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S. Korea to Increase Investment Related to 4th Industrial Revolution

S. Korea to Increase Investment Related to 4th Industrial Revolution

SEOUL, Jan. 16 (Korea Bizwire) – South Korea will expand investments to secure a new growth strategy to cope with the fast-paced industrial transformation, dubbed the fourth industrial revolution, the science minister said Monday.  The remarks were made during a meeting between officials of the Ministry of Science, ICT and Future Planning, and executives of [...]

Major Accounting Firms Losing Accountants

Major Accounting Firms Losing Accountants

SEOUL, Jan. 16 (Korea Bizwire) – Despite the increasing number of certified public accountants in Korea, the number of CPAs at accounting firms continues to decrease gradually.  According to the Korean Institute of Certified Public Accountants, the number of CPAs at accounting firms was at 10,100 at the end of last year, accounting for 52.9 [...]

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

SEOUL, Jan. 16 (Korea Bizwire) – South Korea’s top 100 large-cap companies have cut more than 7,000 jobs in 2016, data showed Monday, as they are reluctant to hire new employees amid the economy’s prolonged sluggishness.  According to the data by market tracker Chaebul.com, the leading companies had a combined 861,578 employees as of the [...]

Half of Non-Tariff Barriers to S. Korea Come from China

Half of Non-Tariff Barriers to S. Korea Come from China

SEOUL, Jan. 13 (Korea Bizwire) – More than half of non-trade barriers set by foreign countries against South Korea came from China, the Seoul government said Friday, stoking concerns about outbound shipments to Seoul’s largest trading partner.  Out of 49 non-tariff measures against South Korean goods, Beijing accounted for 26 as of October 2016, the [...]

Naver Uses Artificial Intelligence to Recommend Travel Ideas

Naver Uses Artificial Intelligence to Recommend Travel Ideas

SEOUL, Jan. 12 (Korea Bizwire) – South Korean Internet giant Naver announced Wednesday the launch of ConA (Context Recognition AI), an artificial intelligence platform that automatically recommends travel destinations overseas.  According to Naver, ConA uses deep learning technology and makes use of big data from online tour sites or restaurant information to come up with [...]

Government Plans to Turn Sejong into “Self-Driving City”

Government Plans to Turn Sejong into “Self-Driving City”

SEJONG, Jan. 10 (Korea Bizwire) – Sejong, South Korea’s de facto administrative capital, will become the world’s first city dedicated to self-driving vehicles.  Lee Choong-jae, administrator for the National Agency for Administrative City Construction, announced Tuesday an ambitious plan to make all 360 kilometers of roads in the city self-driving-compatible by the year 2020, in [...]

S. Korea to Foster Blockchain Financial Services

S. Korea to Foster Blockchain Financial Services

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 [...]

Cosmetics Firms Under Heavy Selling over China’s Retaliation Concerns

Cosmetics Firms Under Heavy Selling over China’s Retaliation Concerns

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 [...]

Comeback of First Generation Idols Triggers Nostalgia amid Economic Slump

Comeback of First Generation Idols Triggers Nostalgia amid Economic Slump

SEOUL, Jan. 6 (Korea Bizwire) – When times are hard, people look back and start immersing themselves in nostalgia, because reality simply doesn’t feel good enough.  The recent comebacks of first generation K-pop idols amidst the worst economic downturn that Korea has suffered since the 2008 financial crisis are offering a trip down memory lane, [...]