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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

Ssangyong E&C wins $1.6 bil. deals in Dubai

An artist’s impression of the Royal Atlantis Hotel to be built by Ssangyong Engineering & Construction in Dubai, the United Arab Emirates / Courtesy of Ssangyong E&CBy Lee Hyo-sikSsangyong E&C Chairman Kim Seok-joonSsangyong Engineering & Construction (E&C) has won three contracts in Dubai, the United Arab Emirates (UAE), valued at a total of $1.6 billion, the builder said Wednesday. The latest deals will likely provide a much-needed boost to the Korean builder, which was acquired by the Investment Corporation of Dubai (ICD) early this year.Ssangyong secured the three projects by forming a three-way joint venture with BESIX, a builder based in Europe, and Chinese builder CSCEC. Of the $1.6 billion, the Korean builder will take $730 million.The consortium will first build the Royal Atlantis Hotel worth $840 million, and then the Palm Gateway worth $386 million and an unnamed office building complex worth $370 million.The Royal Atlantis Hotel will be a 47-story hotel with 795 rooms and a 37-story apartment building with 231 units. The Palm Gateway is an upscal

Dec 16, 2015By Lee Hyo-sik
Ssangyong E&C wins $1.6 bil. deals in Dubai
Companies

IKEA to open 5 more stores by 2020

Andre Schmidtgall, country retail manager at IKEA Korea, speaks during a press conference at the Nine Tree Convention Center in downtown Seoul, Wednesday. He said IKEA will invest 1.2 trillion won to build five more stores here by 2020. / Courtesy of IKEA KoreaExpansion plan poses threat to local furniture makersBy Lee Hyo-sikIKEA will open five more stores here over the next five years to capitalize on the country’s rapidly growing DIY furniture market, the head of its Korean unit said Wednesday.IKEA’s latest expansion plan will likely pose a greater threat to Hanssem and other domestic furniture makers who have been struggling to keep up with the Swedish-based furniture giant.“We will open five more stores by 2020 to better serve our Korean customers,” said Andre Schmidtgall, country retail manager at IKEA Korea, during a press conference marking the store’s first anniversary in Korea.IKEA opened its first store in Gwangmyeong, Gyeonggi Province, in December 2014. For the first year, the company, which employs 913 people, earned 308 billion won in sale

Dec 16, 2015By Lee Hyo-sik
IKEA to open 5 more stores by 2020
Companies

Hyundai Motor chairman calls for success of Genesis brand

By Lee Hyo-sikHyundai Motor ChairmanChung Mong-kooHyundai Motor Group Chairman Chung Mong-koo is calling on the heads of overseas branches to work harder to nurture the automaker’s premium Genesis brand in 2016.With Hyundai’s first premium brand sedan, the EQ900 (globally named the G90), making a great deal of sensation here over the past month, the chairman wants to repeat its success in the United States and elsewhere next year.The vehicle will make its first overseas debut at the North American International Auto Show on Jan. 13 in Detroit.Chung held a meeting with heads of overseas offices at group headquarters in southern Seoul, early Tuesday. They reported sales and other business-related matters to the chairman.“Despite the prolonged global economic downturn, a slowdown in China and other unfavorable business conditions, we have been faring better than our competitors,” Chung was quoted as saying. “This year, we launched the premium Genesis brand and broke ground for two new plants in China. We must spare no effort to make the Genesis a huge succe

Dec 15, 2015By Lee Hyo-sik
Hyundai Motor chairman calls for success of Genesis brand
Companies

AMCHAM has new president

By Lee Hyo-sikJohn SchuldtThe American Chamber of Commerce in Korea (AMCHAM Korea) has named John Schuldt, former vice president and chief marketing officer at Ford Korea, as its new president, the lobby group said Tuesday. He will assume the post on Jan. 7, 2016, replacing outgoing Amy Jackson.Throughout his 30-year carrier, Schuldt, who has been in Korea for more than three years, held various executive positions in the United States and Asia, representing the interests of multiple multinational companies.“Schuldt has extensive experience in many aspects of business such as sales, marketing, finance, customer relationship management, manufacturing, and purchasing,” an AMCHAM Korea spokeswoman said. “In Korea and Japan, he successfully led teams that communicated strengths of American products to local customers resulting in increased market share and brand awareness while satisfying consumer needs with relevance and cultural customization.”He has served as the AMCHAM auto committee co-chairman for the past three years. In addition, Schuldt was chairman of th

Dec 15, 2015By Lee Hyo-sik
AMCHAM has new president
Companies

KRC has new vice president

By Lee Hyo-sikShin Hyun-gukShin Hyun-guk, 59, was promoted to vice president of the Korea Rural Community Corp. (KRC), the state-run rural infrastructure developer said Tuesday.Shin, who began his career at the KRC in 1981, has been serving in various key posts over the past 35 years, including the head of KRC’s strategic planning and farmland management division.He received a bachelor’s degree in law from Konkuk University in 1981 and a master’s degree in public policy from Aju University in 2002.Shin’s two-year term will continue through Dec. 13, 2017.

Dec 15, 2015By Lee Hyo-sik
KRC has new vice president
Companies

BMW sedan catches fire again

By Lee Hyo-sikAnother BMW sedan caught fire while being driven, Monday, the fourth incident of its kind over the past month. The latest incident has further raised safety concerns among owners of vehicles made by the German automaker.Cars manufactured by Mercedes-Benz, Audi and other German carmakers have also caught fire, particularly during the winter, because of overheating engines among other causes, according to industry officials.According to police and the fire department, a BMW 750Li sedan manufactured in 2006 became engulfed in flames on the Yeongdong Expressway in Icheon, Gyeonggi Province at about 4:26 p.m. Monday.As soon as the fire broke out, the 52-year-old driver pulled over to the side of the road and exited the vehicle.Firefighters were immediately dispatched to the scene to extinguish the burning car. The fire was estimated to have caused about 8.8 million won in damage. The cause is unknown.On Nov. 3, a BMW 520d sedan caught fire in Goyang, Gyeonggi Province. Two days later, another 520d sedan was destroyed by fire on the road near the World Cup Stadium in western

Dec 15, 2015By Lee Hyo-sik
Companies

KOTRA opens office in Slovakia, Serbia

Kim Jae-hong, fourth from right, CEO of the Korea Trade-Investment Promotion Agency (KOTRA), poses with Rastislav Chovanec, third from right, state secretary of Slovakia’s Ministry of Economy, and others during a ceremony to mark the opening of KOTRA’s office in Bratislava, Slovakia, Monday. / Courtesy of KOTRABy Lee Hyo-sikThe Korea Trade-Investment Promotion Agency (KOTRA) has opened two offices in Slovakia and Serbia in a bid to support the growing number of Korean companies looking to make inroads into rapidly-growing Eastern Europe.The opening of the two offices will increase the number of the agency’s overseas branches to 125 in 85 countries.The offices will collect a wide range of information on government policies and market conditions in the two countries, and offer this information to domestic firms seeking to export products or to build plants there, KOTRA said.“Slovakia and Serbia are emerging markets with huge growth potential,” KOTRA CEO Kim Jae-hong said during a ceremony to mark the opening of the firm’s office in Bratislava, Slovak

Dec 15, 2015By Lee Hyo-sik
KOTRA opens office in Slovakia, Serbia
Companies

Cash crunch forces Doosan Infracore to sell machine tools unit

Excavators being tested at Doosan Infracore’s plant in Gunsan, North Jeolla Province. / Courtesy of Doosan InfracoreBy Lee Hyo-sikSohn Dong-younDoosan Infracore CEODoosan Infracore, the construction equipment making unit of struggling Doosan Group, is set to unload its profitable machine tools division to secure much-needed cash, company officials said Monday.Multiple entities, including Kohlberg Kravis Roberts (KKR) and MBK Partners, have expressed interest in acquiring the division, according to the officials, who said Doosan will receive a final bid from them next week.The companies are currently conducting due diligence on the machine tools unit. After reviewing the terms of the bids, the firm plans to select a preferred bidder late this month.Doosan Infracore, headed by CEO Sohn Dong-youn, seeks to get more than 2 trillion won for the division. However, the bidders are reportedly willing to pay no more than 1.5 trillion won.“I cannot say exactly when the sales process led by the Credit Suisse will end because things don’t always go as planned,” a Doosan I

Dec 14, 2015By Lee Hyo-sik
Companies

Lotte, CJ rank bottom in growth sharing

By Lee Hyo-sikLotte and CJ ranked at the bottom in sharing growth with small business partners, the Korea Federation of Micro Enterprise (KFME) said Monday. KFME represents the interests of hundreds of thousands of self-employed and small businesses across the country.According to a survey of heads of associations representing 183 businesses, KT, the nation’s second-largest wireless carrier topped the list among nine large business groups. The company received 1,754 points out of 3,660, followed by Samsung Group with 1,404 points and LG Group with 1,376 points. CJ Group got the lowest score of 1,186 points, according to the KFME.Among Korea’s five largest retailers ― Shinsegae-E-mart, GS Retail, Hyundai Department Store, Home plus and Lotte ― Shinsegae-E-mart came in first with 1,206 points followed by GS Retail with 1,056 points. Lotte ranked bottom with 926 points.“The survey sought to quantify how small businesses feel about doing business with large companies,” a KFME official said. “We will conduct the survey every quarter and make the res

Dec 14, 2015By Lee Hyo-sik
People & Events

Barista overcomes hearing disability

Kwon Soon-miBy Lee Hyo-sikIt is not easy for a person with a hearing impairment to work as a barista because he or she has to take orders from customers and brew coffee accordingly. Being able to hear exactly what customers say is more important than anything.However, for Kwon Soon-mi, 36, a hearing disorder has not deterred her from pursuing her dream of becoming a barista at Starbucks Coffee Korea, the country’s largest coffee chain. Four years after Kwon joined Starbucks in August, 2011, she was recently promoted to a deputy store manager despite her disability.“I am really happy that I was able to pass a stringent, highly-competitive test to assume the post of deputy store manager at the Olympic Park South Gate store in southern Seoul,” Kwon said. “Over the past four years, I have worked really hard to figure out what customers say by closely watching how their mouths move. I have also done vocal exercises every day to make the correct sounds so customers can understand what I am saying.”She also acquired an in-house barista certificate in February a

Dec 14, 2015By Lee Hyo-sik
Barista overcomes hearing disability
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