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Fri, September 22, 2017 | 15:10

Economy > Policies >

Hopes dashed over Korea-China trade dispute resolution at ASEM

Hopes for a possible breakthrough in resolving the trade dispute between Korea and China have been dashed at the Asia-Europe Meeting (ASEM) Economic Ministers’ Meeting here. This is because China did not send its top trade delegate to the two-day conference, which kicked off at the COEX convention center in Seoul, Thursday. China’s Vice Commerce Minister Wang Shouwen attended the event, instead of Korea’s Trade, Industry and Energy Minister Paik Un-gyu’s counterpart Commerce Minister Gao Hucheng.

Policies | 2017-09-21 17:03

Chaebol on edge over Assembly audit

Samsung, Hyundai Motor, SK and other conglomerates are on alert as lawmakers are moving to summon their leaders as witnesses during the National Assembly audit of government agencies next month. Business groups are scrambling to find ways of getting their chairmen or CEOs off the list of those to be summoned; but the Assembly is poised to call in a record number of businesspeople for questioning over a wide range of controversial issues. The Assembly audit was initially intended to inspect whether ministries and other government bodies performed their duties properly. But over the past few y...

Policies | 2017-09-21 16:35

Internal trade makes up 12.2 percent of conglomerate transactions

Transactions among affiliates made up 12.2 percent of total trading by large business groups. The ratio was especially high when children of the group chairmen had large stakes in their businesses, reflecting the fact that conglomerate owner families use internal trading as a means of transferring wealth to the next generation. According to the Fair Trade Commission (FTC) Thursday, inter-affiliate trading amounted 152.5 trillion won last year, taking 12.2 percent of total trading and up 0.5 of a percentage of a point from the previous year. The large business groups here refer to those with ...

Policies | 2017-09-21 16:35

Korea shares best practices over public enterprise governance

The 10th meeting of the Organization for Economic Cooperation and Development (OECD) Asia Network on Corporate Governance of State-Owned Enterprises took place Tuesday through Wednesday in Kuala Lumpur. This year’s meeting was co-organized by the OECD, the Institute for Democracy and Economic Affairs, and the Malaysian Directors Academy, with the financial support of the state-backed Korea Institute of Public Finance. Themed “Managing risk and promoting business integrity in the state-owned enterprise sector,” this year's gathering attracted government representatives from Asia as well as st...

Policies | 2017-09-21 15:15

Few Koreans ready for jobs in new era

South Korea is losing its competitiveness as its education system has failed to grow global talent suitable for jobs in the era of the Fourth Industrial Revolution, according to James Rooney, vice chairman of the Seoul Financial Forum. He said that President Moon Jae-in’s policy focusing on creating more jobs in the public sector is a step in the wrong direction, calling for the government to build a vibrant private sector that can create more jobs. “Korea's economic situation has clearly been worsening for a number of years now. All the other negatives flow from that plus the lack of well t...

Policies | 2017-09-21 12:22

Imported foods rising as Chuseok gifts

Imported and processed foods such as canned ham and tuna are emerging as popular gift items for the Chuseok holiday as more consumers turn their eyes to relatively cheap items following the implementation of an anti-graft law. The Ministry of Agriculture, Food and Rural Affairs released a report, “Consumer trends for holiday gifts,” Tuesday. It is based on analysis of big data collected from social media and the internet as well as data from a point-of-sale system at Nonghyup Hanaro Mart over the past three years.

Policies | 2017-09-19 16:46

Free entrance, discount events to spice up Chuseok holidays

Cosmetic clinics fined for false ads

The nation’s anti-trust watchdog said, Sunday, it has fined or issued correction orders to nine cosmetic surgery clinics for their exaggerated and deceptive advertisements to promote their practices. According to the Fair Trade Commission (FTC), two hospitals -- Secret and Faceline plastic surgery clinics located in Gangnam District -- were fined 25 million won ($22,000) and 82 million won, respectively, after being caught using photos over-exaggerating patients’ before-and-after photos.

Policies | 2017-09-17 16:03

Korea in dilemma over WTO option over China

As Lotte Mart decided to withdraw from China upon snowballing losses incurred by the country’s economic retaliation against Korean businesses, experts are divided over whether the government should refer China to the World Trade Organization (WTO). While there is an increasing call among the public that China should be taken to the WTO, some experts say it wouldn’t be an effective solution. Choi Won-mog, a professor at Ewha Law School, said that the government was wrong from the beginning when it mentioned WTO without an accurate analysis. He said that it is not easy to prove that China’s ec...

Policies | 2017-09-15 17:36

Asian, European ministers to gather in Seoul next week

Economic ministers of 51 Asian and European countries will gather in Seoul next week to discuss measures for inclusive and sustainable economic growth. The seventh ASEM Economic Ministers’ Meeting (EMM), hosted by the Ministry of Trade, Industry and Energy, will be held at COEX in southern Seoul on Sept. 21 and 22. Launched in 1996, the Asia-Europe Meeting (ASEM) comprises 20 Asian and 31 European countries.

Policies | 2017-09-14 17:00

'Taking China to WTO is one option'

Taking China to the World Trade Organization (WTO) for its economic retaliation against Korea is one of the options the government is considering, but the next move must be first planned in detail, the trade minister said Wednesday. “We’ve always had it as an option. However, we need thorough analysis to determine which option is more effective,” said Trade Minister Kim Hyun-chong in a press briefing.

Policies | 2017-09-13 17:05

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