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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 vows to open duty free shop in Dongdaemun

SK Networks CEO Moon Jong-hoon speaks during a press conference at company headquarters in downtown Seoul, Tuesday. Moon pledged to win a license to open a duty free shop in Dongdaemun, central Seoul, while retaining a license for its shop at the Sheraton Grande Walkerhill Hotel, eastern Seoul. / Courtesy of SK NetworksThird-largest chaebol on collision course with Doosan for ‘golden goose’ in retailBy Lee Hyo-sikSK Networks, a trading and hotel unit of SK Group, has vowed to win a license to open a new duty free shop in Dongdaemun, central Seoul, while retaining the right to continue to operate a store at the Sheraton Walkerhill Hotel in eastern Seoul.SK’s plan to run the duty free store in Dongdaemun, a shopping district frequently visited by Chinese and other Asian tourists, puts itself on a collision course with Doosan Group, which also seeks to open such a store in the area.SK Networks CEO Moon Jong-hoon said Tuesday that the company is the most suitable entity to transform Dongdaemun into Seoul’s most-visited shopping and leisure district, pledging to sp

Oct 27, 2015By Lee Hyo-sik
Companies

POSCO Chairman donates to youth job fund

By Lee Hyo-sikKwon Oh-joonPOSCO ChairmanPOSCO Chairman Kwon Oh-joon will donate 20 percent of his salary to a government-initiated fund that finances various programs for young jobseekers, the steelmaker said Tuesday.Company executives have also pledged to set aside 10 percent of their wages for the “Youth Hope Fund,” which was set up in September under President Park Geun-hye’s initiative to help create jobs for young people. POSCO said the donations by its chairman and executives will amount to 4 billion won ($3.5 million) annually.The envisioned state-run Youth Hope Foundation will use donations from businesses and individuals to implement a wide range of programs to support young people in finding jobs at home and abroad.“Chairman Kwon and other executives have decided to contribute to the fund to help alleviate the worsening employment conditions for young people. They will donate part of their salaries in November,” a POSCO spokesman said.Since July, Kwon and other senior company officials have been returning 20 percent and 10 percent of their wage

Oct 27, 2015By Lee Hyo-sik
POSCO Chairman donates to youth job fund
Companies

Doosan Group struggles to revive

Doosan Heavy Industries’ main plant in Changwon, South Gyeongsang ProvinceGlobal economic slump weighs down on 12th-largest groupBy Lee Hyo-sikDoosan Group Chairman Park Yong-maan, one of Korea’s most influential business tycoons, has been in the hot seat lately for the group’s deteriorating performance.This is because the country’s 12th largest family-controlled conglomerate, which focuses on construction and making heavy equipment, has been hit by credit downgrades and a worsening cash flow amid the prolonged global economic downturn.According to some industry analysts, Doosan’s deteriorating bottom line could adversely affect the group’s bid to win a license to operate a duty free shop in Seoul as the authorities may question its financial ability to raise funds, amounting to hundreds of billions of won, to open and run the store.“Companies like Doosan are more prone to the global economic downturn as it depends heavily on overseas businesses,” said the head of research at a Seoul-based securities firm, who declined to be named. &ldq

Oct 22, 2015By Lee Hyo-sik
Companies

RDA to build 'Saemaeul' village in Southeast Asia

A researcher at a Korea Project in International Agriculture (KOPIA) center in Sri Lanka talks to workers on a strawberry farm. The Rural Development Administration (RDA) operates KOPIA centers in 20 developing countries to share its agricultural knowhow and knowledge. / Courtesy of RDABy Lee Hyo-sikThe Rural Development Administration (RDA), the state-run agricultural research institute, is creating sustainable rural villages in Southeast Asia by introducing the Saemaeul Movement, or New Village Movement, which was operated in Korea in the 1960s and ‘70s.The project, which began in January this year, will build Saemaeul villages in Cambodia, the Philippines and Sri Lanka over the next three years. This is the RDA’s latest efforts to share its agricultural knowhow and knowledge with developing nations, and improve the living conditions for rural villagers there.The administration also seeks to nurture talented farmers and help boost their incomes, making rural villages in these countries more sustainable and self-reliant.Korea Project on International Agriculture (KOPIA)

Oct 22, 2015By Lee Hyo-sik
Companies

Bottle shortage hits Hite-Jinro, OB, Lotte

Frederico FreireOB CEOKim In-kyuHite-Jinro CEOLee Jae-hyuk, Lotte Chilsung BeverageCEOBy Lee Hyo-sikA shortage of recycled glass bottles has hit Hite-Jinro, Oriental Brewery (OB) and other alcohol companies, forcing them to cut production ahead of the year-end party season, according to industry officials Wednesday.The officials blame the government for its plan to hike bottle deposits in January, which they say has encouraged consumers and retailers to hoard empty glass bottles to receive higher deposits from alcohol companies next year.Makers of soju, beer and other alcoholic beverages are expected to further slash production in November and December, because of the worsening bottle shortage, when alcohol demand is at its peak.According to the Korea Alcohol & Liquor Industry Association (KALIA), the average recovery rate of glass bottles at liquor companies stood at 78.9 percent in September, down sharply from 96.8 percent a year earlier.The association projects that the recycling rate will further decline in the fourth quarter, saying more consumers, junk shops and retail

Oct 21, 2015By Lee Hyo-sik
Bottle shortage hits Hite-Jinro, OB, Lotte
Companies

GS E&C expanding presence in Singapore

The Ng Teng Fong General Hospital, the largest medical complex in Singapore, constructed by GS Engineering and Construction (E&C). / Courtesy of GS E&CBy Lee Hyo-sikGS Engineering & Construction (E&C) has been expanding its presence in Singapore, taking part in a wide range of social infrastructure development projects in the city state.The builder recently completed the construction of Singapore’s largest and most up-to-date hospital, earning a great deal of praise from healthcare industry officials there. It has also received a number of awards for its environmentally friendly, safety-first construction management.GS E&C expects to secure more projects from both the public and private sector in Singapore, and will use its success as a springboard to make inroads into Vietnam and other nearby countries.On Oct. 10, GS held a ceremony, hosted by CEO Lim Byung-yong, to open the $550 million general hospital in downtown Singapore, capable of treating more than 1,000 patients. Singapore’s Prime Minister Lee Hsien Loong and other senior government officials

Oct 21, 2015By Lee Hyo-sik
Companies

Kumho Petrochemical hit by bribery scandal

By Lee Hyo-sikPark Chan-koo, Kumho Petrochemical ChairmanKumho Petrochemical, headed by Chairman Park Chan-koo, has been hit by a bribery scandal involving seven former and current employees.According to the Seoul Metropolitan Police Agency, Tuesday, investigators arrested a 45-year-old man, surnamed Park, who allegedly offered bribes to six employees at one of the country’s largest chemical product makers from 2007 to 2014.Police detained four Kumho workers for allegedly accepting money from Park, while booking two other employees without detention.According to investigators, Park, who had worked at Kumho Petrochemical from 2000 to 2005, set up a supply firm in 2007 and began selling raw materials for synthetic resin to the company. He allegedly bribed his former coworkers, asking them to disqualify competing suppliers.Park was also allegedly found to have established 10 paper companies to make it look like he won a supply contract in an open competition.Police said he offered a total of 2.5 billion won in bribes to six Kumho workers and reaped 260 billion won in illicit

Oct 20, 2015By Lee Hyo-sik
Kumho Petrochemical hit by bribery scandal
Companies

James Kim becomes GM Korea CEO

By Lee Hyo-sikSergio Rocha, GM Korea chairmanJames Kim, GM Korea CEOJames Kim, chief operating officer of GM Korea, will be promoted to head the Korean unit of the U.S. auto giant in January next year, the company said Tuesday. Current CEO Sergio Rocha will become the company chairman.The changes at GM Korea’s senior management comes at a time when the automaker is performing better than expected on robust sales of its Impala sedan and other Chevrolet brand vehicles.“James has an outstanding track record as a leader in various industries, while Sergio is an automotive industry veteran who has been leading GM Korea for more than three years,” said Stefan Jacoby, GM executive vice president and president of GM International. “In their new roles, James and Sergio will create synergy to support GM Korea’s long-term competitiveness and sustainability.”Kim, the former CEO of Microsoft Korea, joined GM in June this year and has developed a solid understanding of the automotive industry and the company’s business, according to company offic

Oct 20, 2015By Lee Hyo-sik
James Kim becomes GM Korea CEO
Companies

Novelis promotes aluminum construction materials

A Novelis Korea employee, right, talks about the firm’s latest aluminum-based construction materials in front of its promotional booth during the Korea Architecture Fair and Festival at the COEX, southern Seoul, Monday./ Courtesy of Novelis KoreaBy Lee Hyo-sikNovelis, a global producer of rolled aluminum and a recycler of beverage cans, has introduced a wide range of environmentally friendly, energy-efficient aluminum construction materials to capitalize on the country’s booming housing market.The company said Tuesday that it is taking part in the Korea Architecture Fair and Festival at the COEX, southern Seoul, through Friday. Among others, it is showcasing Coloris TM, an innovative pre-painted aluminum for façades and roofing, high-strength aluminum sandwich panels and anodized aluminum.“We adopted the pre-painting method, instead of the conventional post-painting, to produce Coloris TM. We apply coating to aluminum coils prior to processing,” a Novelis Korea spokeswoman said. “The continuous roll coating process enables the uniformity of color,

Oct 20, 2015By Lee Hyo-sik
Companies

Asiana pilots' union embroiled in internal feud

Asiana Airlines' headquarters in western SeoulBy Lee Hyo-sikKim Soo-cheonAsiana Airlines CEOAsiana Airlines is facing increasing uncertainty regarding its pilots’ union, which is embroiled in an internal feud between union leadership and members over a tentative wage agreement that the former reached with management.Korea’s second-largest carrier, which has been hit by an exodus of its pilots, brought on by rapidly growing Chinese airlines, needs a more stable relationship with the union, as it struggles to bolster its sluggish business.Asiana Pilots’ Union (APU) said Monday that it is holding a vote of confidence on its leadership through Oct. 26. The unprecedented move came after a tentative agreement on wage negotiations that union leaders struck with company management was voted down by the members of the union.Of 566 pilots who cast ballots on Oct. 8, more than 66.4 percent voted against the provisional accord.In September, management headed by CEO Kim Soo-cheon and the pilots’ union reached a consensus concluding this year’s wage negotiations. Both

Oct 19, 2015By Lee Hyo-sik
Asiana pilots' union embroiled in internal feud
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