Korea’s Finance Minister Hyun Oh-seok said that large Korean companies need to run their businesses in line with the incumbent administration’s economic democratization policy.Hyun, who is also the deputy prime minister, told reporters after the Group of 20 meeting of finance leaders in Washington, D.C., on Saturday that companies that devised their management and operation plans without considering economic democratization are headed in the wrong direction.He added that companies should accept

Due to the high amount of choice customers now, delivering an ordinary customer experience is not enough to ensure customer loyalty. Companies that provide exceptional service have a strong competitive advantage. Customers are prepared to pay higher prices, make additional purchases, are more loyal and recommend the business to others. In Korea, expectations are particularly high as customers are exposed to good service in different fields. Landing in Incheon airport, for instance, has always be

Toyota Motor Corp. plans to build Lexus ES 350 sedans at an existing Kentucky plant, the first U.S. production for its luxury brand, as Chief Executive Officer Akio Toyoda pushes to localize output in its biggest markets. Toyoda and Jim Lentz, Toyota’s North American chief, said on Saturday in New York that production of the ES, the top-selling Lexus car in the U.S., starts at its Georgetown, Kentucky, complex in 2015. The company said it’s investing $360 million to add a Lexus line, expanding G

Hybrid Panamera makes global debut in Shanghai

Korean carmakers show off futuristic vehicles in key China market

The micro-blogging social network site Twitter launched a service Thursday that recommends songs to users based on the artists they follow and tunes that are trending on the social network.The new service will change the way people find music,” Stephen Phillip, an official at Twitter, said in an official blog post.The application “Twitter #music” is the social media company’s first step into the music industry which provides the users with an easy-to-navigate design consisting of four different

Tourist trains showcase beauty of rural Korea

To lure tourists to the hidden spots of the central inland regions, KORAIL launched exclusive sightseeing trains ― the “O-train,” which loops around major cities, and the “V-train” which cuts through the mountainous area of the Baekdu-daegan valleys.The O-train, which runs from Seoul through Jecheon, Yeongju and Taebaeksan Mountain, has been designed to show Korea’s seasonal landscape. The “O” refers to the train’s circular route. It allows passengers to view the landscape through a camera mount