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POSCO International produces third GAFTA Arbitrator

By Kim Jae-heunBae Wan-kwonPOSCO International said Wednesday that a staff member had been certified as its third grain trade expert by the London-based Grain and Feed Trade Association (GAFTA). Bae Wan-kwon, a manager in the legal division of POSCO International, became the 82nd person in the world and the third in Korea to obtain the GAFTA Arbitrator license. The license is used internationally to play a mediatory role in grain trading between companies when conflicts occur. Experts also give advice to grain traders. The other two Korean GAFTA Arbitrators are also employees of POSCO International. They are General Manager Baek Sang-yun at the company's Chicago branch and Manager Kim Sung-hee at the Ukrainian office. Only those who have obtained the GAFTA Trade Diploma (GTD) and have more than 10 years of trading experience are allowed to apply for the license and take the examination. Bae has been appointed as an arbitrator after acquiring his GTD in 2018 and meeting the career-standard requirements. Currently, most of the grain trade around the world adopts a standard contract set

Jul 22, 2020By Kim Jae-heun
POSCO International produces third GAFTA Arbitrator
Companies

MMS selects LG International as 15th 'Inclusive Company'

From left, Korea International Trade Association Chairman Kim Young-ju, SMEs and Startups Minister Park Young-sun and LG International CEO Yoon Chun-sung pose for a photo after signing a memorandum of understanding to support SMEs in Seoul, Wednesday. / Courtesy of LG International By Kim Jae-heunLG International was selected as the 15th “Inclusive Company” by the Ministry of SMEs and Startups, Wednesday. The government established the Inclusive Companies Project to facilitate shared growth by connecting small and medium enterprises (SMEs) with large enterprises. Previously selected “Inclusive Company” firms include Naver, Woori Bank and the Korea Rail Network Authority. However, LG International will be the first one helping SMEs in their overseas operation. “This will provide an opportunity for our small and medium-sized venture startups to gain knowhow and a network of large companies and help them to enter the global market successfully,” SMEs Minister Park Young-sun said.“For LG International, this project will allow them to expand

Jul 22, 2020By Kim Jae-heun
Tech & Science

Naver calls for 'equal footing' with FB, Google in Korea

Naver CEO Han Sung-sook, fifth from left, stands next to the podium as Woowa Brothers CEO Kim Beom-joon, sixth from left, applauds during the inauguration of the Digital Economy Innovation Study Forum held at the National Assembly in Seoul, Monday. / YonhapBy Kim Jae-heunMajor local information technology firms have come together to call on the government to ensure fair competition with foreign IT firms here without “discrimination.” Kakao CEO Yeo Min-soo and Han Sung-sook of Naver called for the measures during the inauguration of the Digital Economy Innovation Study Forum held recently at the National Assembly in Seoul.“We all watch YouTube and Facebook. These are foreign-made platforms. Coupang, which is dominating the e-commerce market, is also a foreign-made platform. The regulations on the platform business need to be refined to create fair competition between local and international firms,” Yeo said. “We all run services for Korean users but different regulations and penalties are applied to us.”Han said domestic firms fall heavily behind in

Jul 20, 2020By Kim Jae-heun
Naver calls for 'equal footing' with FB, Google in Korea
Companies

Naver, Kakao promise not to launch private brands

Naver CEO Han Seong-sook talks about new style of Naver's platform during the press conference held at Grand Intercontinental Hotel in Gangnam, Seoul, in Sept. 2018. / YonhapBy Kim Jae-heunThe country's two largest platform operators Naver and Kakao said they will not launch private brands and vowed to focus only on their respective platform businesses. The concern involving the two information technology giants is that they could use their open market platforms to launch and sell their own brand products as Amazon has done. The American e-commerce firm is suspected of utilizing data it collected from individual sellers on its platform when it launched a private brand online.Naver, in particular, has an over 57.3 percent share in the search engine market, which helped it to become the No.1 player in the e-commerce market after recording 20.92 trillion won ($17.4 billion) in sales of gross merchandise value.The portal site operator achieved such results one year after it decided to shake up its Smart Store platform in 2018. Smart Store lowered the barriers for small traders to open on

Jul 19, 2020By Kim Jae-heun
Naver, Kakao promise not to launch private brands
Companies

Pandemic boosts Nongshim, Ottogi, Samyang Foods in US

Nongshim's instant noodle products / Courtesy of NongshimBy Kim Jae-heunKorean instant noodle companies are seeing a “sharp increase” in sales in the United States due to the spread of COVID-19, which has forced many people to stay at home and seen them increase their consumption of such products.The country's three major manufacturers ― Nongshim, Ottogi and Samyang Foods ― said Tuesday the volume of instant noodle exports to the United States rose sharply in the second quarter. Nongshim's revenue in the U.S. in the first half of the year reached $164 million, up 35 percent year-on-year. The country's biggest instant noodle producer said the growth was thanks to soaring demand for its products at major retailers, there, including Costco, Kroger and Sam's Club.Samyang Foods is said to have reported a substantial sales increase. While the company declined to comment on the specifics of its overseas performance, market analysts expect it to have generated 156.2 billion won in sales and a 25.8 billion won operating profit for the three months ending in June, up by 16.8 percen

Jul 17, 2020By Kim Jae-heun
Pandemic boosts Nongshim, Ottogi, Samyang Foods in US
Politics

Chanel, Louis Vuitton accused of abusing power

Louis Vuitton's pop-up store at Shinsegae Department Store in Gangnam, southern Seoul.  / Courtesy of Shinsegae Department StoreLocal department stores pay for luxury brands' interior when opening boutique insideBy Kim Jae-heunFrench luxury brands Chanel and Louis Vuitton stand accused of abusing their brand power against local department stores. According to an industry source, both Chanel and Louis Vuitton have been forcing department store franchises here to bear the cost of “decorating” their boutiques when they open them inside the stores. “In most cases, Chanel and Louis Vuitton don't pay for the interiors of their boutiques. If they are generous, the expense may come down to 80:20. You rarely see department stores and luxury brands pay 50:50,” the source said“If you say this is a rule of capitalism, nothing can be said about it. Chanel and Louis Vuitton have an advantage over department stores here. Whether or not the two brands open boutiques in the store directly affects sales. So they have to do whatever to please the two luxury brands.&rd

Jul 16, 2020By Kim Jae-heun
Chanel, Louis Vuitton accused of abusing power
Companies

Lotte Group seeks to stabilize key businesses amid pandemic

Lotte Group Chairman Shin Dong-bin, left, conducts the annual CEO online conference call at the company headquarters in Jamsil, Seoul, Tuesday. / Courtesy of Lotte GroupBy Kim Jae-heunLotte Group Chairman Shin Dong-bin has emphasized the need to stabilize and enhance work efficiency within its main businesses rather than to seek new growth engines amid the prolonged COVID-19 pandemic. “We believed the COVID-19 outbreak would be over soon, but it seems we will have to live with it through the end of next year. Economic activity is expected to shrink 70 percent to 80 percent compared to 2019 and I think this 70 percent growth will become the new norm,” said Shin during Lotte Group's annual meeting of company presidents held online, from the company headquarters in Jamsil, Seoul, Tuesday.To survive in such a difficult situation, Shin said the group needs to take this moment to look back and improve work efficiency.“The first thing CEOs should do is improve working efficiency” Shin said. “In 1998, Korea suffered a financial crisis and in 2008 when Lehman Bro

Jul 14, 2020By Kim Jae-heun
Lotte Group seeks to stabilize key businesses amid pandemic
Companies

BAT Korea appoints first-ever female country manager

BAT Korea country manager Kim Eun-ji. / Courtesy of BAT KoreaBy Kim Jae-heunBritish American Tobacco (BAT) Korea appointed its first-ever Korean female country manager Kim Eun-ji, Monday, right after her predecessor Kim Eui-soung resigned.The company said she will be responsible for leading the domestic trade business of BAT aligned with the group strategy. “I am glad to be back to Korea to serve as the country manager and to work with people of passion and commitment. With a wide range of knowledge in marketing and trade, I will bring a positive change to our journey to business turnaround carefully serving the needs of Korean consumers,” Kim said. She joined BAT Korea in 2004 and has been working at the tobacco firm for over 16 years. She worked as a brand director in Indonesia before returning to her home country to take office as CEO. She has also served in other various key positions including as head of trade, head of business development and Dunhill brand manager. She holds a bachelor's degree in Chemical Engineering from Kyungpook National University and has previ

Jul 13, 2020By Kim Jae-heun
BAT Korea appoints first-ever female country manager
Companies

Naver prepares to take on Facebook, Google in e-commerce

Naver's Membership Plus program launched on June 1 / Courtesy of NaverBy Kim Jae-heunThe country's biggest portal site Naver is trying its best to prepare for competition against Facebook and Google in the local e-commerce market. Since Facebook announced the launch of its online shopping platform Facebook Shops in collaboration with domestic firm Cafe 24, June 22, Naver instantly improved the benefits of its membership program, raising the maximum cash dividend from 8,000 won to 20,000 won. Naver has started a paid membership program called Membership Plus that gives a maximum 4 percentage points return on how much a customer spends in a month; 20,000 won is the largest amount a person can collect.The portal site saw a big increase in sales after the launch of the membership program on June 1, with customers who had been spending less than 200,000 won per month tripling their transactions. Google will also enter the local e-commerce market starting in the second half of this year by opening its shopping platform. Last week, YouTube started the beta version of its Shopping Extension

Jul 12, 2020By Kim Jae-heun
Naver prepares to take on Facebook, Google in e-commerce
Companies

McDonald's promotes healthy working environment

A McDonald's Korea's employee, left, receives an award from the Korea Occupational Safety and Health Agency. The award was presented to the American fast food company at COEX in Seoul last week for promoting a healthy working environment. / Courtesy of McDonald's Korea

Jul 12, 2020By Kim Jae-heun
McDonald's promotes healthy working environment
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