Tata group turns circumspect under Cyrus Mistry

January 9, 2014 2:15 am

Tata group turns circumspect under Cyrus Mistry

By James Crabtree in Mumbai

It would once have been a familiar sight: the Tata group limbering up for a landmark deal with a blue-chip western company – in this case Britain’s Vodafone, to which the conglomerate is discussing selling a majority stake in its struggling mobile business. Read more of this post

Tens of Thousands Join India Anti-Graft Party

Tens of Thousands Join India Anti-Graft Party

By Abhaya Srivastava on 5:29 pm January 11, 2014.

Indian Aam Aadmi Party leader Arvind Kejriwal (C) gestures with his ink-marked finger after casting his vote for the Delhi state assembly election in New Delhi on December 4, 2013. (AFP Photo) New Delhi. India’s new anti-graft party has signed up tens of thousands of members in a nationwide recruitment drive as it seeks to build support ahead of general elections, an official said Saturday. Read more of this post

A third branch of Sweden’s famous Ikea furniture store could be set up in southeastern Seoul as early as 2017

Ikea wants third store to be in Seoul

Jan 07,2014

A third branch of Sweden’s famous Ikea furniture store could be set up in southeastern Seoul as early as 2017.
Ikea’s first two Korean stores are scheduled to open in Gyeonggi in the second half of this year and in two to three years. According to the Gangdong District government yesterday, Ikea has expressed its intention to buy 13,000 square meters (3.21 acres) of land in Godeuk commercial zone, southeastern Seoul.
The local government is still negotiating with the Swedish company. Even if the local government inks an agreement with Ikea in the first half of this year, final approval from the Seoul City government is required.  Read more of this post

Behind Korea’s customer-friendly delivery culture

Behind Korea’s customer-friendly delivery culture

Sunday, January 12, 2014 – 10:42

Bae Hyun-jung

The Korea Herald/Asia News Network

There are few things that cannot be delivered in this short-tempered, fast-moving and tightly networked country. Overnight parcel services are taken for granted. Fully cooked meals and snacks may be ordered around the clock. Even McDonald’s Korea uses a motorcycle fleet to make home deliveries of burgers and fries. Read more of this post

Is Park overly ambitious for $30,000 per capita income era?

2014-01-06 17:50

Is Park overly ambitious for $30,000 era?

Na Jeong-ju
President Park Geun-hye looked determined when she talked about her plan to raise the country’s per capita income to over $30,000 in a nationally-televised New Year news conference Monday. Read more of this post

Korea lost 612 construction companies last year as builders continued to be squeezed by a stubborn slump in the domestic market; more than 2,200 general construction companies have disappeared since 2005

Construction firms dwindle

Association’s data shows industry shed 612 companies in 2013

Jan 10,2014

Korea lost 612 construction companies last year as builders continued to be squeezed by a stubborn slump in the domestic market, according to data from the Construction Association of Korea.  Read more of this post

Korea Exchange Considers Longer Hours While Mulling Acquisitions

Korea Exchange Considers Longer Hours While Mulling Acquisitions

South Korea’s bourse operator may extend trading hours for Asia’s fourth-biggest equity market and will consider overseas acquisitions after local trading volumes slumped to a six-year low. Read more of this post

Korea’s major hotels and duty free shops are feeling the pinch from the weakening yen because their sales have been falling sharply due to a drop in the number of Japanese tourists coming here.

2014-01-06 18:40

Weak yen hits hotels, duty free shops

Yi Whan-woo

Korea’s major hotels and duty free shops are feeling the pinch from the weakening yen because their sales have been falling sharply due to a drop in the number of Japanese tourists coming here. Read more of this post

Korea’s major pharmaceutical firms are turning their eyes to overseas markets in order to compensate for falling profits from domestic sales

2014-01-10 16:21

Drug makers eye overseas markets

By Kim Tae-jong
Korea’s major pharmaceutical firms are turning their eyes to overseas markets in order to compensate for falling profits from domestic sales.
“Now we all know that we should seek to advance into overseas markets in order to make up for reduced profits due to drug price cuts,” Lee gun-nyung, assistant manager at the investment relations team of Daewoong Pharmaceutical. “But it is very challenging to compete with global pharmaceutical firms.” Read more of this post

LS Group, the nation’s largest cable manufacturer, said that it will shut down its affiliate, JS Cable, to take responsibility for last year’s nuclear reactor corruption scandal

LS Group to shutter JS Cable unit

Jan 07,2014

LS Group, the nation’s largest cable manufacturer, yesterday said that it will shut down its affiliate, JS Cable, to take responsibility for last year’s nuclear reactor corruption scandal. Read more of this post

President Park Geun-hye is apparently following in her father Park Chung-hee’s footsteps in her governing style

2014-01-07 18:58

Like father, like daughter

President Park Geun-hye, left, and her father and former President Park Chung-hee

By Kim Tae-gyu
President Park Geun-hye is apparently following in her father Park Chung-hee’s footsteps in her governing style, observers said Tuesday. Read more of this post

S. Korea’s debt grows at alarming level; S. Korea household debt estimated to have topped $935bn; Credit risks of S. Korea large firms hit 4-year high in Q4

S. Korea household debt estimated to have topped $935bn

2014.01.07 15:25:13

South Korea’s household debt is projected to have already exceeded 1,000 trillion won ($935.2 billion).

The estimate came after the outstanding balance of household debt, which includes household loans from all financial institutions and credit purchases provided by credit card issuers, came to 991.7 trillion won in late September of 2013, while depository institutions’ lending alone increased nine trillion won in October and November last year.  Read more of this post

Samsung Electronics’ big worker bonus has shareholders sulking

Updated: Tuesday January 7, 2014 MYT 7:18:54 PM

Samsung Electronics’ big worker bonus has shareholders sulking

SEOUL: Samsung Electronics Co Ltd, the world’s largest smartphone maker, has reignited shareholder calls for more returns after splashing out on a special employee bonus estimated at nearly US$1bil. Read more of this post

Samsung Group Chairman Lee Kun-hee plans to host a New Year’s dinner gathering for president-level executives on Jan 9, which also marks his 72nd birthday

2014-01-09 11:18

Samsung chairman to host gathering with staff

Samsung Group Chairman Lee Kun-hee plans to host a New Year’s dinner gathering for president-level executives Thursday, which also marks his 72nd birthday.

• The country’s richest man has invited senior Samsung executives to his birthday celebrations since 2008.  Lee’s remarks are often closely watched as they can set the tone not just for South Korea’s largest market-cap conglomerate he inherited from his father but also for the entire business community.

Lee will attend a separate ceremony prior to the dinner to award dedicated employees, company officials said. Read more of this post

Samsung Wants to Be the World’s Biggest Appliance Maker by 2015

Samsung Wants to Be the World’s Biggest Appliance Maker by 2015

By Sam Grobart January 09, 2014

The technology industry hums with disruptive new companies that enter the market by taking share away from others or creating markets of their own. But kitchen appliances? The brands that dominate the field today—Whirlpool (WHR), General Electric (GE),Kenmore (SHLD)—are the same names we’ve known for decades. Samsung Electronics plans to upend that. Read more of this post

Shilla Duty Free, an affiliate of Samsung Group, secured the rights to run perfume and cosmetics stores at Changi Airport in Singapore from October this year to September 2020

2014-01-08 17:07

Shilla to run shops at Changi Airport

This is an artist’s impression of a perfume and cosmetics store to be operated by Shilla Duty Free at Changi Airport in Singapore from October to September 2020

By Yi Whan-woo
Shilla Duty Free, an affiliate of Samsung Group, secured the rights to run perfume and cosmetics stores at Changi Airport in Singapore, the company announced Wednesday. Read more of this post

Financial regulators to tighten access to lending for pricy ‘jeonse’ tenants

Financial regulators to tighten access to lending for pricy ‘jeonse’ tenants

2014.01.09 15:11:14

South Korea will drastically step up regulation of loans to tenants who pay high ‘jeonse’ deposits (lump-sum deposits) as early as next month.
They will have more difficult access to non-banking lenders such as mutual finance companies, and an increasing number of people in the vulnerable class will be subject to debt relief plan.  Read more of this post

The corporate rankings of South Korea’s large businesses fluctuated sharply last year with further changes expected in 2014 as many struggle to cope with difficult times

2014-01-08 11:06

Conglomerates’ rankings change due to economic slowdown

The corporate rankings of South Korea’s large businesses fluctuated sharply last year with further changes expected in 2014 as many struggle to cope with difficult times, local data showed Wednesday. Read more of this post

The number of public servants drastically increased to 1 million under the administration of President Park, following her pledges to eliminate “four social evils” – sexual violence, domestic violence, school violence and unsafe food

Civil servants to surpass 1 million

Increase is in line with Park’s pledge to get rid of the four ‘social evils’

Jan 11,2014

The total number of workers in civil service is expected to hit a record of more than 1 million this year, according to the Ministry of Security and Public Administration. 

Read more of this post

Yen Seen Rallying 16% Threatens Abe’s Successes: Market Reversal

Yen Seen Rallying 16% Threatens Abe’s Successes: Market Reversal

Mitsubishi UFJ Morgan Stanley Securities Co. and Westpac Banking Corp. are breaking from the pack to bet the yen will rally in 2014, which could threaten Japan’s efforts to reflate the economy. Read more of this post

Toray chief Sakakibara will lead Keidanren

Toray chief Sakakibara will lead Keidanren

KYODO, JIJI

JAN 9, 2014

The nation’s most influential business lobby plans to appoint Toray Industries Inc. Chairman Sadayuki Sakakibara as its next chairman, Keidanren officials said Thursday.

Sakakibara, 70, accepted the request to assume the chairmanship at the group’s general meeting in June, they said. He will replace 76-year-old Hiromasa Yonekura, who has led the group since 2010. Read more of this post

Sake boom revives rice types as Abe eyes exports

Sake boom revives rice types as Abe eyes exports

BY AYA TAKADA

BLOOMBERG

JAN 8, 2014

Farmers on Japan’s west coast will sow Nihonbare rice this year for the first time in a decade as growers around the country return to older varieties to meet demand for record sake exports. Read more of this post

Morgan Stanley said inflation and overspending threaten to push Japan’s finances to the brink, amid signs government-bond investors are preparing for rising consumer prices

Morgan Stanley Warns of Crisis Amid Inflation Sign: Japan Credit

Morgan Stanley said inflation and overspending threaten to push Japan’s finances to the brink, amid signs government-bond investors are preparing for rising consumer prices.

An auction of inflation-linked sovereign notes yesterday drew a higher-than-expected price, as investors bid for 2.87 times the amount available. The benchmark 10-year yield on non-protected securities will probably climb to 0.84 percent by the end of 2014, delivering a 0.5 percent loss, based on analyst estimates and data compiled by Bloomberg. That would be the first negative return since 2003, according to Bank of America Merrill Lynch index data. Read more of this post

Japan’s Lixil, which agreed to buy bathroom-fixture makers American Standard Brands and Grohe Group last year, is studying another overseas acquisition to boost revenue from emerging markets.

Lixil mulls another overseas takeover

BY SHIGERU SATO AND EMI URABE

BLOOMBERG

JAN 8, 2014

Lixil Group Corp., which agreed to buy bathroom-fixture makers American Standard Brands and Grohe Group last year, is studying another overseas acquisition to boost revenue from emerging markets.

The planned deal will help Tokyo-based Lixil achieve its target of increasing sales from emerging markets to more than 30 percent of its revenue, from about 20 percent now, Chief Executive Officer Yoshiaki Fujimori said in an interview Monday. The company could spend tens of billions of yen on its next takeover, Fujimori added. Read more of this post

Japanese Begin to Question Protections Given to Homegrown Rice

Japanese Begin to Question Protections Given to Homegrown Rice

By HIROKO TABUCHIJAN. 9, 2014

Bags of hulled rice at Echigo Farm’s processing plant in Higashikanbara, Japan. Echigo Farm, which sells its organic rice at a premium, is a rare upstart in the Japanese rice business. Kentaro Takahashi for The New AGA, Japan — For decades, Japan has defended its 778 percent tariffs on rice with a kind of religious zeal. Rice is a sacred crop, the government has argued, not open to trade negotiations. Its farmers are not just defenders of a proud agrarian heritage, but form the nation’s spiritual center as well. Read more of this post

Japan Food Probe Widens As 1,400 Reportedly Fall Sick

Japan Food Probe Widens As 1,400 Reportedly Fall Sick

By Agence France-Presse on 1:07 pm January 9, 2014.

This picture taken on Jan. 4, 2014 shows police investigators entering the Gunma factory of Japanese frozen foods company Aqli Foods, a subsidiary of Japanese food company Maruha Nichiro Holdings at Oizumi in Gunma prefecture, north of Tokyo to inspect plant facilities. More than 300 people across Japan have fallen ill after eating frozen food products contaminated with pesticide. (AFP Photo/JIJI Press)

Tokyo. A probe into pesticide-laced frozen food in Japan has widened, with police interviewing factory workers assigned to a packaging room, reports said Thursday, as the number who have fallen sick reportedly topped 1,400. Read more of this post

Streamlining and Improving the Situation For Indonesia’s SMEs Ahead of the AEC Era

Streamlining and Improving the Situation For Indonesia’s SMEs Ahead of the AEC Era

By Djoko Subinarto on 11:59 am January 4, 2014.
A single regional common market of Association of Southeast Asian Nations, or Asean, countries known as the Asean Economic Community will go into effect in 2015 for its founding members — Indonesia, Malaysia, the Philippines, Singapore and Thailand — and in 2020 for the remaining member states of Brunei, Cambodia, Myanmar, Laos and Vietnam. Read more of this post

SBY, Megawati Urged to Reconcile

SBY, Megawati Urged to Reconcile

By Carlos Paath on 8:02 am January 9, 2014.
Pramono Edhie Wibowo, the brother-in-law of President Susilo Bambang Yudhoyono, says he is interested in helping ease the long-running friction between Yudhoyono and Megawati Soekarnoputri, the former president, that has seen the two politicians publicly give each other the cold shoulder over the past few years. Read more of this post