Berkley professor warns that a different crisis will hit the worldCommunication between central banks and their financial supervisory authorities is essential for financial stability, University of California, Berkley professor Barry Eichengreen said Thursday.“I think there can be very serious problems with this kind of arrangement where one entity does the supervision, and another one the central

Korea Post said it will upgrade its postal and banking services to prepare for market consolidations with the coming of more free trade pacts.Delivering a two-year plan, its president Kim Myong-ryong stressed the importance of providing better services as a state-run agency connecting supply chains and circulating money across the country. Korea Post chief Kim Myong-ryong delivers a two-year plan

Franck Lapeyre, chief executive of Pernod Ricard Korea, urged foreign businesses in Korea to join the drive by local companies’ to take on more social responsibility, underlining their role as “corporate citizens.” The distributor of Imperial and Ballantine’s whiskies, as well as Absolut Vodka, has been enthusiastic about its anti-drunk driving campaign since 2007, while sponsoring music schools,

Deal becomes the largest overseas construction project won by a Korean firmHanwha Engineering and Construction Corp. announced Thursday that it signed a $7.25 billion contract with Iraq’s National Investment Commission.Signed on Wednesday in Iraq, the project is the largest overseas construction project to be won by a Korean construction firm. Under the contract, Hanwha Engineering and Constructio

OECD sees world growth of 4.2%, urges Fed to raise ratesPARIS (AFP) ― Crisis still stalks the global economy with stagflation lurking and Japan set for recession this year despite moderate overall recovery, the OECD said on Wednesday, warning against complacency.The Organization for Economic Cooperation and Development held its 2011 global growth forecast steady at 4.2 percent in its latest semi-a

Volunteering is evolving at a rapid pace in South Korea, and the outlook appears positive, helped by the concerted efforts of the country’s key sectors, an expert said Thursday. “Korea is recognized as the nation where volunteering is growing the most rapidly in the past 10 years,” said Charles Phillips, president of Service For Peace, an international volunteer organization, in an interview. “The

Park Sam-kooKumho Asiana Group chairman Park Sam-koo was re-elected president of the Yonsei University Alumni Association. The alumni union selected Park as the 27th president in its regular meeting at Yonsei alumni hall on Wednesday. Park said in his speech that he would do his best to support the university to produce talented individuals who could contribute to global development. Park, who gra

U.S. Ambassador Kathleen Stephens encouraged students selected for the country’s first Reserve Officers’ Training Corps programs at Sookmyung Women’s University on Wednesday, saying their contribution to the Korean Army will help strengthen national defense.Stressing the importance of women’s participation in the Army, the ambassador also asked the nation’s first female cadets at the Seoul univers

Teen singer IU, popular for her cute looks and high-pitched singing skills, has now turned singer-songwriter. IU, 18, introduced her first composition in the official soundtrack of hit TV drama “The Greatest Love.” The song, “Hold My Hand,” was released through an online digital music site on Wednesday.  IUIU plans to further show off her talents as a singer-songwriter in her future albums. “IU ha

Nobel laureate Le Clezio tells of his affection for ‘unique’ KoreaFor the Nobel laureate Jean-Marie Gustave Le Clezio, traveling is an essential part of his job, which provides insights and inspiration for his work. He picks South Korea as one of his favorite places. “Korea still remains a question mark to me,” he says sitting in an office in Gwanghwamun, central Seoul. Le Clezio, 71, who won the