Roundup: Wall Street unimpressed by Spain bailout
NEW YORK, June 11 (Xinhua) — U.S. stocks retreated on Monday and closed at session lows following a short rally as enthusiasm about the Spanish bank aid package faded. When the market closed, the Dow Jones industrial average fell 142.97 points, or 1.14 percent, to 12,411.23. The Standard & Poor’ s 500 was down 16.73 […]
Can Korea withstand impact of ‘perfect storm’?
Can Korea withstand the impact of a “perfect storm” ― a swooning toxic Europe, a faltering U.S. recovery and a slowing China? Policymakers are trying to be reassuring, pointing to their huge foreign currency war chest and protections against massive capital outflow Others cite an ever-growing trade dependency, vulnerability of money markets and historically high […]
Doosan Group goes paperless with iPad
Doosan Group Chairman Park Yong-maan is a chief executive who quickly adapts to change. He frequently tweets the public and tries out new technologies to stay ahead of the pack. In this spirit of adaptation and innovation, Park is now trying to make Korea’s oldest conglomerate become a paperless operation in a bid to reduce […]
Samsung changes 2 top officials
Conglomerate adopts emergency footing Samsung Electronics said Thursday that its CEO and Vice Chairman Choi Gee-sung will serve as the head of the group’s future strategy planning division, which will make him the top secretary and right-hand man of Group Chairman Lee Kun-hee. Kwon Oh-hyun, who has been the head of Samsung Electronics’ parts division, […]
Mobile carriers urge KCC to block Kakao’s free phone service
The domestic mobile carriers ― SK Telecom, KT and LG Uplus ― are expected to urge the telecommunications regulator to block Kakao Talk’s free voice service, which started here Tuesday. They claim that the free call service offered by the nation’s most popular mobile messenger service provider could deal a mortal blow to them. However, […]
Korea has ability to combat crisis: Moody’s
Korea is well-positioned to weather the worsening global conditions thanks to its fiscal strength, the health of its banking system and manageable external positions, a senior official from Moody’s said. However, the historically high level of household debt, which continues to pose a considerable threat to financial stability, may have compromised the country’s ability to […]
Retooling business model
Kakao Talk to enter social commerce market Kakao Talk, Korea’s most popular mobile messenger service, has acquired a social commerce company as part of its efforts to turn lucrative. But experts say the firm will face difficulties ahead. “There’s no guarantee that Kakao Talk’s bet will pay off as the local social commerce market is […]
English divide deepens further
The massive gulf between the rich and poor contributes to a dramatic disparity in English skills, government researchers said Monday. With the economy in decay, low-income earners are unable to pay for private language courses while the quality of public education just isn’t cutting it. This marginalizes them in society even more as English proficiency […]
‘Korean dream’ has a long way to go
Shift from brain drain to talent circulation Brain drain has long been issue for Korea because of the large numbers of students and professionals who move abroad. But now, foreign talent is choosing to come here, and encouraging professionals from abroad to continue working in Korea is a priority. S. Imtiaz Ali is a veteran […]
NK’s economic reliance on China increases
North Korea’s trade dependence on China grew by leaps and bounds last year while economic relations with South Korea remain frozen, according to a report released Friday by Korea Trade-Investment Promotion Agency (KOTRA). In 2011, 89.1 percent of Pyongyang’s total external trade came from its neighboring economic powerhouse China recording $5.6 billion, a 62.4 percent […]
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