Ssangyong Motor’s management and labor union have reached a tentative agreement to rehire a group of dismissed workers, a move widely seen here as a major breakthrough to end their six-year labor dispute. “The company took a critical step to end the prolonged labor conflict,” a company official said Monday. The agreement was made during tripartite talks among Ssangyong CEO Choi Johng-sik, union leader Hong Bong-seok and Kim Deuk-jung, a representative from the Korea Metal Workers’ Union. Kim has

Dec. 15, 2015

In a meeting with reporters last week, Finance Minister Choi Kyung-hwan dismissed warnings that the Korean economy may be facing its worst ever conditions as exaggerated.“Some have said our economy is heading toward a grave crisis, but all data are showing Korea is doing better than most of its peer countries under difficult situations,” he said.Choi, who concurrently serves as deputy prime minister for economic affairs, argued that if exports had not fallen, Asia’s fourth-largest economy could

Dec. 14, 2015

Poland is modernizing its roads, railways, airports and seaports to be a “pan-European” transportation hub. The Central European powerhouse is well positioned for the European Union’s infrastructure policy ― the Trans-European Transport Network ― unveiled by the European Commission in January last year, aimed at boosting East-West and North-South linkages across the continent. Covering both passengers and freight, the ambitious initiative will close transport capacities between 28 member states,

Dec. 14, 2015

The United Nation’s World Happiness Report listed Denmark as the world’s happiest nation in 2013 and 2014, while it came in at third place behind Switzerland and Iceland this year. When Koreans think of the Nordic nation, they conjure up ideas of work-life balance, plentiful welfare and fancy lifestyles, an egalitarian utopia far from “Hell Joseon,” a phrase Korean youth have recently used to describe Korea’s structural malaise. In the same report, Korea was ranked 47th of 158 countries for this

Dec. 14, 2015

Marking one year of the Korea-Australia Free Trade Agreement that entered into force on Dec. 12 last year, the Australian Embassy held a press conference last week to reflect on the deal’s positive impacts and gauge potentials for growth. The comprehensive agreement covers a broad spectrum, including trade in goods and services, investment, technology and information sharing. Korea agreed to a 94 percent tariff reduction on goods imported and Australia consented to a 100 percent elimination.  (F

Dec. 14, 2015

France, which has Europe’s second-largest venture capital ecosystem, is vying to transform the entire country into a start-up incubator. The government of President Francois Hollande has unveiled an ambitious “French Tech” initiative backed with 215 million euros ($236 million) in funding, aimed at harnessing countrywide entrepreneurship and global competitiveness in the information communications technology, e-commerce and innovative industries, as well as med-tech, bio-tech and clean-tech sect

Dec. 14, 2015

With delays in the expansion project of the U.S. military base in Pyeongtaek, Gyeonggi Province, the relocation of the bulk of troops from central Seoul and other northern regions due to conclude in 2016 will take another year, the commander of the 8th U.S. Army said Thursday. Under the plan, initially slated to take place in 2008 but delayed until 2012, Camp Humphreys will be home to some 42,000 U.S. forces and their families as they shift in stages, said Lt. Gen. Bernard Champoux, who is also

Dec. 13, 2015

South Korea’s big three telecom carriers ― SK Telecom, KT and LG Uplus ― are expected to see an unprecedented drop in their combined revenue this year amid rapid market saturation. According to market analyst FnGuide, their combined revenue is set to fall to 49.6 trillion won ($42 billion) this year, about 4 percent down from last year’s 51.5 trillion won.  KT would see the largest drop to 21.8 trillion won from 23.4 trillion won, while SK Telecom expects a fall to 17.1 trillion won from 17.8 tr

Dec. 13, 2015

In Park Yeon-mi’s defection from North Korea, she encountered a South Korean pastor. The compassionate minister had told the then-teenage girl, who had just escaped the clutches of one of the most secluded and oppressive regimes in the world, that she deserved a “second chance.” “What second chance? I’m not a criminal. It was not my choice to be born in North Korea,” she told The Korea Herald in an interview after giving a speech last month at an international forum in Bangkok.The conversation w

Dec. 13, 2015

The defection of Rep. Ahn Cheol-soo from the New Politics Alliance for Democracy signaled an irrevocable division of the main opposition camp, with only four months remaining to the general elections.The breakaway of the former cochairman is expected to encourage a number of nonmainstream members to follow suit as early as this week. The new clique is likely to create a new political party, or possibly join hands with already-defected Rep. Chun Jung-bae.“I have reached the conclusion that change

Dec. 13, 2015

Samsung Electronics said Friday it will hold a global strategy conference with its top executives from regional branches overseas and business unit heads in Korea next week under the theme of “businesses in a low-growth era.” The company’s vice chairman Lee Jae-yong and three chief executives ― Kwon Oh-hyun, Yoon Boo-keun and Shin Jong-kyun ― will join the conference, which is regularly held twice a year.Attention is being paid to whether the top Samsung executives in the conference would discus

Dec. 12, 2015

The Seoul Central District Court on Friday acquitted LG Electronics’ home appliance and air solutions CEO Jo Seong-jin and his two aides on charges of wrecking washers of rival company Samsung Electronics, citing a lack of evidence.Samsung filed lawsuits earlier this year against Jo and a top executive for damaging its washing machines at the SATURN Berlin Europa-Center and SATURN Berlin Steglitz in Germany during the IFA trade show in September last year. Another public relations executive was

Dec. 12, 2015

Lotte Duty FreeIf you’ve viewed airports as just places to board and disembark airplanes, you may want to do more from now. International airports are transforming into great places to shop and dine. Visiting the duty-free sections has become one of the most-anticipated parts of traveling to Korea. About 45 million visitors spent about 2.1 trillion won ($1.78 billion) at the Incheon International Airport last year, the highest amount in the world.From the world’s first Louis Vuitton store to glo

Dec. 11, 2015