Articles by 정주원
정주원
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JCS Chairman Lee inspects readiness at NLL aboard Aegis warship
Joint Chiefs of Staff Chairman Lee Sun-jin has inspected the military's combat readiness posture along the inter-Korean maritime border, aboard an Aegis-equipped destroyer. "If the enemy provokes, retaliate severely with speed and accuracy," Lee instructed a commander of an Air Force flight team during a combat simulation performed inside the Sejong the Great destroyer in the Yellow Sea near the Northern Limit Line. South Korean Air Force performs an air drill across the coastal city of Pyeong
Defense Jan. 1, 2016
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‘Korea needs harsher punishment on insurance fraud’
(123RF)Korea Life Insurance Association, the country’s leading representative of the life insurance industry, called for stronger punishment for insurance fraud crimes. “Insurance fraud is a grave crime that undermines public interest, but its relatively weak penalties are fueling moral hazards among a wide range of ordinary people,” KLIA said in a press release. In 2014, authorities caught insurance fraud cases worth 600 billion won ($512 million), up 15.6 percent from a year ago. Yet that nu
Dec. 30, 2015
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Debt is Korea’s biggest economic setback: FSC chief
Financial Services Commission Chairman Yim Jong-yong attends his year-end press meeting in central Seoul, Tuesday. (FSC)Financial Services Commission Chairman Yim Jong-yong pinpointed household debt and corporate debt as the biggest potential problems for the Korean economy, calling for “fierce reform” to guard against it. “The debt problem, (particularly) household debt and corporate debt, is the biggest risk in our economy,” the chief financial regulator said in his year-end press meeting in
Dec. 29, 2015
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BAT Korea appoints new CEO
Erik Stoel (BAT Korea)Erik Stoel, marketing director of British American Tobacco Korea, has been appointed its new chief executive, the company announced Tuesday. Stoel will take office on Jan. 1, replacing the incumbent CEO Guy Meldrum who has been transferred as head of BAT Australasia. “Over the past 3 years, in his role as marketing director of BAT Korea, Mr. Stoel has made a substantial contribution to the company by strengthening the company’s flagship brand Dunhill to establish BAT Korea
Industry Dec. 29, 2015
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Korea resumes kimchi export to China
Korea has resumed exporting kimchi to mainland China after five years, South Korea’s Agriculture Ministry said Thursday. The first 890-kilogram batch of “Jongga” kimchi, a kimchi brand of Daesang FNF, left Korean waters on Dec. 6 and passed the Chinese customs on Dec. 18, according to the Ministry of Agriculture, Food and Rural Affairs. Upon obtaining the sanitary certificate, the Korean-made kimchi is now on sale at eight branches of Lotte Mart in China. The Korean-made kimchi is packaged in sm
Industry Dec. 24, 2015
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Mirae Asset preferred bidder for Daewoo Securities
The state-run Korea Development Bank on Thursday picked the Mirae Asset consortium as the preferred bidder for KDB Daewoo Securities, the country’s second-largest brokerage by capital. The Mirae Asset consortium -- comprising Mirae Asset Securities and Mirae Asset Global Investments -- offered the highest 2.4 trillion won ($2.06 billion) for a 43 percent stake in the brokerage house and 100 percent of KDB’s asset management operation. (Yonhap)Mirae’s offer price was far higher than the market v
Dec. 24, 2015
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Aging population poses risks in property market
The aging population could trigger new financial risks in the property market as an increasing number of retirees are expected to sell homes to repay debt, the Bank of Korea said Tuesday. The senior householders’ sell move could trigger oversupply of properties, pulling down property prices, eventually adding to household debt and decreasing the gross domestic product and economic growth rate. “The senior householders can pose new risks in the property market in their moves to deleverage their h
Dec. 22, 2015
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KT&G launches The One Gold Label
The One Gold Label (KT&G)KT&G, the country’s largest tobacco-maker by market share, on Monday launched the premium edition of its The One brand with micro charcoal filters. Dubbed “The One Gold Label,” the new edition applies triple-layered micro charcoal filters that maximize the clean finish, in addition to premium quality tobacco leaves, the tobacco-maker said in a press release. The gold label came after three years of research and development, targeting demand for premium cigarettes, KT&G
Industry Dec. 21, 2015
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[Photo News] KDB opens new branch in Qingdao
KDB’S QINGDAO BRANCH -- Korea Development Bank chairman Hong Ky-ttack (seventh from left) poses with Shandong Province Vice Gov. Xia Geng (sixth from left), South Korean Consul General in Qingdao Lee Soo-john, and bank officials of both countries at the launching ceremony of KDB’s Qingdao branch in Shandong province on Friday. (KDB)
Dec. 20, 2015
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[Photo News] Woori Bank signs cooperative agreement with Indonesia Investment Coordinating Board
INVESTMENT TIES WITH INDONESIA -- Woori Bank president Lee Kwang-goo (left) poses with Indonesia Investment Coordinating Board chairman Franky Sibarani after signing a mutual cooperative agreement for strategic partnership in downtown Seoul on Friday. (Woori Bank)
Dec. 20, 2015
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Debt policies, U.S. rate hike pull down apartment market transactions
(123RF)Korean housing market transactions for speculation turned bearish in December, amid toughened household debt control policies, housing oversupply and uncertainties from the U.S. rate hike, municipal government data showed on Sunday. As of Dec. 18, the apartment market transactions stood at 5,470 deals, accounting for only 55 percent of the monthly transactions in November, according to Seoul Property Information Plaza, a housing market information provider operated by the municipality of
Dec. 20, 2015
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‘Korea must be led by private sector to maintain long-term growth’
South Korea‘s economy must firmly be led by the private sector if it wants to achieve sustainable growth, a public committee dedicated to formulating the country’s long-term growth strategy said Thursday.Korea International Trade Association CEO Kim In-ho attends a public committee dedicated to formulating the country’s long-term growth strategy in central Seoul, Thursday. The meeting was cochaired by Kim and Finance Minister Choi Kyung-hwan.(Yonhap) The committee, made up of economists from loc
Dec. 17, 2015
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Two-child policy to take effect soon: NPC official
China's recently announced two-child policy will likely take effect soon following necessary legal procedures, an official of China's top legislature said Friday. Shen Chunyao, a member of the 11th Standing Committee of the National People's Congress, called the new policy an "important adjustment" in China's social policy prompted by demographic changes, including a rapidly aging population. "It can be implemented only after the law is amended," he said in an interview with Yonhap News Agen
World News Dec. 11, 2015
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Trump's name, image removed at Dubai development amid uproar
The image and name of American presidential hopeful Donald Trump was gone on Friday from much of a Dubai golf course and housing development amid the uproar over his comments about banning Muslims from traveling to the United States. The disappearance of Trump's branding from the multi-billion-dollar development on the outskirts of Dubai comes as concerns over his comments grow in the Middle East, a region in which the businessman long has sought money-making opportunities. Some of his deal
World News Dec. 11, 2015
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FIFA election hopeful Nakhid at CAS to challenge exclusion
FIFA presidential hopeful David Nakhid has appealed against his exclusion from the election at the Court of Arbitration for Sport. CAS says it expects a verdict next week. Nakhid, a former Trinidad and Tobago international, was among seven election applicants in October. FIFA's election committee blocked him because one of the five FIFA member federations nominating him broke rules by also proposing another contender. The federation, reportedly the U.S. Virgin Islands, had both its nominat
World News Dec. 11, 2015
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