Lifestyle - The Korea Times

Global strategies to reinvigorate banks

By Tuneer De South Korea was one of the countries hardest hit during the 1997 Asian Financial Crisis, but Korean banks reacted very effectively in the years following this crisis. They complied with economic reforms diligently to create greater transparency in financial systems and reduce interest rates. Banks thus played a part in stabilizing the country, leading to an annual GDP growth rate of 10.7% in 1999, merely two years after the crisis started.In recent years, many Korean banks have expanded to allied services through financial subsidiaries. The majority of their profits, however, still comes from traditional banking services such as personal loans and mortgages. In the face of a rapidly changing and globalizing market, Korean banks must reinvent themselves to maintain their competitive edge.One way for banks to expand their horizons is to identify certain niche communities which are not receiving the kind of banking services they want. For example, banks could support SME’s in emerging industries by creating a conducive eco-system by providing specialized services

Nov 9, 2015

TonyMoly appoints new CEO

Yang Chang-sooBy Park Jin-haiTonyMoly, a Korean cosmetics company, said Monday that it has appointed ex-AmorePacific exec as its CEO.Yang Chang-soo, 51, will lead the mid-sized cosmetics firm, which went public in July and is fast expanding its global presence.Yang studied agricultural economics at Korea University before joining AmorePacific, the nation’s largest cosmetics brand. He was in charge of department sales before serving as CEO of its brand Etude House and vice president of marketing. After he left the company, he joined Shinsegae International’s VIDIVICI cosmetics brand as vice president where he worked until the end of 2014. “While working in the cosmetics industry for a long time, he has earned a reputation as someone who can ratchet up a brand’s potential in a short time through various innovative marketing campaigns,” said a company official.Previously, the cosmetics maker has been plagued with rumors that its CEOs have had conflicts with its chairman. In the last two years, the company has had five new CEOs including Yang. Before hi

Nov 9, 2015By Park Jin-hai

Fintech incorporation essential for banks' growth

By Lim Jee-soo With technology progressing far beyond what could have ever been imagined in the past, traditional industries have to reevaluate the way they conduct business in order to survive in an ever-changing landscape. The banking industry is no exception; with digitalization changing the way people handle their monetary assets, payments, transfers and loan issuances are now only a smartphone application away. Korean banks have already taken major steps to integrate technological advances into their operations. Updating their services to include online and mobile banking is no longer an option for banks, but a necessity if they wish to maximize their reach to potential clients. This can be attributed to the high proliferation rate of smartphone usage in Korea. KB Research reported that roughly 80 percent of all Korean phone users possess smartphones, of which more than half – approximately 25 million people – utilize applications that provide smart banking services.The opening of Bank Woori Saudara, a 74:26 joint venture set up between Korea’s Woori

Nov 9, 2015

Fintech incorporation essential for banks' growth

EF to offer educational materials on 2018 Winter Olympics

 Christopher McCormick, second from right, senior vice president of EF Education First, poses with Cho Yang-ho, second from left, president of the PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Winter Games, after signing an education sponsor agreement at the Korea Press Center in Seoul, Thursday. Also pictured are the committee’s Vice President Kwak Young-jin, left, and EF Korea Country Manager Yoon Seon-joo. / Courtesy of EF Korea By Chung Hyun-chae EF Education First will provide educational content about the 2018 PyeongChang Winter Olympics starting next March in cooperation with the Olympics organizing committee.Christopher McCormick, senior vice president of the international education company, signed an education sponsor agreement with Cho Yang-ho, president of the PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Winter Games, at the Korea Press Center in Seoul, Thursday.Under the accord, the Switzerland-headquartered EF becomes an official education sponsor of the Winter Olympics to offer exclus

Nov 6, 2015

EF to offer educational materials on 2018 Winter Olympics

Lawyer helps foreigners with back wages

Lawyer Jeong Hye-youngBy Lee Kyung-min Lawyer Jeong Hye-young, 30, said providing legal consultation to foreigners is one of her duties that make her truly happy.Since 2009, she has helped foreigners with the two most common legal issues for them ― divorces for immigrant wives, and back wages for factory workers. She has dealt with numerous such cases while volunteering at the Korea Legal Aid Corporation, and Seoul Global Center run by Seoul Metropolitan Government.“People’s lives are instantly ruined if they do not receive their monthly paycheck, especially for foreigners many of whom are day laborers. That is why I feel so strongly about helping them,” she said.Last year, she helped three foreigners from Southeast Asia who had not received their paychecks for more than one year, after their employer, a subcontractor for contact lens manufacturer Bescon went bankrupt.She filed a court injunction against the company that acquired the troubled subcontractor, and made it pay the due amount to the three foreigners.  “Fortunately, the acquirer was d

Nov 6, 2015

Top honor from France

Cho Yang-ho, right, chairman of Hanjin Group, makes a toast with French President Francois Hollande after receiving the Legion d’Honneur Grand Officier medal, one of France’s highest civilian honors, at a special ceremony at the Grand Hyatt Seoul Hotel, Seoul, Wednesday. The French government recognized Cho’s contribution to business exchanges between the two countries. He serves as the chairman of the Korean organizing committee for France-Korea Year 2015-2016. Cho’s late father, group founder Cho Choong-hoon, also received the medal in 1990. / Courtesy of Korean Air

Nov 5, 2015

Doosan execs donate W3.5 bil. to create jobs

Doosan Group Chairman Park Yong-maanBy Park Si-sooDoosan Group Chairman Park Yong-maan and executives donated a combined 3.5 billion won ($3.07 million) to a government-initiated fund to help create jobs for young adults.“Creating jobs for young people is the most important issue that should be settled by any means,” said Park, who serves as chairman of the Korea Chamber of Commerce and Industry (KCCI), in a press release, Thursday. “I hope our donation will contribute to boosting the ability and talent of young people who are the backbone and future of society.”Park’s donation came one day after GS Group Chairman Huh Chang-soo and his subordinates donated 5 billion won to the fund for the same purpose. Huh also serves as chairman of the Federation of Korean Industries, one of the biggest business lobby groups, along with KCCI.Last month, Park donated 10 billion won to set up a foundation designed to revitalize the Dongdaemun area where the group’s headquarters is located.He has said if his company wins a state license to run a duty free store at a

Nov 5, 2015

Doosan execs donate W3.5 bil. to create jobs

Expat offers free tutoring to NK defectors

Casey Lartigue Jr., center, introduces volunteer English tutors to North Korean defectors during a matching session of Teach North Korean Refugees at the Mulmangcho Human Rights Center in Seoul on March 21. / Courtesy of Casey Lartigue Jr.By Kim Hyo-jin An American expat is running a free tutoring program in Seoul that teaches English to North Korean defectors.Casey Lartigue Jr., co-founder of Teach North Korean Refugees (TNKR), bridges English-speaking volunteers with North Korean refugees. More than 200 defectors have learned English through the program over the past two years.Park Yeon-mi, a 22-year-old North Korean defector who publicizes human rights violations in North Korea on the international stage, is a graduate of the program. “I’m like a high school coach,” Lartigue told The Korea Times, Monday. “My star player has gone off to the NBA,” Park was eager to learn English so she could share with the world her experiences growing up in the reclusive country. So she knocked on the door of TNKR in 2013, Lartigue said. She had 18 tutors in

Nov 4, 2015

Expat offers free tutoring to NK defectors

Yi promotes value of handcraft pottery

Ceramic artist Yi Yoon-shin / Courtesy of YidoBy Kim Jae-heunYi Yoon-shin, a ceramic artist and founder of Yido Pottery, stressed the special value of handcraft and the beauty of Korean traditional pottery during a Korea Culture Quotient event hosted by Corea Image Communication Institute (CICI) at Yido in Jongno-gu, Seoul, on Oct. 27.The president of CICI, Choi Jung-wha, invited some 20 foreign and local opinion leaders to the event, including Kuwaiti Ambassador to Korea Jasem Albudaiwi and CEO of Renault Samsung Motors Francois Provost.Yi, who recently held a solo exhibition of ceramics in Paris, talked about her experience with ceramics and the establishment of Yido Pottery, as well as the history of world ceramics during her hour-long speech.The artist emphasized that people should use handcrafted porcelains instead of mass-produced pottery.“Handcrafted porcelains are weak on impact compared to the normal pottery at home and they absorb water, so it can easily break if you leave water inside for a long time,” said Yi during her speech. “However, the handmade cer

Nov 3, 2015

Gumseang Elementary School wins Kyobo Education Award

Nam Mi-suk, president of Gumseang Elementary SchoolYoon Kyung-eun, representative of Small Is BeautifulPark Wan, representative of the Collaboration FarmBy Chung Hyun-chaeGumseang Elementary School in Busan has won the inaugural Kyobo Education Award for personality development education, the award foundation said Tuesday.“We’ve recognized the school for devising a successful model for education focused on personality development,” Kim Dae-yeong, chairman of the Kyobo Foundation for Education, said.Small Is Beautiful, an organization affiliated with the Green Korea United, won an award for life education while the Collaboration Farm, an agriculture cooperative, received an award in the leadership education field.Small Is Beautiful, a publisher of a monthly environmental magazine, was lauded for its 19-year environmental movement and publication activities.The Collaboration Farm was praised for its support programs for young people heading into farming.The three awardees were chosen among 62 candidates.Each winner will receive 30 million won in prize m