Small and mid-sized South Korean companies running factories in the sole inter-Korean industrial complex in the North’s border city of Gaeseong are being hit hardest by the stoppage of their production lines in the industrial park.About 53,000 North Korean factory workers did not come to the complex Monday following the North’s announcement that it temporarily suspended Gaeseong’s operations. The move added pressure on SMEs doing business in the Gaeseong complex, together with a weeklong ban on

The economic participation rate of the 50-59 age group soared to 73.8 percent in 2012, the highest rate since 2000, data showed Tuesday. The rate was 73.1 percent in 2011 and 72.7 percent in 2010. According reports from the Korea Exchange and Statistics Korea, however, the economic participation rate of the so-called “baby boomer generation” of those born between 1955 and 1963 is expected to abruptly decline as they will soon reach retirement age. The baby boomers make up about 14 percent of the

There has been considerable discussion time devoted throughout the economic downturn to the importance of small and medium enterprises to the global economy. They account for more than 30 percent of U.S. merchandise exports, and generate over 50 percent of the added value created by EU businesses. In parallel, a World Economic Forum report released at Davos revealed that if countries went halfway toward the best global practices in reducing their supply chain barriers, global GDP could increase

LG chairman Koo Bon-moo on Tuesday asked its affiliates’ chief executives to pay closer attention to abiding by the law and to toughen environment safety management following a number of toxic gas leak accidents.In a meeting attended by about 30 of the group’s CEOs and key executives, Koo stressed that the only meaningful performance was one achieved as a result of law-abiding efforts, which also secured environmental safety.“The problem itself cannot be solved when the CEO looks over it himself

Samsung heir apparent says Chinese leader knows much about the top Korean firm

The Korean-German Chamber of Commerce and Industry said Tuesday that it recently named Thomas Geyer, president of Vector Korea IT Inc., as its new chief. Geyer, born in Germany 1969, is the local head of Vector, a German company that supplies tools, software components and engineering products related to the automotive industry. He has stayed in Korea since September 2007 and received permanent residency from the Korean government in 2011. In his speech at the members’ meeting, Geyer pointed out