Regulator focuses on enhancing independence of groups’ unitsRegulators are moving to scale down the authority of major financial group chairmen, saying the current system provides them with “excessive” power to control all of their groups’ units.“The direction would be focused on enhancing the independence of financial groups’ subsidiaries by tackling chairmen’s authority,” said an official of the

Ratio of household credit to GNDI rising: BOKHouseholds’ ability to pay their debts was critically weak during the first quarter as the pace of debt growth surpassed that of income growth.According to the Bank of Korea, the nation’s household credit, including loans and credit purchasing, reached 801.4 trillion won ($750 billion) at the end of March, up 8.4 percent from a year earlier.Central bank

LG Electronics Vice Chairman and CEO Koo Bon-joon has sent out “CEO pizzas” to up to 1,000 employees to help boost morale, the Seoul-based electronics maker said on Wednesday.The latest batch of pizzas, sent out by Koo to express his affection for the LGE staff, were delivered on Tuesday to LG Electronics’ Air-conditioning and Energy Solution division’s “Chiller” team’s production and R&D units in

Samsung, Hyundai Motor, SK, STX reap fruits from multi-layered business structureAmid robust industrialization a few decades ago, Korea’s major companies were striving to adopt a multi-layer business practice called vertical integration. They are now transforming into global industry leaders, bearing the fruit of these efforts. The unique concept of management dates back to the 19th century when A

Nokia Oyj unveiled mobile phones at both ends of its range to fend off competition from cheap unbranded handsets and smartphones powered by Google Inc.’s Android. The C2-03 model will target consumers in emerging markets by making it easier to switch between different phone numbers, Mary McDowell, the executive vice president who runs low-end phones, said in Singapore Tuesday. Nokia also showed th

People look at winning pictures from the Europe-Korea Foundation’s Autistic Children’s Drawing Contest in Seoul. (EFK)A drawing contest and art exhibition for autistic children has been held in Seoul. The event was organized by The Europe-Korea Foundation, the charity arm of the European Union Chamber of Commerce in Korea. The event was held on Saturday at Ssamzie-gil in Insa-dong to raise awarene

Korean culture lovers in America are campaigning to restore a traditional bell to its former glory. The Korean Friendship Bell has been a much-loved local landmark since being presented to the district of San Pedro in Los Angeles, California 35 years ago as a bicentennial gift to the United States. But now people in the port district of the city fear the bell is falling into disrepair. The 17-ton