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LGES holds recruiting event in US to hire global experts

More than 40 people with master's and doctoral degrees attend LGES' BTC conference at Fairmont Hotel in San Francisco, Saturday. Courtesy of LGESBy Kim Jae-heunLG Energy Solution (LGES) held a Battery Tech Conference (BTC) in San Francisco, Saturday, to attract global talent to lead its future growth, the company said Sunday.Over 40 selected individuals with master's and doctorate degrees from top U.S. universities and laboratories, including Massachusetts Institute of Technology, Stanford University, University of California, Los Angeles, Purdue University and Argonne National Laboratory participated in the conference, which was held at the Fairmont Hotel under the theme of “LG Energy Solution that provide enthusiasm and specialty to human resources.” LGES's top executives, including CTO Shin Young-joon, also joined the event to introduce the company's vision, roles and duties of its each business unit as well as growth programs for talented young workers. “Until now, there have been many cases where students studying overseas find jobs at foreign companies due to

Apr 10, 2023By Kim Jae-heun
LGES holds recruiting event in US to hire global experts
Companies

Food firms foster in-company ventures to find new growth engines

Head of Food Business and Growth Strategy at CJ CheilJedang Lee Sun-ho, third from left, poses for a photo with the company's in-house venture team at INNO Play office in Gangnam-gu, Seoul, on March 5. Courtesy of CJ CheilJedangBy Kim Jae-heunLarger food companies here are nurturing in-company ventures to find new growth engines and innovate their stodgy corporate culture, according to company officials Sunday.The country's largest instant noodle maker, Nongshim, has been operating an in-house start-up program called “N-START” since 2018. The program aims to discover creative ideas among young workers and encourages them to start initiatives based on them. The company ensures the participants' independence.One of the most successful outcomes of the program is Nongshim's new business in health functional food and smart farming. Its health functional food brand, “Lifill,” launched under N-START in 2020, achieved cumulative sales of 80 billion won ($60.65 million) as of the end of last year. Lifill's popular product, “Derma Collagen,” uses a low-molec

Apr 9, 2023By Kim Jae-heun
Food firms foster in-company ventures to find new growth engines
Companies

Qoo10 acquires WeMakePrice to expand e-commerce biz

The official website of WeMakePrice's online shopping platform / Screenshot from WeMakePrice websiteBy Kim Jae-heunQoo10, an e-commerce platform headquartered in Southeast Asia, has acquired control of local online shopping mall WeMakePrice, further expanding its presence in Korea's rapidly growing e-commerce market, according to company officials on Thursday.It is Qoo10's third acquisition of domestic e-commerce firms after TMON last September and Interpark Commerce in March. Qoo10 CEO Ku Young-baeOn Wednesday, Qoo10 acquired the largest shareholder Wonder Holding's entire stake of 86.2 percent in WeMakePrice and the remaining shares owned by NXC, the holding company of local game developer Nexon. Qoo10 will take over the management rights of WeMakePrice as well as its mobile app service for online shopping. Qoo10 Vice President Kim Hyo-jong will lead WeMakePrice as its CEO.“We plan to apply the same success method proven with the acquisition of TMON to WeMakePrice and increase synergy between the two e-commerce firms. We will also add new growth engines to WeMakePrice and str

Apr 6, 2023By Kim Jae-heun
Qoo10 acquires WeMakePrice to expand e-commerce biz
Companies

Korean Air chartered flights to send relief goods to Turkey

Workers are loading relief supplies on a Korean Air cargo plane bound for Istanbul at the Incheon International Airport on March 20. Courtesy of Korean AirBy Kim Jae-heun Korean Air offered free transport of relief supplies last month to Turkey, which is still suffering after a series of earthquakes, according to company officials, Wednesday.The air carrier sent a Boeing 777F cargo plane from Incheon to Istanbul at 12:25 a.m. on March 20 to transport relief materials free of charge. It sent 45 tons of relief goods, including tents, sleeping bags and blankets. The supplies will be delivered to earthquake victims through the Disaster and Emergency Management Authority (AFAD) of Turkey.Korean Air's special charter flight took place as the company responded to a request by the Ministry of Land, Infrastructure and Transport and the Korea International Cooperation Agency (KOICA) for humanitarian assistance. “We decided to charter the cargo flight to help KOICA's humanitarian relief efforts for the victims in Turkey. We hope that the relief supplies will help those who are still suffe

Apr 6, 2023By Kim Jae-heun
Korean Air chartered flights to send relief goods to Turkey
Companies

Hyundai Motor Group recognized as greatest disruptive innovators in global automotive industry

Hyundai Motor Group Chief Creative Officer Luc Donckerwolke, right, poses for a picture while receiving the Disruptor Designer of the Year award at the Newsweek World's Greatest Auto Disruptors awards ceremony at One World Trade Center in New York, Tuesday. Courtesy of Hyundai Motor GroupBy Kim Jae-heunHyundai Motor Group Chief Creative Officer Luc Donckerwolke, has received the Disruptor Designer of the Year award at the Newsweek World's Greatest Auto Disruptors 2023 award ceremony, a company official said on Wednesday.Luc Donckerwolke won the award for his industry-leading vision overseeing Hyundai Motor Group's extensive portfolio of automotive brands ― namely Hyundai, Kia and Genesis ― and the transition to mobility, urban air travel and robotics. “Is there anything better than to receive such prestigious recognition for doing what you love to do?” Donckerwolke said while accepting his award at the ceremony at One World Trade Center in New York, on Tuesday, where this year's honorees were celebrated for their distinguished contributions. “I feel honored and priv

Apr 5, 2023By Kim Jae-heun
Hyundai Motor Group recognized as greatest disruptive innovators in global automotive industry
World

Huawei's 2022 sales edge up to $98.95 billion

Huawei's Rotating Chairman Eric Xu speaks during a press conference announcing the company's annual earnings results in Shenzhen, Guangdong Province, on March 31. By Kim Jae-heunChinese telecommunications giant Huawei saw sales in 2022 edge up 0.9 percent year-on-year to 642.3 billion yuan ($98.95 billion), while net profit plunged 69 percent to 35.6 billion yuan, according to the firm's 2022 annual report released on March 31.Huawei attributed the decline in annual net profit to rising commodity prices, China's strict pandemic controls and increased research and development spending.The firm said it had increased investment in research & development (R&D), with an annual expenditure of 161.5 billion yuan in 2022, representing 25.1 percent of the company's annual revenue and bringing its total R&D expenditure over the past 10 years to more than 977.3 billion yuan."In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei's

Apr 5, 2023By Kim Jae-heun
Huawei's 2022 sales edge up to $98.95 billion
Companies

Dongsuh Foods recalls instant coffee mix over possible contamination

Dongsuh Foods' Maxim Mocha Gold products / Courtesy of Dongsuh FoodsBy Kim Jae-heunDongsuh Foods has decided to recall its instant coffee mix product, Maxim Mocha Gold, produced at its factories in Changwon, South Gyeongsang Province, and in Incheon, after confirming that the product might contain silicon-based foreign substances, the company said Tuesday.The problematic product is Maxim Mocha Gold's 600-gram pack and seven other packages containing 2.04 kilograms, 2.4 kilograms and 3 kilograms, with expiration dates between Sept. 19 and 26, 2024. The company said silicon-based foreign substances used in food manufacturing facilities at the factories could have gotten into the coffee mix product during the production process. “We apologize to customers for causing a problem with our product. We have decided to voluntarily recall the product as soon as possible considering consumers' safety as a top priority,” a Dongsuh Foods official said. “We will strengthen the quality inspection of our products and supplement our production facilities to prevent such problems fro

Apr 4, 2023By Kim Jae-heun
Dongsuh Foods recalls instant coffee mix over possible contamination
Companies

Ottogi lowers prices of instant noodles despite soaring costs

Ottogi's Jinjja Jjolmyeon / Courtesy of OttogiBy Kim Jae-heunOttogi has decided to cut the price of its dry instant noodle product Jinjja Jjolmyeon ahead of the summer's peak season, surprising many food industry officials, as all other instant noodle makers have hiked their respective prices, according to company officials Monday.The price of Jinjja Jjolmyeon, or spicy cold chewy noodles, decreased by 10.5 percent from 1,900 won ($1.44) to 1,700 won ― only at convenience stores as of April 1 ― becoming the first food company to charge consumers less in recent years. A bundle of the product, consisting of four packs will cost 6,800 won, 800 won lower than the previous price. “We have decided to lower the price of Jinjja Jjolmyeon after considering various benefits in marketing aspects. But this is only at convenience stores and we are running other promotional events to give discounts to large discount stores,” an Ottogi official said. “But we do not know exactly how the company was able to lower the price when everything has gone up. Our sales department can give a

Apr 4, 2023By Kim Jae-heun
Ottogi lowers prices of instant noodles despite soaring costs
Companies

Online used goods trading declines amid economic downturn

A consumer searches for items through an online secondhand market on his mobile phone in this 2021 file photo. Korea Times fileBy Kim Jae-heunA 32-year-old office worker in Seoul surnamed Han has stopped using Daangn Market citing that many used items that are in good condition are often too pricey and the ones that are cheap are useless.“These days, there are too many unopened products at Daangn Market sold for only 10,000 won ($7.59) or 20,000 won cheaper than the original prices. I would rather pay 10,000 won more and buy them at a department store,” Han said. “Also, there aren't many useful items with good prices. Items with good prices are often outdated game consoles, worn-out shoes or furniture that looks like it has been used for over 10 years.”A 29-year-old part-time worker surnamed Lee living in southern Seoul's Dongjak District said his budget has become too tight to even afford secondhand items after sharp rises in food prices over the past few months.“My salary is the same, but dining prices have hiked so much recently. When I pay for my ren

Apr 3, 2023By Kim Jae-heun
Online used goods trading declines amid economic downturn
Companies

Retail firms prepare to greet Southeast Asian tourists

Foreign tourists shop for cosmetic products at a CJ Olive Young store in Seoul, on March 22. Courtesy of CJ Olive YoungBy Kim Jae-heunLocal retailers are busy preparing for foreign tourists who are expected to visit in large numbers this April as the COVID-19 pandemic subsides and travelers return around the globe.This month, in particular, will see several big holidays such as “Songkran,” the Thai New Year in Thailand and Good Friday in the Philippines, thereby offering travelers from Southeast Asia the opportunity to visit Korea. Shinsegae Department Store will be handing out welcome gifts such as eye mask packs and beverage coupons to tourists who get new mileage cards issued in-store. Shinsegae Duty Free plans to deploy helpers who can speak Thai and Vietnamese in its stores. They will work from Saturday to Monday during peak time, and help with interpretation. Lotte Department Store is also running a promotion to provide gift cards worth 5 percent to 7 percent for purchases made by foreign customers this month. Lotte Duty Free held a briefing session for 50 local tra

Apr 2, 2023By Kim Jae-heun
Retail firms prepare to greet Southeast Asian tourists
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