The Korea Times

Naver, Kakao to compete in digital healthcare

Line CEO Takeshi Idezawa introduces the artificial intelligence platform CLOVA that the company is developing with Naver, during a keynote speech at Mobile World Congress 2017 in Barcelona, Spain. Courtesy of NaverBy Kim Jae-heunKorea's two main platform operators Naver and Kakao are heading for a competition in the digital healthcare sector, which is predicted to grow 19 percent annually when combined with artificial intelligence (AI) and big data. Naver will introduce the Naver Care service for its employees at its in-house hospital in the new company building in Seongnam, Gyeonggi Province. There, the company plans to open clinics for family medicine, rehabilitation medical treatment, otolaryngology (a medical specialty focusing on the ear, nose, throat and related parts of the head and neck) and urology and adopt AI technology developed by Naver CLOVA CIC, a subsidiary.Naver CLOVA CIC will build an electronic database using recorded communication between patients and medical workers via voice-recognition functions.The two companies are diving into the medical healthcare field bec

Jan 4, 2022By Kim Jae-heun

Naver, Kakao to compete in digital healthcare

Companies

Coupang, CJ boost in-house content creation, international sports

TVING CEO Yang Ji-eul and Lee Myung-han speak of the platform's plan for overseas advancement during an online press conference held on Oct. 18. Courtesy of TVINGBy Kim Jae-heunLocal over-the-top (OTT) services companies, including Waave, Watcha and TVING, are planning to expand their original content production and focus to secure the broadcasting rights of overseas sports games. They have adopted this strategy to survive in direct competition with global players like Netflix and Disney Plus.TVING, the video streaming service operated by CJ ENM, saw its paying subscribers increase 3.5 times in a year thanks to its original content, like “Transit Love” and “Work Later, Drink Now.”“We will invest 400 billion won ($336 million) in our in-house production of TV series and entertainment shows by 2023. The investment can increase according to the company's need,” a TVING official said. Starting from next month, the video streamer will also expand its categories of new original content, including sitcoms, food documentaries and music entertainment.Coupan

Dec 31, 2021By Kim Jae-heun

Coupang, CJ boost in-house content creation, international sports

Companies

Starbucks vows to cut confusion in prepaid card system

A customer orders food and beverage at a Starbucks Korea store in Seoul on Dec. 10, 2020. Korea Times fileBy Kim Jae-heunCustomers are urging Starbucks Korea to change its terms for its prepaid card system that does not return remaining credit after five-year expiration date.“It is not right for Starbucks to take the money that I put on my card. None of the banks or financial services do this,” an office worker surnamed Seo said. “Even the department store coupons do not set an expiration date when customers purchase with cash.”The American coffeehouse chain stipulates the prepaid charging service as a non-versatile e-coupon that will cause unused funds to disappear or eventually goes to the company after a five-year expiration date. It further insisted that the company compensates the balance on new cards issued when customers' request a refund, although if they miss the expiration date, then the money goes to the firm.“We have endeavored to explain this issue in all our coffee shops but I think there has been confusion at some of our branches,” a

Dec 31, 2021By Kim Jae-heun

Starbucks vows to cut confusion in prepaid card system

Companies

SPC heir promoted to Paris Croissant CEO

By Kim Jae-heunHur Jin-sooThe country's confectionery and bakery giant, SPC Group, has promoted Hur Jin-soo, the oldest son of Chairman Hur Young-in, to the position of chief executive officer of Paris Croissant.Paris Croissant is the holding company of SPC Group that manages all its affiliates. The promotion marks a major move of heredity succession of the company's business to the third generation of the owner family. Hur has pioneered operations in overseas markets during the COVID-19 pandemic in countries like the United States, France, China and Singapore by increasing the presence of its biggest bakery franchise, Paris Baguette, there, said SPC officials. In March 2019, SPC built a production facility in Tianjin, China and opened its first bakery store in Jewel Changi Airport, Singapore, this past April. Earlier this year, Hur also expanded its overseas market presence by entering the Indonesian market, establishing a joint venture with a local firm, said the company. Paris Baguette ranked 38th in the “Top 400 Franchise Companies,” selected by the Franchise Times in

Dec 30, 2021By Kim Jae-heun

SPC heir promoted to Paris Croissant CEO

Companies

Greenoaks Capital Partners disposes of about 50 million of Coupang's ordinary shares

Coupang founder Kim Bom poses after his company was listed on the New York Stock Exchange in March. Korea Times fileBy Kim Jae-heunConcerns are growing over possible follow-up exits of Coupang's investors after its second-largest shareholder, Greenoaks Capital Partners, disposed of about 50 million of the retailer's ordinary shares (ORDs).It is the second-largest stock sell-off by the private equity firm after the safeguard deposit system was lifted for Coupang in August. Greenoaks pulled out 4.6 trillion won of its investment in August, September, November and December. The company referred to its large-scale sell-off of Coupang's stocks as “in-kind distribution” of its fund assets. It now holds 9.94 percent of Coupang's shares. “Greenoaks Capital appears to have disposed of its shares to make a profit. There is also a possibility that Coupang's shares could be handed over to a third party at a discounted price through block deal trading over the counter,” an industry source said, Wednesday. Industry officials say it is very plausible there will be more exits

Dec 29, 2021By Kim Jae-heun

Greenoaks Capital Partners disposes of about 50 million of Coupang's ordinary shares

Companies

ANALYSIS Confectionery producers look to future overseas

By Kim Jae-heunKorea is seeing the world's worst total fertility rate of 0.8 percent and its life expectancy is increasing. Local confectionery companies and retailers are pushing into overseas market ― particularly of China, Indian, Russia and the U.S. ― to prepare for the future in these areas with high populations.Confectionery firms are mostly driven to expand their sales in foreign countries with dense populations of children and adolescents, the main consumers of snack foods. India is an attractive market with the second-largest population in the world. Its confectionery market value reaches nearly 17 trillion won ($14.3 billion). Orion, the country's No.1 snack food manufacturer, established a production facility in Rajasthan, India, in February, as part of its plan to target cities with high incomes. Thanks to its strategy of expanding global markets in China, India and the United States to increase its overseas sales to 65 percent of total sales, the confectionery firm beat Lotte Confectionery to become the No.1 player. As of the third quarter of this year, Orion's accumulat

Dec 29, 2021By Kim Jae-heun

[ANALYSIS] Confectionery producers look to future overseas

Companies

Shinsegae, other retailers use online units to boost sales

People take photos of Shinsegae Department Store building in Seoul, on Dec. 26. Korea Times fileBy Kim Jae-heunShinsegae, along with other traditional retailers, has been preparing to attract customers for its year-end sale prior to Christmas Eve. However, the government's adoption of its “Living with COVID-19” policy raised the number of virus infection cases to new all-time highs and the outbreak of the Omicron variant have brought the country back under the highest level of quarantine measures.Shinsegae took immediate action to change the platform to online, where it can create synergy with newly acquired eBay Korea. From the first day of 2022, Shinsegae will open a joint sale promotion with Gmarket and Auction, two e-commerce platforms operated by eBay Korea. Here, online fashion platform W Concept will take part to attract young customers. SSG.com, Shinsegae's e-commerce service, will give 10,000 won in return for purchasing certain amounts of items from grocery retail affiliate, E-mart. Gmarket and Auction will offer e-coupons for specific categories of products on

Dec 29, 2021By Kim Jae-heun

Shinsegae, other retailers use online units to boost sales

Companies

CJ scion promoted to executive director

President of the Los Angeles Lakers Jeanie Buss, second from left, poses with Lee Sun-ho, head of the global business team at CJ CheilJedang, during a signing ceremony for a global marketing partnership at the Staples Center in Los Angeles, Sept. 20. Courtesy of CheilJedangBy Kim Jae-heunCJ Group Chairman Lee Jay-hyun's only son Lee Sun-ho, who will inherit the company's food and bioscience businesses, has been promoted to an executive position, Monday.It has only been a year since he returned to the company after being dismissed over a drug smuggling conviction in 2019, for which he was sentenced to a suspended jail term. Lee's promotion is seen as a major step for his succession to a chairman position in the near future. Chairman Lee is reportedly suffering from the hereditary Charcot-Marie-Tooth disease and he wishes to retire from management soon. CJ Group owner family members do not like to make public appearances. However, in Sept. 20, Lee Sun-ho flew to the United States to sign a global marketing partnership with the Los Angeles Lakers at the Staples Center, with the basketba

Dec 27, 2021By Kim Jae-heun

Companies

Food delivery specialist Woowa Brothers sees woes deepen

Woowa Brothers founder Kim Bong-jin / Korea Times fileBy Kim Jae-heunThe country's No.1 food delivery service, Woowa Brothers, is experiencing choppy waters as it faces toughened labor laws, while major lender Shinhan Bank entered the highly competitive industry recently.Parent company Delivery Hero, which acquired Woowa Brothers earlier this year, pulled its Berlin-headquartered food delivery service Foodpanda out of six German cities: Frankfurt, Munich, Stuttgart, Hamburg, Cologne and Dusseldorf. This was mainly due to the emergence of strong competitors that ate away at Foodpanda's market share, while Germany adopted tougher labor laws that raised food delivery fees. There is no guarantee that Woowa Brothers' food delivery service, Baedal Minjok, will be able to escape the same fate.Shinhan Bank began food delivery services on a trial basis on Dec. 22 exclusively in the districts of Gangnam, Seocho, Songpa, Mapo, Gwanak and Gwangjin, all in Seoul. It offers the lowest commission fee of 2 percent, compared to the 11.4 percent average commission fee charged by other local food deliv

Dec 26, 2021By Kim Jae-heun

Food delivery specialist Woowa Brothers sees woes deepen

Companies

Progress-shy Lotte to let workers transfer between units

Lotte World Tower in Jamsil, Seoul / Courtesy of Lotte HoldingsBy Kim Jae-heunLotte Group is taking steps to change its conservative corporate culture to prevent core personnel from leaving and going to work for competitors.Lotte Group Chairman Shin Dong-binFrom 2022, Lotte will adopt what it calls the “In Career” system, which allows its 150,000 employees to move freely from one affiliate to another within the group. As long as employees apply for the same type of job, they can move to work at any of Lotte's subsidiaries.The aim is to provide a more stable working environment for employees. Many companies are suffering from a brain drain to prospective startups, especially among key workers in the areas of artificial intelligence and big data. This has forced companies to spend more money and time on recruiting new workers to fill the void.Lotte's In Career system reflects an emerging trend where the concept of lifetime work at a single company is no longer the norm, as talented young workers tend to find new jobs to cater to their changing needs.Despite offering competi

Dec 26, 2021By Kim Jae-heun

Kim Jae-heun

Read more

Naver, Kakao to compete in digital healthcare

Coupang, CJ boost in-house content creation, international sports

Starbucks vows to cut confusion in prepaid card system

SPC heir promoted to Paris Croissant CEO

Greenoaks Capital Partners disposes of about 50 million of Coupang's ordinary shares

ANALYSIS Confectionery producers look to future overseas

Shinsegae, other retailers use online units to boost sales

CJ scion promoted to executive director

Food delivery specialist Woowa Brothers sees woes deepen

Progress-shy Lotte to let workers transfer between units

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