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East Asia
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…
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East Asia
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…
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East Asia
‘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…
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East Asia
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…
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East Asia
‘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…
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East Asia
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…
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East Asia
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…
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East Asia
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…
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East Asia
HSBC expects Korean tourism to expand further
Tourism is likely to remain one of the few bright spots in the Korean economy, saddled by an aging workforce, sliding industrial competiveness and hefty household debt. Korea will continue to benefit from an influx of travelers from China and other Asian countries and improved global awareness, according to a…
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East Asia
Desperate scratching
Lottery sales set record in downturn, invite new concerns Surpassing 3.19 trillion won (about $2.95 billion), lottery ticket sales in Korea set a record last year despite a dismal economy, or perhaps because of it. While this supported the old belief that a lottery is a recession-proof business, there are…
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