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Lee Da-bin wins silver in women's taekwondo

Lee Da-bin shows frustration after losing to Milica Mandic of Serbia in the women's +67kg title match at Makuhari Messe Hall A in Chiba, Tokyo, Tuesday. YonhapSouth Korea's Lee Da-bin grabbed the silver medal in her first Olympic taekwondo appearance on Tuesday, winning the women's +67kg title on the last day of the taekwondo competition.Lee lost to Milica Mandic of Serbia 10-7 in the gold medal match at Makuhari Messe Hall A in Chiba, east of Tokyo.Her loss ensured that South Korea, the birthplace of taekwondo, will leave the Tokyo Olympics without a gold medal from the martial art. The country won two bronze medals in taekwondo, Jang Jun in the men's 58kg on Saturday and In Kyo-don in the men's +80kg earlier Tuesday.Until this year, South Korea had never been shut out of gold medals in taekwondo since it was added to the Olympics in 2000. (Yonhap)

Jul 28, 2021By Kim Jae-heun
Lee Da-bin wins silver in women's taekwondo
Sports

Teen archer Kim Je-deok loses bid for 3rd gold medal

Korean archer Kim Je-deok expresses disappointment after losing to Florian Unruh of Germany in Tokyo on July 27. YonhapSouth Korean double archery gold medalist Kim Je-deok lost his bid for an unprecedented third gold medal Tuesday, as he took an early exit from the individual event.Kim lost to Florian Unruh of Germany by the set score of 7-3 in the round of 32.Archers each shoot three arrows per set. A set win is worth two points and a tie is good for one point. The first to six points is the winner.Kim won the first set with a perfect score of 30 but didn't win another set.The two archers each bagged a point after both shot 27s in the second set. Unruh then beat Kim 28-27 in the third set to draw even in the set score at 3-3. The German claimed the next set with a 27-26 edge, and clinched the upset victory with a 29-28 win in the fifth set.Kim had earlier won gold medals in the mixed team and then the men's team events. The mixed team event made its Olympic debut in Tokyo, and the 17-year-old Kim was trying to become the first archer ever to win three gold medals in a single Olympi

Jul 28, 2021By Kim Jae-heun
Teen archer Kim Je-deok loses bid for 3rd gold medal
Companies

Mercedes-Benz offers luxury electric SUV

Mercedes-Benz Korea launched its new EQA luxury electric compact SUV here on July 12. It is the German carmaker's first pure electric vehicle (EV) introduced under its sub-brand Mercedes-EQ during the Digital World Premiere in January./ The new EQA model by Mercedes-Benz / Courtesy of Mercedes-Benz Korea CHANGES IN REDBy Kim Jae-heunMercedes-Benz Korea launched its new EQA luxury electric compact SUV here on July 12. It is the German carmaker's first pure electric vehicle (EV) introduced under its sub-brand Mercedes-EQ during the Digital World Premiere in January. The new EQA has improved compared to the previous version in terms of its design, interior space and driving performance as well as safety features. In particular, the compact EV is optimized for urban lifestyle with efficient electric powertrain and best-in-class safety, Mercedes-Benz Korea said.The new EQA's design embodies the Mercedes-EQ brand's “progressive luxury” identity, which shows the classic fea

Jul 28, 2021By Kim Jae-heun
Mercedes-Benz offers luxury electric SUV
Companies

Dongsuh hit for 'sexist' image in Starbucks coffee ad

Dongsuh Food's Starbucks Doubleshot canned beverage ad that caused a stir / Screencaptured from Starbucksrtd InstagramCompany issues public apology, takes down questionable imagesBy Kim Jae-heunDongsuh Foods is under fire over accusations that it included a contentious hand gesture in an ad for a ready-to-drink (RTD) canned coffee drink it produces and sells.The domestic instant coffee giant took down the image from its official Instagram account and posted written apologies on its website as well as Instagram apologizing for causing social discomfort. The company wrote in the message, “The ad was designed with the theme of the summer season. We realize that part of the poster's design could make customers uncomfortable and decided to delete it. There was no specific intention behind the creation and we will make sure it doesn't happen again.” The company uploaded the ad poster for its popular Starbucks Doubleshot drink on Sunday, depicting the canned beverage laying sidedown in sand with the shadow of a person's hand that appears to be moving towards it. A similar image

Jul 28, 2021By Kim Jae-heun
Dongsuh hit for 'sexist' image in Starbucks coffee ad
Companies

S-Oil reports record profit for 1st half

By Kim Jae-heunS-Oil, the country's third largest refiner, reported a historically-high combined operating profit for the first six months of the year of 1.2 trillion won.The previous highest combined operating profit for the same period was 1.12 trillion won in 2016. S-Oil also swung back into the black in the second quarter of the year with a profit of 571 billion won, although this was 9 percent down from the 629.2 billion won in the first quarter. The oil company has seen a profit for three consecutive quarters since last September.Sales for the latest quarter also skyrocketed by 94.4 percent to record 6.71 trillion won, compared to that in the previous year. Its first half revenue for 2021 was 12.05 trillion won, 39.4 percent up from that of 2020.  Operating profit from its non-oil sectors ― petrochemicals and lubricants ― accounted for 58.8 percent of the 705.7 billion won earned in the first half. Sales of lubricant oil reached 1.18 trillion won, 9.8 percent of the total, but profits hit 473.4 billion won accounting for 39.4 percent of the total. S-Oil's business performa

Jul 27, 2021By Kim Jae-heun
S-Oil reports record profit for 1st half
Companies

Coupang seeks turnaround with quick commerce service

Customer orders groceries on a mobile application using quick commerce service by GS Retail in Seoul, on June 30. Korea Times fileBy Kim Jae-heun Coupang has launched the quick commerce service “Coupang Eats Market” in a bid to make a rebound from the fallout of a number of scandals that led customers to turn their backs on the online retailer.Customers recently declared a boycott of the retail giant after founder Kim Bom-seok shunned responsibility for a fire that broke out at a logistics center in Icheon, last month, and was accused of bullying a member of a union. The company also took a passive approach to the death of a restaurant owner, whose demise in May was “linked” to his use of Coupang's food delivery service.The company's attempt to recapture customers is by introducing a quick commerce service that puts the utmost priority on consumer convenience. Coupang Eats Market plans to establish small-sized local fulfillment centers in various areas to deliver orders within 15 minutes; twice as fast as Baedal Minjok (Baemin). The company hopes that its free

Jul 27, 2021By Kim Jae-heun
Coupang seeks turnaround with quick commerce service
Companies

Lotte chief urges breakthrough in e-commerce

Lotte Group Chairman Shin Dong-bin participates in an online presidential meeting held at company headquarters in Seoul on Jan. 13. YonhapLotte seeks to maintain competitive edge with ESG By Kim Jae-heunLotte Group Chairman Shin Dong-bin moved up a presidential board meeting two week earlier to Thursday to come up with countermeasures for competing against Coupang, Naver and Shinsegae ― the new “big three” in the local e-commerce market.The half-yearly meeting was originally scheduled for the third week of this month, but it is understood that Shin felt there was no time to wait after its long-time rival Shinsegae acquired eBay Korea last month thus making it the second-largest e-commerce firm. It is unknown what Shin has requested of Lotte Shopping CEO Kang Hee-tae, who joined the meeting along with four other CEOs representing Lotte Holdings, Lotte Foods, Lotte Chemical and Hotel Lotte. The most urgent item on its agenda at the meeting was keeping the momentum of its e-commerce business alive, as its online shopping unit's market share lags 10 percent behind the top thr

Jul 26, 2021By Kim Jae-heun
Lotte chief urges breakthrough in e-commerce
Companies

BHC aims to complete acquisition of Outback Steakhouse

Outback Steakhouse corporate logo / Korea time fileBy Kim Jae-heunLocal fried chicken restaurant franchise BHC, once a subsidiary of BBQ Genesis, is considering whether to acquire Outback Steakhouse Korea as it seeks to become a leading food firm. Starting with the acquisition of premium beef restaurant chain Changgo 43 back in 2014, BHC has been expanding its profile by acquiring Keunmom Halmae Sundaeguk and Gram Gram. The fried chicken restaurant chain operator has been expanding the number of franchises for each chain aggressively since then. According to sources, BHC is set to invest up to 200 billion won to acquire a 100 percent stake in the U.S. casual dining chain operator. BHC is competing with Daishin Private Equity (PE) for the deal.The deal's lead underwriter Credit Suisse will select a preferred negotiator by the end of this week, according to Outback Steakhouse Korea operator SkyLake Equity Partners.The specific motives behind Daishin PE's bid are unknown. BHC plans to highlight its track record of managing sizable acquisition deals and experience raising the competitive

Jul 26, 2021By Kim Jae-heun
BHC aims to complete acquisition of Outback Steakhouse
Companies

SK Ecoplant attracts W1.12 tril for ESG bond in demand forecast

SK Ecoplant's corporate image / Courtesy of SK Ecoplant By Kim Jae-heunSK Ecoplant has once again guaranteed another successful offering of its corporate bond specializing in environmental, social and corporate governance (ESG) principles.The construction firm said Monday about 1.12 trillion won was collected for the corporate bond during the demand forecast held last Thursday. SK Ecoplant originally planned to raise only 150 billion won, but ended up collecting seven times that amount. The positive response confirmed the faith of the financial market in SK Ecoplant's transition to a green company, after it declared its intent to become Asia's top environmental enterprise in May.The construction firm decided to increase the 300 billion won total for the corporate bond it will issue on Thursday, reflecting the result of its demand forecast that recorded the competition of 7.5 to 1. SK Ecoplant offer two ESG bonds, one with two years of maturity raising 100 billion w

Jul 26, 2021By Kim Jae-heun
SK Ecoplant attracts W1.12 tril for ESG bond in demand forecast
Tech & Science

Top regulator's M&A revision to hit Naver, Kakao

Fair Trade Commission Chairperson Joh Sung-wook speaks during a meeting held at the National Assembly on Yeouido, June 23. Korea Times fileNew regulation to go into effect next yearBy Kim Jae-heunThe Fair Trade Commission (FTC) is revising regulations on platform operators' mergers and acquisitions (M&A) deals in hopes of restraining their expansion.According to the government, the FTC will review its regulation guidelines internally within this year and outsource the study on their effectiveness to a private research institute next year. Any regulation changes will be put into effect in 2022. Currently, it is out of the hands for the top regulator to exert control over firms such as Naver or Kakao to keep them from advancing into new markets by taking over a number of startups in different industries. The FTC's current examination guidelines approve a major firm's right to acquire small companies from any sector freely, as it deems such deals will barely affect their respective markets. However, the FTC had seen platform operators expanding their businesses into multiple sectors

Jul 26, 2021By Kim Jae-heun
Top regulator's M&A revision to hit Naver, Kakao
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