Robots & jobs
Recent by McKinsey showed robots could replace as many as 800 million human workers over the next 13 years. How does the projection for new job creation bode?
Retailers are increasingly going beyond simply selling products. They’re offering cultural experiences that leave an lasting on the consumer. We examine some examples.
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thank you for starting your week with us hello and welcome to business daily I me tune in so let’s get started with a look at today’s highlights rival parties are struggling to narrow their differences over next year’s budget bill with the most contentious area being the creation of public sector jobs up to 800 million workers worldwide could lose their jobs to robot automation by 2030 but more it could be created to offset the loss according to Mc.Kinsey Global Institute these stories are more coming right up grueling negotiations are underway at the National Assembly with the aim of reaching an agreement over the government’s 2018 budget proposal in hopes of putting it up for a full floor vote now the clock is ticking after Saturday’s midnight deadline came and went without the rival parties reaching a compromise let’s now turn to our national assembly correspondent Kim Minji on the phone for the latest details Minji Phyllis in’ qian i’m senior lawmakers from the three main political parties resume negotiations this morning in hopes of reaching a compromise over the government 394 billion u. s. dollar budget bill for next year now it was our first face to face encounter after missing the deadline on saturday unable to narrow their differences they are under strain with just weeks left before the end of the year if a proposal isn’t passed by the new year the government will have to draw up a provisional budget that can only be used for mandatory expenditures now rival parties are still quite some distance apart on key issues but reportedly have started to draw up a draft proposal raising hopes that an agreement will be reached sometime soon so like we know rival parties have been locked in crunch talks running up to Saturday’s deadline and even on Sunday so walk us through the major areas of contention well the most contentious area has been the creation of public sector jobs the maintained administration’s number one campaign pledge the ruling Democratic Party of Korea wants to add some 12,000 to government jobs next year it says it’s willing to cut the number to 10,500 but the opposition is demanding that the figure be slashed further rival parties have also had to know their differences over the 2. 7 billion dollars to be set aside for small firms to cushion the fallout from extra hefty minimum wage hike they’re clashing over how long the support would be provided with the opposition stressing that the budget cannot be used to bankroll higher wages the main opposition Liberty Korea party is firm on its stance that it will not accept what it calls the populist budget that will damage the country’s fiscal health the center left People’s Party which holds and seem to be holding the defining vote cause being more or less in line what is the Conservatives on the disputed areas now it’s an opposition led element where the ruling party short of the majority was just 121 seats so winning the opposition support is seen as crucial to get the government’s agenda rolling and so I will be keeping a lookout to see if any compromise is reached today all right thank you mean jury for that now it’s been six months since the employment situation board was installed at the presidential office as part of President moons campaign pledge of improving the job situation in the country according to Cheong Wa Dae the job situation has been under constant monitoring for the past six months and this is just an interim check of the latest updates the employment situation board consists of two large panels that show 18 key indicators including the employment rate the overall number of jobs and the wage gap between regular and irregular workers our robots about to take over our jobs a recent research revealed that robots are set to replace hundreds of millions of human workers in a near future but the good news is that other advancements in the economy are likely to offset the losses by creating more jobs than those being replaced by automation re Joe Young has more by the year 2030 up to 1/5 of the global workforce are likely to lose their jobs as a result of robot automation that would be up to 800 million people this new research released by the Mc. Kenzie Global Institute adds a fresh perspective on what is becoming an increasingly concerning picture of the future employment landscape the effects of automation will affect countries regardless of their developmental stage with China in particular expected to see roughly 100 million workers being replaced by robots in Korea roughly a quarter of the workforce will be required to find new jobs this is slightly lower than the figure in Japan but higher than that of Germany and the US Mc. Kenzie says physical work involving repetitive tasks like welding and soldiering on an assembly line are the most replaceable type of jobs at 78% along with data processing tasks carried out by mortgage brokers or back office staff on the other hand jobs requiring human interactions such as doctors lawyers and teachers and posts that handle unpredictable physical work like gardening construction and care work will be less affected by automation well there’s talk of much concern Mc. Kenzie says the good still outweighs the bad it says up to 890 million new jobs will be created globally over the next 13 years from changes and the economic structure rising incomes and new technology the consulting firm also adds that the government will need to start enacting plans to retrain their citizens for the future ahead and learn how to do new things over time young business daily Korea’s trade ministry held discussions on the korea us FTA on this Monday rounding out the domestic review on how to move forward with the trade deal trade minister Kim hyun joong sat down with officials from 20 ministries and related organizations to sketch out a plan that would be submitted to Parliament before fresh negotiations are opened with Washington the government level meeting follows a second round of public hearings held on Friday during which opinions were gathered from researchers and industry specialists on the impact of the five year old deal local farmers have fiercely opposed any additional market opening moves arguing they’ve already suffered enough meanwhile the Seoul government is poised to begin free trade negotiations with more courser the trading bloc which is South America’s largest consists of 70 percent of the region’s population and 76 percent of its GDP and now moving on to our coverage of the markets we have our markets contributor Kathleen no joining us on the line hello Kathleen OGN alright so tell us how the local markets performed on the first trading day of the week Korean markets overall were trading mixed throughout the day and the equity side kospi index traded higher on foreign investors and institutions turning to net buyers while individuals were not selling at the closing bell the kospi rose 1.
0 6 percent to close at twenty five zero one point six seven while detective ecocide retreated 0.67% to finish at seven hundred and eighty two point forty five we think investors sentiment around Korea’s macro fundamentals are improving and have encouraged for an inflow the final q3 GDP growth marked three point eight percent near near last Friday revised upward from the already higher than expected 3. 6 percent preliminary data also higher oil prices forecast led to recovery in pure chemical stocks and talks of easing pension with China also led higher prices for cosmetic names foreigners brought around one hundred and seventy million dollars and institutions around 60 million worth of net shares on the foreign exchange market the Korean Won fell on a broad dollar rebound today the local currency opened at ten eighty five point seven three and traded above ten eighty eight through most of the afternoon closing at ten eighty eight point eight five Korean Won and most of the emerging Asia currencies lost value on the back of a rebound in the greenback after the US Senate Republicans approved plans to reduce corporate taxes and optimism over the text plan diminished political uncertainty the dollar index picked up to 93. 1 73 during the asia session now with the week ahead can you give us the latest rundown a major market events to look forward to we have an eventful week ahead market focus will be unprogressive er the US tax reform prospects on tax reform seem more optimistic as the Senate Budget Committee voted to advance the new tax measures last week in terms of data November non farm payroll is coming out this Friday will be unfocused we expect enough piece to stay robust at 198 thousand verses to 61 thousand in October in Europe the UK and EU will discuss breakfast this week British prime minister may will meet with presidents of the European Council and European Committee ahead of an EU summit next week if there is any progress on exit negotiations we will likely see discussions on the rights of EU workers and the UK’s future trade relationship with the EU in terms of Central Bank meetings tomorrow we see the Reserve Bank of Australia keeping its cash rate at 1. 5 percent in maintaining a sanguine growth and inflation outlook on Wednesday we expect Brazil to lower its policy rate by another 50 basis points to seven percent on easing inflation and weak growth we also expect the results Bank of India to keep the rate on hold as six percent given an up side inflation surprise in October policy rates in Poland and Canada are also likely to be unchanged all right shifting our focus back to Asia where should we keep our eyes on here in Korea and Asia front in Korea we have a relatively quiet week on the data front we have November foreign reserves and October balance of payment data tomorrow there are not likely to be market movers in wider Asia we have Australia’s q3 GDP this Wednesday which likely rebounded to 3% Taiwan’s export growth in November likely rebounded to 9. 2 percent while China exports were likely grew 7% we also expect headline inflation to stay elevated in Philippines and modest in Taiwan this was khaki no for business daily it’s this year’s largest corporate acquisition American drug store chain CVS is buying US health insurance company Aetna CBS announced on Sunday that the deal had been reached at a whopping 69 billion US dollars shareholders of the insurer will claim some 22 percent of the combined entity with the rest being owned by CVS shareholders the pharmacy retailer says the merger will widen the spectrum of medical services available for clients and bring in new customers CVS plans to provide basic medical services and assistance to Aetna’s over 20 million clients through its clinics toshiba could be nearing a deal with business partner Western Digital that clears the way for the 18 billion dollar sale of its prized memory chip unit various reports point to a compromise being negotiated with the u. s. hard disk drive maker bloomberg reports that it includes an extension of their joint venture agreements meanwhile Japanese wire service Jiji Press says Western Digital will lift its complaint filed with the International Court of Arbitration for a stake and Toshiba memory in September to Sheva agreed to sell its semiconductor unit to a consortium led by Bain Capital which includes SK Hynix to offset massive losses incurred in its US nuclear business the moon jaein administration has revealed its plan to boost Korea’s economic cooperation with Southeast Asia with many Korean firms having been hit hard by China’s third retaliations they have been looking further south to find new business opportunities our recent reports countries in Southeast Asia are rapidly becoming major trade partners of South Korea within just a year the growth rate of South Korea’s exports to members of the Association of Southeast Asian Nations has jumped by nearly 30 percent the 10 member ASEAN region is seen as a place of ever growing economic potential with the region’s GDP consistently rising since 2010 and the upswing is set to continue for the coming years the rising economy leads to market expansion so as yen makes the ideal trade partner for Korea but with economic growth the region’s demand will also become more sophisticated producing high quality goods and a feasible market strategy are a must for Korean companies researchers agree that Korea’s economic interests have been focused too much on China in the u.
s.for years now all the more reason why long term solid business plans for Southeast Asia are needed as many countries in the region are considered a relatively new market for Korean firms as of now Korea’s trade with ASEAN is rather limited highly concentrated in Vietnam and Indonesia in order to expand the horizon we all need fellow market research of each country as well as different long term business plans made specifically for each region the diversification of global markets is not only an opportunity but a much needed strategy for Korea since July last year the loss sustained by local firms from China’s economic retaliation over the deployment of the US missile defense system THAAD is estimated to be billions of US dollars experts say it was a wake up call for Korea and with that businesses across various sectors need to make sure to avoid the risks of over dependency on limited number of markets China is expected to keep nurturing the growth of its own companies and as long as North Korea’s provocations linger as a root source that complicates the relations between Seoul and Beijing it’s best that South Korea lessens its economic reliance on China Asian Business Daily Ho Chi Minh City multiple travel agencies in China have confirmed that tour sales to Korea have resumed after being halted in March China News Service reported on Sunday that a pair of Chinese travel agencies have begun offering group tour sales with the earliest ones departing as soon as December 19th Beijing youth daily noted that a group of 32 visitors left Beijing on Saturday to tour Korea on a group visa the group notably went to Shilla duty free shop instead of Lotte duty free which remains the or get a Beijing retaliatory measures the tour reportedly began sales on November 28th but was limited to offline sales only sales are expected to restart in other provinces soon besides a Beijing and shondo where the ban was first lifted electric vehicles provide a green alternative to gasoline part cars but they often take a long time to charge however in a possible game changer for the industry automakers are set to introduce new hydrogen fuel cell vehicles which take about get this three minutes to power up our park se young has the story electric cars are environmentally friendly but the problem of charging times remains unsolved after an hour of charging electric vehicles can usually run for just thirty to 40 kilometres this is why hydrogen vehicles are being seen as an alternative hydrogen is a light substance with small molecular weights so it can stall a whole lot of energy when compressed this boosts the mileage next year Hyundai Motor will release a hydrogen fuel cell vehicle that can run from 580 kilometers after 3 minutes of charging hydrogen vehicles have the advantage of our electric cars when it comes to ease of charging but electric cars come out on top on other aspects although they take longer to charge electric car batteries are more efficient than hydrogen fuel cells and electric vehicles simply run on batteries whereas hydrogen vehicles require expensive equipment to turn hydrogen into electricity electric cars have an advantage in small and medium sized cars whereas it’s much better to choose hydrogen cars for bigger cars and commercial cars automakers are revving up their efforts to become global leaders in the green car market however both electric and hydrogen fuel cell vehicles need to solve the problem of the lack of charging stations the Korean government has to increase the number of fast hurting Eevee stations to a hundred thousand by 2022 and hydrogen fueling stations to a thousand by 2025 pacquiao business daily toys and action figures are no longer just to market for kids but also adults who are emerging as big spenders in the industry with a growing number of products branded with popular animated characters the so called kid alt market is growing rapidly here’s our Elliot Kim with more this adult collector has iconic monster collectables sold in Japan during the 60s and 70s mr. Jo now 41 has been building his collection for the past ten years spending about twenty seven and a half thousand dollars in total the toys know anything about childhood nostalgia but they play a big role in relieving stress from the real world for many adults these toys serve as an escape from their everyday pressures and these consumers are creating a new market and revenue source for stores the domestic market for kidults is expected to exceed 900 million dollars this year as retailers continue to look for ways to capture the segment characters that used to only appear on kids items like toys are now being added to products commonly used by adults companies are getting creative making items like a hammer that compacts into the shape of an animal and movie character figurines made of crystal recently the designs of character products are being taken from children’s items and incorporated into products that serve a more practical purpose as the end of the Year approaches retailers are planning to expand selections available to buyers both on and offline with kidults expected to drive strong sales Elliot Kim Business Daily several high profile accidents and disasters have occurred here in Korea this year spiking the public’s interest safety related products and to meet such demand more functional and easy to use products have been hitting the market allowing people to stay better prepared in case of emergencies our Cho Sungmin has more a growing number of people are spending money on things to keep them safe because of some big and small accidents that happened this year the best sellers are ones that use the latest technology for instance there is a mobile application that notifies user in real time of accidents in congedo province and provides up to date details on things local residents should be aware of based on the user’s location data the program automatically sends an alert when accidents or disasters happen nearby whether that’s a landslide or a burning building and it provides the safest evacuation route from the site I feel safer using the app because it lets me know when an accident has just occurred near me sales of a newly developed fire extinguisher are also rising fast more than 27,000 units have been sold in just the first seven months of release it has a speaker that gives audible instructions for people who aren’t sure how to use it there’s also a new product for use at home this plastic box serves as a clock hopefully in most occasions but when a quick reaction is necessary it’s also an emergency kit for treating injuries the contents range from simple bandages to survival supplies such as ghosts ticks and blankets these days many people feel there’s a heightened risk to public safety and so even more creative and functional safety products are expected to hit stores going forward chalo mean business daily we’re now witnessing an emerging trend of retailers looking beyond simply selling products to providing cultural experiences that evoke emotion here’s our Eunice Kim with some examples as the artwork splits it opens to a space replicating the painting is as if you’re walking directly into the cityscape one can even converse with the murals on display the exhibit merges technology with 19th century impressionist masterpieces producing an unexpected multi dimensional experience it’s the brainchild of a domestic alcoholic beverage company it’s melting technology with the works of 19th century French painters it’s the first theme park of its kind their space by expansion and we’re also looking at exports a photo exhibition at a major department store features athletes of the Pyeongchang Winter Olympics positioned all over the property it captures a moment of dynamic jumping or another line peacefully against a white canvas backdrop harkening a contrast to a fast B luge a department store can be more than about shopping it can be about enjoying culture by taking in on arts exhibition one by one companies in Korea are extending from simple product selling into experiences that evoke an emotional and memorable response in what’s being called emotional marketing Eunice Kim business daily and that brings us to the end thanks for watching we’ll be back tomorrow more at the same time same place for your business daily until then goodbye you. .