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Chaebol powered industrial transformation

By Ahn Choong-yong South Korea's industrial conglomerates, which operate many business lines simultaneously and are often controlled by a single owner or family and commonly known as "chaebol," have been the most important driving force behind Korea's modern ``compressed'' growth and industrial transformation. It is widely agreed that Korea's modern economic development has occurred within a unique paradigm of an export-based, but government- and chaebol-led industrialization strategy with varying degrees of government intervention. Over time, the respective role of chaebol and their relationship with the government have constantly evolved to adjust to the changing international and domestic environment toward performance-based criteria. In the past half century or so, Korea has emerged from being one of the poorest agrarian economies in the world to being a near-developed country, joining the OECD in 1996. Thanks to grants and foreign aid received during the post-Korean War period, particularly from the United States, Korea was able to escape from the poverty trap. In 1965, th

HMC Investment Securities Executive Vice President ...

Kookmin Bank chief executive Kang Chung-won, left ...

Hyundai-Kia Automotive Group Chairman Chung Mong-koo ...

KoreaToday Global Oil Industries Stand at Crossroads

Post-Crisis Landscape Takes Shape This Year By Kim Tae-gyu Staff Reporter One of the hardest-hit industries by the financial tsunami that swept the global economy was refineries, which saw their bottom lines plunge amid the unprecedented economic slump. As economies worldwide show clear signs of getting back on track, the once jolted oil-refining segment is improving. Then, will things will be just like before-crisis world? The consensus answers seem to be negative. First of all, the trend of movement from fossil fuels to renewable energy resources matter in the face of a pair of problems ― depleting oil sources and environmental threats generated by greenhouse gases. ``The consumption of oil decreased last year in the aftermath of the global recession. It is expected to rebound this year but refineries should not expect the golden age of the mid 2000s to revisit them right away,'' a Seoul analyst said. ``In particular, they are required to grapple with strong initiatives toward renewable energy. Otherwise, their viability will substantially decrease. In other

KoreaToday Energy Industry Faces Paradigm Shift

This is the ninth in a 12-part series of “The Korea Times ― the Boston Consulting Group (BCG) Joint Project” designed to identify new realities in the post-crisis world and provide winning strategies for leading Korean firms in 11 key industries. In cooperation with BCG, The Korea Times will look into a wide variety of issues both in the global economy and major indstries. ― ED. Business Opportunities Reach Beyond Renewable Energies By Holger Rubel, Choi In-jin We are witnessing a paradigm change. Historically, electricity generation has been designed to follow demand. Now, we are moving toward a world in which virtually continuous demand is expected to be met, to a large extent, by energy sources ― wind and sun ― that are not ``on,'' or able to generate, much of the time. This challenge makes electricity storage critical, especially on a large-scale. Large-Scale Electricity Storage Large-scale electricity storage refers to harnessing excess power generated in times of abundant availability, or low demand, and releasing it into the grid later when power generation is

BC Card CEO Chang Hyung-duk, center, Community Chest ...

BMW Korea plans to debut its BMW X1 xDrive 18d here for ...