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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

Pernod Ricard dedicated to preserving marine environment

Patricia Ricard holds a sea urchin at the Paul Ricard Oceanographic Institute on the island of Embiez, France. The institute, set up by Paul Ricard, the founder of French liquor maker Pernod Ricard, has been conducting academic research and civil campaigns to preserve the world’s marine environment. / Courtesy of Pernod Ricard By Lee Hyo-sikFrench liquor maker Pernod Ricard has been mobilizing resources over the years to help preserve the world’s marine environment, honoring the spirit of its founder, Paul Ricard.Ricard set up a research institute in 1966, which later became the Paul Ricard Oceanographic Institute. The organization, on Island of Embiez, off the southern coast of France in the Mediterranean Sea, is headed by his granddaughter, Patricia Ricard, who recently visited Korea to form a stronger partnership with universities and other academic organizations here dedicated to protecting the ocean.In an interview with The Korea Times, Ricard said the institute has been studying how man-made pollution has affected the marine environment and what needs to be don

Nov 8, 2015By Lee Hyo-sik
Pernod Ricard dedicated to preserving marine environment
Companies

Korea to resume kimchi exports to China

By Lee Hyo-sikKorea will soon be able to resume shipping kimchi to China as regulators on the mainland are set to ease rules on one of Korea’s most representative dishes, according to the Ministry of Agriculture, Food and Rural Affairs, Friday.The news came after the Korea-China summit between President Park Geun-hye and Chinese Premier Li Keqiang Saturday, where the latter said China will take steps to bring made-in-Korea kimchi back to the mainland as soon as possible.In February, the Chinese government revised its sanitary and quarantine guidelines on Korean kimchi to allow it to be imported and sold to Chinese consumers. But Korea has not been able to ship kimchi because Chinese regulators have not taken the necessary administrative steps to get the trade going.Until 2009, Korea exported kimchi to China, but in 2010 the Chinese government strengthened its rules on Korean kimchi and other imported food. It did not recognize kimchi as a fermented food and imposed a guideline that kimchi cannot contain more than 30 colitis bacteria per 100 grams.Citing the rule, China has been

Nov 6, 2015By Lee Hyo-sik
Companies

T'way Air flies to Macau, Ho Chi Minh City

By Lee Hyo-sikHahm Chul-hoT’way Air CEOT’way Air, Korea’s leading low-cost carrier (LCC), will begin flying to Macau and Ho Chi Minh City, offering more options to local travelers who seek to visit the two Asian cities at lower costs.The budget carrier headed by CEO Hahm Chul-ho will launch the Incheon-Macau route on Nov. 27 catering to those wanting to visit the city famous for its colonial Portuguese heritage and casinos.T’way Air will operate a Boeing 737-800 airplane on the route, departing Incheon International Airport at 9:35 p.m., on Monday, Tuesday, Thursday and Friday. On Sunday, it will take off at 10:35 p.m. The flight takes about three-and-a-half hours.The plane will leave Macau International Airport at 1:30 a.m. on Tuesday, Wednesday, Friday and Saturday, and arrive at Incheon at 5:55 a.m. the same day. On Monday, the plane returns to Incheon at 6:55 a.m.In addition, T’way Air will operate a daily flight between Incheon and Ho Chi Minh City from Dec. 24, becoming the country’s first LCC to do so.On Monday, Tuesday, Saturday and Sunday,

Nov 5, 2015By Lee Hyo-sik
T'way Air flies to Macau, Ho Chi Minh City
Companies

KEPCO wins $60 mil. power grid deal in Dominican Republic

An employee of the Korea Electric Power Corp. (KEPCO) works on a high-voltage line in the Dominican Republic. The state-run utility company won a $60 million contract to construct an electric distribution network spanning 870 kilometers in the Caribbean nation. / Courtesy of KEPCOBy Lee Hyo-sikThe state-run Korea Electric Power Corp. (KEPCO) has won a $60 million contract to build a nationwide power grid in the Dominican Republic, the largest power line construction project the company has ever secured abroad.KEPCO said Thursday that it signed a preliminary contract with Dominican state power company, CDEEE, to complete the construction of an electric distribution network by 2017, which will extend 870 kilometers throughout the Caribbean nation. The company plans to erect more than 1,400 utility poles to connect the grid.“We secured the deal in fierce competition with 13 global power companies,” KEPCO CEO Cho Hwan-eik said. “We believe that our successful track record here helped us win the latest contract. As soon as we sign a formal contract with CDEEE, we will st

Nov 5, 2015By Lee Hyo-sik
Companies

'Korea to remove barriers for foreign investors'

Trade, Industry and Energy Minister Yoon Sang-jick, third from left, speaks during a meeting with AMCHAM Chairman James Kim, across the table from Yoon, and heads of foreign companies, at the Lotte Hotel, downtown Seoul, Thursday./ Courtesy of Ministry of Trade, Industry and EnergyBy Lee Hyo-sikTrade Minister Yoon Sang-jick has pledged to remove barriers that discourage non-Korean companies from building plants and hiring workers here.He made the remarks during a meeting with James Kim, chairman of the American Chamber of Commerce in Korea (AMCHAM), and heads of foreign companies operating in the country, Thursday.“To attract more investment from abroad, the government will listen more to foreign companies and reflect their opinions in policies,” Yoon said. “Policymakers, including myself, will make every effort to make regulations more foreign-business friendly.”Other meeting participants included AMCHAM President Amy Jackson, McDonald’s Korea CEO Joe Erlinger and eight heads of non-Korean companies.Yoon has said the government wants to increase this ye

Nov 5, 2015By Lee Hyo-sik
Companies

Coupang ups stake on delivery system

Coupang CEO Kim Bom speaks during a press conference at the Westin Chosun Hotel, downtown Seoul, Tuesday. The e-commerce site said it will invest 1.5 trillion won over the next two years to expand its logistics network./ Courtesy of Coupange-commerce firm vows to hire more workers, build more warehousesBy Lee Hyo-sikCoupang, Korea’s leading e-commerce site, will invest 1.5 trillion won ($1.3 billion) over the next two years to expand its delivery network to stay ahead of its rivals, WeMakePrice and Ticket Monster, the company CEO said Tuesday.The company plans to increase the number of its delivery personnel and build more warehouses to get products more quickly and safely to customers.“Since we launched our own delivery system, Rocket Delivery, in March 2014, we have been investing significantly to expand it,” Kim Bom said at a press conference, Tuesday. “We will increase the number of our delivery personnel to 40,000 and operate 21 warehouses across the country by 2017.”Currently, Coupang has about 3,500 delivery workers, and 6,000 more at its logistic

Nov 3, 2015By Lee Hyo-sik
Companies

Is Lotte paying too much for Samsung chemical units?

By Lee Hyo-sikLotte Group is paying too much for Samsung Group’s chemical units, according to many securities firms Monday that have rushed to lower their outlook for Lotte’s chemical affiliate.The brokerages say that besides the 2.8 trillion won ($2.45 billion) that Korea’s fifth-largest conglomerate promised to pay Samsung, the group will likely shoulder additional costs to appease Samsung employees, many of whom oppose the sale of their companies to Lotte.In addition, Lotte Chemical may face difficulties selling more products at home and abroad amid the continued global chemical supply glut.On Oct. 30, Lotte Chemical said it will acquire a 90 percent stake in Samsung SDI’s chemical business, a 31.23 percent stake in Samsung Fine Chemicals and 49 percent of Samsung BP Chemicals for 2.8 trillion won.On Monday, Dongbu Securities slashed its target price for Lotte Chemical to 370,000 won from 400,000 won, saying the company is paying too much for Samsung’s chemical businesses.“We estimate that Lotte paid 840 billion won more for Samsung SDI’s

Nov 2, 2015By Lee Hyo-sik
Companies

Food industry emerging as next growth engine

Lee Dong-phil, minister of agriculture, food and rural affairsBy Lee Dong-philMinister of Agriculture, Food and Rural AffairsIf one asks which industry has served as the driving force of the Korean economy today, nine out of 10 people would readily say it is manufacturing.Thanks to the growth of heavy and chemical manufacturing, Korea has made breakthroughs in trade, surpassing $1 trillion in volume in the 21st century.However, manufacturing is now struggling both at home and abroad, hit by the prolonged global economic slump, the weakening Japanese yen and other unfavorable conditions.On the other hand, there is an industry that has demonstrated continuous growth for the past 10 years. Globally, this industry is 3.2 times larger than the automobile industry, 1.8 times larger than the IT industry and 5.1 times larger than the steel industry.This is the food industry, which many economists describe as the pioneering industry of the future.The size of the Korean food industry recorded some 157 trillion won as of 2013, growing 71 percent over the past 10 years from 2004. In 2013, w

Nov 1, 2015By Lee Hyo-sik
Food industry emerging as next growth engine
Companies

Korea: strategic base for multinational firms

Trade, Industry and Energy Minister Yoon Sang-jick greets Anna Cecilia Malmstrom, European Unioncommissioner for trade, during the 5th Korea-EU Committee meeting at the President Hotel in downtownSeoul on Sept. 15. / Courtesy of Ministry of Trade, Industry and Energy Yoon Sang-jick, trade, industryand energy ministerBy Lee Hyo-sikMultinational companies seeking to enter China and other Asian countries should set up a presence in Korea, according to the trade minister, who said the country has established an extensive free trade agreement (FTA) network with major economies around the world.In an interview with The Korea Times, Trade, Industry and Energy Minister Yoon Sang-jick said Asia’s fourth-largest economy has emerged as a strategic post for global firms, encouraging them to take advantage of its geographical proximity to key markets, excellent residential and business infrastructure, and extensive government incentives for investors.Yoon also said the government will do everything it can to double the amount of foreign direct investment (FDI) this year to $20 billion

Nov 1, 2015By Lee Hyo-sik
Korea: strategic base for multinational firms
Companies

Company that speaks the language of industry

By Chris KhangChris KhangThe industrial world changes daily. What was declared the market trend today may soon become outdated. To keep up with fast-paced business dynamics, companies ― despite how complex or how enormous ― should change and adapt accordingly.Becoming a leading company in the industry does not require a secret ingredient. It calls for companies to be innovative, simple, winning-spirited and accountable to the ever-changing environment.Today, we are seeing digital disruption across many industries. Big data gathered from a fleet of engines goes through software to be analyzed into what is useful for the manufacturing industry; and the convergence of the physical and the digital, with the Internet of Things or the industrial internet, is bearing fruit.Applying digital and internet technologies in any industry, such as aviation, power, energy and telecommunications, is expected to bring a technological breakthrough as well as innovations in operations, such as cost reductions and increased efficiencies.Companies are competitively announcing their visions to in

Oct 30, 2015By Lee Hyo-sik
Company that speaks the language of industry
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