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Kumho America Technical Center selected as 'Best Place to Work' in 2023

Kumho America Technical Center in Akron, Ohio / Courtesy of Kumho TireBy Kim Jae-heunAn affiliate of Kumho Tire, Kumho America Technical Center, has made it to Rubber News' “Best Places to Work” list in 2023, the company said Sunday. Rubber News, the conductor of the survey, is a prominent media outlet that reports on the North American rubber industry.A total of nine companies were selected as the most worker-friendly from a survey of some 1,000 businesses with 15 or more employees which engage in rubber production and manufacturing or other related sectors in North America. “The key to corporate competitiveness is the ability to attract talented individuals,” Kumho Tire's R&D Division head Cho Man-sik said. “We will maintain good working conditions and employee-friendly corporate culture to get the best out of Kumho America Technical Center (KATC) employees and position ourselves as a trusted and reliable global brand.”The survey chose qualified organizations by evaluating them against a comprehensive set of criteria, including environmental

May 21, 2023By Kim Jae-heun
Kumho America Technical Center selected as 'Best Place to Work' in 2023
Companies

'Boycott Japan' becomes thing of past

A consumer holds Asahi Super Dry Draft Can products at a GS25 convenience store in Seoul, May 1. Courtesy of GS25Sales of Japanese beer, clothing, cars soar in Q1By Kim Jae-heunThe once-fervent “boycott Japan” campaign, which started among Korean consumers to protest Japan's economic retaliation in 2019, appears to have become a thing of the past as sales of Japanese brand goods have gained growing popularity over the past few months, according to retail industry officials, Friday.Convenience stores are struggling to keep up with increasing consumer demand for Asahi and other Japanese beer products, while car dealerships selling Toyota, Lexus and other Japanese brand vehicles are packed with prospective buyers. The number of Koreans visiting the world's third-largest economy has been jumping at a faster pace in the first three months of the year, due to the weakening yen and a rise in the number of flights between the two countries.Experts say this trend has largely been fueled by Millennials and Gen Z consumers who seek goods and services that offer good value regardless

May 13, 2023By Kim Jae-heun
'Boycott Japan' becomes thing of past
Companies

LS Cable & System to receive $8.77 million in damages from Boskalis

LS Cable & System's workers check undersea cables on a vessel at a port near its business site in Donghae, Gangwon Province, March 28. Newsis By Kim Jae-heunLS Cable & System (LS C&S) has won a lawsuit against Dutch construction company Boskalis over its unilateral cancellation of a contract and will receive 11.7 billion won ($8.77 million) in compensation, the company said Friday. According to LS Holdings' report filed to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System, the Singapore International Arbitration Centre (SIAC) recognized Boskalis' wrongful contract termination and its impact on delaying LS C&S' project to supply submarine power cables to SP PowerAssets in Singapore. The payment is the sum of the net amount of LS C&S' additional construction fee, compensation and legal and arbitration costs. The SIAC has dismissed all the pending cost claims and contract amount changes requested by Boskalis and only recognized the const

May 12, 2023By Kim Jae-heun
LS Cable & System to receive $8.77 million in damages from Boskalis
Companies

Seegene hit hard by end of COVID-19 pandemic

Seegene's headquarters in Songpa District, Seoul / Courtesy of SeegeneBy Kim Jae-heunSeegene slipped into the red in the first quarter of this year due to a drop in the number of people testing for the virus as it is shifting to an endemic phase in much of the world, company officials said Friday.Seegene CEO Chun Jong-yoonThe COVID-19 PCR test kit maker posted a 13.8 billion won ($10.35 million) operating loss for the first three months of 2023, while sales plunged to 90.1 billion won, down by 80.1 percent from the same period last year.“The country's transition from COVID-19 pandemic to endemic played a significant role in dropping the number of PCR tests, which impacted our sales,” Seegene said.The company recorded total reagent sales of 67.7 billion won, which includes its diagnostic reagents and extraction reagents. In Korea, its sales of COVID-19 diagnostic reagents dropped to 13.3 billion won, reducing its share to 20 percent of all reagents it sold. Sales of diagnostic reagents for uses other than COVID-19 tests hit 46.3 billion won, accounting for 68 percent of th

May 12, 2023By Kim Jae-heun
Seegene hit hard by end of COVID-19 pandemic
Companies

AmorePacific to sell cosmetics on KakaoTalk

Kakao CEO Hong Eun-taek, left, shakes hand with AmorePacific CEO Kim Seung-hwan during a joint business planning ceremony held at AmorePacific's headquarters in Yongsan, Seoul, on Monday. Courtesy of AmorePacificBy Kim Jae-heunAmorePacific signed a joint business planning agreement with Kakao to sell cosmetics products on the KakaoTalk mobile messenger, company officials said Monday.The two agreed to cooperate closely to create business opportunities and conduct advanced data-driven marketing activities utilizing advertising and commerce platforms during a signing ceremony at AmorePacific's headquarters in Seoul.They will also carry out various joint projects in KakaoTalk's advertising sections, as well as KakaoTalk Gift and KakaoTalk Shopping Live. “Collaboration with Kakao, which provides various services throughout our daily lives on its platform, will be of great help to AmorePacific that aims to expand its business into the lifestyle and cosmetics sectors utilizing digital technology,” AmorePacific CEO Kim Seung-hwan said. The cosmetics giant plans to expand brand sa

May 12, 2023By Kim Jae-heun
AmorePacific to sell cosmetics on KakaoTalk
Companies

Home-shopping channels struggle with falling profits

Hosts of Hyundai's home-shopping show Hmall present home appliances and sports apparel in this 2022 file photo. YonhapBy Kim Jae-heunDomestic home-shopping channels are grappling with a prolonged business slump as the number of people watching television decreases and middle-class consumers spend less due to soaring inflation and rising interest rates, industry officials said Thursday. According to the Korea Communications Commission, Koreans' average TV usage time on a daily basis increased briefly to 3 hours and 9 minutes in 2020 during the pandemic. However, it decreased again to 3 hours and 3 minutes in 2022 after the pandemic was declared to be in an endemic phase here.“In order for home-shopping firms to grow, it is very important that people keep watching television. However, over the past few years, the country has seen falling consumption of TV programming, not only for the home-shopping channels, but in general,” a local home-shopping company's official said. Hmall, Hyundai's home-shopping platform's 2022 sales increased 0.3 percent to 2.1 trillion ($1.56 billio

May 12, 2023By Kim Jae-heun
Home-shopping channels struggle with falling profits
Companies

CJ Logistics to build e-commerce global distribution center in Saudi Arabia

CJ Logistics CEO Kang Sin-ho, sixth from left, poses with Korean Ambassador to Saudi Arabia Park Joon-yong, fourth from left, and the Minister of Commerce of Saudi Arabia Majid Al Kasabi, seventh from left, during a business launch ceremony at the Riyadh Marriot Hotel in Riyadh, Wednesday. Courtesy of CJ LogisticsBy Kim Jae-heunCJ Logistics plans to establish a Global Distribution Center (GDC) in Saudi Arabia by 2024, in an effort to expand its business in the Middle East, the country's largest logistics firm said Thursday.?The building, which will be located in Riyadh's Special Integrated Logistics Zone at King Khalid International Airport, will be the first dedicated e-commerce logistics facility in Saudi Arabia. “The Saudi e-commerce market has the richest growth potential in the Middle East and the geographical advantage of connecting Africa and Europe,” CJ Logistics CEO Kang Sin-ho said during the business launching ceremony with the Saudi Arabian General Authority Civil Aviation held in Riyadh, Wednesday.?A GDC is a state-of-the-art logistics center with a gross flo

May 12, 2023By Kim Jae-heun
CJ Logistics to build e-commerce global distribution center in Saudi Arabia
Companies

Retailers stung by economic slump in Q1

People shop at Shinsegae Department Store's Centum City branch in Busan on Feb. 26. Courtesy of Shinsegae Department StoreBy Kim Jae-heunDepartment stores and other retailers saw their profitability decline in the first quarter of this year as consumers kept their wallets shut amid soaring inflation and rising interest rates, according to industry officials, Thursday.Department stores enjoyed surging sales during COVID-19, thanks to high consumer demand for luxury goods, but they began reducing their spending on big-ticket items to cope with a surge in the cost of living amid the economic downturn. Discount store chains and convenience stores have also been suffering from sluggish consumer spending.Shinsegae Department Store's sales increased 6.1 percent year-on-year to 620.9 billion won ($469.9 million) in the first quarter, but operating profit fell 9.2 percent to 110.3 billion won. “We paid about 4 million won in bonuses to 3,000 employees earlier this year, which was pretty big. The ongoing inflation and high-interest rates also played their parts in decreasing our operatin

May 11, 2023By Kim Jae-heun
Retailers stung by economic slump in Q1
Companies

Hanwha chairman's 3rd son flips burgers in Hong Kong

Head of Strategic Management at Hanwha Galleria Kim Dong-sun spreads sauce on tinfoil at a Five Guys restaurant in Hong Kong, April 25. Courtesy of Hanwha GalleriaCompany to open 1st Five Guys store in southern Seoul next monthBy Kim Jae-heunKim Dong-sun, head of strategic management at Hanwha Galleria and the third son of Hanwha Group Chairman Kim Seung-youn, visited a Five Guys restaurant in Hong Kong recently to try making burgers himself a month prior to the launch of the fast food franchise in Seoul, the company said Tuesday. It is the first time Kim has participated in such activity. His trip reflects his willingness to provide better service to local customers in Seoul by further enhancing his understanding of the brand through practical experience. “I was able to learn why Five Guys products are called 'premium handmade burgers' throughout my field practice. A lot of effort is needed to make one burger, more than I knew before,” Kim said after making a burger at the burger restaurant. “Kim is not obliged to undergo field experience, but as the person who is

May 9, 2023By Kim Jae-heun
Hanwha chairman's 3rd son flips burgers in Hong Kong
Companies

Food delivery firms offer hefty discounts as online orders drop

Baedal Minjok delivery drivers seen on a road in Seoul on Aug. 30, 2020. Korea Times fileBy Kim Jae-heunFood delivery platforms are offering more discounts to encourage consumers to order food online as more people choose to visit restaurants after the end of COVID-19 lockdowns, according to company officials, Monday. Soaring food prices and higher delivery fees have also dampened demand for food delivery.Coupang Eats took the initiative to offer 5 percent to 10 percent discounts for Coupang Wow Membership users in 18 districts of Seoul on a trial basis. The company introduced the promotional event in southern Seoul's Songpa and Gwanak districts starting on April 10 to overcome the current difficulties facing the food delivery industry. It added 16 more districts to the areas eligible for the service in order to attract more customers.The country's largest food delivery platform, Baedal Minjok (Baemin), also introduced a “bundle delivery” service offering cheaper delivery fees starting April 25 in Gwanak District. On May 3, the company expanded the service area to Incheon

May 8, 2023By Kim Jae-heun
Food delivery firms offer hefty discounts as online orders drop
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