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Kim Jae-kyoung

Korea Times Business Planning Reporter

I’m currently managing director of Content and Business Planning at The Korea Times. Before I took the current position in early 2024, I served as managing editor in charge of both paper and online for over three and a half years. In 2015-2018, I worked as Singapore correspondent covering ASEAN nations.

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Economy

Tata Motors: nudging from the center

By Ernst & Young In the past few years, Tata Motors has transformed itself from a local Indian automotive company to a sizable global player. In 2004, it acquired the struggling South Korea-based Daewoo Commercial Vehicle Company, and in 2008, it completed its acquisition of Jaguar Land Rover. Faced with a similar international span of assets, many other companies would have embarked on an ambitious period of integration, merging functions and imposing a new culture from the top down. But Tata Motors has taken a different approach, preferring to retain the autonomy of the acquired businesses. ``We wanted to be seen as a local company in South Korea and the United Kingdom rather than an Indian company entering these markets,’’ says Ravi Kant, vice chairman of Tata Motors. Managers at Daewoo and Jaguar Land Rover have considerable independence to make their own decisions, but within a set of parameters and accountability requirements that Tata Motors sets from corporate leadership. ``We see ourselves as facilitators,’’ says Kant. ``We want to preserve the independence

Feb 10, 2012By Kim Jae-kyoung
Economy

GE: greater autonomy for local leaders

In the first wave of globalization, companies assumed that they could take global products and adopt a highly commoditized, standardized approach to distributing them around the world. But as many companies have learned, this one-size-fits-all approach will simply not work in a world with divergent incomes, preferences and business environments. Around 2009, the industrial giant GE recognized that a new approach was needed. The company decided to create a global growth and operating model, with local modifications. ``We gave regional leaders more scope to decide on the strategy and the customer interface, and to modify product characteristics in order to adapt to the local needs,’’ says Ferdinando Nani Beccalli-Falco, president and CEO of GE International. ``This way, we were balancing our decision-making process by making sure that not everything is run from the center.’’ The company also launched an experiment, which began in India and Germany, to give national leaders full P&L responsibility. ``Whenever you hold the purse strings, you can take and implement the decisio

Feb 10, 2012By Kim Jae-kyoung
Economy

Globalization calls for new strategies

Firms urged to develop flexible biz models to be long-term winners By Ernst & Young The world isn’t flat ― it’s curved, bumpy and you can’t see what’s ahead. Even as new markets expand and globalization increases, opportunities are becoming harder to find. Not so long ago, companies from mature markets, faced with shrinking prospects at home, looked to rapid-growth economies as their best hope for profitability. Rapid-growth-market companies, for their part, buoyed by robust domestic economies, began to expand into neighboring countries and, increasingly, the developed world. Now the economic outlook is blurring in many markets, and a looming squeeze ― slowing growth, increasing competition, significant operational complexity and shortages of talent in key markets ― is diminishing business prospects. Ernst & Young, the world’s leading professional services firm, just focused on the evolving globalization and the challenges for businesses when it made public its annual globalization report at the World Economic Forum (WEF) 2012 at Davos, Switzerland, in late January.

Feb 10, 2012By Kim Jae-kyoung
Companies

Don’t take Park’s mild manngers lightly

With one fight, Kumho Petrochemical CEO gains indelible reputation By Kim Jae-kyoung Kumho Petrochemical Chairman and CEO Park Chan-koo can be as affable as a neighborhood uncle. But when he reaches an important point, he rarely fails to ensure the other party fully understands his stance. In other words, don’t take this soft-spoken, innocent-looking man lightly. He has the qualities to lead one of the nation’s top petrochemical firms. If you’re not convinced, just look at how he fought his elder brother over what he saw as “wanton management” and never retreated in a tough fight he is still emotional about. During an interview at his office on the 22nd floor of the Kumho Asiana Building in Gwanghwamun, Seoul, the 63-year-old chief executive was calm in his greetings. But it didn’t take long to realize a confidence and passion behind his humility. He has a unique type of leadership that sets him apart from others, which has helped him steer his group back onto the right path. Park is decisive. Even after a couple of questions on the group’s thorny issues, he rema

Feb 6, 2012By Kim Jae-kyoung
Economy

Korean economy may contract in 1st quarter

Business Focus conducted a survey of five Korea economists at global investment banks ― Goldman Sachs, Morgan Stanley, Nomura, Standard Chartered and HSBC ― and three macro economists at economic institutes to figure out where the Korean economy is heading. ― ED. By Kim Jae-kyoung The Korean economy has started the Year of the Dragon with a glut of bad news. It grew at the slowest clip in two years in the last quarter of 2011 as Europe's debt crisis combined with domestic woes has crippled all growth engines ― exports, private consumption and firms’ investments. The nation’s gross domestic product (GDP), the total value of goods and services produced in a country during a given period, expanded only 0.4 percent between October and December, a setback from 0.8 percent in the third quarter. What is worse is that the quality of the fourth-quarter performance was poor. All major components of final domestic demand, as well as exports, shrank on a quarter-on-quarter basis. Weak global demand caused by the eurozone’s debt fiasco was blamed mainly for the poor scorec

Feb 5, 2012By Kim Jae-kyoung
Economy

Pension reform needed to prepare for aging society

By Kwon Eun-young A veteran pension expert said that South Korea needs to reform its pension governance system in order to prepare for a rapidly aging population to ensure stability for life after retirement. He points out that since corporate pension plans are relatively new in Korea, there is still greater focus on plan adoption than ongoing requirements but it is now time to change to meet such needs. “Korea is facing the challenge of one of the most rapidly aging populations in the world as a result of continuing improvements in life expectancy combined with low birth rates,” Simon Ferry, a pension actuary from Aon Hewitt said in a recent interview with Business Focus. This means that the current working generation may not be able to rely on receiving enough financial support from the government or their children to maintain their current quality of life in retirement. “The changes bring Korea closer to how retirement benefits are provided in many other countries by allowing the option to introduce defined contribution plans, where benefits are based on contributio

Jan 27, 2012By Kim Jae-kyoung
Economy

Pension governance

How to get the best from company-sponsored retirement plans By Simon Ferry Many companies have now been through the process of introducing new corporate retirement plans to replace previous severance pay arrangements. This can sometimes be a challenging process for all involved, so it might be natural to feel that having introduced a plan, the job is done and it’s time to move on to other things. However, in many ways, getting the plan in place is just the first step of an ongoing process. In recent years corporate governance has become a hot topic ― with many countries tightening regulatory requirements to improve governance and risk management. This desire to improve the transparency and accountability of how companies are run can equally be applied to retirement plans. In fact, in some countries there are specific regulations relating to exactly that. Korean regulations continue to develop and add clarity to the division of responsibilities for running and managing retirement plans. This has included recently clarifying fines involved for employers and pension provider

Jan 27, 2012By Kim Jae-kyoung
Economy

Wynn’s management philosophy

_ Making the staff happy key to ensuring success in resort business By Kim Jae-kyoung MACAU _ When you enter Wynn resort here in Macau, the first Las Vegas-style integrated resort in Asia, it does not take long to feel an aura of coziness and comfort. It is not because of crystal chandeliers or a jellyfish aquarium that first welcome guests at the lobby but because of people working there. People at the resort know how to treat customers. What makes visitors feel cozy and comfortable is how they look. People there, from receptionists and cleaners to media people and CEO Steve Wynn, they all smile and look happy all the time. This may be the outcome of Wynn Resorts founder Wynn’s efforts to instill his philosophy into his people. The management philosophy for Wynn is simple _ making their people happy. Wynn said that boosting morale of the crew is essential to ensure success in his business. “I don’t care about crystal chandeliers or hand-woven fabrics. I care about how the place makes you feel. It is about people because only people can make people happy. And the key t

Jan 27, 2012By Kim Jae-kyoung
Economy

Casino: magic bullet or poisoned chalice?

What drives the power of this place is non-casino attractions ... what allows you to build them in a very extravagant way is the money that the casino throws off. By Kim Jae-kyoung MACAU ― Even for casino mogul Steve Wynn, betting is not an easy way to make money. Throughout his life, he has played various casino games, including baccarat and blackjack, but he said he often lost money and screwed up. Simply put, he has never won the jackpot at casinos. This is a big irony as he has made billions of dollars by developing a number of integrated resorts (IR) equipped with casinos both in the United States and Asia over the past decade. He built Wynn Las Vegas in 2005 and Wynn Macau in 2006. He also opened Encore Tower in Macau in 2010. According to Wynn, the only way to win money in a casino is to own one. The founder and owner of the Wynn Resorts has invested more than $2 billion in developing IRs in Asia over the past few years and has had huge successes so far. Last year he was chosen among the Barron’s world’s top 30 CEOs for his achievements in Asia. The amount of

Jan 27, 2012By Kim Jae-kyoung
  • Wynn’s management philosophy
Companies

Global casino mogul fixes eyes on Korea

‘Las Vegas, Macau, next is greater Seoul area’ By Kim Jae-kyoung MACAU – A global casino mogul said that South Korea, particularly the Seoul metropolitan area, is his next destination to develop the so-called integrated resort (IR), citing Korea’s economic vitality and its proximity to China. In an exclusive interview with The Korea Times at his office in the Wynn Macau resort on Jan. 12, Las Vegas developer Steve Wynn said that he is ready to invest a total of $2 billion to $3 billion in Korea once legal barriers are cleared. Wynn Macau, owned by the Wynn Resorts, is the first Las Vegas-style integrated resort in Asia. Wynn is the chief executive officer of the resort located in Macau. “I think we are an Asian company now. Where would be our best opportunity (next)? I absolutely think South Korea is terrific. Las Vegas, Macau and next is the greater Seoul area,” Wynn said. “Korea’s general economic vitality and the level of literacy are excellent. In particular, the dynamism of Seoul and Incheon is great. If they got the reason to visit, it is the place wher

Jan 24, 2012By Kim Jae-kyoung
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