Financial Supervisory Service Governor Choi Soo-hyun said Wednesday that Korea will meet global standards in regulating domestic and foreign financial firms’ local operations.He delivered the pledge at a luncheon meeting with members of the American Chamber of Commerce in Korea in downtown Seoul to mark the 60th anniversary of the institution’s establishment.While Choi reiterated that the authorities would foster a level playing field between domestic and foreign capital on the basis of global s

Dec. 4, 2013

Under Korean immigration regulations, companies are allowed to employ a workforce with up to 20 percent of their employees being foreign semi-professionals or skilled laborers on an E-7 visa.This regulation is one of the complaints from foreign companies doing business in Korea, and some foreign CEOs called for easing the rule when they attended a government-organized forum in Seoul last week. “We sit at the same size because of the immigration law,” said a representative from a Canadian company

Dec. 2, 2013

Japan Tobacco International has tapped Anastasios Sitsas as general manager of its Korean operation, the multinational tobacco manufacturer said Monday. Sitsas, 48, began his career as a consumer and trade marketing expert in 1990 at British tobacco maker Gallaher, accumulating experience across Greece, Italy, Russia, Kazakhstan, Switzerland and some African nations.After Gallaher was acquired by JTI in 2007, the Greek general manager headed JTI’s regional operation in Central Asia, including Ka

Industry Dec. 2, 2013

With cosmetic surgery common nationwide, so-called “modified faces” have become a regular sight in bustling areas such as Gangnam, Cheongdam-dong and Sinsa-dong.But despite their vast popularity, cosmetic procedures can go awry just like any other medical procedure. “I had a calf reduction done to become more attractive, but I got the worst out of it,” a woman wrote on Anti-Plastic Surgery Cafe, one of the largest online anti-plastic surgery communities.The patient had her calf muscles involuted

Social Affairs Nov. 29, 2013

Wrap accounts tailored for major global economies have become a viable investment strategy amid the prolonged trend of low interest rates, Hana Daetoo Securities said on Thursday.“We are positively surprised at the growing popularity of our wrap accounts for overseas stocks and the exchange traded funds,” said a spokesperson of Hana Daetoo, pointing to the United States, China and other countries that are expected to see steady growth in the medium and long term. Amid rising demand for overseas

Nov. 28, 2013

Hana Financial Group is spuring its social contribution activities at home and abroad, vowing to widen its profit sharing with local communities in need. Since 2011, the financial group has observed Nov. 11 as “Modu Hana Day,” or the day of unity, setting out for its annual two-month community service campaign, “Modu Hana Campaign.”“The campaign aims at making social contribution a casual habit for us all, eventually leading to a healthy company and community,” said Kim Jung-tai, the group chair

Nov. 21, 2013

Gore Korea, the Korean operation of W. L. Gore & Associates Inc., was selected among the “100 Best Companies to Work for in Korea” for the third consecutive year, the company said Thursday. W. L. Gore & Associates is a five-decade-old, U.S.-based manufacturer of fluoropolymer products, and best known as the developer of Gore-Tex fabrics. Great Place to Work Institute, a global research and consulting firm, gave Gore Korea the annual award in recognition of its innovative spirit and liberal corpo

Industry Nov. 7, 2013

Hyundai Capital Services Inc., the country’s largest auto financing and leasing company, said it aimed to lead the global auto financing industry, providing drivers with ideal payment plans for automobiles. Auto financing is Hyundai Capital’s core business, while the lender also offers different plans for credit, housing, car and corporate loans.“Many Korean companies seek to expand their businesses to foreign countries. The real challenge is how to excel in the global competition,” Hyundai Capi

Nov. 7, 2013

KT&G said Wednesday that it released a new limited edition of its Tonino Lamborghini Crispy for sales. The new Lamborghini has a distinctive and clean finishing taste, and comes with a tight threefold tube-shaped filter that helps the flavor and scent last longer, said the country’s largest tobacco manufacturer.The product was recently displayed at the Inter-tabac 2013 in Dortmund, Germany, in September and the Tax-Free World Association Exhibition in Cannes, France, in October. “The product sei

Industry Nov. 6, 2013