Asia Weekly
Chinese Horoscopes
Selling Asia Weekly from
Want more information?Asian Directory
Business AsiaSeptember 29 - October 7
Asian business leaders in the news
Taipans in the News
A blow to South Korea's telecoms industry - The South Korean telecoms industry is "holding its collective breath" over the resignation of Cho Young-joo, CEO of mobile phone operator KT Freetel, following his arrest on bribery charges, writes Kim Tong-hyung in The Korea Times. The sector is on edge, explains Jin Hyun-joo in The Korea Herald, because it is unclear if this will affect a planned merger between KTF and its parent, fixed-line company KT. The timing of the investigation couldn't be worse, as allegations that Cho received millions of dollars in kickbacks surfaced just a month before the merger was set to proceed. The tie-up was expected to help KTF, Korea's second-largest mobile phone operator, compete more effectively against leading mobile telecoms carrier SK Telecom and its parent company, Hanarotelecom. KTF has struggled in recent years, recording declining profits for six consecutive quarters. Goldman Sachs said the damage is already done, because of "increased uncertainty on KTF's ability" to remain competitive, report Kyung Bok Cho and Seonjin Cha for Bloomberg. This could be just the tip of the iceberg; some of the bribery allegations date back to when current KT CEO Nam Joong-soo headed KTF. One thing is for sure, says the Times' Kim. The charges against Cho, who has headed KTF since 2005, are a "serious blow to [KTF's] corporate image" and a "public relations nightmare."
|
|
|
|
Read other articles from Business Asia:
October Funds
Buying Asian Stocks
Shares to buy
IPOs in Asia
IPO Watch
Asian Consumers
Skype and TOM Online: Privacy breach is nothing new
Asian Technology
Two professors and their Nobel Prize
Taipans
Taipans in the News
Business Asia
A rough ride for Asia
Try Asia Weekly Magazine
6 Free Copies!
Asia Weekly offers you two ways to sample free content. Simply choose from the options below!
Raise deposit insurance ceilings
The recent run on Bank of East Asia highlights how Hong Kong's financial authorities "have done nothing to bolster depositor protection," says Tom Holland in the South China Morning Post. Global banks are starting to "topple like ninepins," and foreign governments are "racing to increase the ceiling on" deposits covered by national insurance.
Read ArticleOn the money
It's a "lighthearted guide to exchange rates" that serves as a kind of "fair-value yardstick" for a currency's true value, says The Economist of its Big Mac Index, which tracks purchasing-power parity - in this case, the idea that exchange rates should fluctuate to make the US dollar price of McDonald's iconic hamburger the same in every country. Just a "handful of currencies" are near their PPP. Many Western currencies, such as the euro, are overvalued, but the Japanese yen is a "snip" at 27 percent below its actual value.
Read ArticleSubscribe to Asia Weekly Today!
- Asia’s most comprehensive news
- Award-winning journalists
- Delivered to your door weekly
Want more information?
