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."

LG Display Shines Amid Downturn

Rising Demand Curbs Panel Price Drop


The global economic downturn has left a serious dent on some of the world's biggest technology firms, but not LG Display, South Korea's flat panel maker.

The company did go through its share of lows from the end of last year to the beginning of this one, posting two straight quarters of losses due to weak panel prices and sinking demand for electronics. But starting in the second quarter, it rebounded, moving into positive territory as it continuously beat market forecasts.

The world's No. 2 maker of liquid crystal displays (LCDs) earned 302 billion won in the April to June period, which was a sharp turnaround from a 255 billion won loss the previous quarter and the first profit it saw in three quarters.



In the third quarter, LG Display reported 559 billion won in net profit, almost doubling the figure from the previous year, which stood at 295 billion won.

The global slump significantly reduced global demand for LCD panel-equipped consumer electronics, such as televisions and computers. But strong demand for TV panels from China and Japan, coupled with a shortage of raw materials, largely helped push figures up again.

``The LCD industry was fortunate enough to climb out of the downturn quicker than others in the technology sector,'' said Lim Seung-beom, analyst at Hanwha Securities, who forecasts that demand will continue to grow firmly.

And to meet the rising need, LG Display began mass production at its eighth-generation LCD production line in Paju, about 40 kilometers north of Seoul, in March.

Hyundai Motor Spurts Ahead

Kia’s Forte Koup

New Models, Improved Reputation Boost Carmaker



What a year for Hyundai Motor.

Launching upgraded models and opening new plants in emerging markets amid the global recession were no easy achievements, but the South Korean auto giant marched right through and rolled out record results.

Hyundai built up its momentum from the start of the year to eventually hit record quarterly profits.

In the third quarter, the world's No. 4 automaker, combined with its affiliate, Kia, posted a record quarterly net profit of 979.1 billion won, up 270 percent from a year earlier.

Corporate Giants Defy Downturn

The top South Korean firms are successfully exploiting the recession to strengthen their positions in key global markets and expand to new business areas.

LG Maintains Upward Growth Trajectory

LG Electronics continues to build up its brand in key global markets, relying on sleek and sophisticated products such as smart phones, left, and light-emitting diode (LED) backlit liquid-crystal display (LCD) televisions.