The Korea Times

FSC chief - regulator with compassion

FSC Chairman Kim Seok-dong talks to Business Focus at his office in Yeouido, Seoul, on Oct. 4. / Korea Times photo by Shim Hyun-chulBy Oh Young-jin Ask Citibank Korea CEO Ha Yungku about Financial Services Commission (FSC) Chairman Kim Seokdong’s job performance and Ha would most likely refrain from saying much.Ha’s reluctance to comment on Kim stems not from their regulatedregulator relationship.It appears to be odd because Ha, the one to be regulated, is eager to protect Kim, the regulator. Kim is under pressure from one party or another for handling the hottest issues involving financial markets.Of course, the two graduated from the same prestigious Seoul National University and are close to each other with the two set against each other on more than one occasion, once notably in the 2004 credit card crisis — Kim leading the rescue of LG Card, now Shinhan Card and in the process pressuring Ha, then Koram Bank CEO, which was later absorbed by Citigroup, to join the rescue effort.“I don’t try and talk to him much because he works for the government,&rdq

Oct 28, 2012By Oh Young-jin

South Korea

Can Ahn perform Obama magic?

By Oh Young-jin Ahn Cheol-soo has launched his presidential bid as a fight between the future and the past; ordinary people and vested interests; change and the status quo. The 50-year-old Seoul National University professor portrays himself as an agent of change; a backer of the ordinary and a harbinger of the future in a convincing manner. If it all sounds familiar, it was Barack Obama, the incumbent U.S. President, who portrayed himself in the same way four years ago and won. He has done his best but we all know change is often not something one man alone can achieve. Obama thrived in an election in a divided nation. Our nation today is deeply divided. Therefore, can Ahn perform Obama magic to overcome what has been an insurmountable challenge? For Obama, it was the barrier of race. To Ahn, his challenge is being an independent, political outsider. Ending months of tantalizing speculation over his intentions to run for the Dec. 19 presidential election, the computer vaccine maker finally made a full disclosure _ Ahn is now a declared independent candidate. T

Sep 19, 2012By Oh Young-jin

South Korea

Big question mark

By Oh Young-jin What is the one punctuation mark that best represents the age we live in? We have picked the question mark for this week, the first in a series that will continue for the next couple of weeks. . The illustration shows the question mark falls on its side under the weight of too many questions and much uncertainty. First, will Ahn Cheol-soo declare a bid for the presidency? Reports speculate that the former computer vaccine maker will finally put an end to the guessing game about his future and launch a campaign for the Dec. 19 election. His bid or abstention will likely affect the outcome of the poll. Then, Rep. Park Guen-hye has just declared her presidential bid but can she overcome the gender bias and liberal onslaught to take office? Will the ghost of her father, the authoritarian President Park Chung-hee, bless or curse her? Young North Korean dictator Kim Jong-un has been pictured with a mystery woman, triggering speculation that he may be getting married, if he has not already done so. Thirdly, are we in deep trouble, comparable to the

Jul 13, 2012By Oh Young-jin

Companies

Is SLK 200 beauty hidden in beast?

By Oh Young-jin They say beauty is in the eye of the beholder. Maybe that is not true. Perhaps, it can be judged in absolute terms, dividing everything into two categories: beautiful and unbeautiful. Or the beholder gains so much attachment to the thing he is looking at that he mistakes subjectivity for objectivity. In the end, all rhetorical exercises prove to be irrelevant. It all comes down to taking a look at yourself and making a decision. That was what happened during my short tryst with the 2012 Mercedes SLK 200 BlueEFFICIENCY. The front of the car looked as if it were a big-mouthed whale shark but once you turn the corner for a look at its body, it proves to be tiny. What will surprise you even more is a drop-off back that can’t accommodate even one golf bag. So is this account about the latest SLK contradicting itself? It started as a paean but is ending a poignant critique? If it sounds like that, blame the writer’s jealousy. In self-correction, the comparison with the big ugly shark was partially wrong because it was intended to highlight a surp

Mar 27, 2012By Oh Young-jin

Companies

KORUS FTA: boon or bane?

By Oh Young-jin Korean automakers are expected to benefit the most from the March 15 effectuation of the Korea-U.S. free trade agreement or KORUS FTA, analysts say. Not so for the farming and fishing industries forced into a life-or-death struggle. Under the agreement, tariffs for cars are to be eliminated in two stages. By 2015, the 2.5 percent tariff the United States currently imposed on imported vehicles will be maintained, while the 8 percent tariff by Korea will be halved to 4. Starting in 2016, all remaining tariffs will be removed for all types of vehicles. Hyundai Motor Group with Kia Motors under its wing expects trade friction from its mass exports will be eased, further emboldening the brand image of made-in-Korea vehicles. Besides, the no-tariff status will make Korean cars more price competitive, meaning an increase in exports to the world’s biggest auto market. Parts makers such as Hyundai-affiliated Mobis can also expect a big jump in their U.S. exports. This would not be one-way street since U.S. carmakers will be able to enjoy the same

Mar 13, 2012By Oh Young-jin

Economy

Education Minister Son Joo-eun (?!)

By Oh Young-jin Megastudy CEO Son Joo-eun was a star social studies teacher who took advantage of e-learning in its infancy and turned his talent into creating a KOSDAQ-listed education solutions firm. In a recent interview at his office, the 52-year-old Megastudy CEO showed a kaleidoscope of characteristics from smooth talker and clever businessman to NGO leader, but the most salient among them was a concerned teacher. For more than one-and-a-half hours, he spoke with a skill that allowed the listeners no distractions. He knew he was good. His story started when he thought of making a change. He was a private instructor who taught a small group of students and was paid well. Then, he moved his lessons to a bigger classroom. He opened 10 classes, each for up to 40. In the first month, seven classes attracted no students, with a combined number of eight enrolling in the remaining three classes. He had made up to 5o million won per month for small-group lessons, but his monthly income dropped to 320,000 won. But things quickly changed. Through word of mouth, the se

Mar 4, 2012By Oh Young-jin

Companies

Samsung unenthusiastic about ING

By Oh Young-jin Samsung Life is not particularly interested in taking over ING Life’s Asia-Pacific operations, industry sources said Friday. “ING expanded a great deal during the IMF crisis in 1997-1998,” one source said on condition of anonymity. “That means that a lot of products they sold at that time are not structurally advantageous.” He said that it is unlikely that Samsung will form an alliance or consortium with other firms for a takeover of ING operations. Samsung reported to the Korea Exchange that it was looking at ING’s sale of its Asia-Pacific operations but added that nothing has been decided about whether it will make a bid for the part of ING’s regional operations or those in its entirety. Euh Yoon-dae, chairman of KB Financial, said during an earlier interview that he was interested in ING Life in Korea and didn’t rule out the possibility of allying with Samsung Life for the acquisition. A source said that it was too much for Samsung to take over ING’s interests in the region, estimated at 20 trillion won or its Korean operations, the area’s big

Feb 24, 2012By Oh Young-jin

Economy

BOK governor’s sorry self-reflection

By Oh Young-jin Bank of Korea (BOK) Governor Kim Choong-soo made an interesting point when he met a group of bank CEOs during their monthly consultation Friday morning. “Ironically, it is when things go well that problems arise,” he was quoted as saying, referring to the record-high profit posted by the four financial holding firms of Woori, Kookmin, Shinhan and Hana. He said that a crisis often leads one to look back and try to solve it, in the process strengthening his problem-solving ability. Although Kim didn’t show any indication that his remarks reflected his own situation, few would blame him for doing so, considering the plight he faces. He is under fire for losing the chance to fight inflation last year. Last year was a good time when he could use his strongest tool — a key rate change — in order to tame consumer prices. He sat on his hands, hinting at a rate hike without translating his words into action. As a believer proven by his actions and words in the supporting role of the central bank to the government, Kim backed the government’s e

Feb 17, 2012By Oh Young-jin

Companies

Provost applies Renault (Samsung) spirit

Automaker CEO sees company as big family tied by common goals By Oh Young-jin It was an unfair fight from the start. Seated on the one side of a rectangular conference table were three journalists plus one photographer. Facing them was a lone Frenchman together with two Korean assistants. Of course, he had a home court advantage of sort since the battlefield was where he usually meets his lieutenants and discusses strategies. To sum up the one-hour interview at the Renault Samsung Motors building in downtown Seoul, last week, Francois Provost, CEO of the auto firm since past September, fought a gallant fight sometimes as if he were a prize fighter who didn’t know how to retreat and at other times as a peacemaker using his sheepish smile. By the tone of our conversation, Provost could be confrontational when push came to shove but boasted of patience, a characteristic regarded as a virtue for CEOs. One of the close calls came when our team of three reporters took turns asking about rationalization plans. He once uttered, “A tricky question,” and, when pre

Feb 13, 2012By Oh Young-jin

Companies

Clash of egos at Kumho

By Oh Young-jin Resentment runs deep. For more than one and a half hours, Kumho Petrochemical Chairman Park Chan-koo talked calmly about what damaged his relationship with the group’s Honorary Chairman Park Sam-koo, his elder brother. His bottom line is not about money. “Kumho is not my brother’s company but my father’s,” he declared during an exclusive interview at his office. “Then, why did he make all the important decisions by himself?” His tone was accusatory, obviously reflecting the sorry state the Kumho-Asiana Group is in. With the ambitious acquisitions of Daewoo Engineering and Construction and the nation’s largest logistics firm, Korea Express, Kumho Asiana went up to No. 8 in chaebol rankings ahead of rival Hanjin Group. But now the group is broken apart with the creditors in control. The younger brother, who didn’t call Sam-koo “elder brother” even once during the entire interview, was bitter. “The honorary chairman sold his stake in Kumho Petrochemical last November and now has 300 billion won in his possession after tax,” he pointed out.

Feb 6, 2012By Oh Young-jin

Oh Young-jin

Read more

FSC chief - regulator with compassion

Can Ahn perform Obama magic?

Big question mark

Is SLK 200 beauty hidden in beast?

KORUS FTA: boon or bane?

Education Minister Son Joo-eun (?!)

Samsung unenthusiastic about ING

BOK governor’s sorry self-reflection

Provost applies Renault (Samsung) spirit

Clash of egos at Kumho

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