• Samsung restructures financial units

    Financial affiliates of Samsung Group are undergoing restructuring as their performances have been poor in recent years amid the economic slump. While they earlier decided to freeze workers’ salaries this year, the life insurance and brokerage units have launched reorganization plans and are accepting voluntary retirement applications. The restructuring follows…

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  • Siding with big tobacco

    Korea’s first tobacco litigation ended up in smokers’ defeat Thursday, running counter to the global trends of punishing the rogue industry. Wrapping up the 15-year-long damage suit, the Supreme Court ruled ― quite regrettably ― the link between tobacco and “non-specific cancers” was difficult to prove. It also said the…

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  • Foreign companies hunting Korean talent

    AMCHAM president says Korean employees are No. 1 in the world Global technology majors such as Microsoft, Intel and International Business Machine (IBM) are pitching up to hire Korean graduates. “Korean employees are No. 1 in the world,” Microsoft Korea Country Manager James Kim said at a student session held…

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  • BOK raises growth outlook to 4%

    New governor indicates rate hike in offing The country’s top central banker Thursday hinted at raising the key interest rate to rein in growing inflationary pressure resulting from economic recovery. “We will consider price stability, economic growth and other factors in shaping our monetary policy,” Bank of Korea (BOK) Governor…

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  • Flea markets booming

    If you find old clothes, toys or small home appliances during your spring cleaning, don’t throw them away. Take them to a flea market. Flea markets are gaining popularity in Korea, with several new ones popping up across the country in the last few years. They include the Songdo Good…

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  • ‘Apple should rather focus on innovation’

    A former Wall Street Journal reporter says that Apple should shift the focus of its business to “innovation” from patent disputes with Samsung Electronics. In a written interview with The Korea Times, Yukari Iwatani Kane said that Apple’s consistent claims that its design patents were copied by Samsung are rather…

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  • Ha tries to stare down new crisis

    Citigroup Korea Chairman Ha Yung-ku, a heavyweight in the Korean banking industry, is battling the biggest challenges of his career. Chief among them are reports that the parent company has left him to grapple with the fallout of recent troubles alone. It comes in the wake of the theft of…

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  • Poor governance saps Kookmin

    KB Kookmin Bank used to be the leading bank in Korea in terms of size and profit. However, the lender fell into disgrace after a series of mishaps and incidents of corruption. Banking industry analysts and market watchers say that Kookmin’s chronic and fundamental problems in governance and organizational structure…

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  • Lotte boss faces daunting challenge

    Lotte Group Chairman Shin Dong-bin is facing his biggest challenge since he took office in 2011. The group’s key affiliates have been involved in a series of scandals, and this is dampening his drive to expand the group’s business scope. Also at risk are his efforts to solidify his position…

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  • Samsung to unveil Note4 in September

    Samsung Electronics plans to unveil the Galaxy Note4 at this year’s technology exhibition in Berlin, Germany, in September, according to company officials Wednesday. “Samsung is considering holding a launch event of the Note4 at the IFA trade fair. It is in the middle of finalizing specification details for the upcoming…

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