Tracking the history of Korea Exchange Bank is much like scavenging through Korea’s modern economic history following the 1950-1953 Korean War. Established in 1967, KEB has contributed to the nation’s banking industry as one of the oldest banks. The bank, well known for its specialized foreign exchange marketing and corporate banking, started its second takeoff in 2012 after it was acquired by Hana Financial Group to become a sister bank of Hana Bank. Entering the 1960s, the Korean government wa

Business July 11, 2013

The nation’s largest tobacco maker KT&G will launch “RAISON ice Presso,” the newest in its decade-old RAISON series, on July 3. RAISON ice Presso comes with two different flavors, the company said. Its initial coffee taste turns apple mint-fresh as the smoker pops the “ice capsule” within the cigarette.KT&G noted that the new product is reflective of the success of its predecessor, “RAISON Presso,” that it launched in July 2012, after four years of research and development. RAISON ice Presso is

Industry July 1, 2013

Following is the second in a series of articles on promising foreign-invested companies in Korea. ― Ed.PYEONGTAEK, Gyeonggi Province ― In 1862, Alexander Parkes presented the first man-made plastic at the Great International Exhibition in London. Since then, this revolutionary material has become an indispensible part of life.Every single plastic product we use ― soda bottles, plastic ware, plastic bags ― has to be heated and molded into shape. But even a small plastic injection mold for smartph

Business July 1, 2013

Global economic uncertainty is growing. Japan saw the dollar pass the 100-yen mark in early May but faces a dilemma with the slowdown of the real economy and rising interest rates. China is also experiencing difficulties with provincial debt of 172 trillion won ($150.6 billion). The United States is hinting at a departure from quantitative easing even though the prospects for economic recovery remain unclear, casting gloom over the global economy. In these uncertain times, the Korean government

July 1, 2013

Sporting goods maker Mizuno Corp. kicked off its Korean operation in Seoul last week, the Tokyo-based company announced Monday.Mizuno Korea Ltd. noted that the launch Friday was reflective of Korea’s mounting achievements in sports, golf, baseball and soccer in particular. “We are willing to unfold an aggressive marketing strategy, with high expectancy of Korea’s growth in the sporting goods market,” Mizuno Korea wrote in a statement. Kim Chang-byeom, the chief executive of local sporting goods

Industry July 1, 2013

Nongshim Kellogg said Monday that Kim Jin-hong, Kellogg’s regional head of Southeast Asia, was named its chief executive. Kim, 46, is an excellent brand maker who earned his position through his rich experience in supply chain, marketing and project management since he joined Kellogg in 1999, the company said. The new CEO formerly served as marketing head of Kellogg’s Japanese and Korean units. Founded in 1906, Kellogg has grown into a food manufacturer that holds about 42 percent global market

Industry July 1, 2013

The Financial Supervisory Service, Korea’s financial regulator, is facing heat for paying excessively high annual salaries to its employees amid mounting worldwide criticism against overpaid executives in the financial sector.The controversy escalated as the FSS recently posted last year’s average annual salary of its employees. Payrolls of all state-controlled organizations are required to disclose their salaries.The financial regulator’s average annual salary in 2012 ― 92 million won ($81,000)

June 30, 2013

Autoelex has become the producer of the world’s largest number of small and medium-sized digital incubator models, the Korean manufacturer of poultry hatchers and brooders said. Launched in 1991, Autoelex rolled out its first digital hatcher and brooder “RCOM” in 2004. Currently the flagship RCOM series is exported to 40 countries including the U.S., Britain, Germany, Denmark and China, and distributed by about 70 local companies. The hatcher is exclusively distributed by major brooder companies

Business June 25, 2013