Citizens in Busan Metropolitan City, the nation’s second-largest city, with a population of 3.56 million, were shocked in 2012 when the city came behind Incheon in a global survey to measure its competiveness. Incheon was ranked 56th, while the survey put Busan at 64th. The Economist Intelligence Unit conducted the survey on 120 cities in the world to address emerging city power. “City policymakers took the survey results seriously and started considering how to boost the city’s competitiveness

Industry June 20, 2014

Small and mid-sized South Korean beauty brands, which are in a neck and neck race in South Korea, have been turning their eyes to China for a while now to capitalize on the burgeoning demand for high-quality beauty products that are still affordable. Carver Korea is one such company that is working its way into the market. “China is a tough market to get into, but it is also a mine of opportunities,’’ Carver Korea director Ahn Jang-kyun said in an interview with The Korea Herald, noting that the

Industry June 19, 2014

POOSCO, the nation’s top steelmaker, said on Wednesday it received the most competitive award for 2014 from World Steel Dynamics, a global steel information service provider. The steel giant received the award for the fifth consecutive year, the company said in a press release. In an assessment of 36 steelmakers around the world, WSD gave the top mark of 7.91 points out of 10 to POSCO. It said POSCO received highest points in four segments, including technological innovation and human resource m

Industry June 18, 2014

Ssangyong Engineering & Construction said Wednesday it had signed a contact with Indonesia-based Rajawali Group for a project to build the six-star St. Regis Hotel and a convention center in Langkawi, Malaysia.“The company sealed the 82 billion won ($81 million) contact to build facilities for the upcoming ASEAN Plus Three Summit in Malaysia,” the builder said in a press release. The gathering of Asian leaders in Langkawi, Malaysia, will be held in April 2015. All 87 of the rooms will be high-en

Business June 10, 2014

When Booyoung Group chairman Lee Joong-keun vied for sponsorship of the nation’s 10th baseball team with KT Corp., the nation’s second-largest mobile carrier, in early 2013, it was a wakeup call for many about just how rich the usually low-key business tycoon was. At the time, the 73-year-old chairman, who usually chooses to remain in the shadows, greeted the media with open arms, even donning a baseball cap to show how serious he was about owning the team. He also confidently addressed the conc

Industry June 9, 2014

Kang Hak-seoHyundai Motor Group on Monday announced that it appointed Kang Hak-seo, current vice president and chief financial officer of Hyundai Steel, as the new CEO of its steel business arm. “The top-level management reshuffle at Hyundai Steel is aimed at improving falling profitability of the steelmaker and securing funds for new growth engines,’’ Hyundai Motor Group said in a press release. The 59-year-old Kang is a finance specialist who has managed finance teams of different affiliates o

Industry June 9, 2014

A rendering of the 26.2 megawatt solar power plant to be built on the site of a golf course abandoned in Fukushima after the 2011 earthquake by 2015. Hanwha Q Cells supplied solar modules to Japan’s biggest solar power plant. (Hanwha Group)Hanhwa Group said Thursday that it will continue expanding its overseas solar power business by making inroads into emerging markets, including countries like Chile and Turkey, while further tapping into new business opportunities in strategic markets such as

Industry June 5, 2014

With increased shareholdings in the nation’s leading conglomerates, foreign investors now face rising pressure to take an active role as shareholders that could force the companies they invest in to change unethical management practices. One of the most recent cases involves discount chain E-Mart and one of its largest shareholders, Aberdeen Asset Management Asia. E-Mart, the country’s largest discount store chain, is owned by retail giant Shinsegae Group.Singapore-based Aberdeen is the second-l

Industry June 4, 2014