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Business
Old habits die hard
Despite housing slump, rich still bet on real estate The property market is in dire need of a boost, but wealthier Koreans keep the faith that there will be another huge payoff with a stubborn commitment to real estate. Not that they can afford to second-guess when real estate continues…
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Business
Seoul weights impact of Iran oil ban
Korea halts oil imports from Iran Korea has halted crude imports from Iran in line with the sanctions led by the European Union (EU) aimed at thwarting Teheran’s nuclear ambitions, despite a warning from Iran that it would “reconsider” its relationship with Korea and imports of Korean products. The Ministry…
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Business
Legacy of Jobs
Korean technology CEOs can’t stop talking about humanities It may seem difficult at first glance to find a connection between information technology industries and the studies of the humanities, but company chief executives are propagating the importance of culture to connect with employees, consumers and making products. The late Steve…
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Business
Pension fund sees crisis as opportunity
Now is the time to look beyond the crisis and try to find a new opportunity the head of the nation’s pension fund has said, by effectively managing the economic turmoil. At a speech to mark the opening of its office in London on June 21, National Pension Service (NPS)…
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Business
Samsung has Google’s backing in fight against Apple
The intellectual property battle between Samsung Electronics and Apple may have hit a turning point as the Korean company now appears to have the support of Google, which competes with Apple for supremacy in mobile operating systems (MOS). Samsung and Google have a productive partnership in the technology sector. The…
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Business
Death, mourning and social status
A funeral is a time of grief, reflection and reunion. For Koreans, it’s also considered an opportunity to display one’s status not unlike a German car or bag of Pings. People will take the location of the funeral house, the size of the mourning room, the number of visitors flowing…
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Chaebol’s economic power stronger than ever
The concentration of economic power in the hands of top chaebol or Korea’s family-controlled conglomerates has deepened further, a think tank said Sunday. Its report raised questions about how the lack of competitive balance is hurting the vibrancy and growth potential of Korea Inc. According to chaebul.com (www.chaebul.com), an institute…
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Business
SK Group committed to sustainable growth
Sustainability is a buzzword frequently used by business leaders and CEOs of global companies since the 2008-09 global financial crisis changed the world’s economic landscape. Firms that are sustainable have something in common. They are more innovative and adaptive to change. In addition, they maintain resiliency over time, creating economic…
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Business
Lotte challenges Costco
Korean retailer claims superior customer service Lotte Mart, the nation’s third largest discount store chain, is entering the local wholesale market, which has been dominated by Costco. Lotte’s forays into the market have unnerved the U.S. firm that has been under fire for its unfriendly customer policy. Lotte aims to…
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Business
Renault to boost Korean operation
A top executive of Renault Group Wednesday emphasized the importance of Renault Samsung Motors (RSM) as an export base in Asia and pledged to fully support the troubled local affiliate. “We want to be a significant player in the highly competitive Korean market,” Carlos Tavares, chief operating officer of the…
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