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G20 Interview: financial sector reform thorniest issue

Kim Yong-beom begins to enjoy English idioms and political pressure By Cho Jin-seo When you walk into the second-floor office of Kim Yong-beom, you can see a whiteboard filled with short English praises. “Light is the best disinfectant” was one of them last Wednesday; another read, “give some space to dissidents.” They seemed to have metaphorical meanings, but Kim shrugged off the reporter’s suspicion. “Isn’t the English language very enjoyable?” he asked in an interview with The Korea Times last week, noting that he writes something on the board only when he is attracted to the phonetic charm of a phrase. Then he repeats the second phrase, with an unusually strong stress on “dissidents.” When he wrote the phrase, he was probably mindful of the dissidents within the G20 group. As a senior member of the Seoul Summit committee, his job is to supervise multilateral negotiations on reform of financial institutions, economic development and financial regulation revisions - pretty much everything meaningful on the G20 agenda. It is not surprising that the negotiations do

G20 agenda analysis 3: Basel III banking reform

A tighter belt for banks This is the third of a four-part series on the G20 Seoul Summit agenda. ― ED. 1. Framework for strong, sustainable, balanced growth (Aug. 13) 2. Reform of the IMF (Aug. 23) 3. Basel III ­new banking regulations (Sep. 2) 4. Development of poor countries (Sept. 22) By Cho Jin-seo Rewind your clock to two years ago and you are at the point where the global financial system was about to explode. A fortnight from now will mark the two year anniversary of the collapse of Lehman Brothers, which filed for bankruptcy protection on September 15th, 2008. Over the past two years, financial regulators from the G20 nations have endeavored to come up with fundamental changes in the financial sector. The results are to be finalized and announced at the G20 Seoul Summit in November. Dubbed as the Basel III code, the financial regulatory reform has the goal of reducing leverage - making banks safer and bankers less adventurous with their customers’ (and taxpayers’) money. Apart from measures taken by individual nations, such as the Frank-Dodd Fina

G20 Summit to spotlight Seoul’s vibrant culture

By Lee Hyo-won Among globetrotters that make their way to Asia, anime buffs make pilgrimages to Tokyo while ``wuxia’’ fans seek a taste of authenticity in Beijing _ and those addicted to the ‘round-the-clock ``bulgogi’’ eateries in Koreatown can easily find a haven in Seoul. In addition to its eclectic array of culinary delights, the South Korean capital finds a prime time in November to expose all its hidden jewels. Leaders of the world’s top 20 economies are due to gather to discuss the global financial market during the G20 Summit on Nov. 21 and 22, and up to 20,000 related personnel and media people are expected to visit. “We want to put the word out there how ready and forthcoming we will be and that (these visitors) are most welcome to stick around and explore the depth and breadth of what Seoul has to offer,” Samuel Koo, president & CEO of Seoul Tourism Organization, told The Korea Times in a recent interview in his Myeong-dong office. ``Just take cuisine for example. Reporters will have to dine their way through Seoul, and they can easily discover the different o

GM Daewoo Auto and Technology President Mike Arcamone

The Bank of Korea (BOK) makes public the image of the

Seoul National University (SNU) President Oh Yeon-cheon, fifth from left

Models pose with KT’s first tablet-style PC during a photo session

Woori Bank CEO Lee Chong-hwi, center, cuts the tape with Rep.

Skills champions power industrialization

By Yu Jae-soub What do Germany, Japan and Korea have in common? The three countries were either relatively less affected by the financial crisis that hit the world in 2008 or got out of it far faster than others. The first two industrial countries are traditional manufacturing powerhouses. Korea is a newly emerging power to challenge them. All this comes in stark contrast to the situation in the United States. Once the world’s undisputed manufacturing superpower, America has been reduced to the epicenter of global financial turmoil because of its mistaken shift to financial capitalism with a relative disregard to manufacturing. It is small surprise then that not a few U.S. political and economic leaders are calling for a return to the heyday of ``Made-in-USA” labels. It has been some time since Korea became a threat to the time-honored manufacturing strongholds of the G7 in key industrial areas, ranging from semiconductors and laptop computers to automobiles and shipbuilding or from chips to ships as global industrial experts put it. Chung Ju-yung, the late founde

Bolivian President Evo Morales, left, is joined by LG Group ...