SEJONG, Feb. 6 (Korea Bizwire) – A bill on promoting the carbon capture, utilization and storage (CCUS) industry will take effect this week, the government said Thursday, amid growing demand for eco-friendly technologies to tackle climate change. The bill on supporting the development of CCUS technologies and fostering the industry will take effect Friday, according [...]
SEOUL, Feb. 6 (Korea Bizwire) – The finance ministry plans to block access to the Chinese artificial intelligence (AI) service DeepSeek, a ministry official said Thursday, in the latest of Seoul’s restrictions on the use of the service among officials amid data collection concerns. “Due to multiple technical concerns raised about DeepSeek from home and [...]
SEOUL, Feb. 6 (Korea Bizwire) — A South Korean appeals court has reversed a lower court’s decision that had awarded compensation to an inmate who sued the government over cramped prison conditions, the Gwangju District Court announced on February 4. The civil division of the court, presided over by Judge Lee Heung-kwon, overturned the initial ruling [...]
SEOUL, Feb. 5 (Korea Bizwire) – South Korea’s major companies slightly increased their workforce last year, with tech giant Samsung Electronics Co. seeing the largest expansion despite challenges in its flagship semiconductor business, a corporate tracker said Wednesday. The total number of subscribers to the state-run National Pension Service (NPS) at 468 out of the [...]
SEOUL, Feb. 5 (Korea Bizwire) - The South Korean central bank said Wednesday that uncertainties remain high regarding prices of global oil and farm produce, the local currency and domestic demand, which could affect inflation down the road. Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting meant to check [...]
SEOUL, Feb. 5 (Korea Bizwire) — South Korea will spend 208.8 billion won (US$143.7 million) this year on global technology cooperation projects as part of efforts to bolster the country’s technological competitiveness, the industry ministry said Wednesday. The amount marks a 25.9 percent increase from the corresponding tally for last year, according to the Ministry [...]
SEOUL, Feb. 5 (Korea Bizwire) — Acting President Choi Sang-mok said Wednesday that DeepSeek has emerged as a “fresh shock,” forecasting that the latest artificial intelligence (AI) model from the Chinese startup could reshape the industrial landscape. “A Chinese company recently unveiled its AI model, DeepSeek R1, to deliver high performance at a low cost. [...]
SEOUL, Feb. 4 (Korea Bizwire) — South Korea’s economic outlook is growing increasingly uncertain as global trade tensions intensify, raising concerns that the country’s real GDP growth rate could fall to the mid-1% range this year. Compounding the risks of domestic political instability, the latest wave of U.S. tariff hikes on key trading partners has further [...]
SEOUL, Feb. 4 (Korea Bizwire) - A joint motorway bridge project linking North Korea and Russia across the Tumen River is under way, with completion targeted by the end of 2026, according to a Russian report. The Russian government has tasked TonnelYuzhStroi, a construction company, with designing and building a motorway bridge over the river [...]
SEOUL, Feb. 4 (Korea Bizwire) — South Korea has received 122,095 refugee applications since implementing its refugee program in 1994, with only 1,544 individuals being granted refugee status — an approval rate of 2.7% — according to statistics released by the Ministry of Justice on February 3. The country began accepting refugee applications in March 1994 [...]