Latest news with #KimSang-hoon
Korea Herald
17-03-2025
- Business
- Korea Herald
Reinforcing construction firms accountability, high-tech strategic industries
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed. Proposed Bill: Partial Amendment to the Construction Technology Promotion Act Proposed by Rep. Park Yong-kab (Democratic Party of Korea) ● This amendment requires the quarterly disclosure of construction firms where fatal industrial accidents have occurred, aiming to enhance the accountability of firms and encourage them to strengthen safety measures at construction sites. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon (People Power Party) ● This amendment aims to curb stock volatility driven by widespread fictitious subscriptions and short-term trading by institutional investors. It enables a pre-investment survey to gauge investors' interest in initial public offerings and introduces the Cornerstone Investor Program, which pre-allocates publicly offered shares to institutional investors who commit to holding them for a set period. Pending Bill: Partial Amendment to the Housing Act Proposed by Rep. Han Jun-ho (Democratic Party of Korea) ● Amid rising disputes over construction cost increases due to soaring material costs, this amendment grants housing remodeling associations the right to request verification of construction costs for renovation projects from the Korea Real Estate Board, the Korea Land and Housing Corporation, or local public corporations. Promulgated Bill: Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation Competent Authority: Ministry of Economy and Finance ● This bill broadens the scope of new growth, source technologies, national strategic technologies eligible for tax credits on research and human resource development expenses, aiming to strengthen support for high-tech strategic and prospective future industries. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments ● To accelerate reconstruction and redevelopment projects, this amendment requires local governments to notify the reconstruction inspection implementation plan within 30 days of receiving an inspection request, without conducting on-site inspections.
Korea Herald
10-02-2025
- Business
- Korea Herald
Korea to invest W3tr in defense exports
The government and the ruling People Power Party on Monday agreed to put over 3 trillion won ($2.06 billion) into 10 local defense technology export areas, including artificial intelligence, aerospace and high-end materials for the next two years. The announcement comes as officials eye a rebound for the country's arms exports, which remained sluggish throughout last year despite the country's goal to become the world's fourth-largest arms exporter by 2027. The 10 tech fields tied to defense would receive over 3 trillion won by 2027, according to Rep. Kim Sang-hoon, the ruling party's top policymaker. Small and medium-sized arms manufacturers, recognized by the government as innovative and promising, will each receive up to 5 billion won for the next two years. State-run lenders including the Export-Import Bank of Korea and the Korea Trade Insurance Corporation will provide financial supports for the manufacturers as well. The government said it plans to grant arms manufacturers the ability to utilize a special overtime work permit system which will allow companies to ask employees to work up to 64 hours a week, for up to 180 days per year, upon approval by the Ministry of Employment and Labor. Under Korea's Labor Standards Act, the maximum workweek for full-time employees is 40 hours, with the possibility of an additional 12 hours of overtime per week only.
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Korea Herald
10-02-2025
- Business
- Korea Herald
[Bill in focus] Supply chain stabilization, hydrogen business support
Proposed Bill: Partial Amendment to the Framework Act on Supply Chain Stabilization Support for Economic Security Proposed by Rep. Kim Sang-hoon (People Power Party) ● To enable swift response during a supply chain crisis, this amendment introduces penalty provisions for market disturbance practices, such as cornering and hoarding, and violations of emergency supply and demand adjustment measures. Proposed Bill: Hydrogen and Hydrogen Compound Business Act Proposed by Rep. Lee Jong-bae (People Power Party) and Rep. Jung Tae-ho (Democratic Party of Korea) ● As Korea transitions into a hydrogen economy, this amendment establishes regulations to ensure the stable operation and management of hydrogen businesses and promote fair competition in the hydrogen market. Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● This amendment strengthens the protection of shareholders' interests by expanding the scope of the corporate directors' fiduciary duty to include the interests of all shareholders. It also mandates cumulative voting in large listed companies, expands the separate election of audit committee members and introduces provisions for electronic shareholder meetings. Promulgated Bill: Enforcement Decree of the Housing Act Competent Authority: Minister of Land, Infrastructure and Transport ● This bill eases construction restrictions for urban residential housing, allowing it to be developed as small to medium-sized apartment buildings with five floors or more with a maximum floor area of 85 square meters. Administrative Announcement: Partial Amendment to the Rules on Occupational Safety and Health Standards Competent Authority: Ministry of Employment and Labor ● This amendment requires business owners to provide workers with a 20-minute break every two hours during heat waves when the apparent temperature of the workplace reaches 33 degrees Celsius or higher. Noncompliance may result in penalties, including imprisonment for up to five years. --- The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.
