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BBQ founder indicted for funneling company money to family-owned entity

Genesis BBQ's headquarters in Seoul / Newsis By Kim Jae-heun Genesis BBQ Chairman Yoon Hong-geun Genesis BBQ Chairman Yoon Hong-geun has been indicted on charges of breach of trust as he allegedly funneled company money to an entity wholly owned by him and his family members, according to prosecutors Thursday. The Suwon District Prosecutors' Office said it indicted Yoon for violating the Special Economic Crimes Weighted Punishment Act on Jan. 16.The chairman is accused of causing damage to Genesis BBQ by lending billions of won to GNS Hinet, one of his private companies which is not related to BBQ, between 2013 and 2016. The fried chicken franchise firm did not recoup the loan. GNS Hinet was established in July 2013 by Yoon's family with a 100 percent stake. It is neither a subsidiary nor affiliate of BBQ. The company was later sold off after facing

Feb 2, 2023By Kim Jae-heun
BBQ founder indicted for funneling company money to family-owned entity
Companies

Retailers return to Myeong-dong as more foreign tourists visit

Myeong-dong shopping street is packed with shoppers for the 2023 Korea Grand Sale promotional event held in Seoul on Jan. 12. Korea Times fileBy Kim Jae-heunAn increasing number of foreign tourists are visiting Myeong-dong, once a shopping and tourism mecca located in central Seoul, as Korea phases out quarantine measures against COVID-19. Many retailers that closed their stores during the pandemic are returning to the shopping street, this time in bigger and more glamorous spaces. Japanese flat-rate daily supplies store chain Daiso is reopening its Myeong-dong branch at the end of February. It had to close its previous store last March while Korea closed its borders to foreign tourists, who had accounted for more than half of its customers. However, as Korea has been lifting travel bans and almost all of its remaining quarantine measures, tourists are returning to shop in the area, and Daiso decided to target the increasing shopping demand of foreign tourists. The new Daiso store will use the whole 12-story building with 1,652 square meters of floor space, which is double the size o

Feb 1, 2023By Kim Jae-heun
Retailers return to Myeong-dong as more foreign tourists visit
Companies

LG to hold global competition on AI image captioning

LG AI Research Center at LG Science Park in southwestern Seoul / Courtesy of LGBy Kim Jae-heunLG's artificial intelligence (AI) researchers are moving quickly to lead the convergence trend of visual AI and language AI. The company's research center will hold the LG Global AI Challenge for AI researchers around the world from Feb. 1 until the end of April, LG said Tuesday. To hold the competition, LG will establish a joint research center with Seoul National University's AI Graduate School and U.S. stock image provider Shutterstock. They are developing and preparing for the commercialization of AI EXAONE, an image-captioning AI service. “Through this competition, we would like to create a place to discuss the significance, necessity and expandability of AI research with experts around the world,” an LG AI researcher said. LG Global AI Challenge will be held online to evaluate how accurately an AI understands and explains images presented to it, under the theme of “zero-shot image captioning.”Zero-shot image captioning is a technology that enables AI to explain

Feb 1, 2023By Kim Jae-heun
LG to hold global competition on AI image captioning
Companies

Kakao Mobility to enter Laos

A Kakao employee calls an autonomous vehicle with Kakao Mobility's Kakao T platform to test its service in Seoul, Nov. 10, 2022. Korea Times fileBy Kim Jae-heunKakao Mobility will sign a business agreement with Vietnamese mobility firm LVMC Holdings and establish a local service platform, which will then be launched in Laos the company said Tuesday.LVMC Holdings, founded in 1997, is sometimes considered to be from Laos, as it has the largest vehicle sales in Laos and the second-largest commercial car sales in Vietnam. The company manufactures and produces cars and motorcycles on the Indochina Peninsula, including in Myanmar and Cambodia.Kakao Mobility plans to provide a mobility platform exclusive to Laos this year and launch a locally suited service for the Laotian market. The company emphasized that the platform is for everyone ― not just for Koreans visiting Laos.“With the company's entry to the Laotian market, we will continue to create successful overseas expansion cases that demonstrate global competitiveness in Southeast Asia ― a major mobility market in the world,&rdquo

Jan 31, 2023By Kim Jae-heun
Kakao Mobility to enter Laos
Companies

POSCO International emerges as eco-friendly energy firm

POSCO Holdings Chairman Choi Jeong-woo, center, poses with POSCO International Vice Chairman Jeong Tak, third from left, South Jeolla Province Governor Kim Yung-rok, fourth from right, and other figures during a groundbreaking ceremony for its second LNG terminal in Gwangyang, South Jeolla Province, Tuesday. Courtesy of POSCO InternationalCompany breaks ground on 2nd LNG terminal in GwangyangBy Kim Jae-heunPOSCO International has begun expanding its LNG storage terminal in southwestern Korea as part of its efforts to become an eco-friendly energy powerhouse, according to company officials Tuesday.The trading and energy arm of POSCO Group held a groundbreaking ceremony for its second LNG terminal in Gwangyang, South Jeolla Province, Tuesday. The project, expected to cost 930 billion won ($755.2 million), involves the construction of two more liquefied natural gas (LNG) tanks with a capacity of 200,000 kiloliters each. Completion is scheduled for 2025.South Jeolla Province Governor Kim Yung-rok, Democratic Party of Korea (DPK) lawmaker Rep. Seo Dong-yong, Samsung Heavy Industries CEO C

Jan 31, 2023By Kim Jae-heun
POSCO International emerges as eco-friendly energy firm
Companies

SPC opens 120th Paris Baguette store in US

People buy bakery products at Paris Baguette's new store in Red Bank in Monmouth County, New Jersey, Sunday. Courtesy of SPCBy Kim Jae-heunSPC has opened its 120th Paris Baguette store in the United States as Korea's largest bakery brand expands its presence in the world's largest economy, company officials said Monday. The firm operates 20 stores directly through its U.S. subsidiary, and individuals and corporations run the remaining 100 stores under franchise agreements.The latest Paris Baguette franchise store opened in Red Bank in Monmouth County, New Jersey, which is a commercial district that doesn't see many tourists. This is meaningful as Paris Baguette is gaining popularity among town locals and not only because Koreans visit the store or live there. “Opening our 100th U.S. franchise Paris Baguette store in Red Bank is meaningful in terms of our global business expansion. We will further advance into the Canadian market and complete the construction of a global manufacturing facility in Malaysia this year to boost our business worldwide,” an SPC official said. SP

Jan 30, 2023By Kim Jae-heun
SPC opens 120th Paris Baguette store in US
Companies

KT&G partners with PMI to expand global heat-not-burn business

KT&G CEO Baek Bok-in, left, poses with Philip Morris International (PMI) CEO Jacek Olczak after signing a 15-year contract to supply “lil” series heat-not-burn products to the multinational tobacco maker at Conrad Hotel in Seoul, Monday. Courtesy of KT&GBy Kim Jae-heunKT&G has inked a 15-year deal with global tobacco company Philip Morris International (PMI) to expand its worldwide business for heat-not-burn products, the company said Monday. The two firms held the KT&G-PMI Global Collaboration event to sign a product supply contract for overseas sales of KT&G's “lil” series.Under the contract, KT&G will supply its e-cigarettes to PMI through 2038 and PMI will sell them in all countries except Korea. “Through the advancement of the strategic partnership with PMI, KT&G's e-cigarette products will further enhance their global competitiveness and lay the foundation for stable overseas growth,” KT&G CEO Baek Bok-in said during a press conference held at Conrad Hotel in Seoul. “In order to become a top-tier company

Jan 30, 2023By Kim Jae-heun
KT&G partners with PMI to expand global heat-not-burn business
Companies

Retailers seek to bolster beauty product sales as lifting of mask mandate approaches

Customers shop for makeup items at a cosmetics store in Seoul on June 9, 2022. YonhapBy Kim Jae-heunDepartment stores and other retailers are organizing various promotional events to boost sales of beauty products to capitalize on the government's decision to lift the indoor mask mandate on Monday, according to industry officials Sunday.Lotte Department Store is preparing hands-on events under the theme of Blooming Beauty Week scheduled for next month ― expecting increased demand for cosmetic products being purchased. Thirty-seven brands including AmorePacific, Mac, Bobby Brown and Shiseido will participate in the promotional event, which will be held for 10 days from Feb. 3. “We have prepared various hands-on events for consumers to come and experience makeup items, which they have to see and experience before buying them,” a Lotte Shopping official said. “There will be makeup shows and makeup experience time for visitors. We will also introduce exclusive beauty products from each brand that are being offered during our promotional period.”Shinsegae Departmen

Jan 30, 2023By Kim Jae-heun
Retailers seek to bolster beauty product sales as lifting of mask mandate approaches
Companies

KT promotes domestic supply of Mongolian rare earths

From left, KT CEO Ku Hyeon-mo, BC Card CEO Choi Won-seok, Director General of Payment System Department at the Bank of Mongolia (BoM) Anar Enkhbold and Governor of BoM Lkhagvasuren Byadran pose after singing the N2N (Korea-Mongolian card payment linkage) business contract at BoM's headquarters in Ulaanbaatar, Mongolia, Thursday. Courtesy of KTBy Kim Jae-heunKT will expand business cooperation with the Mongolian government to secure mineral resources including rare earth elements to be imported to Korea, according to the company, Thursday. The company signed a strategic partnership with the Mongolian government to help realize the country's digitalization. The government, which announced its New Growth Policy for the country's economic development in 2021, is pushing for digitalization of all industries. First, KT and the Mongolian government signed a memorandum of understanding to supply mineral resources in Korea. Mongolia produces more than 80 kinds of mineral resources including copper, fluorite, gold, iron, zinc and rare earths, accounting for 16 percent of the world's reserves.

Jan 26, 2023By Kim Jae-heun
KT promotes domestic supply of Mongolian rare earths
Companies

XM3 E-TECH Hybrid awarded for EV-like driving performance

Renault Korea Motors' XM3 E-TECH Hybrid car / Courtesy of Renault Korea Motors By Kim Jae-heunRenault Korea Motors' XM3 E-TECH Hybrid has been selected as Hybrid SUV of the Year by the Automobile Writers' Association of Korea. The model is popular among local consumers for being an electric vehicle-like hybrid. The XM3 E-TECH Hybrid can reach speeds of up to 50 kilometers per hour in normal conditions when it is running on run on 75 percent electrical power, which gives drivers the feeling that they are in a fully electric vehicle (EV).However, when its full EV mode is activated, the car can drive 100 percent on electricity depending on the remaining battery charge and driving speed. The vehicle is equipped with a “B mode” system, which is installed in all EVs to charge the battery automatically when the driver takes their foot off of the regenerative braking mechanism. The XM3 E-TECH Hybrid features the driving system that is used in Renault F1 machines. Its dual m

Jan 26, 2023By Kim Jae-heun
XM3 E-TECH Hybrid awarded for EV-like driving performance
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