National News

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