Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Korea to focus on economic ‘structural reform’ in 2015
The government is expected to announce Monday its economic policy priorities for next year, which will center on structural reform.Deputy Prime Minister and Finance Minister Choi Kyung-hwan hinted at the policy direction Friday, saying that as economic uncertainty and structural vulnerability have slowed recovery, the government plans to focus on structural changes to the economy.His remark came amid a slower-than-expected economic recovery, despite the government’s latest expansionary policy al
Industry Dec. 21, 2014
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Woori Bank forges close ties with local communities
Woori Bank employees deliver coal briquettes for fuel to low-income families in Nowon-gu, Seoul, last December. (Woori Bank)Woori Bank is forging closer partnerships with local community centers to more actively engage in corporate social responsibility activities, the bank said Thursday. The company said that through these partnerships it was stepping up its social responsibility campaigns to share its benefits with more regional communities under the mission of pursuing humanity, happiness and
Dec. 18, 2014
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Korea’s labor system needs change: KDI
The Korea Development Institute has called for more flexibility in Korea’s labor structure in terms of its wage system and working hours. “With unemployment and the working poor becoming serious social issues in Korea, companies should no longer stick to their old-fashioned labor system,” said KDI researcher Yoon Hee-sook at the state-run think tank’s seminar on labor market changes on Wednesday. Pointing to Korea’s rigid wage and promotion system, she noted that Korean companies have long favor
Industry Dec. 17, 2014
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BAT Korea to unveil charcoal-filtered cigarettes
British American Tobacco Korea will unveil its new charcoal-filtered cigarette “Vogue Prima” later this month, according to the company on Tuesday. BAT Korea said this new super-slim tobacco would allow consumers to experience smooth taste from charcoal filters. “The demand for super-slim cigarettes continues to grow in Korea. We expect that Vogue Prima, with a competitive price, would satisfy adult consumers who are looking for smart spending,” BAT Korea’s chief Guy Meldrum said. Vogue Prima o
Industry Dec. 16, 2014
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Weak yen to continue weighing on exporters
Japan’s weak yen would continue to affect major Korean exporters following Shinzo Abe’s landslide victory in Japan’s national elections on Sunday, as he is likely to push ahead with “Abenomics,” aggressive monetary policies and fiscal stimulus spending, industry watchers said. According to local economists including Jung Kyu-cheol of the Korea Development Institute, “Japan may continue its weak yen policies in a bid to reach its 2 percent inflation target and to recover from its prolonged econom
Industry Dec. 15, 2014
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‘Korean financial firms should prepare for Volcker Rule’
The Korean financial sector should prepare for the Volcker Rule, which will be implemented in the U.S. in July next year, in order to avoid disadvantages and fines, according to a local attorney.“Local securities and asset management companies should have more understanding of the rule and its potential impact on them,” said Lee Haeng-gyu, an attorney at Jipyong, a South Korean law firm, in a recent interview with The Korea Herald. The Volcker Rule, named after former Federal Reserve Chairman Pa
Industry Dec. 14, 2014
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[Weekender] Townhouses gain popularity beyond retirees
Kim Won-sik, a 59-year-old Seoulite, is looking to move away from apartment living ahead of retirement next year. Like many other retirees, Kim also has a dream of spending the rest of his life in a house with natural surroundings and with a small yard where he can grow vegetables. However, making the decision to move to the suburbs was not easy, as he would have to give up all the amenities and conveniences he enjoyed here in Seoul as well as his relatives and friends.“As an alternative to movi
Industry Dec. 12, 2014
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KB says gaining trustis biggest priority
KB Financial Group’s chief Yoon Jong-kyoo stressed the importance of rebuilding customer trust as a part of the company’s efforts to reclaim the title of the nation’s leading financial group, the company said Thursday. The group’s new head has said he would place the highest priority on rebuilding trust and customer relationships, and also boosting employee morale. “Rebuilding the trust of our customers, who I see as our biggest assets, is of utmost importance if we are to once again become Kore
Industry Dec. 11, 2014
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Korea pushes for forestry partnerships with ASEAN
The Korea Forest Service successfully reinforced its partnership with ASEAN countries in the forestry sector at a two-day Korea-ASEAN Special Ministerial Meeting on Forestry that started Wednesday in Busan. “It was a good opportunity for Korea to share its forestry experiences with ASEAN countries, Korea’s important economic and trading partners,” Shin Won-sop, minister of the Korea Forest Service, told The Korea Herald in an email interview. ASEAN countries together make up Korea’s second-large
Industry Dec. 11, 2014
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Digital banking prompts banks to close branches
South Korean banks are being forced to close down branches amid increasingly digitalized banking systems and moves from tech firms to jump into the competition, according to industry watchers.A total of 119 branches of the nation’s top four banks were shuttered this year, related figures showed on Tuesday. Kookmin Bank shut down the largest number of branches at 49, followed by 43 by Shinhan Bank, 18 by Hana Bank and nine by Korea Exchange Bank. “Banks are downsizing as more customers are using
Industry Dec. 9, 2014
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Korea’s exports to China face minus growth
Korea’s outbound shipments to China are likely to post a negative growth in 2014 for the first time in five years, according to government data released on Sunday. Industry watchers said this downward trend may continue with the Chinese economic slowdown deepening and even worse, the country is slowly reducing its reliance on Korea’s intermediate goods. Shipments to China slipped 0.5 percent on-year through November this year, according to the data compiled by the Ministry of Trade, Industry and
Industry Dec. 7, 2014
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Deflation concerns grow in Korea
Citing the nation’s continuously falling consumer prices, local experts are raising concerns that the Korean economy may suffer deflation.South Korea’s consumer price growth has been at the 1 percent level over the past two years. In November, the figure dropped to a solid 1 percent ― the lowest in nine months ― according to Statistics Korea. “The Korean economy has already fallen into a de-facto deflation considering that consumer prices tend to be set about 1 percent higher than real prices,”
Industry Dec. 3, 2014
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Korea to crack down on bulk sales of tobacco
The Korean government said Monday it would crack down on stores selling tobacco in bulk this month in the lead up to the Jan. 1 price hike. Proprietors caught selling large volumes of cigarettes will face up to two years in prison or a 50 million won ($45,000) fine. The announcement came after the ruling and opposition parties agreed last Friday to raise tobacco prices by 2,000 won. This was the first hike since the government raised the price by 500 won in 2004. A memo on a store window in Cheo
Industry Dec. 1, 2014
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Falling oil prices may lift consumption, investment
Tumbling oil prices, caused by Thursday’s decision by the Organization of the Petroleum Exporting Countries to maintain oil production levels, is expected to improve consumption and investment in oil-dependent companies, industry sources said. However, there are lingering worries that oil’s continued slump may push consumer prices low enough to cause deflation, damaging economic growth. “The drop in the cost of oil imports may be a good sign for the Korean economy as a whole except some industri
Industry Nov. 28, 2014
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Local consumers await Black Friday
Kim Yoo-jin, a high school teacher, has been eagerly waiting for America’s Thanksgiving holiday, definitely not to eat turkey but to shop online on Black Friday, the day following America’s biggest national holiday. Most major American retailers offer big discounts to kick off the holiday shopping season on that day. Kim has been expecting to buy some electronic devices as high-end gadgets are 50 percent cheaper than those in the local market on the big sales day. Sam’s Club, a retail company ow
Industry Nov. 27, 2014
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