The phenomena of social polarization and jobless growth are casting dark clouds over the present and future for Koreans. The government has failed to come up with a national vision and the country is now more likely to follow the way of Japan, mired with a low birth rate and aging population, bubbl

“Both the absolute majority of market participants and the Korean government are well aware of the necessity of the goal,” chairman Lee said, adding, “Our shots at it in 2010 and 2011, though not that successful, were meaningful.” He went on to say that his company, despite unfavorable market condi

Those posing them are claiming that Korean financial authorities loosened regulations and interpreted relevant laws arbitrarily in favor of Lone Star, in contrast to attempts by other foreign capital to take over domestic banks. Civic organizations and politicians are demanding an explanation for s

In July 2011, Korea Investment Corporation (KIC) President Choi Chong-suk said at his inaugural address, “Our research arm will play a key role for long-term profit generation. Our overseas investment portfolio is extensive, and I will keep trying to find the optimum organization and role setting f

Debt deflation refers to a phenomenon where consumers reduce spending due to excessive debts, which results in shrinking domestic consumption and economic growth engines being turned off. Irving Fisher, an American economist, laid out this concept for the first time when he explained the 1930’s Gre

Dongsung Pharmaceuticals (CEO Lee Yang-gu) was awarded the “5 Million-dollar Export Tower” at the 48th trade day ceremony held at the COEX on December 12. The figure is just the export volume by June, 2011. President Lee Yang-gu received the award from the Ministry of Knowledge Economy for his outst

The Korea Eximbank and the Philip-pines’ Department of Agriculture recently signed a Memorandum of Understanding for the construction of a multipurpose dam on the Jalaur River in the southern Philippine province of Iloilo. This bilateral agreement is expected to provide Korean companies assistance i

The gravity of the problem is huge. Household debt exceeded 800 trillion won in Q1 for the first time ever, running to 892 trillion by September. Between the first two quarters of 2011, the household loan balance increased 2.2% to reach 876.3 trillion won. When sales on credit are included, the figu

With the KORUS FTA finally signed after some meandering, many people are turning their attention to FTAs between Korea, Japan and China. The nations’ leaders have already shown their strong desire to make it happen on various occasions, including the ASEAN+3 and East Asian Summits held in Bali betw

The gambling industry is showing signs of overheating in Korea, causing concerns of a break down in family and social ills on a large scale.It has been analyzed that the national social and economic cost of gambling addiction total 80 trillion won, despite the country going through a long period of

Business Korea interviewed Han Jin-hyun, director general for trade at the Ministry of Knowledge Economy, about the meaning of surpassing one trillion dollars in trade volume and the challenges facing South Korea.Fifty years ago, the Republic of Korea was seen as a nation too weak to remove the sca

Relevant authorities, including the Ministry of Knowledge Economy, jointly announced a “Mutual Growth Strategy for Small and Large Companies” on September 29, 2010. Now one year after the introduction of the “Mutual Growth Strategy for Small and Large companies,” which aims to establish win-win par

The financial crises in the United States and Europe are affecting the major export sectors of Korea. In particular, petrochemical, energy and steelmaking industries have been forced to watch their business showings plunge in Q3. “With global economic uncertainties appearing, China, the world’s bigg

The Korean financial market showed instability after the outbreak of the Lehman Brothers incident in September, 2008. The financial market claimed the currency swap between Korea and the US was good news. Stock prices, the foreign currency exchange rate and bond prices all rose.On the day of the ann

On October 31, the FSC gave Lone Star prior notice of its disposal order, with the hedge fund failing to meet requirements for the status. However, the execution order has still yet to be delivered. “We are currently going through legal matters, and when the process is over, we will have a meeting t

“If the central government promises more efficient assistance, the IFEZ will rank with Singapore, Hong Kong and Shenzhen much earlier than scheduled,” IFEZ Authority commissioner Lee Jong-cheol said with conviction. He added, “Though it has designated six free economic zones nationwide, a variety o

Korean constructors’ overseas orders were low during the first half of the year mainly because of the European fiscal crisis and democratization movements in the Middle East and North Africa. However, constructors are now winning continuous large-scale projects, making it likely they will meet their

Single premium immediate annuities are now the talk of the town. According to industry sources, so far this July, the total premium of immediate annuities topped 1 trillion won, with the savings bank scandal and recent dip in stock market weighing on investors. This has drawn part of the floating m

Seven Korean savings banks have recently been ordered to suspend business. Observers are seeing the situation as a natural outgrowth of the financial authorities’ incorrect policy, reckless management on the part of banks themselves and moral laxity among consumers. Between July and August, the sup

The financial authority has prepared mandatory regulations to strengthen the information protection levels of financial institutions. There is keen interest in whether the financial sector can recover lost customer confidence.There have been many incidents this year, including the hacking of Hyundai