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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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Business
Chinese official: Economic cooperation with DPRK goes well
BEIJING, June 26 (Xinhua) — A Foreign Ministry spokesman said Tuesday that China’s economic and trade cooperation with the Democratic People’s Republic of Korea (DPRK) is developing well. “China-DPRK economic and trade cooperation is currently in good shape in terms of development,” spokesman Hong Lei said at a routine press…
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Business
Samsung wins $2.1 bil. power plant order
Samsung Engineering, one of Koreas leading industrial plant builders, said Tuesday that it has won a $2.1 billion project to construct a power plant in Kazakhstan. Under the deal with Balkhash Thermal Power Plant (BTPP), the engineering firm will build a coal-powered power plant. It was the first construction order…
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Business
Korea enters low-growth era
GDP expected to grow slower than world average The Korean economy is entering a low-growth era, with its gross domestic product (GDP) expected to grow slower than the world average in the coming decade due to the stagnation of its twin growth engines of exports and domestic demand. Exports are…
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Business
Hyundai Motor chairman calls for emergency mode
Hyundai-Kia Automotive Group Chairman Chung Mong-koo Monday urged heads of the group’s overseas branches to find ways of minimizing any impact the eurozone debt crisis could have on the group’s sales across Europe and other regions. “We should prepare for measures in advance to cope with the possibility that the…
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Business
LG CNS, HP team up for China business
LG CNS, a local provider of technology solutions, said Monday that it has struck a business tie-up with U.S.-based Hewlett-Packard (HP) to boost the Korean firm’s profile in China. In a statement, LG said it signed a non-binding memorandum of understanding (MOU) with HP for closer collaboration on smart-related businesses…
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