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G20 saves finance minister from cabinet reshuffle

By Cho Jin-seo November’s G20 summit has spared Yoon Jeung-hyun’s life as the longest serving finance minister since the days of military leadership. Yoon survived Sunday’s major cabinet reshuffle by President Lee Myung-bak, mainly because of his role at the coming G20 summit and its preparation process. Chin Dong-soo, the chairman of the Financial Services Commission, and Kim Jong-chang, governor of the Financial Supervisory Service, were also saved from the reshuffle. If Yoon can stay put until November, he will be the longest-serving finance minister since 1993. Appointed at the height of the global recession on February 2009, Yoon has been leading the finance ministry for 18 months. It is a laudable feat, considering the average tenure of Korea’s finance minister is about 14 months. Yoon was credited for leading the Korean economy in a relatively better form through the financial crisis. He is also playing the role of the spokesperson and “consensus builder” at the G20 meetings this year, ahead of November’s summit meeting. And with two more months, Yoon’s

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Global business leaders to gather for G20 CEO Summit

By Kim Jae-kyoung Some 100 finance and business CEOs from around the world will gather in Seoul to attend the G20 Business Summit, which will start on Nov. 10 for a two-day run at the Sheraton Grand Walkerhill Hotel, one day prior to the beginning of the two-day G20 Seoul Summit. The large-scale gathering of global CEOs was designed by the Korean government to ensure a more sustainable economic recovery and future growth by having business leaders participate in the G20 process. At a press conference Thursday, the G20 Business Summit Organizing Committee said that business leaders will discuss four key points — promoting trade activity and investment; stabilizing financial systems; achieving “green growth,” and encouraging corporate social responsibility (CSR). Three roundtable discussions will be followed by direct exchanges between business leaders and G20 political leaders. “So far, governments and central banks have played a key role in fixing the global financial system and supporting the economic recovery. But without support from the private sector, it is i

Korea trying to put cyber security on G20 agenda

By Kim Tong-hyung Korea is attempting to present computer security as a topic of discussion for the Group of 20 meetings in Seoul later this year. However, the talks for establishing an international body for combating cybercrimes seem to be discouraged. The Korea Communications Commission (KCC), the country’s converged regulator for broadcasting and telecommunications, and the Ministry of Public Administration and Security had vowed to include the forming of the new body as an agenda for November’s G20 summit of world leaders. Government officials now confess to the difficulties of getting everyone on the same page. The Public Administration Ministry announced in February that the country was considering establishing the international cybercrime organizations here. But the difficulty in securing the budget, as well as the slow advancement in related research, appears to have pushed the plans to the backburner for now. “The talks about the international body have been consistent since last year’s Asia-Pacific Economic Cooperation (APEC) cyber security seminar and we wil

Leaders cheered, hurried people for future

By Lee Chang-sup Chief Editorial Writer of The Korea Times Watching the 2010 World Cup matches in South Africa, one billion viewers may have fancied that they could catch a glimpse of what 32 participating countries are. Certainly, they could see young Koreans in action imparting the image and substance of Korea today. Their way of thinking and lifestyle give you the clue of who Koreans are and what Korea will be like in the future. The Korean supporters, the Red Devils, created their own culture voluntarily and spontaneously. It epitomizes passion, creativity, a freewheeling lifestyle, and a law-abiding spirit. These young Koreans, mostly born after the 1988 Seoul Olympics, are proactive designers of their own destiny. They do not wait passively until their dreams come true. Their dynamic, informal, joyful and creative way of thinking has been in evidence since the 2002 Korea-Japan World Cup. Another significant change is the willingness of the Red Devils to use the national flag, to write their hopes on it and scroll it along large sections of supporters. Even

Shinhan Financial Group Chairman Ra Eung-chan,

POSCO Chairman Chung Joon-yang, right, shakes

KEB CEO Larry Klane, seventh from left, and Chairman Richard