my timesThe Korea Times
jhkim

Kim Jae-heun

Korea Times Print Reporter

Go to Email

Read more

Companies

Coupang employs third-largest number of workers after Samsung, Hyundai

Coupang has risen in the ranks to have the third highest employee numbers. / Courtesy of CoupangBy Kim Jae-heunCoupang is now the third-largest employer in Korea, after Samsung Electronics and Hyundai Motor.According to data provided by the National Pension Service (NPS) and the firm evaluation website CEO Score, Coupang and its fulfillment service division employed 43,171 people as of the third quarter this year.Coupang ranked fourth in the previous quarter just behind LG Electronics. As a result, Coupang proved that it is not just creating jobs temporarily but consistently and in large numbers through continuous investment. In fact, it created the most new jobs in the country this year.Between February and September, Coupang created 13,744 new jobs, the NPS said. This is more than double the 3,025 jobs and 2,895 jobs combined that Hanwha Solutions and Samsung Electronics created, respectively, and 2,000 more than total from companies ranked fourth to 10th. Hanwha Solutions and Samsung Electronics ranked second and third in creating the most new jobs in the period. Analysts say Coup

Nov 18, 2020By Kim Jae-heun
Coupang employs third-largest number of workers after Samsung, Hyundai
Companies

EXCLUSIVE Shinsegae eyes on taking over Hanjin's logistics unit

A Hanjin Logistics delivery worker takes a parcel from a convey belt prior to loading them on a vehicle at a distribution center in Mapo District, Seoul, Oct. 27. / Korea time fileBy Kim Jae-heunLocal department store franchise Shinsegae is looking to buy Hanjin Group's logistics unit to bolster its delivery service infrastructure to cope with the rapidly growing e-commerce business. “This is definitely a good chance for Shinsegae to acquire a delivery service firm. There is no reason not to take it when Hanjin wants to sell it as it recapitalizes,” an industry source said. Hanjin Group owner family heiress Cho Hyun-ah, who formed a three-party alliance with local activist private equity fund Korea Corporate Governance Improvement (KCGI) and mid-sized builder Bando Engineering & Construction to oppose Hanjin KAL's takeover of Asiana Airlines, recently argued that the company should focus on disposing of minor business units to increase capital rather than purchase the distressed airline. Shinsegae, which is focusing on expanding its online business through SSG.com, sh

Nov 18, 2020By Kim Jae-heun
[EXCLUSIVE] Shinsegae eyes on taking over Hanjin's logistics unit
Companies

Delivery Hero confident of persuading FTC

Yogiyo scooters are parked in front of Delivery Hero's office in Seoul, June 2. / YonhapBy Kim Jae-heunDelivery Hero remains confident of persuading the Korea Fair Trade Commission (KFTC) to approve its acquisition of Woowa Brothers without selling its food delivery player Yogiyo.The antitrust watchdog recently sent an examiner's report to Delivery Hero's headquarters in Germany, requesting the divestment of Yogiyo as a condition of its approval of the Woowa Brothers takeover. However, the German firm made it clear it will not comply. “We do not agree with the KFTC's recommendation to sell off our food delivery player and we will object during the antitrust watchdog's commissioners' meeting on Dec. 9,” a Delivery Hero official said. “We are confident that we can persuade the commissioners to approve our acquisition of Woowa Brothers.” Delivery Hero will emphasize three points in its bid to convince the KFTC. First, it believes preventing the combination of the two firms will limit customers' opportunities to enjoy better services.“When we merge with Woow

Nov 17, 2020By Kim Jae-heun
Delivery Hero confident of persuading FTC
Companies

Amazon to acquire 30 percent stake in 11st

SK Group's headquarters in Seoul / Courtesy of SK GroupBy Kim Jae-heunThe world's largest e-commerce firm Amazon is setting foot in the Korean market through local player 11st, operated by SK Telecom, by acquiring up to 30 percent of its shares. The number of shares is expected to vary depending on the valuation of the company, which Amazon plans to take over sequentially.“We will create synergy with Amazon in various information and communication technology areas including e-commerce, and revitalize the industry as a whole,” an SK Telecom official said. “We plan to grow 11st into a global retailing platform.”Amazon said 11st shares the same corporate philosophy of “customer obsession” and it hopes to provide a range of benefits and new shopping experience to local customers.Amazon logo / Korea time fileIn October 2019, SK Telecom established a taskforce under its e-commerce subsidiary and held talks with Amazon to discuss a 300 billion won share-swap. However, they failed to find common ground on enterprise value and decided only Amazon will

Nov 16, 2020By Kim Jae-heun
Amazon to acquire 30 percent stake in 11st
Companies

Online duty-free sales to lift Shinsegae

A worker cleans the doorstep of Shinsegae Department Store in Seoul, Nov. 12. / Korea times fileBy Kim Jae-heunA growing number of Chinese online duty-free shoppers and still-strong general overseas tourist duty-free shopping are set to solidify Shinsegae's bottom line, sources familiar with the issue said Sunday.The top-tier department store operator has been hit hard by the spread of COVID-19 on multiple fronts. Specifically, its duty-free business reported a 37 billion won operating loss during the second quarter, which heavily affected Shinsegae's overall profit.But the good news is that duty-free shopping is coming back strong with overseas consumers once again outstripping domestic shoppers for online sales only. Duty-free shops in Korea fared well in September this year as total sales reached 1.5 trillion won, up from 1.44 trillion won, year-on-year, according to data from the Korea Duty Free Association. In total, overseas visitors' spending accounted for 1.44 trillion won in September compared to 43 billion won by domestic shoppers.Shinsegae officials expect fourth quarter e

Nov 15, 2020By Kim Jae-heun
Online duty-free sales to lift Shinsegae
Companies

McDonald's Korea takes new eco-friendly initiative

McDonald's Goyang Samsong drive-thru restaurant / Courtesy of McDonald's KoreaBy Kim Jae-heunMcDonald's Korea has announced a new campaign aimed at contributing to the environment and community under the slogan “Small but great changes for a better community."In light of the current COVID-19 situation, the American fast food restaurant chain presented four actions ― Our Planet, Food Quality & Sourcing, Community Connection and Jobs, Inclusion & Empowerment ― to aid local communities and protect the environment. McDonald's Korea said it will implement concrete plans for each to achieve sustainable growth. Our PlanetThe company plans to expand the operations of eco-friendly restaurants through reducing its use of plastics, using environmentally friendly packaging materials and replacing all of its delivery scooters with green electric vehicles. By 2025, McDonald's plans to transition 100 percent to recyclable, recycled, or certified packaging materials by to end plastic use, and to replace the inks used on such materials with natural ones. To this end, the company will al

Nov 15, 2020By Kim Jae-heun
McDonald's Korea takes new eco-friendly initiative
Banking & Finance

KB Kookmin Bank CEO Hur to serve third consecutive term

KB Kookmin Bank CEO Hur YinBy Kim Jae-heunKB Kookmin Bank's incumbent CEO Hur Yin has been re-elected to serve a third consecutive term as CEO until the end of next year, becoming the first to do so at the bank. KB Financial Group said its candidate committee put Hur's name on the final list for approval last month and it was accepted during a shareholders' meeting Wednesday. The committee said Hur has been leading the bank stably for the past three years and despite the world economic slump caused by COVID-19, he has managed to avoid serious damage and kept the group running a profit. “Hur also communicated actively to bring stability to the group while leading the firm to develop sustainably over the long term and is the right person to share and spread the corporate value and vision of KB,” the committee said. Hur was appointed CEO, Nov. 20, 2017, and re-elected last year to serve a second term. He was born in Jinju, South Gyeongsang Province, and graduated from Daegu High School.Hur earned his bachelor's and master's degrees in law from Seoul National University. He s

Nov 12, 2020By Kim Jae-heun
KB Kookmin Bank CEO Hur to serve third consecutive term
Tech & Science

Naver to launch joint venture with Big Hit Entertainment in US

BeNX CEO Steve Seo gives a speech on its business platform Weverse during the firm's first anniversary of foundation at its headquarters in Seoul, Aug. 13. / Courtesy of Big Hit EntertainmentBy Kim Jae-heunNaver, the country's leading portal, plans to launch a joint venture with Big Hit Entertainment in the United States this year to run an entertainment business utilizing K-pop stars, according to an industry source, Tuesday.“The name of the company has not been decided on yet along with the specific date of establishment, but it is likely to be within this year,” the source told The Korea Times, asking not to be named.The two firms are discussing issues regarding ownership percentages of the joint venture, with the talent agency seeking the bigger share, the source added.Naver and Big Hit Entertainment declined to comment on the matter.The joint venture, tentatively named “NaverBe,” according to another source, will be set up by combining Naver's V Live division with Big Hit Entertainment's beNX, a technology subsidiary that developed its software applicatio

Nov 10, 2020By Kim Jae-heun
Naver to launch joint venture with Big Hit Entertainment in US
Companies

Coupang hit for selling fake luxury goods

Fake Rolex watches are sold on Coupang online / Screen captured from Coupang websiteBy Kim Jae-heunThe country's top online retailer Coupang has been hit for not properly monitoring the sales of fake luxury products on its platform. The Korea Watch & Clock Industry Cooperative (KOWIC) filed a claim against Coupang for damages after small- and medium-sized companies suffered from flourishing fake Rolex sales there.The cooperative body said 684 imitation luxury watches are sold on Coupang and their prices range from 200,000 won to 300,000 won. Prices for an original entry-level Rolex watch start at 10 million won. “The current law only punishes dealers who sell fake products and not the retailers including Coupang. This system is only hurting small- and medium-sized firms here that are making watches fair and square,” KOWIC wrote in a press release. KOWIC said local fashion watchmakers selling products in the same price range as the fake luxury watches lost billions of won due to counterfeiting. “Not only should Coupang ban dealers from selling fakes watches but i

Nov 9, 2020By Kim Jae-heun
Coupang hit for selling fake luxury goods
Companies

E-mart to close all PK PEACOCK stores

PEACOCK kitchen at Emart Town in Goyang, Gyeonggi Province / Courtesy of E-martBy Kim Jae-heunE-mart, the country's largest supermarket chain operated by Shinsegae, said it will shut down its two PK PEACOCK stores, as the stores failed to generate sufficient profits.Targeting one- and two-person households, as well as housewives in their 40s and 50s, E-mart launched its first PK PEACOCK store in Daechi-dong, Seoul, in 2018, meeting the rapidly rising demand for home meal replacement (HMR) products. PEACOCK is E-mart's own brand focused on HMR items that the supermarket started selling in 2013. As it made a 34 billion won profit in the first year, PEACOCK quickly gained popularity, recording 100 billion won in revenue in 2015 and 200 billion won in 2017. The retail giant revealed its plan to introduce premium meal kit items the following year and collect some 1,000 products varying from soups, stews and desserts to sell at PK PEACOCK stores.E-mart expected its special HMR store to flourish but it soon came up against the COVID-19 pandemic that caused shopping trends to shift from in-s

Nov 6, 2020By Kim Jae-heun
E-mart to close all PK PEACOCK stores
previous page
107108109110111
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.