The Korea Herald

Look and function important in design, Mendini says

Oct 31, 2013

In order for design to take a leap and to create tangible values for society, it is crucial that the government should play a leading role, but only without restraining the freedom of expression, according to a renowned design maestro. “The Korean government, not just the Culture Ministry but also its economic departments, seems to be highly committed to promoting design as a national project,” Italian designer Alessandro Mendini told The Korea Herald in an interview. “Despite its strong traditi
BOK warns against possible volatility of foreign stock fund flows

Oct 31, 2013

South Korea's central bank on Thursday warned against a possible expansion of volatility in foreign stock fund flows as uncertainty over external economic conditions persists.Foreign capital has been flowing into South Korea as Asia's fourth-largest economy has been largely unfazed by financial market jitters in some emerging nations due to its relatively strong economic fundamentals. Foreigners extended their net buying binge for a record 44th straight session on Wednesday.The Bank of Korea (BO
[Photo News] Foreign investment week

Oct 30, 2013
Korean manufacturers' confidence hits 17-month high for Nov.

Oct 30, 2013

South Korean manufacturers' business sentiment for November rose to the highest level in 17 months as the local economy is on the recovery track, the central bank said Wednesday.The index that gauges manufacturers' outlook on business conditions reached 83 for November, up from 82 recorded for October, according to a monthly survey from the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month.The November data marked the highest level since 85 tallied for June
KCCI chief voices concern over corporate regulations

Oct 29, 2013

The head of South Korea’s biggest business lobby group expressed concerns Tuesday over a string of bills meant to toughen corporate regulations and speed up economic democratization. Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said in a meeting with local business executives that he is concerned about bills related to economic democratization and business conditions.Park, who concurrently heads Doosan Group, also said that economic indicators hinted that our economy
Foreign biz leaders conferred honorary Seoul citizenship

Oct 29, 2013

Standard Chartered Bank Korea chief Richard Hill, ADT CAPS Korea chief Bradley Buckwalter and the American Chamber of Commerce Korea president Amy Jackson were conferred honorary Seoul citizenships, the Seoul Metropolitan Government said.A total of 15 international leaders, including the three, received the citizenship certificate from Seoul Mayor Park Won-soon at Sejong Center for the Performing Arts in central Seoul on Monday.Since 1958, the municipality has presented honorary citizenships to
S. Korea ranks 7th in biz environment: World Bank

Oct 29, 2013

South Korea ranked seventh in terms of business environment this year thanks to its efforts to streamline regulations for business operation, the finance ministry said Tuesday.The ranking by the World Bank was one notch higher than the previous year and marked the third consecutive year that South Korea has been included in the global top 10 list, according to the ministry.The World Bank analyzed 189 countries' business environments by breaking them down into 10 broad categories involving the so
Korea posts current account surplus for 20th straight month

Oct 29, 2013

Korea continued to record a current account surplus for the 20th consecutive month, thanks to improved balances in goods and services in September, the Bank of Korea reported Tuesday.However, it remains uncertain how long Asia’s fourth-largest economy will maintain its record led by brisk exports as the value of local currency is projected to rise to a level that appropriately reflects Korea’s economic fundamentals, analysts said.Korean exports, which account for about 60 percent of the country’
Entrepreneurship key to creative economy: Park

Oct 28, 2013

Deregulation is the key to fostering entrepreneurship, an essential prerequisite for pursuing a “creative economy,” President Park Geun-hye said on Monday.“Entrepreneurship is a critical factor in economic prosperity and public happiness,” the president said in a speech read by Trade, Industry and Energy Minister Yoon Sang-jick at the opening of the 2013 Entrepreneur Week at the Korea Chamber of Commerce and Industry. She added that the government would do its best to eliminate unnecessary regul
[Graphic News] Women’s economic activity

Oct 28, 2013

The economic participation rate of Korean women measured 49.9 percent in 2012, lagging far behind advanced European countries, according to a report from the Korea International Trade Association. Iceland topped the table with 77.1 percent. Korea came in 25th.
Korea, China agree to joint crackdown on illegal fishing

Oct 28, 2013

South Korea and China have agreed to jointly crack down on illegal fishing in waters shared by the two countries, the South Korean government said Monday, a move partly aimed at illegal fishing in South Korean waters.The agreement came at a four-day meeting held last week in China, in which the sides also agreed to freeze their fishing quota in each other’s exclusive waters at 60,000 tons, according to the Ministry of Oceans and Fisheries.Under the latest agreement, the number of boats allowed t
Seoul Festival to highlight N.E. Asian capitals

Oct 28, 2013

Coex event to showcase Seoul, Tokyo, Beijing as tourism, convention destinations
Outdoor products top sellers at department stores

Oct 28, 2013

Shinsegae Department Store, South Korea’s second-largest department store chain, said Monday that outdoor products have emerged as the most profitable items in its local stores, beating luxury goods. Its clients who bought outdoor products tended to also purchase other items like food so that the sales of outdoor products pushed up its overall sales, Shinsegae said.The result stemmed from an analysis on its clients’ purchasing tendencies on outdoor products, food, cosmetics and imported luxury g
Sales at department stores grow in Sept.

Oct 28, 2013

Sales at South Korea's major discount outlet chains dropped from a year earlier last month while sales at department stores continued to grow, the government said Monday.Combined sales of the three major discount outlet chains here dropped 5.3 percent on-year in September, posting a on-year drop for the third consecutive month since July, according to the Ministry of Trade, Industry and Energy.The ministry attributed the drop partly to a radiation scare sparked by the nuclear accident at Japan's
S. Korea's consumer sentiment hits 17-month high in Oct.

Oct 28, 2013

South Korean consumer sentiment rose to the highest level in 17 months in October, aided by optimism that the local economy is showing signs of improvement, the central bank said Monday.The consumer sentiment index (CSI) came in at 106 for October, up from 102 tallied in the previous month, according to the Bank of Korea (BOK). The index is a gauge of consumers' overall economic outlook, living conditions and future spending.The October data marked the highest level since an identical 106 posted