A video clip of South Korean figure skater Kim Yu-na wearing lipstick at a press conference in 2013 World Figure Skating Championships in Canada went viral on the Internet, sparking keen interest about the brand from internet users.The lipstick is Dior’s Addict Lip Glow lip balm. Released in 2009, it is one of Dior’s top-selling items with its daily sales volume reaching 1,000.Thanks to the publicity generated by Kim, the product is now enjoying an unprecedented boom in the local cosmetics marke

Top executives at state-owned financial institutions, organizations and companies are expected to be replaced soon as Shin Je-yoon, the Financial Services Commission chairman-nominee, heralded sweeping changes of top financial posts. At a confirmation hearing on Monday, the nominee for Korea’s financial regulatory body said that he would suggest and recommend the replacement of incumbent executives to President Park Geun-hye, despite their terms. He added that he would replace them, if necessary

Dogged by job in security and retirement plans, Koreans in their 50s and 60s are less satisfied with their financial situation than younger people, a study showed Monday.The private Hyundai Research Institute said its economic happiness index for 2012 showed that all age groups tended to self-evaluate their economic happiness as very low in general ― an average 40.4 points out of a maximum 100.The index takes into account six factors: income level, economic distribution, expenditure level, job s

One in 3 outside auditors at major conglomerates and their subsidiaries are former government officials, thought to be used mainly as lobbyists for those companies rather than being independent monitors of management.Data by the Korea Exchange and the Financial Supervisory Service showed that more than 30 percent of 81 outside auditors selected or expected to be appointed as auditors this year at 66 listed subsidiaries and affiliates of Korea’s top 10 conglomerates were former high-ranking gover

Consumers will likely be entitled to call for the Financial Supervisory Service to conduct probes into financial firms such as commercial banks and insurance firms.Choi Soo-hyun, who took office as governor of the FSS on Monday, pledged to introduce consumer-initiated investigations in the financial market.The new chief regulator’s policy reflects his strong commitment to bolstering the protection of consumers, as the number of irregular business practices has continued to grow in the financial

The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 11th part of the Global Brand series. ― Ed.Nearly five decades ago, AmorePacific became the first homegrown cosmetics br

Hyundai Motor said Monday that it has promoted its Ulsan plant head Yoon Gab-han to a president position who will oversee management and labor relations at the nation’s largest carmaker. His predecessor and vice chairman Kim Eok-jo was named as an adviser for the company, retiring from the managerial frontline after 37 years at the company since 1976. Kim, who took office as labor relations chief in January last year, had been pressured by growing tensions with the company’s union on issues such