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McDonald's Korea apologizes for using 'expired' buns

McDonald's hamburger menu set / Korea Times fileAnti-Corruption & Civil Rights Commission begins investigation of McDonaldsBy Kim Jae-heunMcDonald's Korea has admitted that one of its restaurants in Seoul had been using expired hamburger buns and tortillas starting last year. The fast food restaurant chain apologized for the incident, but it said the headquarters had not been aware of the case and attributed it to a part-time worker.“Our employee confessed that she made the decision to use the expired food materials. We have taken disciplinary action against the part-timer as well as her restaurant manager, who left in July,” an official said. Local reports said Tuesday that a whistleblower reported to the Anti-Corruption & Civil Rights Commission that her colleagues had been using expired hamburger buns and tortillas in food served to customers.In a video submitted for evidence, McDonald's staffers put new expiration date stickers on top of the old ones. A whistleblower turned in several videos and she claimed that this practice had been taking place for almost a

Aug 4, 2021By Kim Jae-heun
McDonald's Korea apologizes for using 'expired' buns
Companies

Scandal-ridden Namyang Dairy sale process halted

Namyang Dairy Chairman Hong Won-sik wipes away tears as he offers to resign from his position at the company's headquarters in Seoul on May 4. Korea Times fileNamyang Dairy didn't provide rational grounds: Hahn & Company By Kim Jae-heunNamyang Dairy Products looks like it does not want to be sold to Hahn & Company as it postponed a shareholders meeting abruptly last week.The dairy firm originally planned to invite executives from the private equity fund (PEF) and hand over a 53.08 percent stake owned by Chairman Hong Won-sik and his family. Hahn & Company agreed to pay 310.7 billion won to acquire the shares and the two firms were to decide the payment date at the meeting. However, the chairman delayed the meeting by six weeks to Sept. 14. It was a unilateral decision and Hong did not show his face at the meeting where the event's cancellation was decided. Namyang Dairy said the two companies need more time to smooth out the stock purchase agreement, but the PEF said it is considering taking legal action. “It is difficult to understand why the seller postponed the s

Aug 3, 2021By Kim Jae-heun
Scandal-ridden Namyang Dairy sale process halted
Companies

KT&G to expand business in Eastern Europe and Central Asia

KT&G's tobacco heating device lil SOLID 2.0 and its accompanying tobacco sticks series / Courtesy of KT&GBy Kim Jae-heunThe country's top cigarette maker KT&G launched a new e-cigarette, lil SOLID 2.0, in four countries -- Armenia and Serbia in Eastern Europe and Kazakhstan and Kyrgyzstan in Central Asia in the second quarter of this year.Lil SOLID 2.0 is the latest version of the lil SOLID series the tobacco firm introduced in 2017, upgrading the gadget's design and performance. Lil SOLID is a tobacco heating device used to smoke Fiit tobacco sticks. The new version was launched first in the local market in January and customers have given positive responses for the longer battery life offered by the device and its induction heater system. KT&G is offering its e-cigarette device in the four countries: in two colors stone grey and cosmic blue. It will introduce seven types of tobacco sticks, including Fiit REGULAR, Fiit REGULAR SKY and Fiit CRISP ― although types may vary according to each market. KT&G already entered overseas markets in August 2020, with Russia a

Aug 3, 2021By Kim Jae-heun
KT&G to expand business in Eastern Europe and Central Asia
Entertainment

YG Entertainment to pull out of golf business

YG Plus' corporate image / Courtesy of YG PlusBy Kim Jae-heunYG Entertainment is reportedly preparing to close its golf business that it started four years ago ― as part of measures to make up for its decreasing profit caused by the vacancy left by Big Bang, once YG's main source of profit.According to a local report by The Korea Economic Daily, Monday, the talent agency will sell off 100 percent of its share in Greenworks, an operator of the country's top golf reservation platform XGOLF. YG Entertainment's subsidiary YG Plus owns Greenworks. However, YG Entertainment said nothing concrete has been decided. “We are currently expanding our main business of entertainment and merchandising based on our strategy for the company's future business. Various aspects of our business portfolio are under review, but no specific decision has been made yet,” a YG Plus official said.Last year, Greenworks recorded 11.2 billion won in sales and an operating profit of 3.2 billion won. Considering that the company's revenue and profit showed 9.8 billion won and 2 billion won in 2017, when

Aug 2, 2021By Kim Jae-heun
YG Entertainment to pull out of golf business
Companies

Baker receives LG award for giving out free bread to children

Kim Ssang-sik, left, and Kim Yeon-hyu are two winners of LG Humanitarian Awards / Courtesy of LG Welfare FoundationBy Kim Jae-heunLG Welfare Foundation presented its Humanitarian Award to 47-year-old baker Kim Ssang-sik for sharing free snacks with children in need for over 1 year and 3 months.Kim runs a bakery in Namhae, South Gyeongsang Province, and every morning he has been giving out 70 to 100 free bread products to young students walking to school in the town. The baker has also been donating pastries to welfare facilities for the handicapped and community self-sufficiency centers every week. The foundation said Kim has donated nearly 20 million won ($17,370) worth of bread over the last year to 10 charities. “I grew up poor and I started this voluntary service hoping that my neighbors don't go hungry like I did. It doesn't take a lot of effort. I just need to wake up a little earlier and bake a little more bread. I live alone and there is not much I need to spend money on, so I want to continue giving out free food to children,” Kim said. A 48-year-old hairdresser

Aug 2, 2021By Kim Jae-heun
Baker receives LG award for giving out free bread to children
Companies

Celebrating 200th birthday of Louis Vuitton

French luxury brand Louis Vuitton presents a window exhibition in Paris, Aug. 1, to celebrate the 200th anniversary of the birth of firm's founder Louis Vuitton. Courtesy of Louis Vuitton Korea

Aug 2, 2021By Kim Jae-heun
Celebrating 200th birthday of Louis Vuitton
Companies

Nexon founder to step down as CEO of NXC

Nexon founder Kim Jung-ju / Korea Time fileBy Kim Jae-heunNexon founder Kim Jung-ju has decided to step down from the CEO position at NXC, the holding company of the video game publisher said. His departure comes as Nexon is feeling pressured to improve and adjust its external communication policies after a series of internal controversies.In an unusual choice, the outgoing CEO's choice of successor is former communication expert Lee Jae-kyo, who has handled NXC's public relations strategy. Alex losilevich was named as the new chief investment officer (CIO) of the holding firm.“I've served as the CEO of NXC for 16 years, and now it is time for me to hand over the responsibility to Lee, who is the most competent successor,” Kim said in his farewell message to employees.Regarding his decision to appoint losilevich as chief investment officer, Kim said that he has helped a number of global media and entertainment companies grow successfully.New CEO of NXC Lee Jae-kyo / Courtesy of NexonIncoming CEO Lee entered Nexon in 1998 and has been serving as the director of public rela

Jul 30, 2021By Kim Jae-heun
Nexon founder to step down as CEO of NXC
Companies

Orion exceeds W1 tril. in cumulative sales in Russia

A production line of Choco Pie snacks at an Orion confectionery factory in Novosibirsk is seen in this 2018 file photo. Korea Times file By Kim Jae-heunConfectioner Orion saw cumulative sales in Russia surpass 1 trillion won ($869 million), thanks to the continued popularity of “Choco Pie” chocolate-covered marshmallow snacks there. Orion said Thursday that sales in Russia during the first half of this year totaled 50.6 billion won, which adds up to over 1 trillion won in total revenue since the confectioner started selling products there in 2003. Russia's market for snacks is scaled at 22 trillion won ($19.13 billion).This time is not the first that Orion's revenues surpassed 1 trillion won in an overseas market. It previously accomplished that feat in China and Vietnam as well. Choco Pie is spearheading Orion's growth in Russia. The airy sandwich cookie has become a sensation since it was introduced there, by becoming popular as a kind of biscuit Russians have wit

Jul 30, 2021By Kim Jae-heun
Orion exceeds W1 tril. in cumulative sales in Russia
Companies

ANALYSIS Chung siblings take different steps in boosting Shinsegae's businesses

Shinsegae Vice Chairman Chung Yong-jin, left, and President of Shinsegae Department Store Chung Yoo-kyung / YonhapBy Kim Jae-heunTwo powerful siblings ― Shinsegae Vice Chairman Chung Yong-jin and Shinsegae Department Store President Chung Yoo-kyung ― are having one of the busiest times of their lives. The two Chungs are each taking risks to boost their businesses, but they show different characteristics in making these risks work.The older brother is more fearless than his sister. The vice chairman has invested over 4.31 trillion won ($3.76 billion) in acquiring companies in various sectors, from a sports team, to an e-commerce firm and an online fashion mall. The investment is nearly six times his company's annual operating profitIn addition, he recently obtained additional shares in Starbucks Korea, which was established jointly and previously divided into a 50/50 split between Shinsegae and Starbucks International. Chung Yong-jin is leading the company into new frontiers and taking an aggressive stance to develop businesses in almost all the areas that are in close contact with cu

Jul 29, 2021By Kim Jae-heun
[ANALYSIS] Chung siblings take different steps in boosting Shinsegae's businesses
Defense

UNC chief vows 'unwavering' commitment to alliance on armistice anniversary

Commander, Gen. Paul J. LaCamera speaks during a change-of-command ceremony for the United Nations Command, Combined Forces Command, and United States Forces Korea at Barker Field in Pyeongtaek, July 2. AP-YonhapNew United Nations Command (UNC) Commander Gen. Paul LaCamera on Tuesday vowed an "unwavering" commitment to the security of the Korean Peninsula, saying that the alliance has "what it takes to fight and win on the most dangerous piece of ground." LaCamera made the remarks during a ceremony held at a U.S. military base in Pyeongtaek, 70 kilometers south of Seoul, to mark the 68th anniversary of the 1950-53 Korean War armistice agreement, saying that permanent peace remains "elusive."The two Koreas are still technically at war, as the conflict ended in a truce, not a peace treaty."Our alliance is strong and has what it takes to fight and win on the most dangerous piece of ground the last 100 meters," the U.S. general said."While we are yet to achieve the elusive permanent peace agreement, the armistice agreement provides the conditions for diplomacy to pursue this objective,"

Jul 28, 2021By Kim Jae-heun
UNC chief vows 'unwavering' commitment to alliance on armistice anniversary
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