The Korea Times

Korea to extend visa dates for foreigners

By Lee Hyo-sikThe government has decided to extend visa expiration dates for Chinese and other foreign tourists who have canceled visits to Korea because of the Middle East Respiratory Syndrome (MERS) outbreak in hopes of luring them back.State-funded tourism road shows will be held in China and Southeast Asia to attract more foreign visitors, while airlines, hotels, retailers and other hospitality-related businesses will jointly organize promotional activities to make visiting Korea more attractive for foreigners.During a Cabinet Meeting presided over by President Park Geun-hye at Cheong Wa Dae, Thursday, the Ministry of Culture, Sports and Tourism unveiled these and other measures to revitalize the country’s sagging tourism industry, which has been hit hard by the declining number of foreign tourists since the first MERS case was reported in late May.Tens of thousands of Chinese and other foreign visitors have canceled their visits to Korea because they were reluctant to come here for fear of contracting MERS. Rather than come to Korea, many Chinese went to Japan instead on t

Jul 9, 2015By Lee Hyo-sik

Companies

Bosch seeks to expand business with Korean automakers

By Lee Hyo-sikFrank Schaefers, CEO of Robert Bosch Korea, speaks during a press conference at the Plaza Hotel in downtown Seoul, Tuesday. He said the German auto parts maker will expand its business ties with Korean automakers in the areas of fuel-efficient, low-emission engines and automotive mobility solutions./ Courtesy of Robert Bosch KoreaBosch, one of the world’s largest auto parts makers, is seeking to expand its business with Hyundai, Kia and other local automakers in the areas of a fuel-efficient, low-emission power train systems and automotive mobility solutions, the head of its Korean operation said Tuesday.At a press conference marking the company’s 30th anniversary in Korea, Frank Schaefers, CEO of Robert Bosch Korea, said he will make every effort to provide innovative products and services Korean carmakers look for from parts suppliers.“Korea is an important market for Bosch,” Schaefers said. “We do our best to offer innovative products and services to Korean automakers in a sustainable manner. We expect our business opportunities will con

Jun 30, 2015By Lee Hyo-sik

Bosch seeks to expand business with Korean automakers

Companies

Asiana launches Incheon-Rome route

Asiana Airlines CEO Kim Soo-cheon, sixth from left, with Park Wan-su, fifth from left, CEO of Incheon International Airport Corp., and K-pop star Psy, fourth from left, and other dignitaries during a ceremony to mark the carrier’s launch of the Incheon-Rome route at Incheon International Airport, Tuesday. / YonhapBy Lee Hyo-sikAsiana Airlines has launched direct flights from Incheon International Airport to Rome, establishing a presence in southern Europe.Korea’s second-largest carrier said Tuesday it will operate a Boeing 777-200 capable of accommodating 300 passengers on the route three times a week ― Tuesdays, Thursdays and Saturdays.The company held a ceremony to mark the maiden flight to Rome, Tuesday, which left Incheon airport at 1 p.m. for Italy’s capital. The Incheon-Rome route is expected to strengthen Asiana’s foothold in Europe, adding a major hub to its network.Rome is Asiana’s fifth European destination. The carrier first flew to Frankfurt in 1997, and then to London in 2002 and Paris in 2008. In 2011, Asiana began flying to Istanbul.&

Jun 30, 2015By Lee Hyo-sik

Companies

Baby boomers urged to share fruits with young

By Lee Hyo-sikLee Seung-cheol, vice chairman of the Federation of Korean Industries (FKI), speaks during a press conference at the FKI headquarters in Yeouido, Seoul, Monday. Lee called on baby boomers to make sacrifices for people of the next generation. / Courtesy of FKIBaby boomers, those born between 1955 and 1963, should make sacrifices to make things better for people of the next generation by sharing well-paying jobs with them and refraining from making pension and other welfare programs overly generous for the older generation, the Federation of Korean Industries (FKI) said Monday.FKI Vice Chairman Lee Seung-cheol said baby boomers should fulfill their social responsibility for young people born between 1979 and 1992, who have been struggling to find jobs and accumulate wealth amid the economic slowdown in recent years.“I think baby boomers, including myself, should take intergenerational social responsibility. This means those in their 50s should make efforts to create more favorable social and economic environments for their children,” Lee said. “Those cur

Jun 29, 2015By Lee Hyo-sik

Baby boomers urged to share fruits with young

Companies

Red ginseng gains popularity amid MERS outbreak

A children’s tonic produced by Korea Ginseng Corp. (KGC) has become popular in recent weeks amid the outbreak of Middle East Respiratory Syndrome. The tonic and other KGC products contain red ginseng extract, which has been found to help boost the immune system, among other health benefits. / Courtesy of KGCBy Lee Hyo-sikRed ginseng products are once again attracting keen attention from the public as more people look for food items that help boost the immune system amid the Middle East Respiratory Syndrome (MERS) outbreak.One of the widely known preventative steps against the highly infectious, flu-like virus is to consume food products that strengthen the immune system. This has made red ginseng a highly sought after item these days for those increasingly concerned about the epidemic.According to Korea Ginseng Corp. (KGC), Sunday, its sales soared 40 percent in June from the same month a year ago. In particular, red ginseng tonic products for children and adolescents, which also contain a mix of calcium and vitamins, surged 88 percent and 108 percent, respectively, reflecting

Jun 28, 2015By Lee Hyo-sik

Companies

Amore Pacific will innovate Jeju

President Park Geun-hye discusses Amore Pacific’s “Jeju Vital Project” with company CEO Suh Kyung-bae, left, at the “Jeju Creative Economy Innovation Center” on the country’s southern resort island, Friday. / YonhapBy Lee Hyo-sikAmore Pacific will open the “Creative Economy Innovation Center” on the southern resort island of Jeju to foster the beauty and tourism industries, Korea’s largest cosmetics company said Friday.When it opens in September, the center will be the second of its kind on Jeju after Daum Kakao, which just opened an innovation center.“The company has been nurturing a strong tie with Jeju since 1979 when its founder, Suh Sung-whan, began turning barren soil into a large-scale green tea farm,” an Amore Pacific spokeswoman said. “We have established a green tea complex on the southwestern part of the island, including a green tea museum and a research lab, which all have become a tourist attraction. We have also made Jeju green tea one of the world’s premium products.”The cosmetics

Jun 26, 2015By Lee Hyo-sik

Companies

K-Biz chairman faces probe for vote-buying

Park Sung-taekK-Biz ChairmanBy Lee Hyo-sikThe newly elected head of the Korea Federation of Small and Medium Business (K-Biz) is facing a criminal investigation for allegedly bribing voters to win the post in February.K-Biz Chairman Park Sung-taek is suspected of violating the Small and Medium Enterprise Cooperatives Act, which forbids candidates from buying votes.Some of Park’s close aides have already been found guilty of orchestrating the money-for-votes scam to get him elected.The chairman returned home late Thursday night after 14 hours of questioning at the Seoul Southern District Prosecutors’ Office.Investigators grilled him about whether he instructed his confidants to give money to those holding voting rights and engaged in other illicit activities during the campaign.According to the prosecution, Park denied all charges. When leaving the prosecutors’ office, he told reporters he never offered money to anyone to buy votes.The Seoul National Election Commission, which supervised the K-Biz election, referred Park and several of his aides to the prosecution, a

Jun 26, 2015By Lee Hyo-sik

K-Biz chairman faces probe for vote-buying

Companies

DSME has no plan to acquire STX France

By Lee Hyo-sikJung Sung-leep, CEO of Daewoo Shipbuilding & Marine Engineering (DSME), speaks during a press conference at DSME headquarters in downtown Seoul, Thursday./ Courtesy of DSMEDaewoo Shipbuilding & Marine Engineering (DSME) says it will not acquire STX France, a European subsidiary of struggling STX Offshore & Shipbuilding, which makes cruise ships.Its CEO Jung Sung-leep said now is not the time to acquire the struggling company.“I think it is too early for us to spend resources in building cruise ships,” he said during a press conference at the company headquarters in downtown Seoul.  “Instead, we need to focus on our three main business sectors ― high-tech merchant vehicles, offshore plants, and submarines and other military vessels.”He said it would take five to 10 years for cruise ships to become mainstream in Korea and other East Asian countries.“It won’t be too late to enter the cruise ship-building business at the time,” he said.The Korea Development Bank (KDB), which holds a 31.5 percent stake in DSME,

Jun 25, 2015By Lee Hyo-sik

Companies

Biz fraternity worries economy 'on slippery slope'

By Lee Hyo-sikThe economy is at risk of stepping on a “slippery slope” unless the government introduces contingency plans such as a large-scale supplementary budget, the Korea Chamber of Commerce and Industry (KCCI) said Wednesday.The call from Korea’s largest business association, representing about 150,000 small and large businesses, comes as the Middle East Respiratory Syndrome (MERS) epidemic weighs down on a hint of recovery.“The economy is facing a great deal of uncertainties,” said Jeon Su-bong, head of the KCCI’s research division. “First-half GDP growth will likely fall short due to a combination of the MERS outbreak, the continued global economic downturn and weak Japanese yen.”He cited as challenges the planned U.S. rate hike, the slowing Chinese economy, the won’s strength and volatile oil prices.The KCCI provided additional specifics for the Ministry of Strategy and Finance to consider before it announces its policy direction for the second half of the year.Besides the extra budget call, it urged an overhaul of domest

Jun 24, 2015By Lee Hyo-sik

Companies

KCCI to hold Jeju forum July 22-25

By Lee Hyo-sikThe Korea Chamber of Commerce and Industry (KCCI) said Wednesday that it will hold its annual summer forum on the nation’s southern resort island of Jeju on July 22-25, inviting CEOs of its member companies and their families.The four-day event will be at the Shilla Hotel Jeju, offering participants a wide range of academic and recreational programs under the theme of an “Encounter between Insight and Healing.”Guest speakers at the forum include Strategy and Finance Minister Choi Kyung-hwan and Chang Ha-joon, economics professor at the University of Cambridge, who will speak about the Korean economy and various corporate issues.Futurist speaker Thomas Frey at the U.S.-based Davinci Institute will also deliver a speech about what the future society will be like.Several self-made businessmen, including Hwang Chul-joo, CEO of semiconductor equipment maker Jusung Engineering, will speak about what has driven them to success.In addition, former Major League pitcher Park Chan-ho and former gymnast Shin Soo-ji, who has become a pro bowler, will talk about how

Jun 24, 2015By Lee Hyo-sik

Lee Hyo-sik

Read more

Korea to extend visa dates for foreigners

Bosch seeks to expand business with Korean automakers

Asiana launches Incheon-Rome route

Baby boomers urged to share fruits with young

Red ginseng gains popularity amid MERS outbreak

Amore Pacific will innovate Jeju

K-Biz chairman faces probe for vote-buying

DSME has no plan to acquire STX France

Biz fraternity worries economy 'on slippery slope'

KCCI to hold Jeju forum July 22-25

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