Offering patrons a stage to show how supporting arts and culture can make a better world is a significant factor in convincing them to make contributions, according to the chairman of the Montblanc Cultural Foundation.“So it’s important for us to step up to act and support cultural development,” Lutz Bethge told The Korea Herald in a recent interview in Seoul. The chairman was in the country last week to announce this year’s South Korean recipient of the annual Montblanc de la Culture Arts Patro

Industry Oct. 1, 2014

The Korea Forest Service is joining forces with Algeria to work together on global reforestation.The KFS and Algeria’s Ministry of Agriculture and Rural Development recently held the first Korea-Algeria Forestry Cooperative Committee to discuss restoring forests and parks in the African country.“Although the cooperation is only in the initial stage, we believe that South Korea’s experience and technology will be highly useful in modernizing Ben Aknoun Amusement Park in Algeria and recovering the

Industry Sept. 29, 2014

The ousted KB Financial Group chairman Lim Young-rok quit as a registered member of the corporate board on Sunday, ending a 14-month tenure marred by an internal power struggle and management lapses.“I hope to let everything go,” Lim said in a statement. “I will take responsibility for everything that has happened as a result of my shortcomings and spend time engaging in self-reflection.” Lim’s departure came after KB Financial announced last Friday that it would name a new chairman next month.

Sept. 28, 2014

Korea Midland Power Co. is rooting for the Indonesian taekwondo squad by offering scholarships and transportation services during the Incheon Asian Games.As part of a support program, KOMIPO, one of six power generation affiliates of the state-run Korea Electric Power Corp., said it held a gala with the Indonesian taekwondo team in Seoul on Tuesday to wish for its success at the Incheon Asian Games. Other Korean companies doing business in Indonesia, including Korindo Group, helped sponsor the d

Industry Sept. 28, 2014

Shinhan Financial Group, the nation’s largest financial holding firm by assets, has been included in the Dow Jones Sustainability World Index for the second consecutive year, officials said on Thursday.Shinhan was recognized for its long-standing efforts in creating shared value, or CSV, to become the first South Korean financial firm to be included on the list two years in a row. The DJSI is a global indicator tracking the financial performance of companies in all industries that outperform in

Sept. 25, 2014

South Korea’s suicide rate rose 1.5 percent to 28.5 deaths per 100,000 people last year from the rate in 2012, according to Statistics Korea on Wednesday. The data showed that about 40 people took their own lives every day last year. The nation has had the highest suicide rate among member nations of the Organization for Economic Cooperation and Development for 10 straight years, Statistics Korea said. After reaching a peak in 2011, the nation’s suicide rate fell slightly in 2012 before edging u

Social Affairs Sept. 24, 2014

NH Financial Group chairman Yim Jong-yong (front row, fourth from right) poses with NH executives at a workshop held at its headquarters in Seoul on Friday. (NH Financial Group)Developing a new corporate culture in which people can share value and growth is the key to a successful merger between NH Financial’s brokerage units of NongHyup Investment & Securities and Woori Investment & Securities, said NH chairman Yim Jong-yong.“A successful merger between the two brokerages depends on having chem

Sept. 22, 2014

Top management of Hana Financial Group decided to ask the Financial Services Commission for an approval to integrate with the Korea Exchange Bank in October, a Hana group chairman said on Thursday. “We have basically prioritized reaching an agreement with KEB’s labor union, but we will just push ahead with the merger if the unionists continue to refuse the idea,” Hana chairman Kim Jung-tae told reporters.The chairman added that the group may fast-track the application plan if it reaches a consen

Sept. 19, 2014

South Korea can become one of the world’s most successful hubs for the Chinese yuan, given its geographical proximity to China and the importance of their economic relations, said Martin Tricaud, president and CEO of HSBC in Korea.“The 19th century was the century of the sterling, the 20th century was the century of the dollar, the 21 century will be the century of the RMB,” Tricaud told the press, referring to renminbi, another name for the yuan.The London-based financial group’s aggressive pus

Sept. 18, 2014

KB Financial Group chairman Lim Young-rok has become known for two things: being the first financial group chairman to be slapped with a severe penalty and the first to defy the authorities’ sanction. Late Tuesday night, Lim filed an administrative suit against the Financial Services Commission to have the watchdog withdraw its three-month suspension order.“Through the legal procedure, I look forward to revealing the distorted truth (surrounding the banking unit’s computing system change) and th

Sept. 17, 2014

Prosecutors on Tuesday raided KB Kookmin Bank’s computer center in Seoul over alleged irregularities in the bank’s introduction of a new computing system, according to KB officials Tuesday.Investigators seized documents and emails sent between IT department employees and KB Financial Group CIO Kim Jae-yeol, prosecutors said.“The seized emails will help us check conversations concerning the process of switching the bank’s mainframe system,” an investigator said.The raid came after the Financial S

Sept. 16, 2014

KB Financial Group’s board on Monday urged its chairman Lim Young-rok to voluntarily resign following the financial regulator’s decision to suspend the KB chief last week.During a two-hour board meeting, a majority of KB Financial’s directors agreed that Lim’s resignation would be inevitable for the group’s stability, a KB spokesman said in an emailed statement. If Lim does not quit voluntarily, the chairman would likely be dismissed during the board’s meeting Wednesday, KB officials said.KB cha

Sept. 15, 2014

South Korea’s financial watchdog is stepping up punitive actions against KB Financial Group chairman Lim Young-rok, who has refused to resign over alleged managerial failures.The Financial Services Commission said Saturday it would file a complaint with the prosecution against Lim on Monday for alleged irregular practices in the process of changing the group’s computing system supplier from IBM to Unix.The decision comes only days after the FSC ordered a six-month suspension and resignation for

Sept. 14, 2014