China to keep controls on property market in 2014: minister

China to keep controls on property market in 2014: minister

5:14am EST

BEIJING (Reuters) – China will maintain controls on its property market in 2014 while increasing the land and housing supply in cities facing big home-price prices, the housing minister said, in a sign authorities will not relax efforts to stabilize housing costs. Home prices in big Chinese cities have repeatedly set records despite a four-year long government campaign to cool the market, adding to the threat of a price bubble and social unrest as housing becomes unaffordable. Read more of this post

China Confronts Workforce Drop With Retirement-Age Delay

China Confronts Workforce Drop With Retirement-Age Delay

China plans to raise the retirement age for the first time since the 1950s, as policy makers confront the prospect of a shrinking workforce that damps economic growth. The age will rise gradually, Hu Xiaoyi, a vice minister of human resources and social security, said this month. China’s compulsory retirement ages, now 50 for most women and 60 for men, are likely in 2020 to be about five years higher than they are now, according to economists surveyed by Bloomberg News. Read more of this post

Ulsan has been the richest city in Korea for four years in terms of personal income

Ulsan remains top city for per capita income

Dec 24,2013

BY SONG SU-HYUN [ssh@joongang.co.kr]

Ulsan has been the richest city in Korea for four years in terms of personal income, a government report said. According to Statistics Korea yesterday, per capita income of Ulsan citizens was 18.31 million won ($17,257) last year, 24 percent higher than the national average of 14.77 million won. Seoul was second (17.52 million won), followed by Busan (15.05 million won). South Jeolla was the poorest region with a per capita income of 12.49 million won, the report showed. In terms of private consumption, Seoul was on top at 17.51 million won, followed by Ulsan with 14.13 million won. The total personal income of 16 cities and provinces reached 739 trillion won, up 3.1 percent from 2011. Seoul achieved 289 trillion won, the largest regional gross domestic product. The total GDP of the 16 cities and provinces of the country stood at 1,275 trillion won last year, up 2.7 percent. However, adjusted for inflation, the total figure rose 1.9 percent, slowing from a 3.3 percent growth a year earlier.
Gyeonggi was second to Seoul in terms of GDP with 251 trillion won. Last-place Jeju produced about 12 trillion won. The total GDP of Seoul metropolitan areas stood at 600 million won, up 2.4 percent from 2011. The proportion of Seoul metropolitan areas to the total GDP declined 0.1 percentage point from a year earlier to 47.1 percent. By industry, agricultural and fisheries accounted for 16.5 percent of the regional economy of North Gyeongsang. Mining and manufacturing businesses prevailed in Gyeonggi, representing 23 percent of GDP.

The eco-friendly next-generation industrial zone in Deokjin-gu, Jeonju, also known as “carbon valley,” was witnessing the foundation of a string of carbon fiber material related companies

Fiber cities revive on industrial new material

2013.12.24 17:43:07

The eco-friendly next-generation industrial zone in Deokjin-gu, Jeonju, also known as “carbon valley,” was witnessing the foundation of a string of carbon fiber material related companies Monday. The industrial zone already houses 35 companies including DACC, which makes high-performance aircraft brake disks by using carbon fiber composites, and CNF, a specialist in carbon fiber production and related equipment design. Jeonju, which used to be the heart of Korea’s prominent textile companies such as Samyangsa and Taihan Textile in 1980s, found an opportunity in the crisis. The city audaciously walked away from the apparel textile business as it slid down the value chain and switched to industrial textile. Jeonju attracted many carbon fiber research and development facilities, an emerging material in the car and aerospace sectors for its high intensity and lightweight, and established pilot carbon fiber production facilities for the first time in the country in 2007. Industrial fiber as new material is also emerging as a next-generation growth driver of Daegu and Busan used to be conventional hubs of the textile industry. Daegu and North Gyeongsang province are searching for a breakthrough in the “super fiber.” The flagship example is Ukseong Chemical, a textile snow chain manufacturer based in Seongju-gun in the province. Ukseong Chemical used to make textile for shoes, but confronted with a huge challenge from Chinese competitors, the company turned to industrial textile products since 2007 and successfully developed textile-based snow chains. Meanwhile, the number of textile companies in Busan is projected to skyrocket from 3,704 in 2010 to 5,835 by 2020, said the Korea Institute for Industrial Economics & Trade.

South Korea’s third-generation family members of conglomerates are coming forward to succeed the group control.

Chaebol scions climb toward management

Chae Soo-hwan, Noh Won-myung, Lee Ho-seung

2013.12.25 13:41:49

South Korea’s third-generation family members of conglomerates are coming forward to succeed the group control. In the Hanjin Group’s shake-up which was made on December 24, Korean Air executive vice president Cho Won-tae (aged 38), the son of current chairman of the group Cho Yang-ho, was appointed to concurrently head Hanjin Kal, the holding company of Hanjin Group. Cho Hyun-min, the youngest daughter of chairman Cho was promoted to senior vice president from vice president of Korean Air. With the appointment of Cho Won-tae as vice president, the group’s power structure seems to be leaning toward the son of chairman Cho. Cho Hyun-min, aged 30, saw a fast promotion to senior vice president in a year. The nation’s conglomerates are in the process of passing ownership rights to a third-generation of their family albeit at a slower pace. In Samsung Group, Lee Jae-yong, the third generation of the Samsung family, serves vice president of Samsung Electronics. In Hyundai Motor Group, eyes are on whether Chung Eui-sun, the only son of Hyundai Motor Group chairman Chung Mong-koo, will be assigned to an additional position in the upcoming personnel reshuffle late this year. GS Group also sped up the process of handing over power to the fourth generation of the group’s family members in the management shake-up made last year. GS Group chairman Huh Chang-soo’s only son Yoon-hong was promoted to executive-level from general manager at GS Engineering and Construction. He is deemed as the most probable heir apparent of GS Group. GS Caltex chairman Huh Dong-soo’s son Se-hong also gained promotion at GS Caltex last year.

S. Korea stock performance ranks bottom among OECD members this year

S. Korea stock performance ranks bottom among OECD members this year

2013.12.24 15:26:15

South Korea’s equity index growth was ranked 30th among 34 OECD members this year. In contrast, Japan’s stock index surged over 50 percent thanks to the Abenomics effect, grabbing the top place. The KOSPI closed at 1,983.35 Friday, posting a 0.7 percent decline this year, said sources at the financial investment center and Korea Center for International Finance Tuesday. The index performance took the 30th plance among indexes of 34 member countries. Only five of OECD members including the KOSPI of Korea saw their stock indexes retreat: IGPA of Chile dropped 13.6 percent, ISE100 of Turkey 11.0 percent, PX of the Czech Republic 5.9 percent and IPC of Mexico 3.5 percent. Indexes of the remaining 30 members advanced. Bullish stock indexes of Japan and the US led the global stock markets this year, while that of Korea declined, showing a serious decoupling. The Korean index turned sluggish as Japan’s Abenomics weakened the yen, which undermined Korea’s export competitiveness, and decreasing trading volume and taper of quantitative easing have dampened investor confidence, dragging down the index. Securities firms share the view that the KOSPI would make headway next year, but their forecasts diverge on whether the index would remain soft in the first half and climb in the second half, or vice versa.

More Korean TV dramas accused of plagiarism

More Korean TV dramas accused of plagiarism

Wednesday, December 25, 2013 – 11:50

Julie Jackson

The Korea Herald/Asia News Network

After only its second episode, the newly aired SBS drama “My Love from the Star” starring popular stars Kim Soo-hyun and Jun Ji-hyun (Gianna Jun) has found itself wrapped up in a heated plagiarism controversy with an ongoing Korean comic book series titled “Seol Hee,” which is based on a similar concept to the drama. Read more of this post

One year later, Japanese PM has big ‘to do’ list

Updated: Tuesday December 24, 2013 MYT 5:27:45 PM

One year later, Japanese PM has big ‘to do’ list

TOKYO: A year after a landslide national election, Japanese Prime Minister Shinzo Abe is riding high as his plan to rescue the economy earns praise at home and abroad, but chinks in his armour are beginning to show. The unprecedented policy blitz, dubbed Abenomics, ushered in growth that led G7 nations in the first half of the year, stoked a sizzling stock market rally and offered a tantalising end to years of deflation. Read more of this post

Why U.S. retail giants risk big chill north of the border

Why U.S. retail giants risk big chill north of the border

Hollie Shaw | December 22, 2013 5:18 PM ET
Lessons Learned: Our series looks at major corporate, political and economic events of 2013 and what they taught us

TORONTO — Trader Joe’s would do well to stay out of Canada: it seems as though the more we love an international brand, the more likely we are to be disappointed when its Canadian iteration opens here. Witness Target and J Crew. Though the retailers have vastly different store concepts and arrived north of the 49^th parallel a year and a half apart, both U.S. chains faced a similar uproar from customers angry that despite a near-to-par dollar, the Canadian stores were not selling goods at the U.S. prices. Read more of this post

Business of summer: gelato franchise chain Gelatissimo chases growth

Caitlin Fitzsimmons Online editor

Business of summer: gelato franchise chain Gelatissimo chases growth

Felipe Barbosa wants to reinvent Gelatissimo as a “destination”. The hot weather so far this summer is good news for the new management of Gelatissimo. It is a far cry from the summer of two years ago when wet weather and the Queensland floods prompted founders Dominic and Marco Lopresti to embark on a global expansion strategy in part to mitigate seasonal risk. Read more of this post

World’s biggest aluminum producer launches legal action against LME warehouse rules

Updated: Wednesday December 25, 2013 MYT 8:26:30 AM

World’s biggest aluminum producer launches legal action against LME warehouse rules

LONDON/MOSCOW: The world’s biggest aluminum producer Rusal has begun legal action aimed at having the London Metal Exchange (LME) overturn planned reforms to its warehousing policy, worried about further falls in the price of its metal. Read more of this post

Strewth, a foreign Holden? GM hopes Australian icon will endure

Strewth, a foreign Holden? GM hopes Australian icon will endure

4:06pm EST

By Lincoln Feast and Thuy Ong

SYDNEY (Reuters) – It’s as much a part of Australia as kangaroos, the Sydney Opera House or vegemite, and General Motors Co’s (GM.N: Quote, Profile, Research,Stock Buzz) decision to stop manufacturing Holdens in the country looks like the marketing equivalent of a car crash. Read more of this post

A minicar named Hustler? Japan’s brand names raise eyebrows

A minicar named Hustler? Japan’s brand names raise eyebrows

4:03pm EST

By Sophie Knight

TOKYO (Reuters) – Suzuki Motor Corp had little idea that the name “Hustler” for its new, boxy minicar aimed at outdoorsy Japanese customers might cause mirth among English speakers for its association with an adult magazine – but it’s not alone. Plucking words from foreign dictionaries without checking how they might be received by native speakers appears to be a habit at Japanese companies, which have produced countless products with unintentionally unsavory names. Read more of this post

Anti-corruption party to govern Delhi

December 23, 2013 9:54 am

Anti-corruption party to govern Delhi

By Amy Kazmin in New Delhi

Handed power: Aam Aadmi party leader Arvind Kejriwal

India’s one-year-old Aam Aadmi party, formed by a former tax official turned crusading anti-corruption activist, announced on Monday that it will form the local government in New Delhi, after a stunning electoral debut fuelled by public anger against India’s political elites. Like Italy’s Five Star Movement led by comedian come politician Beppe Grillo, the AAP is an electoral insurgency. It has tapped into deep Indian disgruntlement – especially among its urban educated voters – at the lack of accountability of established politicians, many of whom seem to treat electoral victories as blank cheques. Read more of this post

Thai CEOs fault govt’s failure to halt economy’s decline

CEOs fault govt’s failure to halt economy’s decline

The Nation December 25, 2013 1:00 am

The majority of CEOs do not see parliamentary dissolution as the answer to the political stalemate, according to a survey.

Asked about Thailand’s political situation, 78.8 per cent of 306 CEOs said dissolution was not a way out. Rather, they believed in comprehensive reform to defuse the current political situation and to ensure long-term prosperity for Thailand.  Read more of this post