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Shinsegae chief jubilant over his baseball team's Korean Series win

Shinsegae Vice Chairman Chung Yong-jin is seen being thrown into the air by players in his baseball team at Incheon SSG Landers Field in this photo posted by Chung on Instagram. Screenshot from Chung's InstagramBy Kim Jae-heunShinsegae Vice Chairman Chung Yong-jin celebrated the SSG Landers' victory in the 2022 Korean Series on social media, Wednesday. Chung is the owner of the professional baseball team. Chung posted a photo of SSG Landers players throwing him into the air after winning the championship at Incheon SSG Landers Field in the western port city on Tuesday. He also wrote a message saying, “I want this again next year, I am addicted to it.” The SSG Landers staged a comeback to win the Korean Series with 4 wins and 2 losses. Chung was sitting in the stands and came down to the mound after the team secured its victory to celebrate with the players, wiping away tears. The crowd also cheered by chanting, “SSG,” as British rock band Queen's “We Are the Champions” blared throughout the stadium.“I stand here because of our fans. Thanks to

Nov 9, 2022By Kim Jae-heun
Shinsegae chief jubilant over his baseball team's Korean Series win
Companies

KT&G launches new HNB 'lil AIBLE'

Models pose with KT&G's new heat-not-burn product lil AIBLE and lil AIBLE Premium at a hotel in Seoul, on Nov. 9. Courtesy of KT&GBy Kim Jae-heunLocal tobacco giant KT&G has introduced its new heat-not-burn (HNB) product, lil AIBLE, which has been developed with its own technology, the company said Wednesday. The new item's strength revolves around its capability to use three different types of tobacco sticks with one device. It also adopted the previous model's essential functions such as automatic heating, a self-cleaning system and a maximum of three consecutive uses.It is also equipped with smart artificial intelligence (AI) technology that shows how long it takes to fully charge the product and preheat the tobacco stick as well as how many times a user can smoke with the remaining battery. “Lil AIBLE can use three different (tobacco) sticks with one device and it adopts AI technology to enhance user's convenience. We will lead the local e-cigarette market by continuing to provide better products,” Lim wang-seop, a chief of KT&G's Next Generation Produ

Nov 9, 2022By Kim Jae-heun
KT&G launches new HNB 'lil AIBLE'
Companies

Frozen pizza threatens franchise businesses

In this 2021 July file photo, a customer selects a frozen pizza item at a large hypermarket at Seoul Station, Seoul. NewsisBy Kim Jae-heunLocal pizza restaurant franchises are aiming for a breakthrough in their declining businesses, which have been impacted by the increasing popularity of frozen pizza.As the trend of seeking a healthy lifestyle spreads across the country and the number of one-person households increases here, the demand for large pizzas made by popular franchise firms has been decreasing.The size of the domestic franchise pizza market stood at 2 trillion won ($1.4 billion) in 2017, but it has declined since then to 1.5 trillion won in 2020. This year, the market size is expected to go down to 1.2 trillion won. The growing size of the frozen pizza market led by local food giants is being seen as the main reason for the continuous decline of the franchise pizza market. Since many people have air fryers at home now, more consumers choose to buy frozen pizza and fry it in the machine, which tastes much better than defrosting it in the microwave. Also, the soaring number

Nov 5, 2022By Kim Jae-heun
Frozen pizza threatens franchise businesses
Companies

Online shopping malls close amid pandemic ebb, downturn

Local online fashion platform HIPHOPER posted a notice online that it will close its business as of Nov. 1. Screenshot from the HIPHOPER official websiteBy Kim Jae-heunMany online shopping malls, which sprung up earlier in the COVID-19 pandemic, are closing down as more people go back to offline stores and cut their online spending amid the economic downturn, the latest data showed Thursday.According to data released by the Ministry of the Interior and Safety, a total of 73,100 online shopping malls opened in 2021. In 2019, about 65,000 new stores opened on the internet, followed by 83,000 stores in 2020. The number of small business owners in the field increased explosively in the last two years due to the COVID-19 pandemic and government measures to stop its spread keeping people at home. Since it only requires a relatively small amount of capital to launch an online shopping mall here, many people in their 20s and 30s jumped into the fashion business. However, as the number of related startups increased, so did their closures. The number of clothing-related shopping malls that hav

Nov 4, 2022By Kim Jae-heun
Online shopping malls close amid pandemic ebb, downturn
Companies

QM6 gains popularity for comfort, quietness

Renault Korea Motors' 2023 version of the QM6 / Courtesy of Renault Korea MotorsBy Kim Jae-heunRenault Korea Motors' SUV, the QM6, is beloved by many motorists for its comfort and quietness, as the vehicle boasts a spacious interior and offers a relaxed ride, according to company officials, Thursday. Recently, SUVs running on gasoline and liquefied petroleum gas (LPG) have gained more popularity than those running on diesel. According to the Korea Automobile Manufacturer Association, out of the total 37,747 QM6s sold in Korea last year, 23,732 were the LPe model and 13,869 were the GDe model. The QM6 LPe and QM6 GDe use LPG and gasoline, respectively. In other words, 99.6 percent of customers chose the QM6, with its quiet power train.There are many hidden factors that helped create the “quiet revolution” of Renault Korea's QM6. The SUV's transmission is one of them. The carmaker has unified all QM6 models with continuously variable transmission (CVT). CVT constantly locates the optimal shift ratio within the range of the set gear ratio. CVT does not shift, so there is no

Nov 3, 2022By Kim Jae-heun
QM6 gains popularity for comfort, quietness
Companies

KEPCO develops core offshore wind power energy transmission technology

A worksite for a safety demonstration of undersea power cable protection technology is seen in Gochang, North Jeolla Province. / Courtesy of KEPCOBy Kim Jae-heunThe Korea Electric Power Corporation (KEPCO) has been developing core technology for large-scale offshore wind power energy transmission in an effort to achieve carbon neutrality. The production of renewable energy produced from wind and solar power is strongly affected by constantly changing weather conditions and requires smart and highly efficient electrical grids that can store or transmit excess generated electricity to consumers in the capital area.Large-scale offshore wind power in Korea is mostly generated in waters off South Jeolla Province and South Gyeongsang Province. An electrical grid is required to receive and send electricity to consumers in the capital area, but the country's transmission network is insufficiently equipped.KEPCO has been leading the development of domestic high-voltage direct current (HVDC) technology since 1998, by localizing related equipment and conducting necessary research and developmen

Nov 3, 2022By Kim Jae-heun
KEPCO develops core offshore wind power energy transmission technology
Companies

Measuring ESG activities is first step for businesses to improve sustainability

By Kim Hyung-keunHead of portfolio management division at SK Inc.Strange things have already started happening. While record-breaking heatwaves and wildfires ravaged Spain, torrential rains and flooding submerged one third of Pakistan. The rise in sea surface temperatures makes the timing and trajectory of typhoons unpredictable, catching many production facilities off guard and leaving behind unexpected damages. Economic losses sustained by industries continue to grow, serving as a wakeup call to the physical risks of climate change. Climate change is becoming more than a disaster as it devolves into a crisis.Climate change is now the most relevant environmental, social and governance (ESG) factor for the decision making of institutional investors. According to the Bank of Korea's report, titled, “Climate Change: Implementation Risks and Financial Stability,” share prices for carbon-intensive companies are expected to decline over the next 50 years. Indeed, the risks of climate change are directly affecting enterprise values.In his annual letter to shareholders this year

Nov 2, 2022By Kim Jae-heun
Measuring ESG activities is first step for businesses to improve sustainability
Companies

Lotte joins hands with Ocado to become top online grocery store

Lotte Shopping CEO Kim Sang-hyun, left, shakes hands with Ocado Group CEO Tim Steiner after signing of an exclusive partnership contract at Lotte World Tower in Seoul, on Tuesday. Courtesy of Lotte ShoppingBy Kim Jae-heunLotte Shopping has signed a partnership contract with British-based global retail tech company, Ocado, to become a top online grocery mall here, the company said Tuesday. The company will invest 1 trillion won ($705.06 million) in “smart logistics” specializing in fresh food by 2030 to take a lead in the domestic online grocery market that is valued at about 135 trillion won. Under the deal, Lotte Shopping will be able to bring in and adopt the Ocado Smart Platform (OSP) to all of its e-commerce sector operations. OSP is a tech solution that encompasses the entire process of shopping for fresh foods online from attracting consumers on mobile applications through to delivery of purchases.It uses the automated customer fulfilment center (CFC), self-developed robots, artificial intelligence and big data to help retailers carry out rapid and accurate delivery

Nov 2, 2022By Kim Jae-heun
Lotte joins hands with Ocado to become top online grocery store
Companies

Consumers buy necessities together to cope with soaring prices

Posts on Danggeun Market's “Let's Buy Together” section show consumers looking for neighbors to shop for food with online on Nov. 1. Screencaptured from Danggeun Market's mobile platformBy Kim Jae-heunA 33-year-old housewife surnamed Choi has recently begun shopping for fresh food and other daily necessities together with her neighbors on Danggeun Market, the country's largest online flea market, to cope with soaring prices. “We buy meat, veggies and fruit together in large quantities and share them. This way, we pay less and have just the right amount for three to four days,” Choi said. “Food prices nowadays are so crazy that it is too expensive to shop in large amounts alone.”Another 34-year-old consumer, Chang, has opened a group chat with his neighbors so as to have food items delivered together.“I don't cook for myself every day, so I don't want to buy food ingredients in large quantities and just keep them in my refrigerator. Ordering food with my neighbors can save me some money and even if it is not a big amount, it still helps. Buyin

Nov 2, 2022By Kim Jae-heun
Consumers buy necessities together to cope with soaring prices
Companies

Photo of Shinsegae vice chairman vaping sparks controversy

Shinsegae Vice Chairman Chung Yong-jin is seen smoking a vitamin vaping product at golf courses in pictures he posted on Instagram on Oct. 24 and 25. Screenshot from Chung Yong-jin's Instagram accountBy Kim Jae-heunShinsegae Vice Chairman Chung Yong-jin is under criticism for uploading a picture of himself blowing out smoke at a golf course on social media on Oct. 24. Followers of his Instagram account suspected he was smoking even though Chung left the words, “smoking (x),” “wind checking (o).” There is no law against posting a picture of someone smoking on social media here, but local golf courses ban smoking on their premises. When the picture sparked controversy online, Chung posted another picture of himself smoking an e-cigarette on a golf course and clarified that he was vaping “Vitabon.” Vitabon is a Japanese vaping vitamin product that does not contain any of harmful substances including nicotine or tar. He said that he is not a smoker and was only “checking the wind.” But this time, a netizen criticized him for frivolously enj

Oct 31, 2022By Kim Jae-heun
Photo of Shinsegae vice chairman vaping sparks controversy
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