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Expectations rise for G20 Business Summit By Kim Tong-hyung It appears that the entire nation is behind the whole Group of 20 affair, but organizers of the Seoul Business Summit, frequently dubbed as ``B20,’’ are hoping that locals could remember another acronym. Not that the event, which is to complement the G20 meetings of political leaders and finance chiefs, would be easy to miss. More than 120 global business leaders, including Nestle Chairman Peter Brabeck-Letmathe, Deutsche Bank Chief Executive Officer (CEO) Josef Ackermann and Bosch Group Chairman Franz Fehrenbach, have confirmed they will attend the Nov. 10 and 11 conference that aims to discuss the private sector’s role in strengthening the recovery of the world economy. SK Group Chairman Chey Tae-won, Hyundai Automotive Group Chairman Chung Mong-koo and LG Group Chairman Koo Bon-moo will lead the delegation of Koreans, and organizers are hoping that Samsung Electronics Chairman Lee Kun-hee will make an appearance after working out a schedule conflict. However, a letdown for organizers has been h

G20 leaders set to tackle forex woes

Vice ministers struggle to find action plans By Kim Tong-hyung The Group of 20 countries are vowing to make progress on easing the world’s currency tensions and creating better crisis-prevention instruments as they brace for the landmark summit between their leaders that starts Thursday in Seoul. The G20 process in Seoul effectively kicked off Monday with a meeting between the countries’ deputy finance ministers, and Korea is passionate about having a meaningful agreement on the outstanding issues in place before it hands over the G20 chair to France on Friday. Defusing the escalating currency battle has emerged as a critical objective of the Nov. 11 to 12 summit, with China’s resistance in allowing the yuan to strengthen and U.S. efforts to achieve devaluation through “quantitative easing” at the core of global conflicts. The G20 leaders will also discuss details on adjusting the International Monetary Fund’s (IMF) lending schemes to create a global financial “safety net” to prevent well-run countries from slipping into crisis. This is expected to be a key part

G20 media center opens today

By Cho Jin-seo The G20 International Media Center (IMC) opens today at the Coex, the main venue of the G20 Seoul Summit, as a “home away from home” for some 4,288 reporters and media staff from 63 countries. During the Nov. 10-11 business summit, the precursor to the main summit, a separate media center will be run at the Sheraton Walkerhill Hotel. For the main summit, which will be held on Nov. 11-12, the number of accredited reporters gathering in Seoul will be the largest since the 2002 World Cup football finals. More than 1,600 foreign press members are registered to cover the world’s premier economic forum. The opening ceremony will be held at 11 a.m., Thursday. Sakong Il, the chairman of the G20 preparation committee, and Yoo In-chon, Minister of Culture, Sports and Tourism, will preside. The IMC has 1,330 seats with high-speed internet connections and power outlets. There is a massive dining hall where some 1,000 people can eat at once, as well as bars and alternative resting areas. The organizer is going to provide lunch and dinner on both days free

Global Best Brands in Korea (4)

Renault Samsung Motors About the brand Renault Samsung Motors is a Busan-based automaker established involving French motor company Renault, Japan’s Nissan and Korea’s Samsung Motors in 2000. The company has recorded robust growth over the past decade to maintain a solid position in the domestic automotive market with its flagship model, the SM5. The firm has generated a unique corporate culture by efficiently incorporating the three distinct flavors of Renault, Samsung and Nissan ― the key to its success. CEO Name: Jean-Marie Hurtiger Career: Hurtiger started his career at Coyne and Bellier in 1973 as a project leader in civil engineering and gained various experience at a few different companies before becoming part of the Renault Group in 1988. He took the reins of Renault Samsung Motors in 2006. Education: Master’s from Paritech, ENPC College, MBA from INSEAD Extracurricular: Tennis, mountain hiking Competitive position Korean automakers mostly focus on quantitative expansion to take as much market share as possible but Renault Samsung has followe

First ladies to taste styles of Seoul

By Lee Hyo-won When the G20 leaders gather in Seoul this week, their spouses will be sharing the media spotlight as well. First lady Kim Yoon-ok will be welcoming these special guests by hosting events that showcase the hallmarks of Korean culture. On Thursday, the spouses will gather separately for a welcome dinner. The event will take place at Samsung Leeum Museum of Art, which was designed by superstar architects Mario Botta, Jean Nouvel and Rem Koolhaas. It houses an impressive collection of traditional Korean works and contemporary pieces from around the world. The following day the group will gather at Changdeok Palace, downtown Seoul for a “hanbok” (traditional costume) fashion show. The time-honored venue, which dates back to 1405, is one of the most scenic attractions in the city, and is particularly famous for its Secret Garden. With the fall foliage creating an atmospheric backdrop, the event will feature 24 creations, 12 each by two of the country’s leading hanbok designers Lee Young-hee and Kim Young-seok. The show will be followed by lunch at t

EU delegate confident on Korea’s global leadership

By Lee Hyo-won Korea should share the burdens of global leadership with the European Union through the Seoul G20 Summit, said an EU representative. “Korea is no longer a developing country — it’s an advanced economy chairing the G20 and we hope that Korea can show leadership,” Uwe Wissenbach, the acting head of the EU delegation to Korea, said in an interview Friday. “There was some trepidation among some countries,” he said, “because Korea is a small country and hasn’t hosted such an event before. But the EU has, from the start, actively supported Korea in getting the chair for this year.” He expects the chair position, as much as it is rewarding, to present challenges. “It will obviously (positively) affect Korea’s image in terms of its role in global affairs and Korea will gain respect from other countries. But I think it will also increase demands made of Korea in terms of shouldering the burdens of global leadership. We are confident that Korea will adopt more ambitious policies on global challenges.” The German native emphasized how the EU recognized Korea

G20 to halt business probes

By Kim Tong-hyung With G20 meetings just around the corner the prosecution has brought to a halt its anti-corruption probes into some big businesses. Owners and top executives of four big firms ― Hanwha, Shinhan Financial Group, Taekwang and C& Group ― have been under investigation over a variety of allegations such as the creation of slush funds, bribery and financial irregularities. There have been rumors that other firms will face probes but it remains to be seen whether the halt during the G20 meetings is temporary, or signals a premature end to investigations. Prosecutors say the stoppage was preplanned as many observers note that the government has put top priority on the success of the business and global leaders’ summits. ``The G20 actually could end up giving us more time to build a stronger case,’’ a senior prosecutor was quoted as saying. Sources in the business community say that it is important to hold accountable those who have done wrong, but hope that any protracted or expanded probe doesn’t backfire, dampening corporate efforts to sustain the recover

Pens and forks: intense business meals at Nat’l Museum, Coex

By Lee Hyo-won Polished silverware, check. Security, double check. The G20 heads of state and representatives of international organizations will officially gather for the intensive summit in Seoul at 6 p.m., Thursday. But first a meal. The opening reception and business dinner will take place at the National Museum of Korea in Yongsan. Other venues such as the Gyeonghoeru at Gyeongbok Palace was previously considered since it once welcomed diplomats during the Joseon Kingdom (1392-1910), but the wooden pavilion was rejected due to potential fire hazards. The museum was also chosen to allow some degree of exposure to the local folk culture.The venue houses prized antiquities such as the Gilt-Bronze Maitreya Bodhisattva Half-sitting Thinking Statue (National Treasure No. 83) and the 10-story stone pagoda of Gyeongcheon Temple (National Treasure No. 86) The Seoul G20 Organizing Committee said that relics will be exhibited in a simple, organic way, with minimal artifice so that the leaders can enjoy the venue’s offerings. “It will be a great chance for the par

Models hold enlarged images of commemorative stamps ...

Vice Minister of Knowledge Economy Park Young-june ...