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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

Shinsegae ordered to pay W200 bil. in back tax

By Lee Hyo-sikShinsegae Group, the retail-oriented family-controlled conglomerate, is ordered to pay nearly 200 billion won ($170 million) in back taxes for evading corporate income and gift taxes, according to the National Tax Service (NTS), Friday.The agency fined Shinsegae affiliates, group Chairwoman Lee Myung-hee, Vice Chairman Chung Yong-jin and other controlling family members.Of the 200 billion won, Chairwoman Lee was reportedly ordered to pay 70 billion won in back taxes for converting borrowed-named stocks in group units into her own equities. Lee did so on Nov. 6, when the NTS audit of Shinsegae Group, which began in May, was nearly completed.Lee used to hold 379,733 shares of stock in E-Mart, Shinsegae Corp. and Shinsegae Food under the names of company executives and others. Based on the closing prices of the three stocks on Nov. 6, the shares were worth 82.7 billion won.The chairwoman was ordered to pay about 80 percent of the equity value in gift taxes.In addition, the agency slapped Shinsegae Engineering & Construction with 8 billion won fine for tax evasion.Since

Dec 11, 2015By Lee Hyo-sik
Companies

Sonata PHEV named one of top 10 engines

Hyundai Motor’s Sonata plug-in-hybrid electric vehicleBy Lee Hyo-sikHyundai Motor’s Sonata plug-in-hybrid electric vehicle (PHEV) was named as having one of the world’s top 10 engines by a U.S. auto magazine, becoming the first plug-in hybrid power train to enter the list, Korea’s largest automaker said Friday.Ward’s AutoWorld Magazine, which publishes the annual list of Ward’s 10 Best Engines, said the 2016 Sonata PHEV offers the efficiency of an alternative power train with a unique aerodynamic exterior design, best-in-class total interior volume, premium features and advanced safety technologies.“For Hyundai Motor’s first entry into the plug-in hybrid segment, the company’s engineers did an impeccable job blending fuel efficiency with refinement and daily usability,” said Drew Winter, editor-in-chief at Ward’s AutoWorld. “Transitions between all-electric and hybrid modes are completely seamless, something that drivers will undoubtedly appreciate on long journeys, and the six-speed automatic transmission gives

Dec 11, 2015By Lee Hyo-sik
Sonata PHEV named one of top 10 engines
Companies

European biz leaders call on Korea to follow global standards

Minister of Trade, Industry and Energy Yoon Sang-jick, right, talks to Jean-Christophe Darbes, left, chairman of the European Chamber of Commerce in Korea (ECCK) and CEOs of European companies at the Lotte Hotel, downtown Seoul, Friday. / Courtesy of Ministry of Trade Industry and EnergyBy Lee Hyo-sikHeads of European companies operating here are calling on the Korean government to follow global standards in taxation and other policies concerning their corporate activities.In a meeting with Trade Minister Yoon Sang-jick, Friday, they also demanded policymakers ease visa rules on non-Korean workers hired by foreign firms and refrain from slashing the insurance prices of medicine and other health care products brought into the country by European pharmaceutical firms.“We would like to thank the Korean government for making strenuous efforts to smoothly implement the Korea-EU Free Trade Agreement (FTA) and ease regulations governing various business activities,” said Jean-Christophe Darbes, the chairman of the European Chamber of Commerce in Korea (ECCK). He is also the CEO

Dec 11, 2015By Lee Hyo-sik
European biz leaders call on Korea to follow global standards
Companies

COEX to acquire exhibition firm in Vietnam

By Lee Hyo-sikCOEX CEO Byun Bo-kyungCOEX, the operator of the country’s largest convention and exhibition venue in southern Seoul, will acquire an exhibition firm in Vietnam next year as part of its efforts to find new growth engines abroad.COEX CEO Byun Bo-kyung said Wednesday that the company will make aggressive inroads into China and Southeast Asia in a bid to emerge as a globally-competitive entity in the meeting, incentive, convention and exhibition (MICE) industry.“The global MICE industry has been dominated by the U.S. and European companies. But their presence is still minimal in China and Southeast Asia,” Byun said during a press conference marking the 30th anniversary of COEX“COEX will nurture its competitive edge and establish a strong presence in Vietnam and other Asian countries. I will do everything I can to foster the MICE sector as Korea’s next growth engine,” the CEO said. “We will acquire an exhibition firm in Vietnam and establish a joint venture in China to more effectively capitalize on Asia’s rapidly growing MICE

Dec 10, 2015By Lee Hyo-sik
COEX to acquire exhibition firm in Vietnam
Companies

Samsung C&T delivers 1st Roy Hill shipment

Iron ore is being loaded onto a bulk ship at Port Hedland, Western Australia, Wednesday. Samsung Construction and Trade (C&T) made the first shipment of iron ore excavated from the Roy Hill Mine, which will be delivered to POSCO at Pohang, North Gyeongsang Province. / Courtesy of Samsung C&TBy Lee Hyo-sikSamsung Construction & Trade (C&T) made the first shipment of iron ore excavated from the Roy Hill Mine in Western Australia, Wednesday, 32 months after the company began the $5.8 billion project. The first load of iron ore will be delivered to POSCO’s main plant in Pohang, North Gyeongsang Province.The construction arm of Samsung Group said it loaded 100,000 tons of ore onto a bulk ship at Port Hedland, Western Australia.In April 2013, the company won the contract to construct the infrastructure of the iron ore mine. The deal was the largest that Samsung C&T has ever made in the construction of overseas resources infrastructure.The builder has been constructing the mine’s processing plant facilities, a 347-kilometer railway line and port facilities, s

Dec 10, 2015By Lee Hyo-sik
Companies

Han Sung Motor targets younger motorists

Han Sung Motor CEO Ulf Ausprung speaks during a press conference at the Westin Chosun Hotel in downtown Seoul, Wednesday. Ausprung said the largest dealer of Mercedes-Benz Korea will target the growing number of young people who seek to drive imported premium vehicles. / Courtesy of Han Sung MotorBy Lee Hyo-sikHan Sung Motor, the largest dealer of Mercedes-Benz Korea (MBK), will seek to target young Korean motorists looking to purchase imported luxury vehicles next year, said the company CEO Wednesday.Founded in 1985, the dealer plans to more aggressively market SUVs in line with MBK’s 2016 strategy to capitalize on this rapidly growing segment.“Given that the age of our customers is getting younger, we will do more to cater to this segment,” said Han Sung Motor CEO Ulf Ausprung during a press conference, Wednesday, to mark the company’s 30th anniversary.“As part of efforts to attract young motorists, we held our own motor show for the first time this year and introduced other marketing events,” Ausprung said. “In 2016, we will continue to do

Dec 9, 2015By Lee Hyo-sik
Han Sung Motor targets younger motorists
Companies

Audi unable to find alternative site for cancelled repair shop

By Lee Hyo-sikAudi Korea is having a hard time securing a new location to replace its suspended maintenance depot in southern Seoul because the Seoul Metropolitan Government (SMG) remains unwilling to offer an alternative site.WeBON Motors, one of Audi's eight dealers here who sought to construct a repair center in Naegok-dong last year, said Tuesday that the city government should work harder to find an alternative plot for the company so that it can build a new auto body shop for Audi customers in Seoul.WeBON Motors purchased the Naegok-dong site from SH, the city’s construction unit, in late 2013 and started building a large-scale auto maintenance depot with permission from Seocho District Office.But several months later, nearby residents filed a suit against the company and the district office. The court ruled in favor of the residents, suspending the construction project in July 2014. Since then, the SMG has been looking to find an alternative site in Seoul for Audi’s maintenance depot.It considered a piece of land inside Magok Industrial Complex in western Seoul. Ho

Dec 8, 2015By Lee Hyo-sik
Companies

Builders fined W1.3 tril. for bid rigging

By Lee Hyo-sikJung Hyun-sooHyundai E&C CEOChoi Chi-hoonSamsung C&T CEOPark Young-sikDaewoo E&C CEOHwang Tae-hyunPOSCO E&C CEOSamsung, Hyundai, Daewoo, POSCO and other leading builders here have been fined more than 1.3 trillion won ($1.1 billion) for bid rigging over the past five years.According to data submitted to Rep. Min Byung-doo of the main opposition New Politics Alliance for Democracy by the Fair Trade Commission (FTC), Tuesday, the anti-trust agency fined 84 construction companies a combined 1.34 trillion won for collusion from January 2010 through August this year.Samsung Construction & Trade topped the list as the building arm of Samsung Group was slapped with a 184 billion won fine for bid rigging with other builders.Hyundai Engineering & Construction came in second with 182.4 billion won, followed by Daelim Industrial with 140 billion won, SK Engineering & Construction with 96.2 billion won, Daewoo Engineering & Construction with 85.5 billion won and GS Engineering & Construction with 74.6 billion won.Hanyang, Dongbu, Taeyoung, Hanshi

Dec 8, 2015By Lee Hyo-sik
Builders fined W1.3 tril. for bid rigging
Companies

Leo Burnett Korea wins creative ad agency award

By Lee Hyo-sikAdvertising agency Leo Burnett Korea has won two highly prized and respected awards, the company said Tuesday.Campaign Asia-Pacific, a Hong Kong-based media group specializing in the marketing and communications industries, awarded Leo Burnett a gold medal for Korea Creative Agency of the Year and a silver for Korea Digital Agency of the Year.The awards ceremony will be held in Singapore on Dec. 10.Leo Burnett, the seventh-largest ad agency in Korea by revenue, has been rapidly expanding over the past few years. Its revenue jumped 7 percent from January through November compared with the same time last year.

Dec 8, 2015By Lee Hyo-sik
Opinion

Turning environmental challenge into opportunity

By Chris Khang, president and CEO of GE KoreaChris KhangWorld leaders from 196 countries recently gathered in Paris to attend the 2015 U.N. Climate Change Conference.Compared to past efforts, from Kyoto in 1997 to Copenhagen in 2009, the meeting was an important milestone in that it was the first major international negotiation that had the world’s two largest industrial powers -- the United States and China -- at the table.Also notable were voices from a coalition of developing nations, led by India, which argued that even though they had a right to burn fossil fuels to sustain their economic growth, they were seeking alternative, greener ways to work toward their development. The global leaders’ consensus on decarbonization efforts is a sign for companies around the world to join and assume responsibility.Companies’ role has never been more important than now because for the global economy to become greener, the fundamental business value chain -- from design and manufacturing to distribution -- has to evolve to become less carbon-intensive, yet at

Dec 7, 2015By Lee Hyo-sik
Turning environmental challenge into opportunity
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