The Commission on Shared Growth for Large and Small Companies said Tuesday that Yoo Jang-hee, professor emeritus at Ewha Womans University, would be its new chairman.“We have agreed to name Yoo as the next chairman after consultations with business organizations and related institutions,” the panel said.The Federation of Korean Industries and the Korea Chamber of Commerce and Industry welcomed the nomination. Yoo will officially begin work late this month to bridge the gap between large and smal

BEIJING ― The SM sedan series of Renault Samsung Motors is expected to play a significant role in the its parent Renault Group’s project to expand its presence in China.Renault Samsung chief executive Francois Provost stressed that the consumer preferences of the Chinese are quite similar to those of Koreans.His remarks came right after France-based Renault Group unveiled the Talisman, a luxury sedan dubbed the SM7 in Korea, during the 2012 Beijing International Automotive Exhibition ― also call

When Park Yong-maan took office as the new chairman of Doosan Group early this month, he vowed to establish a strong corporate culture this year and stressed the need for a "caring meritocracy."“Doosan has a history of 116 years, but most of our staff have used their Doosan business cards for less than 10 years. And about half of our 39,000 employees around the world are foreigners,” Park said in a press conference in early April.“We need a strong corporate culture and philosophy to unite the pe

Recently, Korea’s retail giants have been announcing plans to develop shopping malls. Retail professionals view this as a result of changes in shopping trends, the adoption of international shopping culture and increased leisure time. But how have local shopping malls been developed so fast in terms of the needs of developers and tenants?Low commission rates and brand identityShopping malls embrace not only global specialist private-label apparel, or SPA, stores but also brands that failed to se

Samsung, LG, POSCO, Lotte seek bilingual, ambitious employees who understand  Local cultureA surging number of Korean corporations are dipping into the global labor pool in efforts to expedite their overseas operations and better reflect localized needs. With their business fast expanding in emerging markets, LG, POSCO, Samsung and other gone-global firms are courting young and experienced talent overseas who are bilingual, ambitious and competent, and have an understanding of the industry and K

Kang Shin-jang, former executive at Samsung Economic Research Institute, took office as co-chairman of the Institute of Global Management, an institute dedicated to management research and executive-level education.Kang is a renowned expert in the fields of knowledge management and creative management who created SERI CEO, a knowledge and information providing service for chief executive officers.He also introduced liberal arts, culture and fine arts courses for CEOs that combine business manage

Charity to assist children suffering from rare diseasesThe Chung Mong-koo Foundation, funded by Hyundai Motor Group chairman, plans to boost its support of children from low-income families or with rare diseases as part of its social contribution efforts, a press release said on Tuesday. Chairman Chung created the charity organization last year to help poor students.The foundation said some 500 children are expected to benefit from the program under which each will receive financial support of u

BUSAN ― KT Corp., the nation’s No. 2 telecom carrier, said Monday that it has completed nationwide coverage of the faster Long Term Evolution network service in 84 cities. Despite the later announcement than those of its rivals SK Telecom and LG Uplus, the company showed no doubt about its quality based on its own “Warp” technology. “There should be a first-mover advantage in the market. But when it comes to technology, a latecomer will have the upper hand,” said Pyo Hyun-myung, president of the

Hyundai Heavy Industries Co. and its two affiliated shipbuilders agreed to expand their fund to support small partner companies to 300 billion won ($263 million) as part of efforts to seek shared growth.Hyundai Heavy, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. inked a deal with the Industrial Bank of Korea on Monday to offer loans at lower-than-market interests to their suppliers.First and second-tier suppliers of Hyundai Heavy Industries Group will be able to take out loan