Korea’s outside directors suffer credibility gap

Board directors have been a crucial part of the corporate management system, monitoring companies and executives to ensure they are operating fairly and transparently.Outside independent directors have been especially relied upon and placed alongside inside directors to help and guide the decision-making process in the interest of shareholders to avert stock price losses or any other value depreciation.Korea implemented the outside director system in the aftermath of the 1997-98 Asian financial

March 12, 2013

National oil firm to seek quality-driven growth

This is the third in a series of case studies on the nation’s leading state-run companies which have made success stories overseas. ― Ed.The state-run Korea National Oil Corp., or KNOC, is expected to shift its gears to quality-driven growth this year from external expansion through M&A deals to become a globally competitive energy giant, KNOC officials said. Under the initiative of the previous government to cultivate state-run energy development companies as global players, which was set in Ju

Feb. 26, 2013

Top 10 global trends in 2013

Although the U.S. and Chinese economies are mending, and European leaders believe they have their three-year debt crisis under control, it would be premature to declare “all clear” from the global financial turmoil. In fact, several leading global trends in 2013 will involve jockeying for position to overcome low growth. Moreover, with nations at different stages of recovery, greater competition and little coordination should be expected. First, fiscal tightening in advanced countries will conti

Feb. 26, 2013

Koreans fight back against marathon working hours

A growing number of South Korean corporations are turning their backs on a workaholic culture once seen as indispensable but increasingly viewed as unhealthy, unproductive and inefficient.Long working hours, often followed by intense late-night drinking sessions with the boss, have long been a feature of the Korea Inc. that transformed a war-ravaged nation into Asia’s fourth-biggest economy in a matter of decades.Rapid development has brought new values and new priorities, with employees demandi

Feb. 19, 2013

‘Agricultural sector should go after high-end’

Riding the Korean Wave is not enough. For local farm products to cater to a bigger international audience, they must find ways to become premium, high-end brands, according to a man who has devoted his life to developing Korea’s agricultural sector. “If Psy can do it, why not our cuisine?” asks Kim Jae-soo, president of the state-run Korea Agro-Fisheries & Food Trade Corp., or aT, in an interview with The Korea Herald. “Hallyu definitely helped boost Korea’s image, but the agricultural sector mu

Feb. 12, 2013

Energy think tank calls for gas cooperation in Northeast Asia

Natural-resource-poor South Korea has been sensitive to changes in the global energy landscape for its energy security. One of the latest major trends in the global energy sector is the emergence of natural gas in the global energy mix, boosted by the shale gas revolution in the U.S.In line with the trend, Korea, the world’s second-largest buyer of liquefied natural gas, is advised to develop a strategy in preparation for the “golden age of gas.”“The upcoming shale gas boom will reduce natural g

Feb. 12, 2013

Money management of Korea’s superrich

For ordinary people, being rich is a lifelong dream. They are always curious about how the “superrich” ― wealthy people who possess at least 10 billion won ($9.4 million) in total assets ― made seed money and secondary sources of extra income.“Small changes in habits make a huge difference,” said Shin Dong-il, a KB Kookmin Bank private banker who authored “Habits of the Superrich,” a Korean-language bestseller among local management and economics books last year.“First, copy from the essence of

Jan. 22, 2013

TV makers battle for spotlight at CES

LAS VEGAS ― The world’s top TV makers are battling for attention at one of the biggest international tech trade show with screens getting bigger and clearer compared to the previous years.The world’s top TV manufacturer Samsung Electronics on Tuesday showed off the biggest TV at the show ― its 110-inch display Ultra High Definition television ― and its rival LG Electronics pointed to its 55-inch organic light-emitting diode TV.They both held global press conferences at the show, highlighting the

Jan. 8, 2013

Extreme weather pumps up sales of sundry, winter supplies

Office worker Bae Ji-won couldn’t get a cab one snowy night after a late night drinking session last week.After 20 minutes of trying past 2 a.m., she decided to spend the rest of the night at a nearby jjimjilbang, a dry sauna where people bathe and often sleep.On her way, she stopped by a 24-hour convenience store to pick up some emergency commodities.She first bought a can of warm honey water and a pair of socks as her boots and socks were soaked with snow.She also bought thermal underwear, pla

Jan. 8, 2013