South Korean firms need to overhaul their corporate culture to enhance global competitiveness, specialists here said Wednesday."What's important, above all, is to change the way of work and culture," Choi Won-sik, head of McKinsey & Company's Seoul office, said in a forum hosted by the Korea Chamber of Commerce and Industry.It will be hard to ride out the current challenges facing South Korea if it fails to improve the nation's corporate culture by sticking to the past success model of focusing

Industry June 1, 2016

Environment-friendly and luxury vehicles will steal the spotlight during this year's Busan International Motor Show amid a lingering impact of Volkswagen AG's diesel emissions scandal on the markets, industry people said Wednesday. In the Busan International Motor Show, which opens from June 2-12 at BEXCO Auditorium in Busan, 453 kilometers south of Seoul, 25 domestic and international carmakers are set to exhibit 232 models, including 45 concept, upgraded and fully revamped cars, the biennial s

Mobility June 1, 2016

Business sentiment for South Korea's construction industry fell to the lowest level in 16 months in May due to a weak housing market, a poll showed Wednesday.The construction business survey index came to 78.5 last month, down 7.1 points from the previous month and 16.1 points from a year earlier, according to the survey by the Construction and Economy Research Institute of Korea.This is the lowest mark in 16 months, except for the offseason of January this year.A reading hovering above 100 indi

June 1, 2016

Busan City said Wednesday that it had proposed a budget of 1 billion won ($837,000) to install 80 additional surveillance cameras, in a bid to deal with a surge in unprovoked violent crime. A week ago on May 25, a man suffering psychological disorder had wielded a wooden club at women he chose apparently at random in Busan’s city center.   (123RF)Once the bill is approved by the Busan City Committee at the end of this month, 80 high-resolution surveillance cameras will be purchased and distribut

Social Affairs June 1, 2016

South Korea is pushing for the construction of a new oil drilling ship to replace the existing outdated vessel, a state-run geology and resources research center said Wednesday.The Korea Institute of Geoscience and Mineral Resources (KIGAM) said it has obtained government approval to conduct a six-month preliminary feasibility study on the construction of the 5,000-ton vessel, dubbed Tamhae 3, starting this month.If the project passes the feasibility study, construction will likely begin in 2018

Industry June 1, 2016

Hana Tour Co., South Korea's leading tour agency, opened its third business hotel in Seoul, aiming to create synergy with its travel, duty-free and entertainment businesses. Tmark Grand Hotel is located in Myeongdong, the shopping mecca in downtown Seoul, and close to Namdaemun Market, the nation's largest traditional market. The 20-story building has 576 rooms plus a swimming pool, a fitness center and a VIP lounge. The travel agency first opened two business hotels in central Seoul in 2012 and

Industry June 1, 2016

Two men died Tuesday in Buk-gu, Gwangju, after one threw himself out a window to kill himself and landed on top of the other.  Police said a 26-year-old university student, whose identity has been withheld, left a suicide note and jumped from the 12th floor of his apartment complex at around 10 p.m. on Tuesday. In an unfortunate coincidence he fell on top of a 40-year-old man returning home after work.This is a stock image. (123RF)The two were immediately taken to a hospital but neither survived

Social Affairs June 1, 2016

Embattled Hyundai Heavy Industries Co. has mapped out 3.5 trillion won ($2.94 billion) worth of self-rehabilitation measures, including asset sales and a cut in its workforce, in order to stay afloat amid a drop in new orders, industry sources said Wednesday.Under the shipbuilder's self-rescue plans, temporarily approved by the financial authorities and its creditors, led by KEB-Hana Bank, it will sell stocks that it invested in, non-core assets and cut its workforce, which will reduce its debt-

Industry June 1, 2016

Three men were arrested on charges of gang raping a Swedish tourist they met at a nightclub in Hongdae, Seoul, the Seoul Mapo police said Wednesday.The men, in their 20s, allegedly accosted the victim “to show her the Korean nightlife,” on May 14 in Hongdae area. (123RF)The four of them drank until the next morning, resulting in the victim becoming heavily intoxicated. The suspects are then alleged to have taken the victim to one of the men’s flat where they sexually assaulted her and photograph

Social Affairs June 1, 2016

The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose sharply in May from a month earlier, the antitrust watchdog said Wednesday.The Fair Trade Commission said the number of firms on its monthly watch list came in at 1,759 on Monday, up 18 from the previous month. Fair Trade Commission in Sejong City (Yonhap)Such affiliates are owned by the country's 65 largest business groups, including Samsung Group, Hyundai Motor Group an

Industry June 1, 2016

South Korea is considering closing aged coal-fired power plants as part of efforts to curb fine dust emissions in light of worsening air pollution problems, the government said Wednesday. The Office for Government Policy Coordination under the Prime Minister's Office has been preparing a set of comprehensive measures jointly with the ministries of environment, energy and finance to address the rising environmental concerns.The Ministry of Trade, Industry and Energy has been drafting a plan to cl

Industry June 1, 2016

Hybrid or electric-powered cars could be much more dangerous to pedestrians than traditional vehicles because of their silence, a report said Wednesday.According to the report by Hyundai Marine & Fire Insurance Co., walkers are 1.6 times more likely to be run over by a quiet hybrid or electric car than by one with a gas or diesel engine outside schools, in residential areas and on other back roads. (Yonhap)The accident rate for slow-moving hybrids on back roads was 5.5 percent, compared to 3.5 p

Mobility June 1, 2016