The Korea Times

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

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

People & Events

Daewoo founder gives last public speech

Kim Woo-choong speaks during the 20th World Federation of Overseas Korean Traders Associations (World OKTA) annual gathering at the Resort World Sentosa in Singapore, Monday. The founder of the now-defunct Daewoo Group delivered a keynote speech, which he said would be his last public speech. / YonhapBy Lee Hyo-sikKim Woo-choong, 80, the founder of the now-defunct Daewoo Group, gave his last public speech in Singapore, Monday, ending his turbulent public life as one of the most influential business tycoons in Korea’s modern history.During the 20th World Federation of Overseas Korean Traders Association (World OKTA) annual gathering in the Southeast Asian city-state, Kim delivered his keynote speech, titled “Global Business Leads to an Advanced Korea,” to about 700 ethnic Korean businesspeople from 40 countries.He said the speech would be his last public lecture, encouraging the participants to make inroads into as many foreign markets as possible.“Daewoo received its first export order from Singapore when I was 27 years old. It was also Koreas’ firs

Oct 19, 2015By Lee Hyo-sik

Companies

Coway offers 'smart home care'

A model promotes 'Dual Power Air Purifier IoCare,' Coway's latest air purifier linked with the Internet. On Oct.7, the company introduced the latest air cleaner, which provides tailored solution to air quality problems at each household. / Courtesy of CowayBy Lee Hyo-sikCoway, Korea’s largest home appliance rental service firm, has been focusing on offering the “smart home care,” a type of service that each household needs to keep things in order.The company, which introduced the “Coway Lady” system in 1998, has evolved from a water purifier rental firm to a comprehensive home appliance rental and household service provider. It has been shifting the industrial landscape of home appliance services and offering innovative customer services.Coway has turned its eyes to the Internet of Things (IoT) technologies, combining water purifier and other household appliances with the Internet, which provides unprecedented smart, ubiquitous and tailored user experiences.“We applied IoT technologies to household devices to offer customer

Oct 18, 2015By Lee Hyo-sik

Companies

Mr. Pizza opens 100th store in China

By Lee Hyo-sikMr. Pizza, Korea’s largest homegrown pizza franchise, opened its 100th store in China, 16 years after opening its first store in Beijing in 2000, the company said Sunday.Its latest store is located in the city of Xihu, Zhejiang Province, near Xihu Lake, one of China’s most popular tourist destinations.Mr. Pizza plans to open three more stores in Hangzhou and other nearby cities for the remainder of the year.“We opened our 50th store in October 2014, meaning that it took 15 years to open 50 shops,” a Mr. Pizza official said. “But it took only one year to add another 50, which shows our remarkable growth in China in recent months. We are very optimistic about our business prospect in the world’s fastest growing economy.”The pizza company posted a 1.5 billion won operating profit in the first nine months of the year. From 2000 through 2014, it lost money as it had to invest more than it earned.By adding 20 more stores in China in the fourth quarter, the company expects its 2015 sales will double to 100 billion won from 2014.“

Oct 18, 2015By Lee Hyo-sik

Companies

Doosan Group hit by credit downgrades

Doosan Group ChaimranPark Yong-maanDoosan Tower in DongdaemunBy Lee Hyo-sikDoosan Group, which is struggling to revive its deteriorating construction and heavy equipment businesses, has been hit by credit downgrades as its main units continue to lose money.A slowdown in China and other emerging economies, among others, has dealt a blow to the conglomerate, which does business in 16 countries across the globe.According to some industry analysts, the latest credit reduction 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.The Korea Investors Service (KIS), affiliated with the Moody’s, cut its credit ratings by one notch Friday for Doosan Infracore and Doosan Engine to BBB+ from A-. The agency also lowered the credit worthiness of Doosan Engineering & Construction (E&C) to BBB- from BBB.KIS cut its outlook for Doosan Corp., the group’s holding firm, and Doosan Heavy Industries from

Oct 18, 2015By Lee Hyo-sik

Lee Hyo-sik

Read more

Bottle shortage hits Hite-Jinro, OB, Lotte

GS E&C expanding presence in Singapore

Kumho Petrochemical hit by bribery scandal

James Kim becomes GM Korea CEO

Novelis promotes aluminum construction materials

Asiana pilots' union embroiled in internal feud

Daewoo founder gives last public speech

Coway offers 'smart home care'

Mr. Pizza opens 100th store in China

Doosan Group hit by credit downgrades

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