The country’s top financial regulator unveiled the direction for financial policies for the next five years during an economic policy forum held in central Seoul on Thursday.The revival of failed-but-restarting enterprises, pro-customer financial inclusion and a sound financial system are the new administration’s three major polivy priorities, said Ko Seung-bum, head of the financial policy department at the Financial Services Commission.In his presentation at the forum “Hear from the New Govern

April 18, 2013

Thai princess Maha Chakri Sirindhorn plans to visit the Ochang factory of Korea’s leading pharmaceutical firm Green Cross in Cheongwon County, North Chungcheong Province, on Friday, company officials said.The company said the tour of Asia’s largest manufacturing facility of blood derivatives ― pharmaceutical products processed from human blood ― is scheduled for the last day of the princess’ four-day trip to Korea.Green Cross chairman Huh Il-sup, chief executive Rhee Byung-geon and Thai ambassad

Industry April 18, 2013

The International Monetary Fund announced Tuesday that it had downgraded this year’s outlook for global economic growth, citing continued risks. In its most recent report on the global economic outlook, the IMF lowered this year’s global economic growth projection to 3.3 percent, 0.2 percentage point down from three months ago.The IMF also lowered Korea’s expected growth rate to 2.8 percent, 0.4 percentage point down from three months ago, citing the country’s weak exports and domestic consumpti

April 17, 2013

ING Life Korea said stability and flexibility are two unchanging boosters for annuity sales, as shown in customers’ strong demand for its signature non-par annuity “Free Style.”Annuities are financial products generally used to build up savings in preparation for retirement.ING has been locally rated “AAA” for five consecutive years on its IFSR, or Insurer Finance Strength Rating. Having begun operation here under its former name Life of Georgia in 1989, the insurer changed its name to ING Life

April 17, 2013

Imported whiskey distributor Diageo Korea announced on Tuesday it will launch a foundation to further strengthen its social contribution activities.The hard liquor distributor told press its plan to donate 5 billion won over the next five years through the Diageo Korea Foundation, which begins operation on July 1. They plan to set aside 1 billion won each year.  Shortly after the announcement, Diageo Korea signed a cooperative pact with the Ministry of Gender Equality and Family, vowing to prior

Industry April 16, 2013

British American Tobacco Korea launched its newest edition of “Dunhill LIGHTS,” the tobacco maker said Monday. Targeting young adults, the upgraded version of Dunhill LIGHTS is 2,700 won ($2.40) a pack and contains 6 milligrams of tar.“Dunhill blend masters came up with a special and unique blend for the new Dunhill LIGHTS using top quality tobacco leaves,” BAT said in a statement, saying the company carried out some 300 quality tests to best reflect young consumers’ taste. Upon the launch, BAT

Industry April 15, 2013

Tens of thousands of job hunters, ranging from high school graduates to retirees, flocked to a job fair cohosted by two KB Financial Group affiliates in COEX, southeastern Seoul on Monday. Organized by KB Financial Group and its two affiliates KB Kookmin Bank and KB Financial Foundation, “KB Goodjob” is the lender’s fifth-largest job convention and the largest one-day job fair, group officials said. The group noted that this year’s KB Goodjob was designed to help job applicants ― regardless of f

April 15, 2013

The National Tax Service on Thursday vowed to focus on tax collection from the nation’s underground economy to secure funds needed to promote the government’s welfare programs.Revealing its 2013 policy direction at a meeting of heads of NTS’ local offices in Seoul, the tax agency said it hopes to secure an extra 28.5 trillion won ($25.2 billion) in the five-year plan to secure an increased welfare budget, aside from its usual tax collection activities. The tax agency said it would focus its inve

April 11, 2013

Richard Hill, chief executive of Standard Charted Bank Korea, has proven his leadership by harmonizing sustainable management with long-term corporate contributions to the local community, bank officials said. They said he has shown strong leadership in promoting both shared growth and social contributions to local communities to help the company develop sustainable growth. Hill joined Standard Chartered in January 2006 as chief financial officer in the financial group’s unit in Singapore. In Ja

April 10, 2013

The economic participation rate of the 50-59 age group soared to 73.8 percent in 2012, the highest rate since 2000, data showed Tuesday. The rate was 73.1 percent in 2011 and 72.7 percent in 2010. According reports from the Korea Exchange and Statistics Korea, however, the economic participation rate of the so-called “baby boomer generation” of those born between 1955 and 1963 is expected to abruptly decline as they will soon reach retirement age. The baby boomers make up about 14 percent of the

April 9, 2013

As an executive search professional, and coach to company leaders, I work with many fine leaders from various countries within a variety of businesses in Korea. I often witness firsthand what works and what doesn’t in Korea. Life for me is not boring ― it’s a roller coaster.How can we smooth out the ride of our careers in Korea? Why do books not always deliver? Well, because life is not so cut and dried that it can be captured easily between two hard covers. In looking for a career, don’t assume

Business April 8, 2013