The Korea Herald

안녕하세요 Chung Joo-won 기자입니다.

Articles by Chung Joo-won

KRX looks to education to create ‘healthy investment culture’

BusinessJun 25, 2013

Korea’s economic success story is a common subject of discussion, but the economy in terms of finance and investment has remained relatively removed from public attention.The Korea Exchange, the country’s main bourse operator, in response declared the nation’s “Great Awakening” in finance, aiming to raise people’s awareness of financial products. The KRX launched a national finance education project in 2003 in the form of a government-designated special training institution. The education projec
Hyundai Card unveils portfolio makeover

Jun 24, 2013

Hyundai Card on Monday released a new brand portfolio of credit cards that are designed to provide customers with maximized simplicity and practical benefits.“We hereby conclude our successful decade of our Hyundai Card M, and begin the innovative Hyundai Card Chapter Two strategy,” Hyundai Card chief executive Ted Chung told a news conference at the financial firm’s headquarters in Seoul. Dubbed the nation’s best-selling credit card brand, the old M series has amassed about 8 million holders si
Scoot Airlines fast rising in budget carrier market

IndustryJun 23, 2013

The rise of time-rich and cash-poor travelers has opened a golden business opportunity for Asia’s budget carriers. Scoot has seized it by focusing on leisure-oriented and medium-distance flights. “There has been a really fast, large growth in the number of people who are now used to comfortable, low-cost travel,” Scoot Airlines chief executive Campbell Wilson told The Korea Herald during his recent 24-hour visit to Seoul. Scoot Airlines, a wholly owned subsidiary of Singapore Airlines Group, lau
Samil PwC names first foreign partner

Jun 23, 2013

Daniel Fertig, 35, has been named a partner at Samil PricewaterhouseCoopers, the largest accounting service firm in Korea and part of the PwC global network. His work as partner begins on July 1.The British chartered accountant is the first foreigner to be admitted as partner of any of the big four accounting firms in Korea, the company said. Fertig transferred to Korea from PwC’s London office in 2006.His main role involves working with large Korean companies seeking to start or expand global o
Revised tax pact to boost hunt for Chun’s ‘hidden’ wealth

Jun 23, 2013

The National Tax Service’s stalled probe into the penalty default by former President Chun Doo-hwan is expected to gain momentum as the revised tax pact between Korea and Singapore is set to take effect this week.The revision calls for lifting a ban of free exchange of financial data between two tax authorities. Tax experts said the new pact may enable the NTS and the Financial Supervisory Service to track down former President Chun’s “mysteriously evaporated” properties. Chun’s wealth has been
Insurers search for ways to fight increasing uncertainties

Jun 21, 2013

“Reshaping the insurance industry” was the main topic for this year’s International Insurance Society seminar held last week. The sector is trying desperately to steer clear from the three major deadlocks it’s facing: a sagging global economy, an aging society and natural disasters. “We did our best to pin down globally shared and applicable issues,” Moon Jae-woo, the co-head of organizing committee of the five-day international forum, told The Korea Herald. The reward for such efforts came in p
Ex-Hanjin Shipping executive on tax haven blacklist

Jun 20, 2013

A former executive of Hanjin Shipping Co. has been accused of having set up paper companies in overseas tax havens.The Korea Center for Investigative Journalism, locally known as Newstapa, on Thursday released the eighth batch of names of Koreans engaged in founding and operating ghost companies.According to the press organization, former managing director Kim Young-so became one of two owners of a ghost company called Rhodes International Ltd. on Sept. 6, 2001, in the Independent State of Samoa
Egypt eyes Korean aid for infrastructure

Jun 20, 2013

Egypt seeks Korean aid in the form of loans to help fund infrastructure projects, a senior Egyptian government official said. “Financing (the Egyptian) government’s economic development projects calls for many concessional loans,” Mona Sayed Ahmed Ibrahim, the undersecretary of state for East Asian countries of the Egyptian International Cooperation Ministry, told The Korea Herald during an economic development workshop in Seoul. A total of 17 high-profile government officials from 15 emerging c
Eximbank, Japan to spur joint overseas projects

Jun 18, 2013

The Export-Import Bank of Korea and its Japanese counterpart bank discussed ways to boost cooperation in joint overseas projects during a seminar in Tokyo on Tuesday, bank officials in Seoul said.The seminar was attended by Eximbank vice chairman Hong Young-pyo, the Japanese Bank for International Cooperation CEO Hiroshi Watanabe and some 130 bank officials and executives of plant constructors from the two countries.The participants discussed cooperative measures and shared information on overse
Rhodia grows with rising demand for high-tech tires

BusinessJun 17, 2013

Following is the first in a series of articles on visits to promising foreign-invested companies in Korea, arranged by state-run foreign investment promotion agency Invest KOREA and participated by IK Supporters, an IK-sponsored team of international students who are interested in Korea’s foreign trade with multinational companies. – Ed. Korean consumers know well the names of local tire makers ― Hankook, Kumho and Nexen. But few know they cannot make tires without the help of Rhodia, the world
Tax authorities probe BMW Korea

Jun 13, 2013

The National Tax Service is probing the Korean unit of the German automaker group BMW, sources said Thursday. The NTS is scavenging evidence to back up suspicions of tax evasion by the best-selling imported automaker in Korea, they said. The investigators are expected to focus on whether BMW Korea tried to evade taxes by intentionally distorting the prices of its automobiles that are transported from BMW’s German headquarters.A BMW Korea spokesperson, however, stressed that the probe was only a
Banks reap returns from star marketing

Jun 12, 2013

For years, companies have turned to celebrities to brighten up their brands. Now, banks are stepping up the trend, choosing their stars as wise investments.Banks are seeking out the sports and TV celebrities with particularly inspiring personal histories, such as figure skater Kim Yu-na, rhythmic gymnast Son Yeon-jae and presenter Song Hae. “Trust and stability are the two things that a financial company wants to show, but rushing contracts with fancy stars without future potential can be a risk
KT&G launches world’s first ultra-slim capsule cigarette

IndustryJun 10, 2013

KT&G has launched the world’s first ultra-slim, capsule-type cigarette, the country’s largest tobacco maker said Monday. Dubbed “Esse Change,” the product is the follow-up to the company’s best-selling ultra-slim cigarette “Esse,” which has been popular among young smokers in particular, KT&G said. One Esse Change comes with two different flavors, the company said. Its initial mild taste turns apple mint-fresh as the smoker pops the “capsule” inserted within the cigarette. “Esse Change is distin
Competition for KB Kookmin Bank presidency heats up

Jun 6, 2013

As KB Financial Group picked Lim Young-rok as its new chairman on Wednesday, attention is being paid to who will head the nation’s No. 2 bank under the financial group.KB Kookmin Bank president and CEO Min Byong-deok offered to resign from the post after running unsuccessfully for the chairmanship.Currently, KB Kookmin Card CEO Choi Gi-eui, KB Financial Group vice president Yoon Jong-kyu and KB Kookmin Bank vice president Kim Ok-chan are the strongest candidates for the top post, bank sources sa
Ex-vice finance minister tapped as NH Financial chairman

Jun 6, 2013

Nonghyup Financial Group said Thursday that the group has named former senior government official Lim Jong-ryong as its chairman.Lim’s chairmanship will go through final verification the following day at the board of directors’ meeting, the group said. Lim, 54, served as the vice minister of the Ministry of Strategy and Finance in April 2010, before leading the Prime Minister’s Office from September 2011. Despite concerns about the group’s general exclusiveness for outsiders, NongHyup Financial