the Residence Card, previously known as the Alien Registration Card, in 12 years. The updated Residence Card will include a larger, full-color photograph of the cardholder, which is a 35% increase in size compared to the current black-and-white photo. Additional

Taebaek and Namwon Embrace Prisons to Revitalize Local Economies and Stem Population Loss As the population decline in rural areas across South Korea continues to exacerbate, cities like Taebaek and Namwon are exploring unconventional solutions to address this pressing issue. The construction of prisons is becoming an increasingly popular choice for these cities, as they aim to revitalize their economies and attract new residents. Taebaek, a former coal-mining town, has seen a drastic reductio

Korea's Fair Trade Commission (FTC) has unexpectedly delayed its decision on Hanwha Group's acquisition of Daewoo Shipbuilding & Marine Engineering (DSME), causing growing uncertainty about the timeline for the takeover's approval, say industry insiders on Friday. Hanwha Group inked a deal in late 2021 to acquire DSME from the state-run Korea Development Bank (KDB). It was initially expected that the FTC would greenlight the takeover before other countries' antitrust regulators, given that Hanw

The Netherlands and Norway have joined a growing list of countries that have recently issued orders banning the use of TikTok on government-issued devices, as concerns grow over the app’s privacy, security, and potential ties to the Chinese government. This decision reflects a growing global trend of governments becoming increasingly cautious about the use of Chinese technology and apps. The Dutch interior ministry issued a statement discouraging the use of apps from countries with an aggressiv

Kyochon Chicken Increases Prices by up to 3,000 Won, Consumers Face Higher Costs for Popular Dish South Korea - In response to the sharp increase in food prices and operating costs, the price of fried chicken in South Korea is also skyrocketing. Gyochon F&B, the company operating the popular Kyochon Chicken chain, announced on Thursday that it will raise its recommended prices for consumers starting from the 3rd of next month. This move is expected to further burden the spending of ordinary peo

South Korea's Constitutional Court has rejected petitions to nullify revisions to the Prosecutors' Office Act and the Criminal Procedure Act, which significantly reduce the prosecution's investigative powers. The legislation was designed to limit prosecution probes to only two types of crime: corruption and economic crime. Critics argue that these changes have led to the "complete deprivation of the prosecution's investigative power." The prosecution service in South Korea has a long history of

South Korea's world-record low birthrate, with a total fertility rate of 0.78 last year, has prompted the ruling People Power Party to consider unconventional measures, including exempting men who have three or more children before the age of 30 from mandatory military service. The number of births in January also marked an 86th consecutive month of decline on a year-on-year basis. Critics argue that such proposals are unrealistic and ineffective in addressing the root causes of low birthrate.

The Korean shipping industry is facing a fourfold crisis as it contends with plummeting freight rates, soaring shipbuilding prices, surging ship capacity, and the imposition of stricter environmental regulations by governments worldwide. In March, the Shanghai Export Containerized Freight Index (SCFI), a critical indicator of global trade activity, recorded a value of 909.72— a stark contrast to its peak of 5,109.6 in January last year. This decline in freight rates is exacerbating the challeng

The controversy surrounding the formation of the Korea Aerospace Administration (KAA), Korea's equivalent to NASA, continues to escalate. The Ministry of Science and ICT (MSIT) is advocating for the passage of the 'Special Act on the Establishment and Operation of the Korea Aerospace Administration' and aims to launch the organization by the end of the year. However, the proposal faces significant obstacles, with suggestions such as creating a separate, independent, and ministerial aerospace adm

A heated debate has arisen over a proposed law amendment that would allow hiring foreign housekeepers at a low price of 1 million won (approx. $840 USD) per month without applying the legal minimum wage. The employment market for domestic workers is currently limited to Koreans and Korean-Chinese compatriots, resulting in a shortage of domestic helpers, especially for young couples raising children. To address this issue, the introduction of foreign domestic workers is being seriously considered