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Koreans setting example for development

By Walter Klitz Director of German Friedrich Naumann Foundation for Liberty in Korea Yes, in 2009 the Republic of Korea became the 24th member nation of the Organization for Economic Cooperation and Development's (OECD) Development Assistance Committee (DAC) and therefore the first nation ever to go from an aid recipient to a donor state. There are currently quite a few key figures that fill Korean hearts with pride, demonstrating the "Miracle on the Han River", which was also a unique success story for the nation. In order to understand Korea's astounding ascent to world power status, we need to identify the factors that have made such accomplishments possible and take a closer look at the correlations among development aid, economic and social progress and the establishment of the rule of law. That latter principle, along with a market economy, free trade and the linking up to world markets appear to be the secrets to Korea's amazing success. The fact that South Korea has always been in charge and "owned" the process of its development is a crucial contribution to the count

A group of elementary school students dance at the 2010 ...

No consensus on universal bank tax

By Cho Jin-seo Staff reporter BUSAN ― The G-20 nations confirmed an earlier report from The Korea Times that they are not going to pursuit a global, universal bank levy system anymore on the financial industry. After the Busan meeting of finance ministers and central bank governors, the nations said that each of them will make its own decision on bank levy. The Korea Times first reported on Thursday that G-20 is giving up on the universal bank levy scheme, citing Shin Hyun-song, the architect of Korea’s G-20 initiative. "It was apparent again from today's meetings that most G20 members do not support the concept of a universal levy," Canadian Finande Minister Jim Flaherty said during a news conference, Saturday. Korean Finance Minister Yoon Jeung-hyun, the host of the Busan G-20 confab, and British Chancellor of Exchequer George Osborne echoed this view. "Some countries had financial crisis, and others did not. Because of the different environment, detailed plans can differ by nation," Yoon said. "Different countries need different approaches," said Osborne

Yoon relieved; Geithner piqued; Osborne (U.K.) learning and Flaherty (Canada) triumphant

At the end of the G-20 meeting in Busan, Saturday, the delegations made parting remarks during a news conference held separately by each country. The following are remarks by key participants. ― ED. By Cho Jin-seo Staff reporter South Korea Korea's Finance Minister Yoon Jeung-hyun, who chaired the Busan G20 meeting of finance ministers and central bank governors, said that the most significant outcome from the Busan meeting for him was the meeting itself ― that it was the first G-20 meeting to be hosted by an emerging market economy, and was held successfully. "Some people were concerned, but we managed to host the meeting close to perfection," he said, though his face looked tired after moderating two days of discussions. Korea is urging G-20 to pay more attention on issues raised by emerging economies, such as the establishment of global financial safety, or reforming of the International Monetary Fund. "Opinions are varying on the global safety net issue among developed and developing nations. Fortunately, Korea is leading the discussion and we see that it is

Busan G-20 meeting calls for sustainable growth

By Kang Seung-woo Staff reporter Busan ― Finance ministers of G-20 nations Saturday agreed to intensify their efforts to realize "strong, sustainable and balanced" growth. In the communique issued at the end of the confab that also included G-20 central bankers, it was observed that the global economy is making faster-than-expected recovery, but the recent volatility in financial markets has shown that significant challenges are still remaining. "The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability, differentiated for and tailored to national circumstances,"it said. The participants also agreed on the need to reform the International Monetary Fund (IMF). The Busan meeting was aimed at laying the groundwork for a leaders' summit in June later this month in Toronto, Canada. It is also a precursor to their summit in Seoul in November. "We agreed further progress on financial repair is critical to global economic recovery. This re

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Korea Exchange Bank (KEB) Foundation Chairman Richard ...

Korea Post President Namgung Min, left, talks with Japan ...

Woori aims to be worldwide player

By Kang Seung-woo Staff reporter Korea has cranked out a handful of global enterprises such as Samsung Electronics, LG Electronics and Hyundai Motors. But, the global stage has been an unfamiliar territory for local financial firms, as they have failed to earn worldwide recognition in the industry. Woori Financial Group has set its sights on putting an end to this, bursting onto the international scene as a leading financial firm with its new "OneDo" brand vision. Woori, the nation's second-largest financial holding company in total assets, unveiled the new motto for the group last December after finding a need to change in order to evolve. The catchword is a conjugation of two words - one and do. "One" means harmony, first place and cooperation, while "Do" represents creativeness, volunteerism and practice. The company hopes that the motto will be established through creating a new DNA at Woori through small changes with every single employee to create a leap forward as a leading global financial firm. As part of it, the holding company introduced three proj

KEB official bank for World Cup

By Kang Seung-woo Staff reporter When it comes to one of the most widely-recognized commercial catch phrases in business circles, "size does matter" is always high on the list, even within the banking sector. But such is not the case for Korea Exchange Bank (KEB), as the Korean lender looks to gain recognition as the nation's best-quality bank, not one to rely on only its bulk. Having a shot at reaching 800 billion won ($659.2 million) in net profit and a return on equity (ROE) of 10 percent this year, KEB, headed by CEO Larry Klane, has pushed itself to provide consecutive and profitable growth as well as strengthen multidimensional competitiveness. And the local bank seems to be on the right path. The nation's sixth largest lender reported 318.2 billion won in net earnings during the first three months of 2010. It is a big rebound from a year earlier, when it tallied a 74.8 billion won net loss, and it also increased by 11.8 billion won, or 3.9 percent, compared with the previous quarter. Its net interest margin (NIM), a barometer for profitability, also impr