InterContinental Hotels Seoul pitches unique concept for G20 banquet

Russia and Iran may come to mind when it comes to the production of world-class caviar. But when the heads of state gather for the G20 Summit in Seoul from Nov. 11 to 12, they may most likely be able to experience Korean-produced caviar that meets the finicky international standards.

This rare opportunity is part of the special G20 dinner experience created by InterContinental Hotels Seoul ahead of the important national event. The key highlight of the proposed eight-course dinner is that all ingredients are farmed and produced in Korea. InterContinental Hotels Seoul includes both the Grand InterContinental and the COEX InterContinental in the country’s capital.

“This is an auspicious year for Korea as it hosts the G20 Summit, and we felt it was very important that the team work on something,” Didier Beltoise, general manager of InterContinental Hotels Seoul, told reporters on Wednesday at the unveiling of the luncheon for media. “This is the first time that we are using all Korean-produced ingredients,” Beltoise said.

Nick Flynn (left), executive chef, and Bae Han-chul, director of kitchens, prepare a variety of dishes featured for the G20 dinner menu during an unveiling event to media at the Grand InterContinental Seoul Wednesday. Chung Hee-cho/The Korea Herald

Samsung, Apple trade jabs over displays

Apple and Samsung Electronics are engaged in a war of words over displays used in their newest smartphones, with the two sides claiming superiority. 

Apple CEO Steve Jobs challenged display king Samsung on Monday, touting the “Retina display” used in Apple’s latest iPhone, and supposedly made by Samsung’s archrival LG Display, at its developers’ conference. Jobs said the Retina display is much better than the AM-OLED display, which is used in Samsung’s newly-launched Galaxy S smartphone, citing its higher resolution. 

Samsung, the world’s No. 1 display maker, hit back at Apple on Tuesday, saying the much-hyped Retina display consumes around 30 percent more battery power than the “super AM-OLED” display first used in Galaxy S. 

A spokesperson for Samsung Mobile Display said that the Retina display offers higher resolution than super AM OLED, but insisted the difference is small. Samsung Mobile Display is a mobile display joint venture between Samsung Electronics and Samsung SDI, and the world’s dominant maker of AM-OLED displays.

“The visibility difference is only 3 to 5 percent. But raising resolution to that level increases battery consumption by 30 percent,” he told The Korea Herald. 

Samsung’s Galaxy S                                           Apple’s iPhone 4

The iPhone 4G has a resolution of 960×640, four times higher than its predecessor iPhone 3GS, while the Galaxy S’s resolution is 800×480. Samsung launched Galaxy S in Seoul on Tuesday, eight hours after Apple CEO Steve Jobs unveiled the new iPhone at its developers’ conference in San Francisco.

BOK freezes key rate, warns of inflation risks

The chief of the South Korean central bank expressed confidence about economic recovery on Thursday but warned against inflationary pressure down the road, signaling that a rate hike is in the offing, Yonhap News reported.

 Bank of Korea (BOK) Gov. Kim Choong-soo made the remarks in a news conference after the central bank froze its key interest rate at a record low of 2 percent for the 16th straight month, amid economic uncertainty stemming from Europe's debt crisis.



"Upward pressure on inflation is expected to gradually mount in the second half as the economy recovery will likely pick up and public utilities charges are expected to rise," Kim said.

 Earlier, the BOK said in a statement that it will manage its monetary policy in a way that the economy can keep its solid growth on the basis of price stability, hinting that the central bank is more tilted toward a potential rate hike from the previous month.

 His remarks came as the Korean economy is recovering on the back of improving domestic demand and robust exports. But Europe's sovereign debt crisis has heightened economic uncertainty, raising concerns that it will curb the global economic recovery.

 After presiding over the G20 ministerial meeting during the weekend, South Korean Finance Minister Yoon Jeung-hyun said eurozone debt concerns are causing some countries to delay the timing of their exit strategies.

   The governor said downside risks from the eurozone debt crisis should not be underestimated, but the Korean economy is likely to keep its upward momentum despite the crisis.

Can Korea Position Itself as a Global Destination?

The simple answer is yes, absolutely. The solution has been a long time coming and admittedly, Korea is uncharacteristically behind schedule in establishing itself as a tourism destination. While there have been 

Maureen O'Crowley Senior Director of Int'I Marketing and Conventions, Seoul

incredible strides, there remains much work to be done. As a nation, where do we go from here?

To find out, those of us in the tourism industry need to ask ourselves some difficult questions. We need to think long and hard and dig deep for meaningful answers.

One problem is that, in general, the tourism industry tends to suffer from a lack of respect. This is not just the case here in Korea, but in many other countries as well. There is a sense that careers in tourism and related enterprises are less than serious and somehow ``easy’’ since they are associated with such concepts as ``fun,’’ ``leisure’’ and ``recreation.’’

More emphasis is needed on the key word ``industry’’ and the importance of tourism in the overall economy. It is, after all, a $740 billion global industry and it is time Korea got a bigger piece of the pie. For a bit of perspective, consider this: profit on the sale of one exported automobile is estimated to be $500. Imagine the impact of millions of tourists spending $1000 in the country ― it has the potential to dwarf other industries. That is the real power of tourism.

Korea First Bank building restored

Richard Hill, seventh from left, president and CEO of Standard Chartered Korea (SCK) and SC First Bank, and Tim Miller, sixth from left, chairman of SCK and SC First Bank, participate in a tape cutting ceremony with the bank’s vice executive presidents and guests at the lender’s restoration ceremony of the Korea First Bank building or Jeil Building in central Seoul Thursday. / Courtesy of SCK

Consumers like to show off generosity

Generosity is not usually seen as a status symbol. Yet Trendwatching.com has noted how the concept of generosity is gaining importance in society and business, especially among the so-called Generation G. 

Consumers have grown weary of the culture of greed and its consequences for the economy. There is an emergence of an online-fuelled culture of individuals that share, give and collaborate. Since it is online, it becomes easier to showcase one's act of generosity. 

In the aftermath of the Haiti earthquake, there was an outpouring of sympathy and donations from people all over the world. Hip-hop singer Wyclef Jean used Twitter to urge people to donate to his charity, by sending a text message to a designated number. 

Looks believed to be key in landing a job

Plastic surgery gaining traction among those seeking employment



Amid tough job market conditions, jobseekers are increasingly considering getting plastic surgery to enhance their competitiveness.

According to a survey of 1,090 jobseekers by Saramin, a job market information portal, three out of 10 people said they are planning to get plastic surgery to improve their chances of getting a job.

"Most college students have good qualifications these days as they prepare thoroughly for employment. Since resumes make little difference, impressions they give on interviewers matter more than before," said Kim Byung-gun, a plastic surgeon at BK Dong Yang Plastic Surgery Clinic. 

Speaker vows more support for legislative activities

Park Hee-tae National Assembly Speaker

National Assembly Speaker Park Hee-tae said Thursday that he would do everything in his power to help the legislative activities of lawmakers so they can become globally competent legislators.

The six-term lawmaker was elected speaker in a plenary session Tuesday receiving 236 of 249 votes cast, the highest number since 1994. 

"I'll strengthen parliamentary diplomacy and assist lawmakers to play a bigger role in the international community," Park, 72, said in an interview with The Korea Times and its sister paper the Seoul Economic Daily, at his office. 

European SMEs eye Korean business

Eric Hamelinck, general manager of the EU Gateway Programme to Japan and Korea

Small European businesses are getting much-needed help in entering the Korean market, thanks to a program funded by the European Union (EU).

The EU Gateway Programme hosted a two-day exhibition of 58 small and medium enterprises (SME) offering high-quality products and technology relating to the environment, energy, construction and building sectors at COEX, southern Seoul which ended Thursday. 

Eric Hamelinck, general manager of the program to Japan and Korea, said the program brings European SMEs to Korea to establish business connections and learn about the business culture here.

Naro rocket blows up in midair

The Naro space rocket with the payload of a science satellite lifts off from the launch pad at the space center in Goheung, South Jeolla Province, Thursday evening. At right are three sequential shots taken from footage by television station KBS that show, from top, the rocket exploding. / Korea Times

Korea demands Russia provide rocket for 3rd launch


GOHEUNG, South Jeolla Province ― The second flight of the Korea Space Launch Vehicle I (KSLV-I) ended in failure with an explosion Thursday. The rocket, carrying a satellite aimed at observing the atmosphere and oceans, blasted off from the Naro Space Center here at 5:01 p.m., but exploded about two minutes later. 

The spectacular letdown adds to the fears that the country's Herculean investment of money and effort into its first home-launched rocket may never produce the desired returns.

The Naro spaceport lost contact with the rocket 137 seconds after liftoff, when it was believed to be at an altitude of around 70 kilometers, which appears to be the moment when it exploded, according to the Korea Aerospace Research Institute (KARI), the country's space agency. 

Sources close to the launch project told The Korea Times that first indications suggest a failure of the rocket's main, RD-151 rocket engine, developed by Russia's NPO Energomash, as its performance was seen to be reduced considerably as the vehicle began to veer off course. The rocket's payload, the Science and Technology Satellite No. 2 (STSAT-2), was also destroyed.