National News

Jeonse Scams and Financially Compromised Homes Threaten Tenants The South Korean housing market has been in the spotlight due to skyrocketing prices and a growing demand for affordable housing. Amidst this challenging landscape, tenants seeking rental properties face two increasingly prevalent risks: Jeonse scams and financially compromised homes. These issues not only pose financial dangers but also highlight the urgent need for reforms to protect tenants' rights. Jeonse, a unique rental syst

Daegu City and North Gyeongsang Province (Gyeongsangbuk-do) in South Korea have experienced significant population decline in recent years, with both regions facing the challenges of an aging society, lower birth rates, and economic struggles. Daegu City's registered population has decreased by approximately 22,000, while North Gyeongsang Province has seen a reduction of around 26,000. These declines are attributed to a combination of social factors, such as migration and natural factors like l

In the midst of escalating tensions in Taiwan and the ongoing US-China trade war, South Korea is seeking to diversify its export markets, while French President Emmanuel Macron emphasizes the importance of an independent foreign policy for the European Union (EU). South Korea has been experiencing a decline in exports to ASEAN countries, with its exports to the region decreasing for six consecutive months from October last year to March this year. Vietnam, which has emerged as the country's lar

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

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

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

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

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

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

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

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

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