Gold has emerged as one of the safest assets as uncertainties mount in the global economy. Following other countries eager to buy gold, Korea has joined the move to diversify foreign exchange reserves, becoming 40th in the global ranking in terms of gold holdings.Korea’s gold holdings amounted to 70.4 tons, valued at $2.98 billion, as of the end of August, accounting for 0.9 percent of the country’s total foreign reserves of $316.88 billion, the World Gold Council said. In June 2011, Korea’s cen

Sept. 18, 2012

French economist and columnist Guy Sorman said Tuesday that the global economy was still optimistic despite its continued economic slowdown and the financial struggles in the eurozone. “The worst scenario in an (economic) crisis is to overreact to the crisis. Crises are bad, but they cannot be avoided,” the author of “Diary of an Optimist” said in a global business forum co-hosted by the Institute for Global Economics and Samsung Electronics. Sorman stressed that economic recovery requires a sta

Sept. 18, 2012

LG Electronics unveiled plans Tuesday to roll out its new flagship smartphone Optimus G in the local market next week through the nation’s three mobile carriers.The firm also said the 4.7-inch display gadget ― running on fourth-generation Long Term Evolution networks as well as third-generation networks ― will be launched in Japan next month and in the U.S. and other Asian markets in November.The Optimus G, which was dubbed LG’s new flagship smartphone by the company’s mobile chief Park Jong-seo

IndustrySept. 18, 2012

Son of BMW’s legendary former CEO Kuenheim now leads fast growing Asian businessBMW Group’s new Asia chief Hendrik von Kuenheim remembers when Hyundai Motor launched its first passenger car Pony in the U.S. market back in 1986 when he worked as a sales manager in Los Angeles. “Hyundai is a remarkable success story. It has come a long way in design and quality. Hyundai and Kia will become a tremendous challenge to (the world’s top sellers) Toyota and Volkswagen,” he said during a press conference

IndustrySept. 18, 2012

The Institute for Global Economics, a leading private think thank in Korea, published on Thursday a book containing reports and summaries of the two-day international financial conference held in Seoul. Titled “Asia in the New Global Financial Scene,” the book goes over all the sessions and discussions of the conference held from May 17-18 under the same name, co-hosted by the Institute for Global Economics, Asian Development Bank, Institute of International Finance and KB Financial. Influential

Sept. 18, 2012

Procter & Gamble Korea’s new chief executive Lee Sue-kyung said on Tuesday that her company will respond faster to market demands and changes from now on.“P&G has suffered several times in the past in competition with Korean companies, which are very quick in both information gathering and action,” Lee said in a press conference.“Agility is one of the three most important virtues required at P&G, along with strategic thinking and leadership skills. The ability to swiftly cope with market situati

IndustrySept. 18, 2012

The choice of home decor in Korea has been rather limited, considering the country’s burgeoning population of fastidious shoppers.They either had to choose from a handful of local home furnishing companies or go to Namdaemun Market to hunt down unofficially imported candle holders or teapots that meet their tastes. Worse still, some put up with the exorbitantly overpriced foreign brands sold in department stores. That is what drove a Korean importer to open Asia’s first Riviera Maison store near

IndustrySept. 18, 2012

Eddie Provencher wasn’t always interested in bird watching. It took an eco-tour of the demilitarized zone along Koreas’ border in 2009 to make him realize that not only were there many interesting birds to see in nature, but that the urban areas of Korea were also alive with birds. “Birds are everywhere, so you don’t need to go anywhere to observe them,” says Provencher. “You just need to look around yourself and listen.”Although Seoul is a sprawl of urban mass, there is still wildlife and many

Sept. 18, 2012

This article was contributed by the Korea Water Resources Corp. to mark the opening of the 2012 World River Forum in Daegu on Wednesday. ― Ed. Fresh water, like air, is the most precious substance of all things on our Earth. Lacking fresh and temperate flowing water, we would be either red-hot like Venus, or frozen over like Mars. Water controls our every life, and forms the greater part of our human bodies. While we often forget it, humankind is a species whose destiny relates at all times to t

Sept. 18, 2012

Samsung Electronics vice chairman and CEO Kwon Oh-hyun was ranked 88th in the MediaGuardian 100 2012 organized by British newspaper the Guardian.The MediaGuardian 100 is an annual selection of the most powerful people in TV, radio, newspapers, magazines, digital media, advertising marketing and PR. Kwon is the only Asian to be included on the list. He was selected because he contributed to Samsung outdoing Nokia as the world’s biggest seller of mobile phones, according to the newspaper.The top h

Sept. 18, 2012