The Korea Herald

Chaebol worried about labor relations next year: poll

Dec 29, 2015

Three out of 10 large businesses in South Korea are voicing worries over the possibility of worsening relations with labor unions next year due in part to the ongoing controversy over the government-led labor reform drive, a poll showed Tuesday.In a survey conducted by the Korea Employers Federation of its 304 member companies, 67.1 percent of respondents expected labor-management relations to destabilize further next year.Of those polled, 46.2 percent cited the ongoing controversy over the gove
Hanwha distributes braille calendars

Dec 29, 2015

Hanwha’s 2016 braille calendar. Hanwha GroupHanwha Group said Tuesday it has produced and distributed tens of thousands of 2016 braille calendars to the blind as part of its year-end social contribution efforts.Some 50,000 braille calendars were delivered for free to the Korea Blind Union and some 300 local organizations for the blind, as well as thousands of individuals, according to Hanwha.The conglomerate has been making braille calendars for 16 consecutive years since 2000, when Hanwha chair
[Newsmaker] SK chairman to divorce, admits to affair

Dec 29, 2015

SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage.In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.” SK Group chairman Chey Tae-won and his wife Roh Soh-yeong. Yonhap
Two KB Financial units get new CEOs

Dec 29, 2015

Two subsidiaries of KB Financial Group will get new CEOs while six others will see their incumbent chiefs’ tenures extended, the country’s second-largest financial group by assets said Tuesday. The new appointments are Yang Jong-hee, a former vice president of KB Financial who will take charge of KB Insurance, and Yoon Woong-won, another former KB Financial vice president who will lead KB Kookmin Card. The appointments are subject to final endorsements by shareholders of the respective companies
Young chaebol heiresses get starts at consulting firms

Dec 29, 2015

SK Group chairman Chey Tae-won’s daughter Chey Yun-jeong, AmorePacific Group chairman Suh Kyung-bae’s daughter Suh Min-jung and LF president & CEO Koo Bon-keul’s niece Koo Min-jeong have a striking similarity.The three women are all next-generation chaebol heiresses currently working as junior consultants at the Korean subsidiary of global consulting firm Bain & Company.They did not enter their family business after graduating, instead choosing to work at a consulting firm to gain experience and
BAT Korea appoints marketing director as new CEO

Dec 29, 2015

Erik StoelErik Stoel, marketing director of British American Tobacco Korea, has been appointed its new chief executive, the company announced Tuesday.Stoel will take office on Jan. 1, replacing the incumbent CEO Guy Meldrum who has been transferred as head of BAT Australasia. “Over the past three years, in his role as marketing director of BAT Korea, Mr. Stoel has made a substantial contribution to the company by strengthening the company’s flagship brand Dunhill to establish BAT Korea’s stronge
POSCO’s auto steel production evolves

Dec 29, 2015

Engineers at a plating unit check the quality of steel sheeting produced at POSCO’s Gwangyang plant in South Jeolla Province. POSCOFor lighter, stronger auto body frames, Korea’s top steelmaker POSCO has been producing advanced high-strength steel, the latest steel sheet production technology, with growing market demand.Advanced high-strength steel is one of the fastest-growing material markets in the automotive industry in and out of the country, as it offers enhanced formability and is lighter
Citibank opens high-tech wealth management center

Dec 29, 2015

Citibank Korea CEO Park Jin-hei operates the bank’s interactive touch screen kiosk. Citibank KoreaCitibank Korea has opened a wealth management center that features digital innovation and a wide array of services in downtown Seoul, the bank said Tuesday. The Citigold Banpo Center is equipped with intuitive touch screens and high-definition media walls to promote customer engagement with its products and services.The bank also expanded its asset management system by launching a new service called
Asiana Air gets nod for 2nd budget carrier

Dec 29, 2015

After months of hurdles, Asiana Airlines, the nation’s second-largest flag carrier, has won the government’s permission to operate its second low-cost carrier, moving forward to expand its market presence.The Ministry of Transport has issued a business license to Air Seoul, the second low-cost carrier launched by Asiana Airlines, the air carrier said Monday evening. The government said the license was issued in line with a steady growth in air traffic with an annual average of 7.8 percent. Air S
Soldier completes rehab after double amputation

Dec 29, 2015

Staff Sgt. Hah Jae-hun. YonhapAn Army staff sergeant who lost both legs in the North Korean landmine attack in early August was discharged from the hospital Tuesday after five months of treatment and rehabilitation that has enabled him to use prosthetic limbs.Twenty-one-year-old Staff Sgt. Hah Jae-hun was conducting a patrol mission on the South Korean side of the Demilitarized Zone when landmines buried by North Korea exploded and maimed him and another soldier on Aug. 4. The landmine attack, f
Political feud biggest obstacle to social cohesion: survey

Dec 29, 2015

Koreans pointed to political feuds as the biggest reason for deteriorating social conflicts in the country, a state-led survey showed Tuesday. According to the poll by the Presidential Committee for National Cohesion, 51.8 percent of the respondents said that the political wrangling between the ruling party and opposition bloc contributed most to worsening social confrontations. In the multiple-choice survey of 2,000 Koreans aged 19 and over, the wealth gap was chosen as the second-biggest facto
High-ranking officials to face tougher evaluations

Dec 29, 2015

Lee Geun-myeon, minister of personnel management.The work performance evaluation of high-ranking public servants will be tightened, possibly even leading to their dismissal, officials said Tuesday.The Ministry of Personnel Management said starting next year the evaluation criteria and penalties will be strengthened to raise the work efficiency of civil servants who had thus far enjoyed great job security.The move came after public pressure to enhance the “superficial” performance evaluation.Unde
Samsung mass-produces first all-in-one bioprocessor

Dec 29, 2015

Samsung’s all-in-one bioprocessorSamsung Electronics said Tuesday it has started mass-producing the world’s first all-in-one bioprocessor that collects and analyzes biological information such as heart rate and body fat in a single chip. In recent years, global device-makers have been piling into the soaring health care device market, but most of their fitness trackers have not gone much beyond heart rate or sleep quality monitors. With the unprecedented one chip solution, Samsung said it aims t
Debt is Korea’s biggest economic problem: FSC

Dec 29, 2015

Yim Jong-yongFinancial Services Commission Chairman Yim Jong-yong pinpointed household and corporate debt as the biggest potential problems for the Korean economy, calling for “fierce reforms” to guard against them. “The debt problem, (particularly) of households and corporates, is the biggest risk to our economy,” the chief financial regulator said in his year-end press meeting in central Seoul, Tuesday. Korea’s economy faces multiple challenges, including an uncertain global economic outlook,