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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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Companies

SK Group chief vows to fight off downside risks

SK Group Chairman Chey Tae-won speaks during a ceremony marking the start of the year at the Sheraton Walkerhill Hotel in eastern Seoul, Monday. / YonhapBy Lee Hyo-sikSK Group Chairman Chey Tae-won vowed Monday to fight off a host of downsize risks this year, stressing that he will not let his personal life distract him from managing Korea’s third-largest family-controlled conglomerate.Chey said SK would continue to expand investments and hire workers to bolster its core competence and find new growth engines, while sharing growth with small business partners and local communities.“We will take all possible measures to ride out the ongoing difficulties,” the chairman said during a ceremony marking the start of the year at the Sheraton Walkerhill Hotel in eastern Seoul. “I will take the lead in turning risks into opportunities.”Chey said SK would help more young people start businesses and nurture social enterprises as part of its efforts to give back to communities.The chairman made his first public appearance since Dec. 29 when he revealed he had been h

Jan 4, 2016By Lee Hyo-sik
Companies

Hyundai Motor Group seeks to sell 8.13 million cars in 2016

Hyundai Motor Group Chairman Chung Mong-koo speaks during a ceremony, marking the start of the year at the company’s headquarters in southern Seoul, Monday. / Courtesy of Hyundai Motor GroupAutomaker to spend more on research, promote GenesisBy Lee Hyo-sikHyundai Motor Group is projected to sell at least 8.13 million vehicles across the globe this year, up slightly from last year’s 8.01 million, by increasing sales in the United States and China, its chairman said Monday.Chairman Chung Mong-koo also said that Korea’s largest automaker will invest more in research and development (R&D) in order to hone its expertise on smart, eco-friendly vehicles, as well as promoting the EQ900 (globally named G90), the first vehicle under its premium Genesis brand.“The automobile industry will face a structural shift toward eco-friendly, automated vehicles amid intensifying competition,” Chung told employees during a ceremony at company headquarters in southern Seoul, Monday. “Against increasingly uncertain market conditions, it is important for us to secure c

Jan 4, 2016By Lee Hyo-sik
Companies

Jin Air faces stringent safety inspection

By Lee Hyo-sikMa Won, Jin Air CEOAviation authorities will conduct a stringent safety inspection on Jin Air and other domestic low-cost carriers (LCCs) this month, after a series of safety lapses.The check is expected to raise consumer concerns over the carriers’ operational safety.The Ministry of Land, Infrastructure and Transport said Monday that its inspectors will soon begin an unscheduled safety inspection on the nation’s six low-cost carriers ― Jeju Air, Jin Air, Air Busan, T’way Air, Eastar Jet and Air Incheon.Air Incheon is a freight operator based at Incheon International Airport.“A growing number of travelers flying with budget carriers complain about a string of incidents plaguing the airlines,” a transport ministry official said.Flight cancellations and delays had mostly been caused by various safety lapses, he said.“We need to ensure that low-cost airlines operate in accordance with rules and regulations,” the official said.He said the ministry would examine how LCCs handled safety-related matters and whether the carriers ab

Jan 4, 2016By Lee Hyo-sik
Jin Air faces stringent safety inspection
Companies

Shin named vice chairman of World Chambers Federation

By Lee Hyo-sikShin Bark-jaeNPX Semiconductors Korea Chairman Shin Bark-jae won a second-term as vice chairman of the World Chambers Federation (WCF) at the organization’s general meeting in Paris, the Korea Chamber of Commerce and Industry said Monday.Shin, who has been serving in the post since September 2012, will remain through Dec. 31, 2018.The WCF, affiliated with the International Chambers of Commerce (ICC), issues certificates of origin for 2,000 ICC members in 140 countries, promoting cross-border trade.“I will continue to do my best to reflect the interests of Korean companies at the international organization that sets rules for cross-border trade,” Shin said after winning the three-year term. “I will also play a part in raising the global profile of domestic firms.”

Jan 4, 2016By Lee Hyo-sik
Shin named vice chairman of World Chambers Federation
Companies

Has Jeju Air grown too fast?

Safety lapses, inadequate training plague Korea’s largest LCCBy Lee Hyo-sikJeju Air CEO Choi Kyu-namJeju Air, Korea’s largest low-cost carrier (LCC), has been plagued by safety lapses in recent months, inconveniencing thousands of customers.The budget carrier, founded in 2005, has been mobilizing resources to expand routes and attract as many travelers as possible to catch up with the country’s two flagship carriers ― Korean Air and Asiana Airlines.However, the company has been paying less attention to strengthening the operational safety of its fleet and the training of pilots and other crew members, industry analysts said Wednesday.They caution that if Jeju Air, headed by CEO Choi Kyu-nam, continues to increase the number of routes as it has by operating its aging airplanes excessively, it will likely be involved in more serious incidents, which could result in casualties.On Dec. 23, a Jeju Air’s Boeing 737-800 bound for Jeju International Airport from Seoul suddenly nosedived, sending 152 passengers into panic, with dozens sustaining injuries. The plan

Dec 30, 2015By Lee Hyo-sik
Has Jeju Air grown too fast?
Opinion

Changing name will not bolster Daewoo International

By Lee Hyo-sikKim Young-sangDaewoo International CEODaewoo International, headed by CEO Kim Young-sang, has decided to change its name, hoping this may help it ride out a host of difficulties.It was unusual for the company to retain its name after being acquired by POSCO, Korea’s largest steelmaker, in 2010. Normally in a takeover, the buyer changes the name of the acquired firm to inject its own identity.But POSCO has allowed the struggling trading and resources development company to keep its name for so long in a bid to appease disgruntled company employees, most of whom yearn for the good old days when the now-defunct Daewoo Group “ruled the world.”With the firm plunging into a slump amid falling commodity prices and sluggish global trade, it has finally decided to be a part of the POSCO family.To show its affiliation with parent POSCO, the new corporate name will likely include the word “POSCO.” Given its need to retain the Daewoo brand, which is well known abroad, Daewoo International will likely be renamed POSCO Daewoo.The high-profile conflict be

Dec 30, 2015By Lee Hyo-sik
Changing name will not bolster Daewoo International
Companies

Kumho Group reclaims holding company

By Lee Hyo-sikKumho Asiana Group said Tuesday that it has taken back control of its holding company, Kumho Industrial, six years after the company was subject to a creditor-managed workout program.In 2009, the group had to sell a controlling stake in the holding firm to the Korean Development Bank and other creditors to secure much-needed cash to cope with its worsening liquidity shortage following the 2008 global financial crisis.Regaining the holding firm is seen as a first step for Kumho Chairman Park Sam-koo to rebuild what was once the eighth-largest conglomerate in Korea.The group said Kumho Enterprise, an entity recently set up by Park, made a 722.8 billion won ($623 million) payment to creditors for a 50 percent plus 1 share in Kumho Industrial. It holds a 30.1 percent stake in Asiana Airlines, Korea’s second-largest flagship carrier, and a 46 percent stake in Air Busan, as well as owning Kumho Terminal and the group's headquarters building in downtown Seoul.After a series of negotiations, Park and company creditors signed a stock purchase agreement in September.In Octo

Dec 29, 2015By Lee Hyo-sik
Companies

BAT Korea has new CEO

By Lee Hyo-sikErik StoelBritish America Tobacco Korea (BAT Korea) said Tuesday that it has promoted marketing director Erik Stoel to CEO, who will replace outgoing Guy Meldrum on Jan. 1, 2016.Stoel, born in the Netherlands, has been marketing director at BAT Korea for the past three years. He has made a substantial contribution to the tobacco maker by turning its flagship brand Dunhill into one of the country’s best selling brands, the company said.Stoel has also successfully introduced a new sales and distribution structure, enabling BAT Korea to become the first multinational fast-moving consumer goods maker in Korea to adopt such a system.“I am honored to have been given the opportunity to continue working with such an outstanding group of leaders here in BAT Korea,” Stoel said. “As BAT Korea is a strategically important market for the BAT Group, we will make sure that we continue our journey for growth by providing Korean consumers with innovative and high quality products that meet with their trendy preferences.He said the company will try to ship more ci

Dec 29, 2015By Lee Hyo-sik
BAT Korea has new CEO
Companies

Doosan unlikely to get good price for machine tool biz

By Lee Hyo-sikDoosan Infracore, the construction equipment unit of struggling Doosan Group, will not get the price it wants for its machine tool business as potential bidders are unwilling to pay more than what it is worth, according to industry sources, Tuesday.Three entities were confirmed to have submitted bids to the manager of the sale, Credit Suisse, for Doosan’s most profitable division. The bidders are MBK Partners, Standard Chartered Private Equity and Fair Friend Group, a machine tool maker in Taiwan.Industry officials say that either MBK or Fair Friend Group will likely be selected as the preferred bidder later this month.The bidders reportedly expressed their willingness to pay between 1.2 trillion won and 1.3 trillion won for the division, falling short of 2 trillion won that Doosan Infracore has been expecting to earn from the sale.Despite the significant price gap, Doosan is widely expected to unload the machine tool unit at whatever price the buyer is willing to pay, as the company is desperate to secure much-needed cash to improve its worsening bottom line.&ldq

Dec 22, 2015By Lee Hyo-sik
Companies

Korean consumers more accepting of US beef

By Lee Hyo-sikPhilip Seng, CEO of the U.S. Meat Export Federation (USMEF), speaks during an interview with The Korea Times at the Westin Chosun Hotel, Monday. / Courtesy of USMEFThe acceptance of U.S. beef among Korean consumers has improved significantly since 2008 when the nation resumed its imports, according to the head of the U.S. beef promotion body, Monday.In an interview with The Korea Times, Philip Seng, CEO of the U.S. Meat Export Federation (USMEF), said the United States has caught up with Australia in the country’s imported meat market, adding that the U.S. market share will continue to head upward.USMEF is a non-profit trade association working to create business opportunities abroad for U.S. beef, pork, lamb and veal. Headquartered in Denver, USMEF has offices in Seoul, Beijing, Tokyo, Shanghai and seven other cities around the world.“Korean consumers have become more accepting of American beef over the years as we have brought high-quality, premium meat products into the country,” Seng said. “Although Australia is the still the largest beef exp

Dec 22, 2015By Lee Hyo-sik
Korean consumers more accepting of US beef
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