Youth Cultural Arts Pass Introduces Government Integrated Authentication for Easier Access
The Korea Arts Council announced on August 27 that it has implemented 'Government Integrated Authentication (Any-ID)' on the Youth Cultural Arts Pass website.'Government Integrated Authentication (Any-ID)' is a service operated by the Ministry of the Interior and Safety. It allows young people to log in just once using their preferred authentication method, such as a mobile ID, simple authentication, or financial certificate, to access various electronic government websites and public services w
Seoul Confirms Eviction Policy for Long-Term Lease Residents After 20 Years
Seoul City has reaffirmed that residents of long-term lease housing must vacate their units after the maximum 20-year residency period, denying any possibility of contract extensions or alternative rental housing.On August 25, the city announced on its website that it is not considering securing alternative rental housing for residents whose 20-year lease terms are expiring.This statement follows a report from last month indicating that the city was exploring options for alternative rental housi
Bank of Korea Raises Interest Rates, Impact on Stock Market Debated
The Bank of Korea is drawing attention for its impact on the stock market following two consecutive interest rate hikes.On August 27, the Bank's Monetary Policy Committee held a meeting and raised the benchmark interest rate from 2.75% to 3.00%, an increase of 0.25 percentage points. This follows a previous hike from 2.50% to 2.75% last month. Instances of the Bank raising rates consecutively are rare, and this marks the first time it has done so at the beginning of a rate hike cycle.The decisio
Delayed Real Estate Projects to Transition to Rental Housing for Youth and Newlyweds
The government is set to advance a plan to convert real estate project financing (PF) sites that have stalled or been delayed due to financial difficulties into rental housing managed by the Korea Land and Housing Corporation (LH). This initiative aims to normalize projects while simultaneously increasing housing supply for youth and newlywed couples.On August 26, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission, LH, and the Financial Supervisory Service anno
Wrtn Secures 100 Billion Won in Series C Funding, Becomes 1 Trillion Won AI Unicorn
AI service platform company Wrtn Technologies has secured 100 billion won in Series C funding, elevating its valuation to over 1 trillion won, marking its emergence as a unicorn within just five years of its establishment. This growth reflects its success as a leading AI company in South Korea and its competitive service offerings in global markets, including Japan and the United States.On August 26, Wrtn announced the completion of its 100 billion won Series C funding round. New investors Corel
Bank of Korea Raises Interest Rate to 3% to Curb Inflation
The Bank of Korea's Monetary Policy Committee raised the benchmark interest rate from 2.75% to 3.00% on August 27, stating that "preemptive measures are necessary to prevent the spread of rising prices and to remain vigilant against financial stability risks."In its monetary policy direction statement, the committee noted, "The domestic economy is expected to maintain solid growth, supported by strong increases in exports and investment, along with a gradual recovery in consumption." It added th
GTX-C Project Agreement Changes Approved, Construction Set to Begin This Fall
The GTX-C project, part of the metropolitan express rapid transit system, has moved closer to its goal of starting construction this fall. The amendment to the project agreement, reflecting changes in project conditions, has passed the Private Investment Project Review Committee, effectively completing the administrative procedures needed to commence the main construction.The Ministry of Land, Infrastructure and Transport announced that the amendment to the GTX-C private investment project agree
New Public Housing Sites May Exclude Seoul Greenbelt and Yongsan Park
The government is expected to exclude Seoul's greenbelt and Yongsan Park from new public housing sites to be announced at the end of September or early October, following the housing supply measures introduced on August 13. With no agreement reached with the Seoul city government, additional sites are likely to be selected from greenbelt areas in Gyeonggi Province, such as Hanam and Goyang, which are close to Seoul. According to government sources on the 26th, the Ministry of Land, Infrastruct
Dairy Industry Seeks Growth Beyond Declining Milk Sales
The dairy industry is accelerating efforts to secure new growth drivers as pressure mounts for production cuts due to declining white milk consumption. Companies are moving away from reliance on white milk sales and expanding their product lines to include bakery and dessert items made from cream and butter, as well as protein products. This shift is seen as a way to leverage existing processing capabilities and strong brand recognition.According to industry sources, Yonsei University’s Yonsei D
Dairy Industry Negotiates Milk Production Cuts Amid Declining Consumption
As declining birth rates and changing dietary habits exacerbate the drop in milk consumption, negotiations between dairy farmers and the dairy industry over the scale of production cuts for drinking milk set to take effect next year are facing significant challenges. Both sides agree on the need for reductions, but they have been unable to narrow their differences regarding the standard production amounts, leading to ongoing discussions as the end of the month deadline approaches.According to th