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SK Broadband to start EV charging business in apartment complexes

A woman charges her car with Home & Service's electric charger in an apartment complex garage in Seoul on Sept. 8. Courtesy of SK Broadband By Kim Jae-heunHome & Service, an affiliate of one of the country's largest broadband internet access providers, SK Broadband, is starting an electric vehicle charging business. SK Broadband revealed on Wednesday that the firm has been chosen by the Seoul Metropolitan Government as its “2021 Electric Vehicle Outlet Charger Installation and Operation Assistant.”The electric vehicle outlet-type charger is a simple charging system that can easily be set up on a wall in the parking lots of apartment complexes or office buildings. People can use the outlet-type chargers conveniently in apartment complex garages at night, which takes up less spaces compared to installing special electric vehicle charging stations. This convenience also solves the problem of charging spot shortages. Another advantage of using outlet-type chargers is th

Sep 9, 2021By Kim Jae-heun
SK Broadband to start EV charging business in apartment complexes
Tech & Science

Incheon to adopt AI-based English education program

LG CNS Executive Vice President Kim Eun-saeng, left, poses with Incheon Education Office Superintendent Do Seong-hoon after signing a memorandum of understanding to cooperate in providing an artificial intelligence-based education service, at LG CNS's headquarters in Magok, Seoul, Sept. 7. About 530 elementary, middle and high schools in Incheon are expected to use the tool to teach English to their students. Courtesy of LG CNS

Sep 8, 2021By Kim Jae-heun
Incheon to adopt AI-based English education program
Companies

COVID-19 Delta variant to affect credit rating of local retailers

A Lotte Homeshopping employee introduces Korean firms' products to Indonesian buyers at an exhibition held in Jakarta, in this 2017 file photo. Courtesy of Lotte HomeshoppingBy Kim Jae-heunThe spread of the Delta variant of COVID-19 is concerning local retailers, as there are high possibilities of seeing a downgrade to their credit ratings, which could eventually affect their planned loan financing.Major South Korean retailers such as E-mart and Lotte Mart have already halted their overseas business expansion plans and shifted priority toward strengthening online-centric businesses at home.“Due to the continued spread of the Delta variant of COVID-19, performance of department stores and duty free businesses decreased significantly while online markets continue to grow at a fast rate,” a Korea Investors Service (KIS) official said, Tuesday.“We are seeing an increasing rate of vaccination here. But the Delta variant of COVID-19 is spreading. The KIS will have to review the financial situation in a number of business sectors before making any credit-oriented decision.

Sep 7, 2021By Kim Jae-heun
COVID-19 Delta variant to affect credit rating of local retailers
Companies

Kurly's open market service may hurt product quality

Grocery products in a Market Kurly delivery box / Courtesy of Market KurlyBy Kim Jae-heunInvestors are voicing doubts over the feasibility of Market Kurly's move to introduce a planned open market service. They fear the service may hurt the quality of foods the online grocery service plans to deliver to customers. Market Kurly will open its platform for individual sellers to sell their products along with items exclusively offered by the retailer. Kurly, which operates Market Kurly, plans to go public in Korea next year after its ambitious New York listing plan received a lukewarm response from investors. The company is taking similar steps as Coupang, with both companies highlighting the faster delivery of fresh foods as their top goals.But investors' concern over Kurly is how the operator can provide its services on a platform background. Its decision to activate the open market service follows growing calls from investors. One of the biggest advantages of an open market is that Kurly can provide customers with a wide range of shopping choices that can help the company gain competi

Sep 7, 2021By Kim Jae-heun
Kurly's open market service may hurt product quality
Tech & Science

Kakao co-CEO offers individual creators chance to select, edit content

Kakao co-CEO Cho Soo-young speaks in an interview released by Kakao on Aug. 1.  Courtesy of KakaoBy Kim Jae-heunKakao co-CEO Cho Soo-young said that he believes in providing content based on creators' individual choices, rather than based on algorithms or search rankings. The IT giant has recently adopted a subscription service for its content channels.“The real-time rankings of searched keywords and news content displayed on the portal website are the information that we have mainly consumed up until now,” said Cho in an interview video that Kakao released online recently. “But I do not believe it is appropriate for people to find their interests based on the search rankings of certain words.”Cho has been striving to offer unbiased news items via algorithms, but he admitted that this attempt has failed. Cho wanted to provide information based on individual perspectives. This attempt led the company to get rid of the “#tap” function and instead to introduce a “view” function that collects news stories and video material.“I ho

Sep 6, 2021By Kim Jae-heun
Kakao co-CEO offers individual creators chance to select, edit content
Companies

China's entertainment regulations to affect YG, SM, JYP

Corporate logos of SM Entertainment and JYP Entertainment / Courtesy of each companyBy Kim Jae-heunThe Chinese government's attempts to regulate its entertainment sector will affect the K-pop industry, because China is the top source of revenue for Korea's leading entertainment agencies.The Cyberspace Administration of China issued a notice on Aug. 27 saying it will implement 10 measures to improve fan culture, including the scrapping of ranking entertainers and halting paid voting systems on entertainment TV shows.Right after the notice was announced, Tencent's music streaming service, QQ Music, restricted customers from purchasing more than one copy of an album online. Total exports of K-pop albums in July this year surged 3.6 times year-on-year to $26 million (30.7 billion won). Sales coming from China reached $8.25 million, which was the biggest amount ever. But the Chinese regulation is expected to affect this trend, while local securities firms say they will have to see the actual impact of the regulations during the third quarter of this year before estimating monetary losses.

Sep 6, 2021By Kim Jae-heun
China's entertainment regulations to affect YG, SM, JYP
Companies

Lotte seeks to team up with PEF to acquire Hanssem

Hanssem's headquarters in Mapo, Seoul / Courtesy of HanssemBy Kim Jae-heunLotte Group is considering partnering with IMM Private Equity (IMM PE) to jointly acquire Hanssem, Korea's largest furniture and home furnishing company, industry sources said, Sunday.IMM PE already signed a memorandum of understanding with Hanssem in July to acquire a controlling 30.21 percent stake.“We are looking at Hanssem with keen interest. We are in discussions with IMM PE on the matter. However, nothing has been decided about when and how we will participate in the investment,” a Lotte Group official said. Local PEF sources said the deal is expected to be completed by this year. The price tag of Hanssem was estimated at around 1.5 trillion won with IMM PE paying half. Sources said the other half could be paid by strategic investors including Lotte. Lotte will take part in the special purpose company's share established by IMM PE for the Hassem deal. The retail giant has been staying away from huge investments for the past few years, in order to minimize financial risks. It has opted instead

Sep 5, 2021By Kim Jae-heun
Lotte seeks to team up with PEF to acquire Hanssem
Companies

Reporter's Notebook Hong's greed behind Namyang's acquisition deal

Employees enter the headquarters of Namyang Dairy Products in Seoul, May 3. YonhapHong allegedly asked Hahn & Company to maintain his children's positions at the companyBy Kim Jae-heunIn the end, Hahn & Company decided to file a lawsuit against Namyang Dairy Products and its ex-chairman, Hong Won-sik, for violation of a share purchase agreement. The local private equity fund said it had no choice but to take legal action against the buyout company for delaying the deal and Hong for making unreasonable demands.Hahn & Company did not reveal the exact nature of these demands, but there is speculation that Hong wanted to add an extra clause in the contract to maintain executive positions for his two sons, Hong Jin-seok and Hong Bum-seok. Hahn & Company hinted as much in its statement released on Monday.“There were personal demands that aimed to pursue benefits for Hong's family and put strain on Namyang Dairy, which were irrelevant to the contract. It is not appropriate to speak of them as Hong claims it is a breach of contract to reveal what he requested,” a

Sep 2, 2021By Kim Jae-heun
[Reporter's Notebook] Hong's greed behind Namyang's acquisition deal
Companies

Hyundai, Shinsegae to compete in premium cosmetics sector

Hyundai Department Store in Apgujeong, Seoul / Courtesy of Hyundai Department StoreBy Kim Jae-heunTwo major local retailers, Hyundai Department Store and Shinsegae Group, are moving their competition stage from luxury fashion to premium cosmetics. Both companies realize that the luxury fashion market here has become saturated, and that they need a new growth engine.As of the first half of this year, the sales and operating profit of Hyundai Department Store's fashion unit, The Handsome, reached 646 billion won and 68.7 billion won, respectively. Shinsegae's fashion and beauty business, Shinsegae International, reached 682.6 billion won in revenue and 47.8 billion won in profit.The companies expect that customers who have purchased their high-priced luxury items in the past will also show interest in their premium cosmetic brands.Shinsegae International launched its premium cosmetics brand, Poiret, in March and The Handsome opened its first luxury skincare brand, Oera, at Hyundai Department Store in Apgujeong, southern Seoul, in July. Oera uses top-of-the-line ingredients ― including

Aug 30, 2021By Kim Jae-heun
Hyundai, Shinsegae to compete in premium cosmetics sector
Companies

GS chairman to support green bio startups

By Kim Jae-heunGS Group Chairman Huh Tae-soo / Courtesy of GS GroupGS Group Chairman Huh Tae-soo is seeking future growth with eco-friendly bio startups. Huh said building cooperative relationships with various business partners including startups and exchanging healthy influence can increase sustainability for companies and society. “GS Group will actively spread innovation methodology introduced by advanced companies in Silicon Valley and the idea of open collaboration with outside firms to our affiliates,” Huh said. The chairman already started a startup camp called “The GS Challenge” in April. Six startups were selected as winners in the competition against 85 candidates. GS will provide mentoring programs to foster the startups in terms of business management and engineering skills. Moreover, it will provide financial support if necessary. BluePoint Partners, a tech startup accelerator, shared tips on building successful firms. Twenty people participated in the event including CEOs of six winner startups and GS Holdings President Hong Soon-ky. “GS s

Aug 30, 2021By Kim Jae-heun
GS chairman to support green bio startups
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