This is such a fun article I have to quote it in full. High frustration in a low-trust country By Harold Piper, JoongAng Daily, 3 September 2006 Korea is a funny country. Actually, I quite like it. There is a lot to be said for a big city where a woman can go out safely … [Read More]
Category: Business & economy (page 13)
The Asian fine wine craze
The FT’s rather silly How to Spend It magazine had a feature this weekend on the growing popularity of fine wine in the far east, particularly the top Bordeaux. The main picture accompanying the article was of a glamorous young woman sipping a glass of red, purportedly in a fashionable Seoul wine bar. The article … [Read More]
Foreign lawyers to boost Korean tourist industry?
The England & Wales Law Society Gazette notes that there’s a draft bill which will be going before the Korean National Assembly later this year which will enable foreign law firms to open up offices in Korea. This has long been lobbied for (London lawyers have been trying to open up opportunities in Korea at … [Read More]
Seoul’s working hours
Seoul has the world’s longest working hours, according to the Chosun Ilbo: People in Seoul work the longest hours per year in the world, says a study by the Swiss financial group UBS. In its report “Prices and Earnings,” the Swiss financial group UBS says Seoulites spend more than 2,300 hours at work each year. … [Read More]
Samsung’s $800 million apology
A recent editorial in the Chosun Ilbo talked about the donation of 800 billion won by the Samsung Group, in penance for past avoidance of inheritance tax, and makes for an interesting read. Here’s an extract: After the Samsung Group in May handed the Education Ministry a W800-billion (US$1=W965) scholarship fund, the foundation’s entire board … [Read More]
Standard Chartered steers clear, UBS plunges in
As reported by the FT earlier this week, Standard Chartered have decided not to pursue their interest in LG Cards any further. Given the increasing number of households in Korea who can’t make ends meet, this is surely a prudent step: according to the Korea Times, spending exceeds income for 28 percent of households. The … [Read More]
Seoul the most expensive city after Moscow
A story from the Chosun Ilbo from a few weeks ago. I know from experience (the paying end, rather than the receiving end, more’s the pity) that expat employees are a good deal more expensive than locals. It’s all the additional perks. Who knows, maybe some of the costs which make Moscow top of the … [Read More]
Park’s equalizer costs Woori Bank millions
I’m still running this as a business story. It’s a follow up to my post a few days ago. The Korea Times today provides more detail on banks’ exposures to the world cup. As well as Hana Bank’s Red Devil Reserve Account, Woori Bank has opened 19,000 “I Love Park Ji-sung” time deposits. Every goal … [Read More]
Korean banks gamble on world cup results
I know I promised that this site would be a world cup free zone. So I claim that this is a business story, not a sport story. Tom Coyner’s excellent Korean Economic Reader service sent me the following editorial from the Korea Herald a couple of days ago. As it was a sports story I … [Read More]
A new Korean export opportunity?
With Japan’s supplies of cheap disposable chopsticks coming under threat, and the alternative re-usable plastic chopsticks a bit naff, Japan’s very way of life is under threat. There is surely an alternative: Korean metal chopsticks. An undreamed-of export opportunity. The (London) Times provides the background. Chopstick tussle adds bite to Orient’s diplomatic spat The Times … [Read More]
Walmart follows Carrefour in exit from Korea
I know I’m behind the times on this one. I’ve been focusing on the London Korean Festival and so have been neglecting other posts, but I didn’t want to lose this story. I can’t say that I’m sorry that big foreign retailing warehouses aren’t succeeding in Korea. This article is from the International Herald Tribune, … [Read More]
Think Korea: UK-Korea Forum
A two-day conference as part of Think Korea 2006: The UK-Korea Forum for the Future – 14th Annual Meeting 8-9 June 2006 Sheraton Park Tower Hotel, Knightsbridge Programme Thursday 8 June am call by the Korean delegation on the Foreign Secretary 12:45 for 13:00 Lunch, Guest Speaker 14:45 The Lord Richard and Dr Han Seung-Soo, … [Read More]
Samsung – am I missing something?
I’m puzzled by this item on the KBS site today Samsung to Pay W1 Tln in Inheritance Tax The Samsung Group will follow the example of the Shinsegae Group in paying a trillion won in inheritance tax. A Samsung source said Tuesday that Samsung will pay at an appropriate time around a trillion won in … [Read More]
Capital markets consolidation
The Asia Times has a good article on the Capital Markets Consolidation Act. Thanks to the Flying Yangban for spotting it. [Read More]
Deja vu
Where do the Korean tax authorities get all their investigators from? They’ve just been throwing resources at trying to get money out of Lone Star, and now they’ve descended en masse on Carrefour. Is this a bit of anti-foreign politicking? Or are there genuine concerns that Carrefour have been trying to avoid tax? Heavy-handed investigations … [Read More]
Saying Sorry with cash
I haven’t been following the Hyundai Slush Fund story, but Hyundai hopes to have drawn a line under it with a $1bn charitable donation. Samsung apparently adopted a similar approach to the tune of $840mn last year. Lone Star, meanwhile, is making a $100mn donation as a goodwill gesture in relation to its KEB purchase … [Read More]