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.