The Korea Herald

Chaebol pledge to expand investment, hiring

Aug 28, 2013

Move to rein in chaebol expected to be eased
Samsung recognized for contribution to U.S. society

Aug 28, 2013

Samsung Group won the 2013 Patriot Award from a U.S. veterans association on Tuesday (local time) in Houston, Texas. It is the first time for a private firm to receive the award, which is given to those who are deemed to have contributed to national security development or the American Legion, the largest organization of American wartime veterans. The conglomerate was also recognized for its scholarship program for the offspring of war veterans, group officials said. Samsung has funded a scholar
Korea's economy grows, but consumption sluggish in July, Aug.: BOK report

Aug 28, 2013

South Korea's economic growth inched up in July and August, compared with the second quarter, on increased exports and facility investment, but consumption still remained weak, the central bank said Wednesday.Asia's fourth-largest economy has been on the modest recovery track since the fourth quarter of last year as its overseas shipments are faring well, weathering the yen's weakness and China's slowdown, the Bank of Korea (BOK) said in its newly issued report dubbed the BOK Golden Book.The Kor
Emerging market turmoil unlikely to grow into big crisis: BOK head

Aug 28, 2013

South Korea's top central banker said Wednesday that global central bankers mostly agreed that current jitters in emerging markets are not likely to flare up into a major crisis although those countries could undergo difficulties in coping with turmoil.Bank of Korea (BOK) Gov. Kim Choong-soo delivered remarks by the world's central bankers over rout in emerging markets including India and Indonesia after joining the annual Jackson Hole policy retreat held in Wyoming, U.S., on Aug. 22-24.He said
[Graphic News] Bank employees’ pay increases

Aug 27, 2013

According to data from the Financial Consumer Agency, the nation’s major banks raised the salaries of their full-time employees by double-digit percentages for the past two years despite falling profits. Hana Bank raised the pay of its workers by a whopping 57.46 percent between 2011 and 2012, followed by Citibank Korea with a 36.04 percent on-year increase and a 24.69 percent rise at Woori Bank.
Extramarital births at all-time high in 2012

Aug 27, 2013

The number of babies born to unmarried couples reached an all-time high in 2012, data showed Tuesday, raising the necessity for the government to enforce measures to change the stigma against such families.According to the data compiled by Statistics Korea, 10,144 babies were born outside marriage in 2012, up 1.9 percent from a year earlier. It marked the highest number since the agency started to compile such data in 1981.“The extramarital birth (rate) is increasing in the country as South Kore
Korea to push logistics sector as growth engine

Aug 27, 2013

Deputy Prime Minister Hyun calls for further market monitoring of stimulus exit
Korea to require registration of key technologies

Aug 27, 2013

South Korea is moving to strengthen its protection of key national technologies by requiring all individuals and entities to register their possession of such technologies, the government said Tuesday.A revision of the law on protection of industrial technologies to that end has recently been announced, according to the Ministry of Trade, Industry and Energy.Under the proposed revision, the government also plans to impose a maximum fine of 10 million won ($8,958) on anyone who fails to register
S. Korea's consumer sentiment remains flat for 3rd month in Aug.

Aug 27, 2013

South Korean consumer sentiment remained unchanged for the third straight month in August as economic uncertainty lingers, the central bank said Tuesday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 105 for August, unchanged from the previous month, according to the Bank of Korea (BOK).Though the index has stayed flat since June, it marked the highest level since the index hit 106 in May last year.A readi
Korea, China to hold 7th round of FTA negotiations next month

Aug 26, 2013

South Korea and China will hold a new round of negotiations for their free trade agreement early next month, the Trade Ministry in Seoul said Monday.The seventh round of the FTA talks will be held in the Chinese city of Weifang, Shandong Province from Sept. 3-5, the ministry said.In the upcoming round, Seoul plans to complete issues involving how and at what level commodity and service markets will be deregulated and discussions over the modality of their FTA negotiations.Seoul and Beijing launc
[Graphic News] Workers at small and medium firms on the rise

Aug 26, 2013

According to data from Statistics Korea, the number of workers employed at small and medium-sized companies reached 12.6 million in 2011, accounting for 50.3 percent of the nation’s 25 million economically active population. It is the first time that the number surpassed 50 percent since the government agency started compiling such data in 2000.
Revamping corporate governance is key to creative economy

Aug 26, 2013

Korea needs to ban conglomerates’ pyramid holding structures, Harvard economist says
Business guru calls for innovative growth strategy

Aug 26, 2013

In a global economy which continues to remain stagnant, businesses must seek new growth strategies through innovation, according to Vijay Govindarajan, professor of international business at the Tuck School of Business at Dartmouth College.The professor, who spoke on Monday at the August session of Asia Society’s Big Thinkers Small Dinners series, is widely regarded as one of the world’s leading experts on strategy and innovation.His concept of “reverse innovation,” rated by the Harvard Business
MBK to buy ING’s Korean life insurance unit for $1.7b

Aug 26, 2013

MBK Partners Ltd., a buyout firm formed by former Carlyle Group executives, agreed to buy ING Group NV’s South Korean life insurance operations for about 1.84 trillion won ($1.7 billion).The Dutch firm will hold an indirect stake of around 10 percent in ING Life Korea Insurance Ltd. for about 120 billion won and the unit will continue operating under ING brand for as long as five years, ING said in a statement today.Selling the business to MBK would bring ING, the biggest Dutch financial-service
Revision proposed to boost SMEs’ duty free shops

Aug 26, 2013

The Ministry of Strategy and Finance said Monday that it proposed amendments to customs legislations allowing the expansion of duty free shops operated by small and medium enterprises.The revision also included downsizing duty free shops owned by conglomerates such as Lotte and Shinsegae, and restricting them to maintain a market share below 60 percent.SMEs, meanwhile, will be able to see the benefits from this revision that will allow an increase in the number of their shops to account for more