Asia leaps toward regional economic unity
Asia plans to take a great leap forward in regional economic integration during the next decade, as the United Nations continues to intensify the promotion of South-South cooperation among member states. According to a recent report by the Inter Press Service, the Association of South-East Asian Nations (ASEAN) and the South Asian Association for Regional […]
Double-digit growth continues for home appliances market in SE Asia
The rising affluence of consumers is stimulating sales of major domestic appliances in Southeast Asia. According to the survey conducted last December by GFK Asia based in Singapore, the consumer market in the sector worth of the washers, air-conditioners, refrigerators and microwave ovens has grown by a healthy 13 percent in 2012 over the previous […]
Market-friendly policies expected
Hyun Oh-seok, the nominee for the deputy prime minister in charge of economic affairs, is expected to place top priority on maintaining a balance between economic growth and social welfare, to restore the middle class and revitalize the sluggish economy. “I think we should carry out policies to boost our sluggish economy in the short […]
Bailout feared to cause moral hazard
Private lenders use Park’s debt plan as marketing tool Saving debt-crushed families is good for the economy, says incoming President Park Geun-hye. But critics are sounding the alarm on her plans for intervention, arguing that using taxpayer’s money to rescue the more needy borrowers will cause the nation to fall prey to a further moral […]
‘GHnomics’ shaping up slowly
President-elect vows to focus on addressing debts, welfare issues Change and happiness were the watchwords of Park Geun-hye’s presidential campaign. But converting the huge hopes and expectations she has generated into practical policies will be a difficult challenge for the incoming Korean president set to inherit an economy crippled by the global downturn, unemployment and […]
Mahindra objects to Ssangyong audit
Mahindra & Mahindra, the Indian owner of Ssangyong Motor, said Monday that it objects to an audit by the National Assembly and that if it is pursued, it could affect the firm’s investment plan to the tune of 1 trillion won. “Funds for this (1 trillion won) investment will have to be generated by a […]
‘Hanwha move complies with Park’s rules’
A member of President-elect Park Geun-hye’s transition team Sunday welcomed Hanwha Group’s move to put about 2,000 “temporary” workers on regular payroll as part of efforts to improve job security and access to employment benefits. “The Hanwha move complies with the President-elect’s principle,” the member said, adding that the issue was not taken up for […]
Women rise at foreign drugmakers
The imaginary glass ceiling seems omnipresent for Korean women, who struggle to advance their corporate careers in a country that data shows has the highest level of workplace gender division among rich economies. For female employees frustrated by the pace of advancement, branches of foreign pharmaceutical companies here may feel like fantasy islands. In a […]
When Dreams Come True: Reflections on ‘Social Economy’ in Korea
*Author, Won-soon Park is a prominent civil rights lawyer, civic activist and social innovator. He became Mayor of Seoul in October 2011. First there was triumph of market economies after the fall of the Soviet Union. Then came successive global financial crises that debunked that triumphalism. Now, a new concept is emerging around the notion […]
Chinese company eyeing Korean hotel
A Chinese company has submitted a letter of intent to the Incheon Development & Tourism Corp. (IDTC) to acquire the Harbor Park Hotel in the port city, IDTC officials said Tuesday. If successful, it would mean the first Chinese ownership of a large-size Korean hotel, they said. “The Chinese firm has expressed interest in buying […]
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