Incheon to Be NE Asian Hub

The 151 Incheon Tower, shown in this artistic rendition, will be the tallest twin towers soaring over 300 meters into the sky, when completed in 2015. / Courtesy of Incheon Metropolitan Government

Incheon is vying with Singapore, Hong Kong and Taiwan to become the hub of Northeast Asia., and the Incheon Free Economic Zone (IFEZ) is at the core of the city's endeavor. 

The crown jewel of the IFEZ is Songdo New City, western Incheon, a city aimed at accommodating foreign and domestic businesses, schools and research centers in a comfortable living environment. 

The first phase of the IFEZ development plan was completed in 2009 and it is now going through a five-year second stage of development. 

Man needs W103 mil. for marriage: survey

Marriage is a union between two individuals, but there is another crucial factor: money. According to a survey, men believe on average that they need at least 103.37 million won ($100,000) for marriage.

The survey of 464 unmarried workers by Incruit, a job portal, has found that in contrast, women believe they need roughly half the amount at a minimum of 56.67 million won to get married.

A difference in opinion also reflected the respondent's age. While workers in their 20s answered 59 million won, those in their 30s said they would need to accrue more than 102 million won before marriage.

Moreover, according to the survey, purchasing a home was the biggest concern for 43.4% of respondents. Other concerns included rearing children (29.8%) and working after marriage (12.2%).
As many as 92.8 percent of the male respondents replied that they would marry, while 79.7 percent of females answered yes to marriage, averaging 88.4 percent.

Feel of nostalgia at Myeongdong Theater

Myeongdong Theater in downtown Seoul reopened last year after a three-year renovation. / Courtesy of Myeongdong Theater

The country's top classical musicians and dancers will relive the glory of the days past by getting back to their roots in Myeongdong Theater.

The theater in downtown Seoul was the hotspot for the local arts and culture scene until the mid-1970s, having been Korea's National Theater. It was built in 1934 during Japanese colonial rule (1910-45) and had featured shows by such renowned artists as veteran actress Choi Eun-hee and singer Yoon Bok-hee.

It was renovated into a modern art space last year ― though still retaining much of its classic exterior ― and fetes the first anniversary of its reopening on Saturday.

For the big birthday the theater has invited the country's top artists, beginning with esteemed pianist Shin Soo-jung Thursday evening.

Expats Emerge as Blue Ocean for Local Banks

With the aftershock of the global financial crisis waning, Korean banks are turning their eyes abroad to make forays into promising overseas markets to increase their revenue.

At the same time, in the domestic market, local lenders are starting to see foreign residents as gold mines and are developing more services exclusively for expatriates to get the upper hand in the rapidly growing market.

``We see business opportunities in the foreign residents' group as it is a kind of untapped market. We are seeking to upgrade our expat banking service,'' a Woori Bank official said.

There is enough rational in the urgency behind banks' move to enhance expat banking. Banking services for Korean customers are becoming increasingly saturated, leaving little room for expansion.

Broadband, IPTV put SKB back on track

SK Broadband, the fixed-line unit of SK Telecom, is garnering positive reviews among customers for its new telephone and broadband Internet brand, “B,” launched in April. / Korea Times file

The past few years have been tough for SK Broadband, formerly Hanaro Telecom, which has struggled to compete with industry giant KT in fixed-line telephony and broadband Internet services in a quickly-saturating domestic market.

However, the company finally appears to be nearing the end of the tunnel, as it has acquired a growing number of customers for new ``convergence'' services like Internet telephony and Internet protocol television (IPTV). 

These products are becoming a crucial part of SK Broadband's discount packages that offer fixed-line, wireless, broadband and Web-enabled television under a single bill, allowing them to win over customers in markets where KT reigns.

Can G-20 fix world economy?

World leaders in desperate search for elusive global stability




South Korea, desperately craving global attention, has been engaging in a shopping spree for mega international events over the past two decades, and the next big exposure comes in November.

However, descending on Seoul this time around wouldn't be star Olympians or millionaire footballers, but a less athletic group of men who nonetheless are equal as the planet's most powerful individuals, gathering over a task none other than to save the world.

The Group of 20 leading economies has now replaced the narrower, Western-dominated G-8 as the primary global forum for economic policy. And the meeting in Seoul between the leaders of G-20 member countries will double as a deadline to produce an outcome that goes beyond diplomatic blather and provides a detailed set of measures to inject new life into the world economy, and fix global financing.

The Nov. 11 to 12 meeting in Seoul, which will be the fifth summit following the fourth in Toronto next month, will also be an important platform for fast-developing nations such as China, Brazil, India, and of course South Korea, to wield larger influence on key issues related to global economic stability.

Mirae boss takes no solace from big payoff

Mirae Group Chairman Park Hyeon-joo

Park Hyeon-joo, chairman of Mirae Asset Financial Group, topped the list of dividend recipients from non-listed companies, a conglomerate-specialized portal site said Wednesday. But he is not in Korea to enjoy it. Rather, he is in the United States to repair his reputation as he was once one of the most successful fund managers. 

According to chaebul.com, Park is expected to collect 16.3 billion won from Mirae Asset Management and Mirae Asset MAPS Global Investments for 2009. Park owns a 54.33 percent and 79.81 percent stake in the two companies, respectively. 

Park's dividends amount to 12.4 billion won and 4 billion won respectively as those firms decided to give dividends of 2,500 and 1,000 won per share to their shareholders. 

The founder of the Mirae Group may pocket even more, if other affiliates decide to pay dividends.

Park gained a reputation as a top fund manager when Mirae's funds hit the jackpot in the early 2000s. At that time his financial products marked more than 30 percent in gains.

But some of his products tanked during the subprime crisis, making a dent on his "win-win" myth and, according to some insiders, led Park to take a self-imposed exile to the United States.

Voters passionate but perplexed

A man places his voting slip into a ballot box set up at Seongsan-dong, Seoul, Wednesday. / Korea Times

From early Wednesday morning, people queued at 13,388 polling stations nationwide to pick local government leaders, hoping that they will better their lives and fulfill their communities' needs. 

They agreed that the election was of the utmost importance but at the same time was one of the trickiest event of its kind in recent years. 

At Bulgwang Elementary School of northern Seoul, dozens of people lined up to vote.

"The first issue is the economy and so is the second and last," Kim Dong-jun, a local resident, said. "I run a small business 

and it hasn't gone too well for the past 

A child covers his head out of boredom while waiting for his mother to finish voting at a polling station in Hannam-dong, Yongsan, Seoul, Wednesday. / Korea Times photo by Kim Ju-young

couple of years. Those who can focus on our everyday lives will get my vote," he said.

"For the past several years, we have been fighting over ideas but I think it is time we talk about practicality," another voter Kim Young-sun said adding that she had waited for the election for quite a while. 

'Justice will prevail' 

At POSCO's headquarters in southern Seoul, a group of people arrived to vote before going on a picnic. "You can't miss this. There is fierce competition out there and I wanted to be of help to the person I support," Kim Ju-ho, an office worker, said. "While some are playing political gambits I want justice to win," he said.

While the older generations focused on the person and political parties, the youngsters were keener on studying the individuals and their pledges. 

"I think a person with abundant experience should take charge of the administration," said Bae Jong-sung, 60, in the Gangnam area, where conventionally conservative parties take the stronghold. "When they make a decision, they have good reasons - they know the pros and cons. I see some young people talking about ideals which seem right. But at the end of the day, they cannot beat reality," he said. He said he supports parties with lots of administrative experiences.

On the other hand office worker Joo Sun-jin, 29, said "No, I wasn't really counting on the political parties." Joo, who lives in Gwangju, one of the core constituencies for the main opposition Democratic Party, said she looked into all the pledges the candidates have made. 

"I scratched out absurd ideas. Then I scratched out people who had debts. Then I looked into their pledges. I wanted a fair person with great perspectives for the future. That's the one I voted for," she said. 

Regional sentiment 

The same attitude was detected among people from the opposite side of the peninsula. Kim Bo-na, a South Gyeongsang Province native said she wanted the country to make history with her vote. "Regional sentiments cannot influence me and my parents' vote," she said. 

The main obstacle to the successful voting inside the booths was its intricacy. Casting ballots for eight individuals was tough, Jeon Ji-hye, an office worker said. "Yes, you remember the candidates for the mayor and superintendents, but the rest are just more of a lucky draw, because you can't remember them all," she said. 

The National Election Commission (NEC) said several people had tried to rip up their ballots because they were confused on who to vote for. Some senior citizens complained that they could not identify the names written on the papers and asked others such as their offspring to vote for them, only to be denied by NEC staff. 

In Jeju, the NEC and local administrative staff mistakenly omitted giving out mayoral ballots to 40 people because there were "too many papers to give to a single person."