‘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 the global downturn, unemployment and […]
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 to be generated by a […]
‘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 was not taken up for […]
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 like fantasy islands. In a […]
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 is emerging around the notion […]
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 has expressed interest in buying […]
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 report by HSBC, which believes […]
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 also increasing concerns about an […]
Park puts economy, safety first
President-elect Park Geun-hye’s government restructuring plan, unveiled Tuesday, calls for empowering ministries overseeing the economy while emphasizing public safety amid a rising number of sex crimes. Under the proposal, the team scrapped the Ministry of Special Affairs in charge of facilitating dialogue with opposition parties. Analysts widely agreed that the plan reflects commitments made by […]
Gov’t set to ‘normalize’ black markets
The nation’s tax agency plans to bring the underground economy into the open in order to normalize “black markets” and expand tax revenue base to support the welfare budget of the incoming government, according to sources, Sunday. The National Tax Service (NTS) reported Saturday to President-elect Park Geun-hye’s transition team its plan to investigate the […]
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