Dongbu Group in push to save steel arm

In a major effort to overcome its prolonged financial crisis, the nation’s 17th-largest conglomerate Dongbu Group bit the bullet and decided to sell off several of its core assets.But its self-rescue plan, though considered the only plan to save its symbolic steel business, is also a double-edged sword as it involves the disposal of the group’s key growth engines, including some of its steel manufacturing facilities.On Sunday, Dongbu Group announced it would sell off Dongbu HiTek, a highly profi

Nov. 19, 2013

New Pride hopes to lead U.S. intermodal industry

RANCHO DOMINGUEZ, California ― New Pride Corp., an intermodal company, is one of two U.S.-based companies, along with Access Bio, that is listed on Korea’s tech-heavy KOSDAQ market. Behind the company’s success in the industry might have been efforts by its Korean-born chairman to earn credibility from clients. “Perseverance and keeping up a good reputation were the key factors that made me the chairperson of New Pride Corp,” Edward Kim said. After obtaining a degree in management at Seoul Natio

Nov. 19, 2013

POSCO chairman offers to resign

POSCO chairman and CEO Chung Joon-yang conveyed his willingness to resign to the chairman of the company’s board of directors to pave the way for new leadership, company officials said on Friday.Chung requested that the board chairman launch the in-house process to select his successor, the officials said.Chung decided to step down out of the need for new leadership to lead POSCO, the nation’s top steelmaker, in the fast-changing global business environment, the company said. The outgoing CEO wa

Nov. 15, 2013

Hotel market expected to continue growth

Growth of the Asian hotel market appears to have slightly slowed this year, but it holds a promising outlook for the mid- and long term, according to a report by a global real estate consulting firm.In its report “The Asia Hotels View 2014,” Cushman & Wakefield also forecast that the Asia-Pacific region would recover much of its growth by 2014 with the exception of Seoul, which may take an additional two to three years.The company’s report, which analyzed hotel markets across 23 cities, showed t

Nov. 12, 2013

Builders chase high-value overseas subway deals

With sluggish local conditions pushing major Korean builders to turn to overseas markets, the ever-growing competition is narrowing their focus: dominating the high-value-added sector.And a prime target is intracity subway construction projects, which require an intensive level of technology and thus limit the entry of inexperienced rivals.Samsung C&T, the construction and trading affiliate of the nation’s largest conglomerate Samsung Group, once again gained momentum in the market this year by

Nov. 5, 2013

Asian luxury firms emerging as competitors to Western brands

Despite signs of a fragile economic recovery, the climate in the West has been one of austerity in recent years. You’d imagine that this was a cause for concern among the world’s leading luxury brands ― most of which are based in Europe or the U.S. However, sales in the luxury sector have been booming, and much of this can be attributed to demand from Asia.Much has been reported about the demand amongst Asian professionals for luxury products and Korea has been a major contributor to this trend.

Nov. 5, 2013

Doing business in a game-changing era

The two most important questions often facing the leader of an organization have been the same throughout time: What is now and what is next? The answers now may be more important than ever at a time when the global economy is gaining momentum for recovery after a five-year downturn. As to the biggest change in the business environment compared with the past, CEOs of Korean units of multinational companies were of one voice ― the “speed and volatility” of change.“It is not an exaggeration to say

Nov. 5, 2013

P&G still bullish on growth in Korea

JEJUDO ISLAND ― “All SK-II products are 100 percent safe,” Procter & Gamble Korea’s chief executive Lee Sue-kyung stressed Friday at a media meeting about radiation concerns here over made-in-Japan products after the deadly earthquake and tsunami in 2011. “We have strengthened inspection into the whole import process as well as the manufacturing site in Japan. No cases of contamination have been detected thus far,” she said, adding the brand is still the biggest revenue source for the Korean uni

Nov. 4, 2013

Big data management key to MICE industry: Accenture exec

Backed by its renowned technology leadership and top-class e-government system, Seoul already has potential in the lucrative MICE industry, but has yet to improve its big data management capacity, according to a top global consulting firm chief in Seoul.MICE, which refers to meeting, incentives, convention events and exhibitions, is an integrated concept connecting exhibitions and conventions with tourism and cultural content.“There are a number of factors which make a city attractive to the glo

Oct. 29, 2013

COEX eyes international business cluster

While all economic organizations are focusing on realizing the creative economy that has the become the Park Geun-hye administration’s national slogan, COEX set its eye on MICE, an integrated concept connecting exhibitions and conventions with tourism and cultural content.The Korea International Trade Association and COEX recently signed a memorandum of understanding to initiate a new MICE Cluster in Samseong-dong, southeast Seoul, where the current COEX Mall is undergoing a broad-scale renovati

Oct. 1, 2013

Executives face rising demand for digital mindset

The rapid pace of digital adoption by Korean consumers means businesses must move to meet them in the digital arena, tapping social media and using big data to strengthen their connections with their target audience.As a global leader in the production and consumption of high-tech products, Korea is among the fastest-growing information and communications technology markets worldwide, with its advanced infrastructure and consumers who are keen to adopt new technologies and products.Almost all Ko

Oct. 1, 2013

Today’s boardrooms need more women

The past 12 months have seen some notable milestones for women in senior positions. Fifty-one percent of senior management positions in China are now held by women, up from 25 percent in 2012. On a global scale the percentage of women in senior roles has risen from 21 percent in 2012 to 24 percent in 2013, and here in Korea, 2013 saw the inauguration of its first female president. However, many nations still possess a culture and work ethic that prevent real progress in gender equality. Korea is

Oct. 1, 2013

Chief digital officer becoming vital boardroom position

In the new digital era, the key to success is to appoint a professional chief digital officer who may sort out meaningful data and apply it to an actual business situation, according to a top global consultant“We are living in an age of big data, but most of the existing data is useless,” said Dominic Barton, chairman of McKinsey & Co., during his lecture at a forum hosted by Seoul School of Integrated Sciences & Technologies, or aSSIST, last week.Barton, who took office as chairman of the globa

Sept. 17, 2013

Design emerging as key corporate asset for innovation

This is the fourth installment in an eight-part series that examines the social role of design beyond its aesthetic aspect. The weekly series is a precursor to Herald Design Week 2013 from Oct. 7-11, which will be organized under the theme of “Re-imagine the World.” ― Ed.When Paris Baguette, a leading bakery chain in Korea, announced it would enter the purified water market with its new premium water brand “Eau” in 2010, few expected that the retailer with no experience in the market could survi

Sept. 5, 2013

‘Time to invest in innovation’

In a world which has long been caught in slow growth, one should turn the conventional business conceptions upside down in order to seek new growth opportunities, according to one of the world’s top innovation gurus.“When the economy is sluggish, companies fear changes and risks, but it is ironically in such times that they must invest in innovation,” Vijay Govindarajan, professor at the Tuck School of Business at Dartmouth College, told The Korea Herald in an interview.The Indian professor, who

Aug. 27, 2013

Seoul Station saves time for travelers

When international airports see as many as 130,000 travelers per day, it might be wise to go through the departure formalities at Seoul Station and take the express train to the airport.Seoul Station, which hosts a city air terminal and the airport railroad, offers faster and easier access to Incheon International Airport for those who wish to travel abroad during peak seasons, according to the Incheon Airport Railroad Express.“Since the third week of July up to the August peak season, the avera

Aug. 20, 2013

Single-person households see growing buying power

Kim Hee-won, 38, a senior marketing manager for a leading credit card firm, is single and has lived alone since returning to Korea in 2009 upon completing her MBA degree in the United States. She tends to keep to a tight monthly budget in preparation for her future, but is willing to open her wallet to travel and hunt for gourmet food. Hong Sang-bin, 48, a public relations director of a local business group, is also living alone as a “goose father.” The term refers to a relatively rich Korean ma

Aug. 20, 2013