Word: kim
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...South Korea, golf-club memberships are the ultimate status symbol among the country's newly rich. Limited in number, memberships in the most prestigious clubs trade like prized stocks and often reach hundreds of thousands of dollars. A year ago, the golf membership belonging to Kim Joo Hyong, the chief executive of a small trading firm, was worth $350,000. But as the shockwaves from the U.S. financial meltdown slammed into South Korea in September, Kim nervously watched cash-starved golfers dump their memberships on an Internet site that tracks their value, sending prices plummeting. The country, he became convinced...
...Kim's depressed mood is typical of the gloom that has enveloped the world's 13th largest economy. As has happened around the world, the panic that began on Wall Street has seeped into the minds and hearts of South Korean businessmen, bankers and housewives, who fear the consequences of an impending global recession. With the country heavily reliant on exports, South Korea, like the rest of Asia, cannot escape the fallout from a U.S. downturn. Goldman Sachs predicts GDP growth will sink to 3.9% in 2009, the lowest since...
...spending less money for sure," he says, shaking his head. "One year ago, there would be double the amount of people here. These are terrible times." At a nearby restaurant, only four of the 16 tables are occupied at dinner time. "Everyone is concerned about the economy," says Kim Mi Hae, who stands at the cash register. "That's all my customers talk about." Nervous bankers are cutting back as well, by sharply curtailing domestic lending, especially to small companies. This paranoia at the banks can potentially make the coming downturn more severe. "They've created a vicious cycle," says...
...with reporting by Stephen Kim and Jennifer Veale / Seoul
...creative classes I take or creative offerings [in fashion] at Harvard,” he says while multi-tasking at a model fitting. Parent also believed students were generally apathetic toward fashion, a problem he seeks to rectify. Enter Project East, an idea he and Kristin S. Kim ’09 conceived the summer after their freshman year. “We saw these great designers in Korea and started thinking about other designers in America that we knew,” he says. “We thought it would be a cool juxtaposition of Harvard and these...