Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.

The nation’s largest tobacco maker KT&G will launch “RAISON ice Presso,” the newest in its decade-old RAISON series, on July 3. RAISON ice Presso comes with two different flavors, the company said. Its initial coffee taste turns apple mint-fresh as the smoker pops the “ice capsule” within the cigarette.KT&G noted that the new product is reflective of the success of its predecessor, “RAISON Presso,” that it launched in July 2012, after four years of research and development. RAISON ice Presso is

Following is the second in a series of articles on promising foreign-invested companies in Korea. ― Ed.PYEONGTAEK, Gyeonggi Province ― In 1862, Alexander Parkes presented the first man-made plastic at the Great International Exhibition in London. Since then, this revolutionary material has become an indispensible part of life.Every single plastic product we use ― soda bottles, plastic ware, plastic bags ― has to be heated and molded into shape. But even a small plastic injection mold for smartph

Global economic uncertainty is growing. Japan saw the dollar pass the 100-yen mark in early May but faces a dilemma with the slowdown of the real economy and rising interest rates. China is also experiencing difficulties with provincial debt of 172 trillion won ($150.6 billion). The United States is hinting at a departure from quantitative easing even though the prospects for economic recovery remain unclear, casting gloom over the global economy. In these uncertain times, the Korean government

Sporting goods maker Mizuno Corp. kicked off its Korean operation in Seoul last week, the Tokyo-based company announced Monday.Mizuno Korea Ltd. noted that the launch Friday was reflective of Korea’s mounting achievements in sports, golf, baseball and soccer in particular. “We are willing to unfold an aggressive marketing strategy, with high expectancy of Korea’s growth in the sporting goods market,” Mizuno Korea wrote in a statement. Kim Chang-byeom, the chief executive of local sporting goods

Nongshim Kellogg said Monday that Kim Jin-hong, Kellogg’s regional head of Southeast Asia, was named its chief executive. Kim, 46, is an excellent brand maker who earned his position through his rich experience in supply chain, marketing and project management since he joined Kellogg in 1999, the company said. The new CEO formerly served as marketing head of Kellogg’s Japanese and Korean units. Founded in 1906, Kellogg has grown into a food manufacturer that holds about 42 percent global market

The Financial Supervisory Service, Korea’s financial regulator, is facing heat for paying excessively high annual salaries to its employees amid mounting worldwide criticism against overpaid executives in the financial sector.The controversy escalated as the FSS recently posted last year’s average annual salary of its employees. Payrolls of all state-controlled organizations are required to disclose their salaries.The financial regulator’s average annual salary in 2012 ― 92 million won ($81,000)

The coupling effect of equity price changes has become increasingly visible on the main bourses of Korea and China, stock research analysts reported Thursday.The two countries have seen concurrent rises and falls in their benchmark indices since June 13 on every day except one.On those days, the indices saw continued drops compared to the previous days, except June 14 and 17 when they both went up. The coupling effect is reflective of the increasing influence of the Chinese economy and stock mar

NongHyup Bank’s lax handling of customers’ private information was hit by controversy again, only three months after the March 20 hacking fiasco involving its customer database, sources said Wednesday.One of the bank’s local branches allegedly violated the regulation on the safe disposal of customer information, leaking about 10,000 customers’ personal data on June 15.The branch officials handed over the documents to secondhand dealers who collect street waste and re-sell it to recycling compani

Autoelex has become the producer of the world’s largest number of small and medium-sized digital incubator models, the Korean manufacturer of poultry hatchers and brooders said. Launched in 1991, Autoelex rolled out its first digital hatcher and brooder “RCOM” in 2004. Currently the flagship RCOM series is exported to 40 countries including the U.S., Britain, Germany, Denmark and China, and distributed by about 70 local companies. The hatcher is exclusively distributed by major brooder companies

Korea’s economic success story is a common subject of discussion, but the economy in terms of finance and investment has remained relatively removed from public attention.The Korea Exchange, the country’s main bourse operator, in response declared the nation’s “Great Awakening” in finance, aiming to raise people’s awareness of financial products. The KRX launched a national finance education project in 2003 in the form of a government-designated special training institution. The education projec

Hyundai Card on Monday released a new brand portfolio of credit cards that are designed to provide customers with maximized simplicity and practical benefits.“We hereby conclude our successful decade of our Hyundai Card M, and begin the innovative Hyundai Card Chapter Two strategy,” Hyundai Card chief executive Ted Chung told a news conference at the financial firm’s headquarters in Seoul. Dubbed the nation’s best-selling credit card brand, the old M series has amassed about 8 million holders si

The rise of time-rich and cash-poor travelers has opened a golden business opportunity for Asia’s budget carriers. Scoot has seized it by focusing on leisure-oriented and medium-distance flights. “There has been a really fast, large growth in the number of people who are now used to comfortable, low-cost travel,” Scoot Airlines chief executive Campbell Wilson told The Korea Herald during his recent 24-hour visit to Seoul. Scoot Airlines, a wholly owned subsidiary of Singapore Airlines Group, lau

Daniel Fertig, 35, has been named a partner at Samil PricewaterhouseCoopers, the largest accounting service firm in Korea and part of the PwC global network. His work as partner begins on July 1.The British chartered accountant is the first foreigner to be admitted as partner of any of the big four accounting firms in Korea, the company said. Fertig transferred to Korea from PwC’s London office in 2006.His main role involves working with large Korean companies seeking to start or expand global o

The National Tax Service’s stalled probe into the penalty default by former President Chun Doo-hwan is expected to gain momentum as the revised tax pact between Korea and Singapore is set to take effect this week.The revision calls for lifting a ban of free exchange of financial data between two tax authorities. Tax experts said the new pact may enable the NTS and the Financial Supervisory Service to track down former President Chun’s “mysteriously evaporated” properties. Chun’s wealth has been

“Reshaping the insurance industry” was the main topic for this year’s International Insurance Society seminar held last week. The sector is trying desperately to steer clear from the three major deadlocks it’s facing: a sagging global economy, an aging society and natural disasters. “We did our best to pin down globally shared and applicable issues,” Moon Jae-woo, the co-head of organizing committee of the five-day international forum, told The Korea Herald. The reward for such efforts came in p

A former executive of Hanjin Shipping Co. has been accused of having set up paper companies in overseas tax havens.The Korea Center for Investigative Journalism, locally known as Newstapa, on Thursday released the eighth batch of names of Koreans engaged in founding and operating ghost companies.According to the press organization, former managing director Kim Young-so became one of two owners of a ghost company called Rhodes International Ltd. on Sept. 6, 2001, in the Independent State of Samoa

Egypt seeks Korean aid in the form of loans to help fund infrastructure projects, a senior Egyptian government official said. “Financing (the Egyptian) government’s economic development projects calls for many concessional loans,” Mona Sayed Ahmed Ibrahim, the undersecretary of state for East Asian countries of the Egyptian International Cooperation Ministry, told The Korea Herald during an economic development workshop in Seoul. A total of 17 high-profile government officials from 15 emerging c

The Export-Import Bank of Korea and its Japanese counterpart bank discussed ways to boost cooperation in joint overseas projects during a seminar in Tokyo on Tuesday, bank officials in Seoul said.The seminar was attended by Eximbank vice chairman Hong Young-pyo, the Japanese Bank for International Cooperation CEO Hiroshi Watanabe and some 130 bank officials and executives of plant constructors from the two countries.The participants discussed cooperative measures and shared information on overse

Following is the first in a series of articles on visits to promising foreign-invested companies in Korea, arranged by state-run foreign investment promotion agency Invest KOREA and participated by IK Supporters, an IK-sponsored team of international students who are interested in Korea’s foreign trade with multinational companies. – Ed. Korean consumers know well the names of local tire makers ― Hankook, Kumho and Nexen. But few know they cannot make tires without the help of Rhodia, the world