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Companies

S-OIL, KED to support partner companies in embracing ESG principles

S-OIL CEO Hussain Al-Qahtani / Courtesy of S-OILBy Kim Jae-heunS-OIL will join hands with Korea Enterprise Data (KED) to support its business partners in adopting ESG (Environmental, Social and Corporate Governance) management principles. The two parties met at S-OIL's headquarters in Mapo District, Seoul to sign the contract on Wednesday.S-OIL will invent an evaluation model specialized in ESG principles and use it to educate its 130 partner companies. The refiner will use the model to help the companies enhance their risk-management capabilities.S-OIL has embraced ESG management practices as an eco-friendly chemical firm by establishing an in-house committee and a “Green Vision” project in order to realize carbon neutrality. In addition, S-OIL said that it aims to prevent environmental accidents while ensuring ethical management.“The agreement is part of our ESG management activities, upon which we will build a long-term mutual growth relationship with our partner companies,” an S-OIL official said. Meanwhile, S-OIL has received the “2021 Brand Award o

Oct 27, 2021By Kim Jae-heun
S-OIL, KED to support partner companies in embracing ESG principles
Companies

Starbucks Korea offers job training programs

Minister of Employment and Labor An Kyung-duk, left, and Starbucks Korea CEO Song Ho-seob pose after signing an agreement to cooperate on providing job training programs and work experience opportunities for young people. Courtesy of Starbucks Korea

Oct 27, 2021By Kim Jae-heun
Starbucks Korea offers job training programs
Companies

Dongwon F&B introduces healthier canned ham

Popular singer Kim Jong-kook holds Dongwon F&B's new canned ham product, Richam Double Light, in this advertisement photo. Courtesy of Dongwon F&BBy Kim Jae-heunDongwon Food & Beverage (Dongwon F&B) has launched a new canned ham product called “Richam Double Light” to expand its business in the health food sector. The food firm reduced the sodium and fat content for its new Richam Double Light by 25 percent, compared to that of the average sodium and saturated fat found in the domestic market's top three canned hams. As people have been spending more time at home due to social distancing measures, Dongwon F&B saw that making healthier food will attract more customers who are diet conscious.Dongwon F&B was the first local firm to introduce a low-sodium canned ham. But many of its rivals have since followed Dongwon F&B in offering conveniently canned ham-based products with less sodium, and the food firm has now decided to reduce the fat in their new product this time. Popular TV personality and singer Kim Jong-kook, who is well-known for being a

Oct 27, 2021By Kim Jae-heun
Dongwon F&B introduces healthier canned ham
Companies

McDonald's Korea accused of owing 50 bil. won in back pay to part-time employees

McDonald's Korea Managing Director Antoni Martinez answers lawmakers' questions at the National Assembly audit held in Yeouido, Seoul, on Oct. 21. Korea times fileBy Kim Jae-heunMcDonald's Korea allegedly owes 50 billion won in back pay to its workers.According to its part-time employee union, “Crew,” the Korean branch of the U.S.-owned and managed fast food restaurant chain has been excluding work hours when its 15,000 workers were changing into uniform that amount to 14 billion won in unpaid wages.Also, McDonald's Korea counted work hours as lower that those stated in original contracts signed by part-time employees. Crew says that the company owes them 36 billion won for those hours. However, McDonald's Korea Managing Director Antoni Martinez denied the claim, saying instead that employees had agreed to take part in a flexible work program and that their wages had been paid correctly. “We settled our part-timers' work hours based on the flexible work system and they said they agreed and that they want it,” Martinez said at the National Assembly audit held O

Oct 22, 2021By Kim Jae-heun
McDonald's Korea accused of owing 50 bil. won in back pay to part-time employees
Companies

Delivery Hero, Coupang Eats face possible curbs on quick commerce

A delivery driver picks up an order from a local convenience store in Seoul on May 6. Korea Times fileBy Kim Jae-heunQuick commerce has emerged as a new growth engine for local retailers that deliver online orders in less than an hour. Currently, major supermarket operators and food delivery firms sell only groceries through their quick commerce platforms, but they plan to boost sales by expanding their product variety.However, such plans are facing a strong backlash from mom-and-pop stores in small towns that are accusing the big players of encroaching into their turf. A coalition of small retailers urged lawmakers to protect their business rights and provide systematic regulations against the large retailers. The Ministry of Trade and Industry and Energy has decided to hire a private research organization to study the impact on small businesses of quick commerce pursued by retail giants. The case study will start as early as next month and finish by March 2022. The ruling Democratic Party of Korea intends to adjust the Distribution Industry Development Act based on the study and pr

Oct 22, 2021By Kim Jae-heun
Delivery Hero, Coupang Eats face possible curbs on quick commerce
Entertainment

CJ confirms interest in acquiring SM Entertainment

SM Entertainment Founder Lee Soo-man / Courtesy of SM EntertainmentBy Kim Jae-heunLocal entertainment giant CJ ENM confirmed its interest in acquiring the iconic K-pop agency SM Entertainment, Thursday.“CJ ENM has opened a lot of possibilities. It's true we are in discussions with a lot of entities, but we can't open up on the specifics or the target companies we are talking with. Regarding CJ ENM's possibility of acquiring a stake in SM Entertainment, nothing has been decided on yet for the time being,” a CJ ENM official said.According to entertainment industry sources, CJ ENM was planning to spend between 600 billion won and 700 billion won to acquire the 18.73 percent stake in SM Entertainment owned by founder Lee Soo-man. CJ ENM calculated the stake valuation by estimating SM's corporate value at somewhere between 3 trillion won and 4 trillion won. Despite the stake sale, Lee, who is also the largest shareholder in the country's top talent agency, is set to keep leading the agency. CJ ENM plans to separate its music business unit once its stake acquisition in SM is co

Oct 21, 2021By Kim Jae-heun
CJ confirms interest in acquiring SM Entertainment
Companies

Retail giants make major changes in response to shopping trends

People wait in the line to purchase Rolex watches at Shinsegae Department Store in downtown Seoul, Aug. 18. Korea Times file By Kim Jae-heunKorea's retail giants are accelerating measures to improve their business structures and cope with online shopping trends. Lotte and Shinsegae are the two major firms battling for the title of the No. 1 retailer here. However, the pandemic has brought strong new rivals onto the scene: Coupang, Naver and Market Kurly. These three online retailers have grown explosively amid the social distancing measures that have forced people to stay home, boosting their sales through online shopping. Lotte has decided simply to make its staff younger by hiring new workers and dismissing longtime employees. Lotte Department Store, in particular, is well-known for keeping its employees for years. About 2,000 of the company's 4,700 workers have worked there for over 20 years. However, maintaining its staff for a long time without deliberately cha

Oct 19, 2021By Kim Jae-heun
Retail giants make major changes in response to shopping trends
Companies

'Living with COVID-19' policy raises expectation for liquor businesses

A customer shops for liquor at a supermarket in Seoul on April 23. Korea Times fileBy Kim Jae-heunLocal brewery companies and liquor traders are hoping to see a rebound in the fourth quarter of this year, with the government pointing to the possible implementation of a “Living with COVID-19” strategy that will ease social distancing measures nationwide.The government has already relaxed restrictions to allow a maximum of eight people to gather after 6 p.m. at restaurants and coffee shops in the capital area until Oct. 31. In regions outside of Seoul, Gyeonggi Province and Incheon, a maximum of 10 people can meet up together now. When the “Living with COVID-19” policy is fully adopted in November and stores are allowed to open until midnight or later, domestic liquor businesses believe their sales will be in a much better state. Most brewery firms have seen a drop in sales due to pandemic-induced regulations over the last two years. They tried to counter this by promoting “drink at home” or “drink alone” marketing strategies under the st

Oct 19, 2021By Kim Jae-heun
'Living with COVID-19' policy raises expectation for liquor businesses
  • IT firms cautious about ending work-from-home under 'Living with COVID-19'
Tech & Science

LG, Vogue discuss sustainable fashion

Vogue Polska Editor-in-Chief Ina Lekiewicz, left, speaks with BAT Poland and Baltics General Manager Asli Ertonguc during the Vogue Business Fashion Environment Summit, held at the Museum of the History of Polish Jews in Warsaw,  Sept. 22. Courtesy of LG ElectronicsBy Kim Jae-heunIn the ongoing pursuit for sustainable fashion, industry leaders in Poland gathered to bring greater awareness to climate issues and the importance of doing business responsibly at this year's Business Fashion Environment (BFE) Summit, under the theme, “New Beginning: Rethinking Sustainability.” Organized by Vogue Polska in association with the Boston Consulting Group (BCG), the summit was the second installment of Central and Eastern Europe's largest fashion conference devoted to sustainable development. LG Electronics in Poland took advantage of the occasion as an official partner of the summit to highlight the company's unwavering commitment to sustainability and eco-friendliness.According to the “Consumers Adaptation to Sustainability in Fashion” report jointly published

Oct 18, 2021By Kim Jae-heun
LG, Vogue discuss sustainable fashion
Companies

Starbucks Korea to improve working conditions for staff

Starbucks Korea employees pose for a picture at the Korean headquarters of the global coffeehouse chain in Seoul, on Oct. 15. Courtesy of Starbucks KoreaKorean unit promises to hire 1,600 more workersBy Kim Jae-heunStarbucks Korea has decided to hire 1,600 more employees to allay mounting complaints voiced by existing workers over heavy workloads. It also promised to adopt a new wage system and improve working conditions.The decision came 10 days after workers staged a street protest complaining about heavy workloads every time headquarters introduced new marketing promotions.“In addition to regular recruitment conducted in individual regions, Starbucks Korea plans to hire new workers nationwide on Oct. 22 to increase the efficiency of store management and secure personnel,” a Starbucks Korea said.Starbucks Korea is reviewing changes to the current wage system by implementing differing pay depending on a worker's capacity and position. Incentives will be given to those who handle extra work.Starbucks Korea offers a minimum hourly wage of 9,200 won ($7.77) and employees ha

Oct 18, 2021By Kim Jae-heun
Starbucks Korea to improve working conditions for staff
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