The Korea Times

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

Companies

Foodpolis will boost local agriculture industry

Lee Jun-won, deputy minister for food industry policy at the Ministry of Agriculture, Food and Rural Affairs, speaks during an interview with The Korea Times at the government complex in Sejong city on Oct. 13./ Courtesy of Ministry of Agriculture, Food and Rural AffairsBy Lee Hyo-sikThe Korea National Food Cluster, also known as Foodpolis, is widely expected to boost the local agriculture industry, once it is completed in 2016, as more than 150 foreign and domestic food firms inside the cluster would source most of their supplies from local farms.In an interview with The Korea Times, Lee Jun-won, deputy minister for food industry policy at the Ministry of Agriculture, Food and Rural Affairs, said Foodpolis will boost the sales of domestic farms and help strengthen their global competitiveness.“When it goes into operation in late 2016, the food industry cluster will help increase the sales of local farms and help enhance their production efficiency,” Lee said. “We expect that all the food companies set up in Foodpolis will use locally-grown ingredients in their prod

Oct 18, 2015By Lee Hyo-sik

Companies

Lotte World Mall marks turbulent first year

Lotte Group Vice Chairman Lee In-won, center, cuts a cake with Lotte Corp. CEO Noh Byung-yong, second from left, and other group executives during a ceremony to mark the first anniversary of Lotte World Mall in southern Seoul, Monday./ Courtesy of Lotte Corp.By Lee Hyo-sikLotte World Mall in southern Seoul celebrated its first anniversary Thursday, putting behind a series of safety-related mishaps that dogged the country’s largest shopping and entertainment attraction over the past year.Lotte Mart and Avenuel first opened their doors on Oct. 14, 2014, followed by Lotte Cinema, Lotte Duty Free and others in subsequent days.However, large parts of the mega mall were forced to shut for five months beginning in December after a series of accidents including a water leak at the aquarium, tremors felt in the theater and cracks in the mall’s floor.Soon after Lotte World Mall reopened in May, the outbreak of Middle East Respiratory Syndrome (MERS) hit it hard as people refrained from going to crowded places such as movie theaters and department stores.Despite all these unfavorabl

Oct 15, 2015By Lee Hyo-sik

Companies

Starbucks committed to youth empowerment

Starbucks Coffee Korea CEO Lee Seock-koo and employees hand out coffee and rice cakes to passersby at the company’s “community store” in Daehangno, northern Seoul, on Oct. 7. The event was part of celebrations to mark the first anniversary of the community store, which donates a portion of its takings to finance scholarships and other support programs for young people. / Courtesy of Starbucks Coffee KoreaBy Lee Hyo-sikMark Ring, senior vice president of Starbucks Coffee China and Asia PacificStarbucks Coffee, the world’s largest coffee franchise, will expand its scholarship and other empowerment programs for young Koreans as part of a widening campaign to give back to communities, according to a company executive overseeing its Asian operations.In an interview with The Korea Times, Mark Ring, senior vice president and general manager of Starbucks Coffee China and Asia-Pacific, said Starbucks will continue to fulfill its corporate social responsibilities in Korea and look for opportunities to do more.“In celebration of our 15 years in Korea, we opened our

Oct 15, 2015By Lee Hyo-sik

Companies

'Giving back is in Diageo's DNA'

Nick Blazquez, president of Diageo Africa and Asia-Pacific, speaks during an interview at the Ritz Carlton Hotel in southern Seoul, Monday. / Courtesy of Diageo KoreaBy Lee Hyo-sikDiageo, the world’s largest premium whisky producer, has built its reputation as a responsible corporate citizen over the years, implementing a wide range of community programs around the globe.Diageo Korea, the Korean unit of the Britain-based alcoholic beverage company, is no exception to its mother firm’s worldwide “giving back” campaign, devoting substantial resources to empowering the underprivileged and promoting responsible drinking among young adults.In an interview with The Korea Times, Nick Blazquez, president of Diageo Africa and Asia-Pacific, said Diageo will continue to fulfill its corporate social responsibilities in Asia’s fourth-largest economy and look for additional opportunities to do more.“We would like to grow our brands and expand sales here,” Blazquez said. “We will then give back to communities. This is in our DNA. We can contribute to

Oct 14, 2015By Lee Hyo-sik

Companies

Lotte promises W150 bil. to retain duty free licenses

Lotte Group Chairman Shin Dong-binChairman pledges to fight elder brother in courtBy Lee Hyo-sikLotte Group has pledged to spend 150 billion won ($130 million) over the next five years to expand community services and share growth with small business partners — a bid to retain two duty free shop licenses in Seoul.Korea’s fifth-largest conglomerate also said it would foster startups in the retail and fashion sectors, and hire more university students, working mothers and migrant workers.Chairman Shin Dong-bin unveiled these and other measures during a press conference at a Lotte Duty Free warehouse near Incheon International Airport, Monday.The announcement is largely intended to impress the Korea Customs Service (KCS), which holds the key to the renewal of Lotte’s licenses for its two Seoul stores, and to make public opinion more favorable toward the group after the rekindled sibling infighting between Dong-bin and his elder brother Dong-joo over managerial control.The chairman also said he would do everything to maintain control of the group both in Korea and Japan

Oct 12, 2015By Lee Hyo-sik

Lotte promises W150 bil. to retain duty free licenses

Opinion

Foodpolis has bright future as R&D hub

An aerial view of Campden BRI in Gloucestershire, BritainBy Lee Hyo-sikToday’s consumers are increasingly demanding with respect to food and drink products. As a basic requirement, consumers expect their food to be wholly safe and of the quality and nature intended.However, these basic attributes are now not enough with additional demands being placed on the nutritional status of the food, its production using environmentally sustainable and ethical techniques, and in many cases, its availability throughout the year.Adding to these, the quest for convenience and the provision of food at the lowest possible price, we can start to understand the challenges faced by an innovative and progressive food industry.Essential to the success of the industry in satisfying the ever-more discerning consumers and in maintaining commercial sustainability is high quality science, based on cutting-edge research and development. This is at the heart of the Korea National Food Cluster, named Foodpolis, concept and follows a well tested model embraced by Campden BRI, a government-run institute that

Oct 11, 2015By Lee Hyo-sik

Lee Hyo-sik

Read more

Daewoo founder gives last public speech

Coway offers 'smart home care'

Mr. Pizza opens 100th store in China

Doosan Group hit by credit downgrades

Foodpolis will boost local agriculture industry

Lotte World Mall marks turbulent first year

Starbucks committed to youth empowerment

'Giving back is in Diageo's DNA'

Lotte promises W150 bil. to retain duty free licenses

Foodpolis has bright future as R&D hub

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