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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

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
'Giving back is in Diageo's DNA'
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
Foodpolis has bright future as R&D hub
Companies

Lower tax, new models boost auto sales

By Lee Hyo-sikDomestic automakers and imported car brands saw their sales here jump by double digits in September on the launch of new models and lower consumption taxes levied on automobiles.According to the Ministry of Trade, Industry and Energy, Thursday, the country’s five automakers and importers of foreign brand vehicles sold a total of 149,327 vehicles in September, up 16.3 percent from the same month last year.Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motor and Ssangyong Motors produced a combined 333,759 vehicles last month, up 13.5 percent from a year earlier, despite a partial strike by unionized workers at Hyundai, Korea’s largest automaker.The five carmakers also shipped a total of 203,762 vehicles to foreign markets on the back of the growing overseas demand for made-in-Korea sedans and sports utility vehicles, which was up 3.5 percent.The ministry said Korean consumers purchased 24,323 cars from BMW, Volkswagen and other foreign car brands, up 37 percent from a year earlier.“The consumption tax cut by 30 percent, which went into effect on A

Oct 9, 2015By Lee Hyo-sik
Companies

Korean firms slow in reshuffling portfolios

By Lee Hyo-sikKorean companies have been slower in reshuffling their business portfolios in line with changing economic conditions, compared to their U.S. and Japanese peers, a think tank said Thursday.According to a report issued by the Korea Economic Research Institute (KERI), affiliated with the Federation of Korean Industries, Samsung Electronics acquired 37 other firms from 2010 through September 2015.However, Google, the world’s largest Internet portal, took over 154 entities during the same period, 4.1 times more than Korea’s largest enterprise. Softbank, Japan’s largest Internet firm, purchased 16 companies since 2014, more than Samsung’s nine.KERI said that in addition to Samsung, Hyundai Motor, SK, LG, POSCO and other large companies here have largely remained risk averse and reluctant to revamp their business structures in accordance with the rapidly changing industrial landscape.“Global companies have actively engaged in mergers and acquisitions to reorganize their portfolios,” KERI researcher Kim Yoon-kyung said. “For instance, G

Oct 9, 2015By Lee Hyo-sik
Companies

KT&G has new CEO

New KT&G CEO Baek Bok-in speaks during his inauguration ceremony at the company headquarters in Daejeon, Wednesday. Baek pledged to eradicate dubious business practices through transparent and ethical management during his three-year tenure. / Courtesy of KT&GBy Lee Hyo-sikKT&G shareholders approved the appointment of Baek Bok-in as the new company CEO, Wednesday, despite his alleged involvement in his predecessor Min Young-jin’s creation of a slush fund.Korea’s largest cigarette producer held an extraordinary shareholders’ meeting at its headquarters in Daejeon, with the majority endorsing the recommendation of the board of directors that Baek, former vice president of production, be appointed as the new CEO.In an inaugural speech, Baek said he will do everything he can to make the company management more transparent and abolish dubious business practices.“I will take all possible measures to make the company more transparent, open and self-regulated,” he said. “Transparent and ethical management is a must for KT&G to achieve susta

Oct 7, 2015By Lee Hyo-sik
Companies

Cho to head global nuclear power body

By Lee Hyo-sikCho Seok, CEO of Korea Hydro & Nuclear Power, delivers an inaugural speech during the World Association of Nuclear Operators meeting in Toronto, Canada, Tuesday. He was elected as the WANO chairman to head the international body for two years./ Courtesy of Korea Hydro & Nuclear PowerCho Seok, CEO of Korea Hydro & Nuclear Power (KHNP), was elected to head the World Association of Nuclear Operators (WANO) during the global body’s annual gathering in Toronto, Canada, Tuesday.Cho will serve as the WANO chairman for two years, which will likely help raise KHNP’s global profile and make it easier for Korea’s state-run nuclear power plant operator to export its knowhow and expertise.WANO members also decided to hold the next gathering in Gyeongju, South Gyeongsang Province, in October 2017.WANO, set up in 1989, is an international, non-profit group of nuclear power plant operators whose primary mission is to achieve the highest possible standards of nuclear safety. The body, based in London, has 126 members from 35 nations.“I am truly honore

Oct 7, 2015By Lee Hyo-sik
Cho to head global nuclear power body
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