IMF calls for cooperation in Northeast Asia
TOKYO ― International Monetary Fund (IMF) Managing Director Christine Lagarde expressed concerns Thursday that the political wrangling between Korea, Japan and China is posing a further threat to the world’s already fragile financial health. “We would hope at the IMF meetings that longstanding differences concerning territorial matters can be resolved smoothly so that economic co-operation […]
NH hits globalization path
Chairman plans to open more overseas branches, beef up project financing NH Nonghyup Financial Group Chairman Shin Dong-kyu said Thursday the group will start actively taking part in overseas project financing and opening branches overseas. “Nonghyup initially didn’t even think of eyeing the global financial business after a previous loss of some 1 trillion won, […]
Dokdo row hurts biz with Japan
A growing number of retailers, travel agencies and other businesses catering to Japanese tourists or selling goods in Japan have begun feeling the pinch of deteriorating diplomatic relations with the world’s third largest economy. Since President Lee Myung-bak made an unprecedented visit to Dokdo in August, bilateral ties between the two neighbors have hit rock […]
Samsung, Hyundai take up half of top 30 firms’ income
Korea has seen a growing gap between a few leading performers and the rest of the pack amid the prolonged global economic slump. Samsung Electronics, Hyundai Motor and Kia Motors are projected to account for over half of net profits generated this year by the country’s top 30 listed firms according to analysts Tuesday. They […]
CEOs suspected of dodging audit
Questions are being asked about the recent swooping foreign trips of bosses of Korean conglomerates, for what their aides say is “business purposes.” It is particularly curious that such trips are taking place at a time when the nation-wide parliamentary audit of institutions is in progress. There is suspicion that these trips are smokescreens to […]
Singapore magnet for K-food business
All roads lead to Singapore. This is a maxim for many Korean food companies seeking successful overseas expansion. The country’s two leading bakery brands — CJ Foodville and SPC — have opened flagship stores in the city-state, testing their strength before moving on to its neighbors that include China, Vietnam, Cambodia, the Philippines and Indonesia. […]
Korea, Japan halt currency swap compact
Decision comes at low point in bilateral ties Korea and Japan will let their expanded currency swap arrangement expire at the end of this month amid a bitter diplomatic row. Policymakers both in Seoul and Tokyo claimed that the agreement between the two nations Tuesday was not a political decision. However, the comments are hard […]
Nuclear safety concerns growing
Experts stress system overhaul necessary to avoid disaster With nuclear reactors shutting down repeatedly month after month, there is growing concern over whether the nation’s atomic power plant management system has a structural problem that could lead to disaster. Recently published data about a spate of nuclear incidents over the past decade suggests that the […]
What explains big cash advances from Macau?
Korean financial authorities are taking a harder look on the sharp rise in cash withdrawals by Korean credit card users in Macau. Gamblers are apparently using their credit cards to pay for bets, but Financial Supervisory Service (FSS) officials are also suspicious about bizarre spending patterns in Asia’s casino capital, which may prove to be […]
How far can English education go?
For decades, Koreans’ zeal for learning English has been incomparable. Parents spend more than 20 trillion won ($18 billion) each year on private education for primary and secondary school students and about a third goes to English language education, government statistics show. The amount does not include money spent on toddlers, college students and adults. […]
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