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Mon, October 23, 2017 | 03:55

Biz & Tech > Light industries >

OB management, union clash over wage

Oriental Brewery (OB) is struggling to complete wage negotiations as union workers demand more than what management is willing to offer, company officials said Thursday. It is feared that the workers may go on strike if the talks continue to drag on, which would adversely affect the brewer’s operations and tarnish its image. Korea’s largest brewer, which accounts for more than 50 percent of the beer market, is having a hard time concluding wage talks with union members who demand an 8 percent hike in base salary. But management is willing to increase the salary by 2.5 percent.

Light industries | 2017-08-03 16:19

Amid tension, K-beauty faces bleak outlook

On weeknights, the streets of Seoul’s Myeong-dong are filled with consumers of all ages and nationalities browsing and buying from K-cosmetic shops and food carts. Numerous cosmetic shops remain open late into the night to cater to foreign tourists, often on their own or in small groups, who have come to the country for their summer vacations. Notably absent, however, are the...

Light industries | 2017-08-02 10:39

Will 'gapjil' culture vanish in Korea?

Operating franchise businesses in Korea has often been likened to the “vicious landlords” in the pre-modern Joseon Dynasty. The way franchises mistreat their franchisees has been regarded in the same way as “Joseon’s landowners” abusing their tenant farmers. Although the landowning class disappeared after a land reform law enacted in 1949, their tyranny seems to have continue...

Light industries | 2017-08-02 10:01

Franchise industry faces sea changes

Hyundai Department stuck in low-growth trap

Hyundai Department Store will continue to grapple with sluggish sales for the foreseeable future amid the intensifying competition with Lotte and Shinsegae, brokerage firms said Tuesday. A growing number of consumers preferring to shop online have also weighed down on the company, which has been struggling to bolster its online sales platform. The delayed opening of Hyundai’s...

Light industries | 2017-08-01 16:51

POSCO, LG struggles in Middle East

POSCO Daewoo, LG International and other domestic trading firms have been struggling to push forward their business projects in the Middle East amid rising geopolitical tensions there. Korean companies are eager to carry on joint projects with their Middle Eastern counterparts to secure new sources of income overseas, but Saudi Arabia and other nations have shown a lukewarm a...

Light industries | 2017-07-31 19:35

Hanwha wins mining service deal in Indonesia

Hanwha Corp. has signed a contract to supply industrial gunpowder and other mine blasting materials to an Indonesian mining firm that is developing a coal mine capable of producing 10 million tons annually. The country’s largest defense firm said Monday it signed a supply contract with SIMS, an Indonesian firm that mines coal at Gunung Bayan Pratama Coal in the Eastern Kalima...

Light industries | 2017-07-31 19:26

Franchise industry faces sea changes

A drastic change is coming to Korea’s food and drink franchise industry, with the first-generation brands faltering on disappointing performances or unexpected owner risks. According to the Korea Exchange (KRX) Friday, the stocks of MP Group, the parent company of pizza brand Mr. Pizza, were suspended from trading this week. The measure came after its former Chairman Jung Woo-hyun went on trial on charges of mistreatment of the franchises, malpractice and embezzlement of 9.9 billion won ($8.8 million).

Light industries | 2017-07-31 17:24

Will 'gapjil' culture vanish in Korea?

Facility operation rate hits eight-year low

The average facility operation rate of the manufacturing sector has reached its lowest level since the 2009 global financial crisis, government data showed Sunday. The rate can translate into declining investment and increasing unemployment, posing a setback to the Moon Jae-in administration’s policy of income-led growth and job creation. According to Statistics Korea, local manufacturers posted an average operation rate of 71.6 percent in the second quarter of the year, down 1.2 percentage points from the previous quarter.

Light industries | 2017-07-30 16:25

Network sales or pyramid scheme?

Since the Fair Trade Commission (FTC) recently unveiled information on 124 multi-level marketing companies in Korea, controversy has sprung up again over such firms as Amway and Herbalife. Although the companies have continued to claim their legal basis, critics are still suspicious about their revenue model. Recent FTC data showed the payment gap between the top and bottom l...

Light industries | 2017-07-30 10:25

Korean companies rush to Vietnam

Korean conglomerates, including Lotte, Mirae Asset and CJ, are proactively tapping into Vietnam, attracted by the country’s rising spending power and property development projects, according to industry sources, Friday. Expectations are that Korean enterprises will continue boosting their presence in the country thanks to its attractiveness as a promising but less risky market compared to China. Disillusioned with China, which came up with prolonged retaliatory measures against Korean firms after Seoul agreed to the deployment of a U.S. missile shield, they are turning to alternative destina...

Light industries | 2017-07-28 20:56

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Lunch with Navy sailors