Renault Samsung cruises over 1st decade

When Renault Samsung finished merging midway through 2000, some predicted that the Seoul-based outfit would struggle in the saturated domestic market where an established set of big-name carmakers generate stiff competition. 

Renault Samsung’s Busan production lines are famous for their five-tier quality control system. / Courtesy of Renault Samsung

Ten years after its debut, however, Renault Samsung silences the naysayers once and for all by chalking up impressive performances in terms of production capacities and payrolls. 

Back in 2000, the company started off with less than 2,000 employees to sell around 3,000 vehicles a month. The figures jumped to upside of 7,600 workers and 21,000 units as of the first quarter of this year. 

While substantially jacking up its market share, the Korean subsidiary of French-headquartered Renault did not forget about the bottom line ― it has racked up profits over eight years in a row since 2002.

'Green taxes required for green growth'

Paul Ekins, professor of energy and environment policy at the University College London

Environmental tax reform, also known as a ``green tax,'' is crucial in efforts to solve the world's environmental problems, particularly climate change.

Paul Ekins, a professor of energy and environment policy at University College London, said environmental tax reform shifts taxes from income and social security to carbon use and pollution. 

``What happens is people who use less energy and carbon end up better off because their income and labor taxes have gone down, and people in businesses that use more carbon, they end up paying more... This is a policy mechanism that enables the government to develop the new industries of the future at effectively no cost,'' Ekins told The Korea Times.

Some tell Euh to look overseas for KB expansion

KB Financial Chairman nominee Euh Yoon-dae

Despite his reputation as a friend of President Lee Myung-bak, analysts are taking a wait-and-see attitude withholding any immediate reaction about the nomination of Euh Yoon-dae as chairman of KB Financial Group. 

They say that filling the vacancy is a good thing, clearing up uncertainty about the future of Korea's leading bank, while believing that Euh's relationship with Lee may help him if he pushes KB to take over the government's controlling stake in Woori Bank when it is privatized. But some say this sort of move may turn out to be ill-advised. 

Ex-PM Han under probe again

Former Prime Minister Han Myung-sook

Prosecutors are investigating a brother of former Prime Minister Han Myung-sook for alleged bribe-taking from a businessman in what is seen as a step to reopen their probe of a bribery case involving the ex-premier.

Investigators are also considering seeking an opinion from a "grand jury," to be established as part of its recent reform measures, before deciding whether to indict her for allegedly taking illegal political funds from the now-jailed businessman who owns a construction company.

According to the Seoul Central District Prosecutors' Office, Wednesday, investigators have found that in 2009 Han's brother paid for key housing rental money with a 100 million won ($83,000) check, which was issued in 2007 by Han Man-ho, the president of the now-bankrupt Hansin Construction in Goyang, Gyeonggi Province. The prosecution has been tracing his bank account records.

Seoul opens global institute on green growth

Korea launched a global think tank tasked to promote green growth and tackle climate change, Wednesday, hoping to lead international efforts to make green industries the main drivers of economic growth and new sources of jobs.

The country plans to develop the Global Green Growth Institute (GGGI) into a U.N.-backed international agency by 2012, making it the first such organization to be headquartered here.

Toughest test awaits South Korea

Argentina match to be critical watershed for World Cup campaign



It's not a cozy situation in many ways: The weather is capricious, the air is thin, and the opposing team is very strong. The national football team, however, is brimming with confidence in the run-up to today's Group B match against Argentina.

The match is expected to be a critical watershed for its World Cup campaign. While a win against the powerhouse can't definitively ensure a berth to the next round at the moment, a loss will surely corner the team with growing pressure before the last group clash with Nigeria on June 23. It is also going to be a harsh test for the Taeguk Warriors, as several factors are expected to give them a tougher time than expected.