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Kumho Tire makes rebound in third quarter

Kumho Tire's corporate logo / Courtesy of Kumho TireBy Kim Jae-heunKumho Tire successfully rebounded to make a profit in the third quarter this year thanks to the increase in demand for replacement equipment (RE) tires in global markets including the United States and China. According to the tiremaker, its operating profit was recorded at 43.9 billion won, skyrocketing by 176.1 percent year-on-year.Kumho Tire's sales in the third quarter were 595.9 billion won, a 1 percent year-on-year increase up from 590 billion and a 27.4 percent soar compared to the 467.7 billion won shown in the second quarter, this year.Kumho Tire said rise in demand for RE tires in major markets like the United States, Europe and China has helped its sales increase while its operating profit expanded with reductions in fixed costs thanks to the falling unit prices of raw materials and recovering operation rates following increased production. In addition, sales of tires for wheels of over 18 inches in diameter accounted for 33.4 percent of the total sales in the third quarter this year, which is a 1.7 percent

Nov 29, 2020By Kim Jae-heun
Kumho Tire makes rebound in third quarter
Companies

HDC to supply private rental apartment in November

An aerial view of Gocheok IPARK town in southwestern Seoul / Courtesy of HDCBy Kim Jae-heunHDC Hyundai Development Company will start receiving applications of candidates to operate the rental business of its new apartment complex Gocheok IPARK in southwestern Seoul.Gocheok IPARK consists of a residential complex of six buildings standing 45 stories tall and another five buildings standing 35 stories tall. The latter embraces 2,205 households and they come in two sizes, 64 square meters and 79 square meters. HDC adopted a real estate investment trusts (REITs) system to supply IPARK apartments along with a public institution, and the project features large residential facilities, commercial buildings and administrative complex as well as a park. Application for the rents takes place Monday and Tuesday and the successful candidates will be announced on Dec. 4. “Gocheok IPARK is a new platform for structural changes in the housing market that combines the commercialization of the private sector and stability of public institutions,” an HDC official said. “We will guara

Nov 29, 2020By Kim Jae-heun
HDC to supply private rental apartment in November
Companies

Ministry may take action against Chanel executive

The Chanel boutique at Lotte Department Store in Myung Dong, Seoul / Korea Times fileBy Kim Jae-heunIn light of recently revealed claims of a decade-long sexual harassment scandal within Chanel Korea, the Ministry of Employment and Labor said that it is within its power to take measures against the company but, outside of what has been revealed through media sources, no victims have lodged official complaints of a labor law violation.“The law also restricts a private firm from revealing the case to any outside parties in order to prevent secondary damage to the victims. In this case, the victims would have to report the offenses directly to us,” a labor ministry official said. KBS reported on Monday that a 40-year-old senior executive of Chanel Korea has been sexually harassing female employees at the company's boutiques and tainting the reputation of the French luxury fashion brand that sells some of the most popular handbags in the world. The alleged serial offender sexually harassed at least 12 employees of the company over the course of 10 years.According to the victi

Nov 26, 2020By Kim Jae-heun
Ministry may take action against Chanel executive
Companies

CJ CheilJedang sues Daesang over patents

Daesang CEO Lim Jung-bae, left, and CJ CheilJedang CEO Kang Sin-ho / Korea times fileBy Kim Jae-heunThe country's top food company CJ CheilJedang has filed a 10 billion won lawsuit against consumer foods company Daesang Corporation to protect its property rights in the bio sector. Daesang allegedly infringed CJ CheilJedang's patent for its lysine production process and the company took action against Daesang in September.“It is true that we have filed the lawsuit against Daesang as they infringed our patent on an exclusive technology used to produce lysine for animal food additives. As having distinguished technology is important in this green bio business, we decided to take legal action to protect our intellectual property,” a CJ CheilJedang official said. Daesang said it cannot comment as the lawsuit is currently underway.Lysine is one of the essential amino acids that the human body cannot synthesize. Therefore people get it mainly through their diet. It's effective in strengthening muscles and cartilage so it is often used in animal feed and functional products. The

Nov 24, 2020By Kim Jae-heun
CJ CheilJedang sues Daesang over patents
Companies

Black Yak chairman to host cultural and educational project

Black Yak Chairman Kang Tae-sun, fourth from left, with supporters of educational and cultural project “GO BAC Some & Sum” at BAC Center in Seoul, on Nov. 21. / Courtesy of Black YakBy Kim Jae-heunBlack Yak Chairman Kang Tae-sun has organized a long-term education and culture project named “GO BAC Some & Sum” to provide lectures and leisure programs to underprivileged children. Kang said the project aimed to create a channel to allow everyone to enjoy fair and equal educational and cultural opportunities.“I will constantly communicate with young students and help them become people who are prepared for the future,” said Kang, Saturday, during the opening ceremony of a sports climbing event held as a part of the project.Kang also gave a speech offering advice to those having a hard time finding a job during the COVID-19 pandemic. Thirty young supporters of the “GO BAC Some & Sum” project participated in the event along with a youth climbing team. They will help Black Yak with a one-on-one mentoring program for disadvantaged p

Nov 23, 2020By Kim Jae-heun
Black Yak chairman to host cultural and educational project
Companies

Goldman Sachs eyeing stakes in Olive Young

Goldman Sachs office in New York / Yonhap-EPABy Kim Jae-heunFollowing a number of private equity funds (PEFs) deciding to join the race to acquire a stake in Olive Young, Goldman Sach's PEF unit has become the latest to enter the fray, according to local banking industry sources, Monday.“Goldman Sachs Principal Investment Area (Goldman Sachs PIA) Korea has become the latest participant as it was recently allowed to bid for Olive Young's pre-IPO shares,” an industry executive said. Olive Young is the country's biggest health and beauty product retailer. Goldman Sachs PIA has appointed state lender Korea Development Bank's merger and acquisition team and Nomura Securities to oversee its bid, the sources said.Goldman Sachs PIA and CJ Group declined to disclose details on the report. Olive Young is affiliated with CJ Group.Already confirmed shortlisted candidates are Glenwood Private Equity, STIC Investment, IMM Private Equity, JKL Partners and Hyundai Department Store Group. The bidding process is likely to start sometime within mid-December.Reports said Goldman Sachs' PIA d

Nov 23, 2020By Kim Jae-heun
Goldman Sachs eyeing stakes in Olive Young
Companies

GS Retail to merge with GS Shop as survival bid

A worker at GS25 hands over items purchased online in a soft box to a delivery man at a convenience store in Seoul, on Oct. 14. / Korea Times file By Kim Jae-heunEvery day the local e-commerce scene experiences an upheaval as the COVID-19 pandemic has changed people's shopping habits, moving them online. Coupang instantly gained momentum with its overnight Rocket Delivery service to become a leading player along with Naver, which was ranked No.1 in the market last year, beating out Coupang and eBay Korea with a gross merchandise value of 20 trillion wonThis year, Naver's online shopping business is predicted to see 51.6 percent growth compared to 2019 and record 30.3 trillion won in sales.GS Group, which operates both the No.1 convenience store brand GS25 and top TV home shopping firm GS Shop, decided to merge the two last week as a move to survive in the ever rapidly changing e-commerce sector. The company believes combining the online and offline platforms will pr

Nov 22, 2020By Kim Jae-heun
GS Retail to merge with GS Shop as survival bid
Companies

Competition gets fierce for purchasing Olive Young shares

Olive Young's store in Gangnam / Courtesy of CJ GroupBy Kim Jae-heunCompetition is heating up between potential candidates for the possible purchase of minority shares in CJ Group's health and beauty store Olive Young. According to sources at investment banks in Korea, Olive Young held a session recently to appeal about the specifics of its business potential and how it helps in terms of profitability for candidates eyeing its stakes. In accordance with the group-wide efforts to restructure unprofitable businesses, CJ Group owner families are planning to unload each of their holdings in Olive Young. Because the planned stake unloading involves group owners, Olive Young presented some “attractive offers” to those who attended the session. Details of “attractive offers” were unknown. “Nothing was guaranteed for investors during the session. I can say Olive Young failed to convince the participants why taking up stakes matters from candidates' standpoint,” an industry source said. After separating from CJ Olive Networks last November, Olive Young has

Nov 20, 2020By Kim Jae-heun
Competition gets fierce for purchasing Olive Young shares
Companies

New CEO gets results for failing Lotte Shopping

Lotte Shopping CEO Kang Hee-tae / Courtesy of Lotte ShoppingBy Kim Jae-heunLotte Shopping Vice Chairman Kang Hee-tae's countermeasures to deal with the rapidly changing retail market amid falling sales, including store closures and voluntary retirement packages, are taking quick effect. According to data analysis revealed by the Financial Supervisory Service Friday, the number of employees at Lotte Shopping decreased by 1,994 from 25,298 workers at the end of last year to 23,304 workers in September this year.The labor force reduction is due to the company's decision to close 100 stores this year as more people begin to shop online amid rapidly changing retail trends and the effects of the COVID-19 pandemic. Kang's decision to slim down the organization helped Lotte Group's retail unit to record earnings surprisingly higher than the market had anticipated.Lotte Shopping's revenue showed 4.15 trillion won in the third quarter this year, which is 6.8 percent down from that in 2019, but its operating profit soared by 26.8 percent to a record 111.1 billion won. During the investor relati

Nov 20, 2020By Kim Jae-heun
New CEO gets results for failing Lotte Shopping
Companies

First EV for delivery service

CJ Logistics CEO Park Keun-hee, left, poses for a picture with a delivery worker in front of the company's electric vehicle (EV) charging station in Seoul, Wednesday. CJ Logistics became the first local firm to use electric vehicles for delivery services. The firm also plans to expand its business through installing EV charging stations around the country.

Nov 18, 2020By Kim Jae-heun
First EV for delivery service
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