Korea

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

South Korean over-the-top (OTT) video streaming platforms such as Netflix, Wavve, Tving, Coupang Play, and others are experiencing significant losses due to the illegal streaming site Noonoo TV. The pirated site offers paid content from these platforms for free, which poses a significant challenge to the country's growing media industry, according to industry officials. As per the officials, this has resulted in a loss of around 4.9 trillion won ($3.7 billion) for the industry. To address this

Japan's population decline has once again caught the attention of Tesla CEO Elon Musk, who tweeted about it, warning that the "rest of the world is trending to follow." Musk cited a U.S. report on the Japanese health ministry's preliminary data showing that the number of babies born in Japan in 2022 slipped below 800,000 for the first time since such data became available in 1899. This is not the first time Musk has tweeted about depopulation in Japan. In May last year, he made a much talked-ab

Korea Development Bank (KDB) has initiated the sale of the management right of global shipping and logistics company, HMM. HMM's privatization process is expected to proceed quickly, as KDB Chairman Kang Seog-hoon has pledged to expedite the sale of the shipping firm. KDB and the Korea Ocean Business Corporation (KOBC), HMM's largest and second-largest shareholders, have jointly launched the process for appointing advisory companies for the sales deal earlier this week. They plan to receive pro

Foreign diplomats representing various countries in Korea, including Singapore, Turkey, and Colombia, recently shared their experiences in public human resource development in Korea during a meeting held by the National Human Resources Development Institute (NHI) at its Gwacheon Global Leadership Campus. The meeting was attended by diplomats from 14 countries, including existing partner countries that have signed business agreements with NHI and participated in foreign civil service training pro