SEOUL, Jan. 10 (Korea Bizwire) – Korean parents are infamous for their zealous desire to educate their young. But a recent study from the Korea Institute of Child Care and Education revealed that private education in Korea is prevalent even among preschoolers aged five and lower, despite concerns that strenuous studies at an early age [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korea’s financial authorities on Tuesday announced a plan to launch a full-scale pilot project this year on blockchain-powered financial services. South Korea, known for its ICT prowess, has accelerated its drive for capitalizing on the new platform. Blockchain is a key technology for the digital currency bitcoin enabling [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korea plans to spend 937.2 billion won (US$779.7 million) this year in support for the 2018 PyeongChang Winter Olympic and Paralympic Games preparations, the sports ministry said Tuesday. The Ministry of Culture, Sports and Tourism said its 2017 budget for the Olympic preparations is down 49.4 percent from [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korean cosmetics makers hit 52-week lows on the local stock market Tuesday amid increased concerns over a standoff between South Korea and China over a U.S. missile defense system. AmorePacific Co., the country’s No. 1 cosmetics maker, and other companies dependent on the Chinese market have been under [...]
SEJONG, Jan. 10 (Korea Bizwire) – South Korea’s national tax revenue increased sharply in the first 11 months of last year despite the protracted economic slowdown, government data showed Tuesday. The government collected a total of 230.5 trillion won (US$192 billion) in taxes through November in 2016, up 24.5 trillion won from a year earlier, [...]
SEOUL, Jan. 10 (Korea Bizwire) – Samsung Electronics shares are still undervalued despite days of record-breaking price climbs, given the tech firm’s operating profit and product marketability, leading asset managers said in their outlook Tuesday. Samsung Electronics released its 2016 fourth-quarter performance estimate Friday that forecast 9.2 trillion won (US$7.64 billion) in operational profit, up [...]
SEOUL, Jan. 10 (Korea Bizwire) – GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., is set to launch its new Cruze compact car here next week, company officials said Tuesday. The Chevrolet Cruze will be unveiled at a ceremony in Seoul next Tuesday, they said. The new Cruze will mark [...]
SEOUL, Jan. 9 (Korea Bizwire) – Prices are soaring despite a prolonged economic downturn, and the term “stagflation” is now being bandied about to describe the potential future of the South Korean economy. According to Statistics Korea, the consumer price index last month was up 1.3 percent from the year prior. The index, which remained [...]
CHANGWON, South Korea, Jan. 9 (Korea Bizwire) – The SSU, or Ship Salvage Unit, is the South Korean navy’s top elite special force along with the UDT/SEAL unit. The SSU’s operations include not only ship salvaging, but also search and rescue, removing on or underwater obstacles from harbors and other waterways, and the reconnaissance of [...]
SEOUL, Jan. 9 (Korea Bizwire) – A pair of ice skates worn by South Korean figure skating legend Yuna Kim will soon become a “cultural asset” officially designated by the Cultural Heritage Administration. The skates were worn by Kim during the 2010 Vancouver Winter Olympics, where she won the gold medal with a world record [...]