my timesThe Korea Times
jhkim

Kim Jae-heun

Korea Times Print Reporter

Go to Email

Read more

Companies

POSCO International to merge with POSCO Energy

POSCO International's headquarters in Songdo, Incheon / Courtesy of POSCO InternationalBy Kim Jae-heunPOSCO Group is combining its trading arm, POSCO International, with its power generation unit, POSCO Energy. The merger was authorized at a board meeting on Friday. POSCO International plans to finalize the merger deal on Jan. 1, 2023, after obtaining approval at a general shareholders' meeting scheduled for Nov. 4.When POSCO International and POSCO Energy are combined, it will become a major company with sales of about 40 trillion won ($30.7 billion) and an operating profit of more than 1 trillion won.The merger ratio between the two companies is 1 to 1.1626920, calculated based on POSCO International's asset value and POSCO Energy's intrinsic value. POSCO International, a listed company, will issue new shares according to the ratio and hand over 46.78 million shares to POSCO Holdings, a shareholder of POSCO Energy. POSCO International's new shares will be listed on Jan. 20, 2023. After the merger, POSCO Holdings will own a 70.7 percent stake in the trading arm. POSCO Energy's LNG T

Aug 12, 2022By Kim Jae-heun
POSCO International to merge with POSCO Energy
Companies

Lotte Chilsung Beverage CEO's leadership questioned over numerous scandals

Lotte Chilsung Beverage CEO Park Yun-gie / Korea Times file By Kim Jae-heunLotte Chilsung Beverage CEO Park Yun-gie's leadership has been put under the microscope as the company has been involved in several scandals recently. In June, a Lotte Chilsung employee quit her job after revealing that she had been sexually harassed and verbally abused by a colleague.The assailant was instantly suspended from his work for five months after the company conducted an internal investigation. But this caused controversy as the company previously stated that it will adopt a “zero tolerance” policy regarding sexual harassment occurring in the office. Last month, the beverage company was also involved in an embezzlement scandal. An employee working in the global sales team was dismissed after he was found to have stolen 340 million won ($261,257) from the company by producing false statements for many years until last year. However, Lotte Chilsung closed the case without charging th

Aug 12, 2022By Kim Jae-heun
Lotte Chilsung Beverage CEO's leadership questioned over numerous scandals
Companies

Disney beats Netflix in streaming subscribers

The official website of Disney Plus / Screencaptured from Disney Plus websiteBy Kim Jae-heunThe Walt Disney Company's over-the-top (OTT) services surpassed that of Netflix, the company's earnings announcement showed on Wednesday, local time. In the third quarter of fiscal year 2022, Disney Plus saw its number of subscribers increase by 14.4 million to reach 152.1 million in total. The figure is far over the market consensus of 147.7 million. Here, adding up the two other Disney video streaming services, ESPN Plus and Hulu, the American entertainment giant has 221.1 million subscribers. Netflix recently revealed that it has 220 million membership users. It took five years for Disney to beat Netflix in its number of streaming subscribers, since the launch of the latter's OTT services in 2017. Nonetheless, Disney has lowered its goal for its number of membership users for fiscal year 2024. At the end of 2020, it originally predicted it would have 230 million to 260 million subscribers in four years. However, the company now forecasts a total of 215 million to 245 million subscribers ove

Aug 12, 2022By Kim Jae-heun
Disney beats Netflix in streaming subscribers
Companies

SK asks Poland to support Busan's bid to host World Expo

SK Innovation Vice Chairman Kim Jun, left, poses for a photo with Minister of Economic Development and Technology of Poland Waldemar Buda after a meeting in Warsaw, Poland, on Aug. 9. Courtesy of SK InnovationBy Kim Jae-heunSK Innovation Vice Chairman Kim Jun visited Poland to ask for the Polish government's support for Korea's bid to host World Expo in Busan in 2030. Kim also discussed ways for his company to cooperate with Poland on SK Group's future green energy businesses. The vice chairman met with the Polish Minister of Economic Development and Technology Waldemar Buda at the Ministry of Economic Development and Technology in Warsaw on Aug. 9, local time. SK IE Technology CEO Roh Jae-sok accompanied Kim at the meeting. “We are planning to discuss various agenda items on many challenges that the world faces currently including the climate crisis at the World Expo in Busan. As Poland and SK have the same goals to protect the environment and focus on future energy, the international exhibition will serve as a good opportunity to focus on sustainable development measures arou

Aug 11, 2022By Kim Jae-heun
SK asks Poland to support Busan's bid to host World Expo
Companies

Convenience stores offer unconventional products for Chuseok

Three mobile homes sold at CU stores / Courtesy of BGF RetailBy Kim Jae-heunConvenience stores are introducing rather unconventional products and services to attract consumers ahead of Chuseok, the traditional mid-autumn holiday, on Sept. 10, according to industry officials Wednesday. Major convenience stores like CU, Seven Eleven and GS have all started selling extravagant gift sets for the upcoming national holiday. GS25, a convenience store operated by GS Retail, offers the top-quality wine, DRC Romanee Conti 2017, for 79 million won ($60,282) at its stores along with Dom Perignon champagne and Chateau Margaux wine.“In the last two years, our sales of premium wine during Chuseok skyrocketed by a factor of 10. They are more sought after by customers living outside of the capital area as such products are hard to find there,” a GS Retail official said. It also collaborated with Hanwha Resort to introduce long-term travel packages on Jeju Island. The company targets consumers who wish to try out living in Jeju for a month. A Gold medal gift set for Chuseok offered by Emar

Aug 11, 2022By Kim Jae-heun
Convenience stores offer unconventional products for Chuseok
Companies

Retailers slash product prices to draw consumers as inflation soars

Cheap fried chicken on sale at Homeplus in Seoul, on Aug. 10. Korea Times fileBy Kim Jae-heunRetailers are adopting a “minimum price” marketing strategy to attract consumers amid soaring inflation, according to company officials Wednesday.Homeplus' heavily-discounted fried chicken costing 6,990 won ($5.34) per box and 9,990 won for two boxes has gained huge popularity among customers. It is nearly one third the price of a box of fried chicken sold at BBQ Genesis franchises. Between June 30 and Aug. 7, the discount store chain sold around 300,000 boxes of the fried chicken.“As overall living costs continue to rise in the country, we came up with ultra-low-priced chicken items to attract consumers. We just use smaller-sized chicken and we fry them with the same brand cooking oil that franchise firms use,” a Homeplus official said.It is not only the food that consumers are looking for, but also good value for their money. The country's largest discount store chain Emart's private brand items are selling well too. According to the retailer, the average price of 25

Aug 10, 2022By Kim Jae-heun
Retailers slash product prices to draw consumers as inflation soars
Companies

Musinsa's new store becomes hot spot in southern Seoul

People stand in line in front of Musinsa Standard Gangnam in southern Seoul, on July 1. Courtesy of MusinsaBy Kim Jae-heunMusinsa's second store opened in southern Seoul is becoming a new popular spot for millennials and Generation Z, just over a month after the country's largest online fashion platform opened the store on July 1, according to company officials, Tuesday. About 84,000 people have so far visited the shop.“After the grand opening of Musinsa Standard Gangnam, 8,000 people visited the shop in the first three days and spent 190 million won ($145,526). In July alone, an average of 2,700 people visited on daily basis,” a Musinsa official said.During the COVID-19 pandemic, Musinsa has been expanding its business into the offline market in order to attract new customers of various age groups. It has introduced new item categories such as kids, golf and luxury items. “The main advantage of having offline stores is that we can get customers' feedback in real time. Also, Gangnam is a place where a lot of people from different regions come, including foreigners.

Aug 10, 2022By Kim Jae-heun
Musinsa's new store becomes hot spot in southern Seoul
Companies

Heavy downpour disrupts e-commerce deliveries

Vehicles affected by heavy rainfall on Monday night are strewn across a road in Seocho district on Tuesday. NewsisBy Kim Jae-heunLocal e-commerce firms' overnight delivery services early Tuesday were disrupted by the heaviest rainfall in 80 years in the capital region of Korea, according to company officials. Market Kurly notified all of its customers that it was unable to deliver a number of online orders on Tuesday morning due to the closure of roads in Seoul and surrounding areas.“For the safety of our drivers, we asked them to drive slowly and we have notified our customers their items will arrive late. For customers who live in districts where many roads have been engulfed in water, we have refunded their orders,” a Market Kurly official said. Another online grocery firm Oasis also had to postpone 30 percent of their overnight deliveries on Tuesday. The company asked for customers' understanding in the face of the natural disaster, notifying them individually. Coupang is still watching the flood situation across the country. It has restarted its delivery service in a

Aug 9, 2022By Kim Jae-heun
Heavy downpour disrupts e-commerce deliveries
Companies

Former Starbucks Korea CEO leads growth of Shinsegae brand JAJU

By Kim Jae-heunFormer Starbucks Korea CEO Lee Seok-koo, who led the prosperous coffee shop franchise in Korea for 11 years until 2019, is reviving Shinsegae International's lifestyle brand, JAJU. Shinsegae International co-CEO Lee Seok-koo / Korea Times fileJAJU's sales last year are predicted to have reached 270 billion won ($206.7 million), recovering its losses from the earlier part of the COVID-19 pandemic. Lee, also the co-CEO of Shinsegae International, expanded JAJU's stores in the country from 160 in 2017 to 241 as of first quarter of this year, too. Local securities firms predict that JAJU will achieve a turnaround this year, putting an end to its three years of consecutive operating losses since 2019. Lee is seen as a legendary figure in the retail business. He established Starbucks as the No. 1 coffee shop franchise in Korea through a number of successful marketing strategies. Before, there had been doubts about the 73-year-old executive, as some believed he was too old and that a younger executive should lead Shinsegae International's lifestyle brand. “I think what

Aug 9, 2022By Kim Jae-heun
Former Starbucks Korea CEO leads growth of Shinsegae brand JAJU
Companies

GS Entec enters offshore wind power business with Dutch partner

By Kim Jae-heunGS Group Chairman Huh Tae-soo / Courtesy of GS GroupGS Entec, which has been producing plants and energy equipment together with GS Group's oil refining, power generation and construction affiliates, signed a strategic partnership with global market leader Sif Netherlands BV (Sif) to introduce “monopile” technology, the company said Sunday. It is part of the company's ambition to advance into the eco-friendly apparatus market and start business in building offshore wind power foundations utilizing monopile technology.Monopile technology consists of a cylindrical structure made of large steel plates welded together, used as a foundation for installing offshore wind power generators. It is preferred to existing technologies such as “floating,” “tri-pod” and “jacket” foundations for its shorter manufacturing period and lower cost. It is the first time for GS Entec to introduce such technology in Asia. Currently, it is difficult to secure renewable energies like solar power on land in Asia. Meanwhile, countries like South Kor

Jul 31, 2022By Kim Jae-heun
GS Entec enters offshore wind power business with Dutch partner
previous page
4445464748
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.