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Samsung Electronics' business partners exceed $5.25 bil. in sales

A researcher at Wonik, a semiconductor equipment manufacturer and a partner firm of Samsung Electronics, checks on the development processing of the company's components. / Courtesy of Samsung Electronics By Kim Jae-heunSamsung Electronics released a video on its YouTube channel Sunday sharing the achievements of companies it works with to mark the 40th anniversary of the launch of the Council of Samsung Electronics Business Partners.“Firms like these are Samsung Electronics' most reliable partners. Thanks to them, Samsung Electronics has grown into a global company and Korea has become an IT powerhouse. I would like to express my respect and gratitude to the employees of our partner firms,” Samsung Electronics President Kim Hyun-suk said. Samsung Electronics Vice Chairman Lee Jae-yong According to the tech giant, the council consisting of 201 member

Dec 27, 2020By Kim Jae-heun
Samsung Electronics' business partners exceed $5.25 bil. in sales
Companies

Live commerce becoming essential in e-commerce sector

A model wears an outfit to show how it looks during a live commerce show hosted by Kakao Shopping on Dec. 12. / By Kim Jae-heunWhat once was only considered optional, live commerce has become an imperative medium for e-commerce firms. Previously, online shopping malls only used images and text to introduce their products. Nowadays, customers wants to see items in videos and ask sellers about them in real time before making a purchase. Also, with mobile phones becoming so common, customers have begun to shop with them rather than at home watching television. The advantage of live commerce lies not only in stoking people's interest in the credibility of the items ― as well as their engagement with the show ― but also keeps them on the platform for a longer time. It also gives customers an opportunity to watch hosts use the items and ask questions, giving them confidence in the products. In addition, live commerce does not entail broadcast transmission or channel use f

Dec 22, 2020By Kim Jae-heun
Live commerce becoming essential in e-commerce sector
Companies

Delivery service companies face hardships securing riders

A delivery man stops to check an order on his mobile phone in the middle of a road in Jongro, central Seoul in this 2018 file photo. / Korea Times fileBy Kim Jae-heunDespite the prolonged COVID-19 pandemic that is producing a high demand for delivery services, companies such as Barogo and Vroong are facing difficulty in attracting investments due to their business structure, leading them to accumulate deficits.The local delivery service market has grown rapidly and sales of firms in the business have increased, but the cost of securing delivery workers to cope with the demand that the pandemic produced remains high. “Delivery fees are dictated by market logic and if a firm fails to secure enough delivery men, restaurant owners can choose another firm. From the perspective of the No. 2 and No. 3 players, they have no choice but to spend more money on hiring delivery men,” an industry source said. Spending more does not solve the issue as workers can move to different firms if they offer more money. This business structure has accumulated deficits for delivery service firms

Dec 19, 2020By Kim Jae-heun
Delivery service companies face hardships securing riders
Companies

Iljin Materials to build battery plant in Hungary

By Kim Jae-heunIljin Materials, an electronic and chemical materials subsidiary of Iljin Group, is planning to build a copper foil processing plant in Hungary. According to the chemical industry and the Hungarian Ministry of Foreign Affairs, Thursday, Iljin Materials' Hungarian office head Kim Byung-chan and the local foreign minister met to discuss the construction of the factory. Iljin Materials has secured land in Budapest and invested 15 billion won to begin building the foil production facility there, which is scheduled for the first quarter of next year.The Hungarian facility will first process copper foil made at plants in Ilsan, Gyeonggi Province and Malaysia and later build melting and baking lines. “This is the first step in investing in copper foil processing plants in Europe to cope with the growth of the battery market for electric vehicles. We will further expand our plants for copper foil processing, melting and refilling to satisfy our European customers,” an Iljin Materials official said. Hungary is already home to battery plants run by Samsung SDI and SK

Dec 18, 2020By Kim Jae-heun
Iljin Materials to build battery plant in Hungary
Companies

WeMakePrice to focus on fashion sector for survival

WeMakePrice CEO Park Eun-sang speaks during a press conference held at his office in Seoul in this 2015 file photo. / Korea Times fileBy Kim Jae-heunWeMakePrice (WMP), a local e-commerce firm, is betting big on its fashion section to compete in the fierce online shopping market against Coupang, Naver and eBay Korea.WMP recently restructured its online shopping division Wonder Shopping to a more cosmetics and fashion centric platform dubbed W Style.W Style will and sell both domestic and global fashion brands' apparel, accessories and beauty products while offering discount prices on different items each day. Delivery will be free for a limited period.Previously, WMP not only sold its products on its Wonder Shopping platform but also connected its customers to other shopping websites of local retailers such as Shinsegae and AK Mall where they could make purchases. WMP's plan was to offer people a wider variety of items and it aims to make its platform an online fashion hub.However, it fell behind in competition against Naver and Coupang and newly emerging players such as SSG.com and L

Dec 18, 2020By Kim Jae-heun
WeMakePrice to focus on fashion sector for survival
Companies

Online grocery shopping soars amid resurging COVID-19

An insulated bag developed by SSG.com for overnight delivery service / Courtesy of SSG.comBy Kim Jae-heunOnline grocery shopping is gaining popularity rapidly ahead of the government's anticipated implementation of its Level 3 social distancing scheme up from the current Level 2.5. Sales at major discount stores and e-commerce firms have been soaring since last Friday when the number of daily COVID-19 cases jumped to 900 from 600 the previous day.Currently, the social distancing measures are divided into five tiers. The government imposed Level 2.5 on Dec. 8, under which all sports and entertainment facilities are closed but bars and restaurants are able to continue operating until 9 p.m. However, this appears to have failed in curbing the spread of infections ― prompting calls to raise the level to the highest.Under Level 3, all department stores and supermarkets over 300 square meters in size must close down. Discount store brands like E-mart and Lotte Mart have requested the government to exempt them from the regulation. The government said it will consider a possible exemption.Th

Dec 18, 2020By Kim Jae-heun
Online grocery shopping soars amid resurging COVID-19
Companies

Daewoong Pharm BTX set to face import ban in US

Medytox's botulinum toxin strain Meditoxin / Courtesy MedytoxBy Kim Jae-heunThe U.S. International Trade Commission (ITC), Thursday, ruled in favor of Medytox over Daewoong Pharmaceutical in its final decision to ban the latter from exporting its botulinum products to the U.S. for almost two years. “Daewoong Pharmaceutical's botulinum toxin strain Nabota is believed to be in violation of Article 337 of the Customs Act and we order it to be banned from importing to the United States for 21 months,” the ITC ruled.The ITC also prohibited Daewoong's global partner Evolus from selling its stock of the drug, which is marketed under the name Jeuveau there. If Evolus wants to import or sell Jeuveau while the U.S. president is reviewing the ITC's decision, it must pay $441 per vial for deposit. The U.S. president must exercise his right of approval or veto within 60 days and President Donald Trump is expected to make the decision before the end of his term.However, it is unlikely that Trump will go against the ITC's decision as there has only ever been one case out of 33 that the

Dec 17, 2020By Kim Jae-heun
Daewoong Pharm BTX set to face import ban in US
Companies

Airlines search for ways to survive COVID-19

Korean Air and Asiana Airlines planes at Incheon International Airport amid the prolonged COVID-19 pandemic, Dec. 8. / Korea Times fileBy Kim Jae-heunThe local airline industry has been experiencing an unprecedented crisis following the onset of the COVID-19 pandemic this year as countries around the world have put in place travel restrictions leading to the cancelation of many international flights.As the coronavirus situation continues, airline companies have started to come up with survival measures, first offering paid and unpaid leave to staff then carrying out restructuring. Airlines also expanded their domestic flights.As a result, the number of passengers on domestic routes operated by eight local airways increased to 5.87 million last month, up 2.5 percent from 5.73 million a year ago, according to Air Portal, an aviation data provider run by the Korea Civil Aviation Association.However, the number of those travelling internationally plunged by 97.2 percent to 128,175 from 4.51 million the previous year.Airline companies recently began to sell no-destination plane tickets, w

Dec 17, 2020By Kim Jae-heun
Airlines search for ways to survive COVID-19
Companies

Coupang, Auction hit for selling Pornhub-printed apparel

An auction for a hoodie with “Pornhub” printed on it / Screencapture from AuctionBy Kim Jae-heunLocal e-commerce firms such as Coupang, Gmarket and Auction are embroiled in controversy for selling clothing items with the names of pornographic websites printed on them. Customers can also purchase other goods with logos on them such as “Pornhub” and “XVideos,” regardless of their age.Coupang has deleted its pornographic website-related items as of Monday, but “Pornhub Hoodie” and “Pornhub T-shirt” still bring results if users search for Pornhub.Such items were available at Interpark and WeMakePrice until Monday after they too deleted them.Despite the controversy, none of the market players are taking any serious action. E-commerce firms say ex-ante control would limit the freedom of their open market platforms. “We cannot monitor and put restrictions on all the items that dealers sell on our platform. It is hard to do with such a limited number of workers,” a Coupang official said.Currently, e-commerce firms are po

Dec 15, 2020By Kim Jae-heun
Coupang, Auction hit for selling Pornhub-printed apparel
  • Pornhub pulls 'unverified' user clips amid abuse video claims
Companies

Doosan Heavy subsidiary secures W100 bil. ESS project in Australia

A bird's eye view of an energy storage system planned to be built by Doosan GridTech in Queensland, Australia / Courtesy of Doosan Heavy Industries & ConstructionBy Kim Jae-heunDoosan Heavy Industries & Construction said Tuesday that its American subsidiary Doosan GridTech has won a bid to build an energy storage system (ESS) in Queensland, Australia. The 100 billion won deal, signed with Singapore-based Vena Energy, is the largest ESS project that the Doosan Heavy unit has ever obtained.Vena Energy is a renewable energy developer operating in the Asia-Pacific region with projects in Australia, India, Indonesia, Philippines, Taiwan, Thailand and Japan. Doosan GridTech will be responsible for engineering, procurement and construction for the project until 2021 based on its own ESS software and system integration capabilities. The 1500-megawatt-hour ESS in Queensland will provide electricity to 23,000 households a day. ESS combines digital technology and eco-friendly energy to manage peak electric demand and stabilize the output of renewable power sources. The ESS planned for Q

Dec 15, 2020By Kim Jae-heun
Doosan Heavy subsidiary secures W100 bil. ESS project in Australia
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