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Business
‘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.…
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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…
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Business
‘Apple CEO would want to drop lawsuit’
Wozniak calls for Korean companies to become more innovative Apple co-founder Steve Wozniak said that the ongoing patent battle between Apple and Samsung Electronics is doing no good to anyone, citing the dispute as a “pain in the ass.” “I have no details and paid no attention about the talks…
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Business
Blizzard probed over Diablo 3
The government has launched an investigation into Blizzard Entertainment over allegations that the American computer gamemaker has refused to refund Koreans who purchased its latest real-time role-playing game Diablo 3. The Fair Trade Commission (FTC) said the firm is suspected of having violated the country’s law on electronic commerce and…
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Politics
Scholars prefer FTA to TPP for East Asian countries
Scholars of South Korea, Japan and China exchange talks under the theme of Nuclear Security and Regional Community in the second East Asian Community Forum held at the International Studies Hall in Korea University on May 26, 2012. The scholars of South Korea and Japan expressed opinion that the Trans-Pacific Partnership…
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Business
Alcohol, tobacco and wealth
Income gap hardly affects consumption of ‘sin products’ The conventional wisdom holds that if you earn more, you will spend more on alcohol and cigarettes as economists rationalize they are non-essential goods. But this often turns out to not be the case. According to the latest report on household consumption…
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Business
Smooth transition?
Doodan leader-designate unproven in management skills Korea’s mighty family-owned conglomerates will always talk about who is next in line to lead what they continue to see as family businesses. Doosan Group, which is continuing its transformation from a company reliant on consumer goods to a power in heavy industry and…
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Korea’s household credit dips in first quarter
Korea’s household credit dipped in the first quarter due to a drop in demand for fresh loans and people cutting back on spending, the central bank said Thursday. Household credit totaled 911.4 trillion won ($774.5 billion) as of the end of March, down 500 billion won from a record high…
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Business
CEOs pick favorite wines to give, receive and drink
For some businessmen, wine is much more than just fermented grapes. Doubling as a drink and status symbol, it tends to go hand in hand with doing business, providing a delightfully disarming charm to conversations between corporate suits and bringing out the best in the “three-fork” dinner in front of…
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Business
Shilla, Lotte in expansion mode
Hotels rush to build biz hotels for surging foreign tourists Lotte, Shilla and other hotel operators affiliated with large business groups have gone into expansion mode in recent years due to the surging number of Japanese, Chinese and other foreign tourists. They have renovated existing hotels to create more rooms…
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