The Korea Times

LG, CJ compete to acquire Dongbu Farm

By Lee Hyo-sikCJ Cheiljedang and LG Chem are in an 800 billion won ($678 million) takeover battle for Dongbu Farm Hannong, the agrochemical business unit of the struggling Dongbu Group.According to the Korea Development Bank and Credit Suisse, Wednesday, LG Chem, CJ Cheiljedang and several other companies submitted preliminary bids to buy Korea’s largest pesticide and fertilizer producer. Dongbu Farm Hannong also engineers and produces seeds for rice and other crops.The sale’s managers plan to review those submitting the initial bids and select preliminary bidders by the end of September. A preferred bidder will be chosen in December.Industry watchers expect the sale price to reach 800 billion won, given Dongbu Farm Hannong’s stronger-than-expected performance in the first half of the year.In the first six months, the firm’s operating profit rose to a record high of 72 billion won. It accounts for 27 percent of the nation’s pesticide market and 19 percent of the fertilizer and agricultural seed market, according to the company.Dongbu Farm Hannong was put

Sep 16, 2015By Lee Hyo-sik

Companies

Obama to stay at Lotte-owned hotel in NY

By Lee Hyo-sikThe Lotte New York Palace HotelA New York Hotel acquired by Lotte Hotel in May will host U.S. President Barack Obama during the 70th U.N. General Assembly later this month, Korea’s fifth-largest business group said Monday.Lotte bought the New York Palace Hotel in May for $805 million and renamed it to the Lotte New York Palace Hotel on Sept. 16.“U.S. President Obama will stay at the Lotte New York Palace Hotel when he visits the city to attend the U.N meeting, which will begin Tuesday,” a Lotte Hotel spokeswoman said. “We will make all necessary preparations to accommodate his needs.”Obama and his predecessors used to stay at the Waldorf Astoria, a landmark Park Avenue hotel. But after the hotel was acquired by a Chinese insurance company in October last year, the U.S. President decided to stay somewhere else, reportedly because of security reasons. Anbang Insurance Group purchased the hotel for nearly $2 billion.Filling Obama’s absence, Chinese President Xi Jinping and Russian President Vladimir Putin are scheduled to stay at the Wal

Sep 14, 2015By Lee Hyo-sik

Obama to stay at Lotte-owned hotel in NY

Companies

Diageo's W Ice goes mainstream

By Lee Hyo-sikDiageo's W Ice by Windsor (W Ice)Diageo Korea has been riding high on growing consumer demand for mild liquor with its flagship product W Ice by Windsor (W Ice).To cope with the falling demand for hard liquor as more Koreans prefer low-alcohol drinks amid the well-being trend, the company has been actively promoting W Ice as an alternative to its traditional whisky brands.The spirit drink has also been well received by female drinkers who have emerged as a main consumer group in Korea’s liquor market.Its sales have also been fueled by the growing “fine drinking” culture where people gather at upscale bars to drink cocktails and other low-alcohol drinks. The company has been hosting bartender contests, such as the Diageo World Class, to help increase the popularity of mild alcohol drinks.“We are writing a success story with W Ice,” said a spokesman for the Korean unit of the British premium whisky maker. “We have successfully been capitalizing on rapidly changing consumer tastes toward low-alcohol spirits. Diageo will continue to intro

Sep 14, 2015By Lee Hyo-sik

Companies

Hyundai Steel offers community-tailored services

Hyundai Steel’s “Happy Yes” volunteers pose while working to turn neglected areas into vegetable gardens in Incheon on Sept. 5. The steelmaker has been running the volunteer group consisting of university students since 2009./ Courtesy of Hyundai SteelBy Lee Hyo-sikHyundai Steel has been offering community-specific services through its “Happy Yes” volunteer group, consisting of 120 university students, since 2009.The volunteers have played a key role in improving the steelmaker’s corporate image among local communities where it operates plants.On Sept. 5, volunteers worked to turn neglected areas into vegetable gardens in the residential area of Incheon, where Hyundai Steel runs a mill. They also painted the walls of houses and were engaged in other activities to upgrade living conditions there.In Pohang, North Gyeongsang Province, Happy Yes members worked to refurbish a rural community hall for senior citizens and donated various household items.On Sept. 12, the volunteers visited Dangjin, South Chungcheong Province, where Hyundai Steel&rsquo

Sep 14, 2015By Lee Hyo-sik

Companies

Foodpolis - strategic base for exporters to Asia

Kim Han-jun, second from right, CEO of Joun Health, shakes hands with Lee Ju-myeong, director general at the Ministry of Agriculture, Food and Rural Affairs, after signing a memorandum of understanding at the Korea National Food Cluster Promotion Hall in Iksan, North Jeolla Province, on Dec. 15, 2014. Joun Health plans to build a plant inside the cluster to produce health-boosting supplements for consumers in Korea, China and other Asian countries. / Courtesy of Ministry of Agriculture, Food and Rural AffairsBy Lee Hyo-sikThe Korea National Food Cluster, named Foodpolis, is expected to become a strategic base for food companies seeking to enter China, Japan and other Asian markets.The proposed cluster in Iksan, North Jeolla Province, has attracted more than 100 food producers at home and abroad thanks to its geographical proximity to key markets, advanced research and development (R&D) and information technology infrastructure, skilled manpower, attractive business incentives and other advantages.The envisioned food industry hub, which will be completed in 2016, is

Sep 13, 2015By Lee Hyo-sik

Foodpolis - strategic base for exporters to Asia

Companies

BMW, BASF won KGCCI innovation awards

Stefan Halusa, second from left, president of the Korean-German Chamber of Commerce and Industry (KGCCI), poses with Joo Hyeong-hwan, fourth from left, vice minister of strategy and finance; Rolf Mafael, fourth from right, German Ambassador to Korea; and other distinguished guests during the “KGCCI Innovation Awards” gala at the Floating Islands on the Han River, Wednesday./ Courtesy of KGCCIBy Lee Hyo-sikBMW Korea, BASF Korea and va-Q-tec Korea, an insulation device maker, won awards from the Korean-German Chamber of Commerce and Industry (KGCCI) Wednesday, for innovation in business, workforce development and green technologies.KGCCI, which represents the interests of German companies in Korea, held its first “KGCCI Innovation Awards” ceremony at the Floating Islands on the Han River Wednesday night and announced the three awardees.BMW won an award for innovation in business, BASF for innovation in workforce development and va-Q-tec Korea for innovation in green technologies, the association said.More than 170 German and Korean business leaders, as well as s

Sep 10, 2015By Lee Hyo-sik

Companies

Seoul moves to ratify Korea-China FTA

Minister of Trade, Industry and Energy Yoon Sang-jick speaks during a meeting with heads of industry associations at the headquarters of the Korea Trade Insurance Corp. in downtown Seoul, Monday. Yoon called on the National Assembly to ratify the Korea-China Free Trade Agreement to boost Korea’s sagging exports to the world’s second-largest economy./ Courtesy of the Ministry of Trade, Industry and EnergyBy Lee Hyo-sikPresident Park Geun-hye and policymakers are calling on the National Assembly to ratify the Korea-China Free Trade Agreement (FTA) as quickly as possible to boost the nation’s declining exports to the world’s second largest-economy.In a meeting with heads of industry associations Monday, Minister of Trade, Industry and Energy Yoon Sang-jick urged both the ruling and opposition parties to have the trade accord take effect soon, claiming Korea is losing 4 billion won ($3.4 million) in potential revenue every day.Korea and China signed the trade liberalization pact in November 2014, but it has yet to go into effect as parliaments in both countries ha

Sep 7, 2015By Lee Hyo-sik

Companies

Cosmetics exports to China surge 250%

AmorePacific’s high-end Sulwhasoo store at the Parkson Department Store in Shanghai. / Courtesy of Amore PacificBy Lee Hyo-sikSales of skincare and other cosmetics in China have surged more than 250 percent this year, reflecting the increasing popularity of Korean products there.Sales are expected to keep rising because of the popularity of “hallyu,” the Korean pop culture sweeping the world’s fastest-growing consumer market.According to the Korean International Trade Association, Monday, AmorePacific and other local cosmetics makers exported goods worth a combined $370.8 million to China in the first seven months of the year, up 250.6 percent from the same period last year.The figure makes Korea the second-largest exporter to China after France, which shipped cosmetics products valued at $513 million to the world’s second-largest economy from January through July.Korean companies accounted for 22.1 percent of China’s imported cosmetics, up from 9.8 percent the previous year, closing a gap with their French rivals whose combined market share was 30

Sep 7, 2015By Lee Hyo-sik

Companies

Liquor firms, gov't at odds over price hikes of soju, beer

By Lee Hyo-sikHite-Jinro and other liquor companies are at odds with the government over whether to raise the retail prices of soju, distilled liquor and beer, following hikes in bottle deposits.The companies argue that they have to increase the prices to pay higher deposits to consumers who return empty glass bottles. But the government says the distillers and brewers should keep prices the same as they benefit from a higher recycling rate of bottles.The Ministry of Environment unveiled the revised recycling promotion bill Thursday, stipulating that the amount of deposits consumers get for returning empty liquor bottles to retailers will go up, a move largely aimed at promoting the reuse of bottles.According to the revision, which will go into effect on Jan. 21, the deposit on a bottle of soju will increase to 100 won from the current 40 won, and that of beer to 130 won from 50 won. The 60 won hike is the first since 1993.In addition, the fees that liquor and beer firms pay to retailers for the handling of empty bottles will go up to 36 won from soju’s 16 won and beer’s

Sep 6, 2015By Lee Hyo-sik

Companies

400 Korean, Chinese business leaders discuss ways to boost cooperation

By Lee Hyo-sikThe largest-ever overseas business forum was held in Shanghai, Friday, with more than 400 high-ranking government officials and business leaders from both Korea and China.President Park Geun-hye, who was on a three-day state visit to the world’s second-largest economy, gave a speech to the forum participants, stressing the importance of Korea-China business cooperation.According to the Korea Chamber of Commerce and Industry (KCCI), which organized the Korea-China Business Forum at the Sheraton Hotel in Shanghai, KCCI Chairman Park Young-maan, who is also Doosan Group chairman, and 200 other heads of Korean companies attended the gathering.The previous record was a business delegation consisting of 125 heads of companies, who accompanied President Park to four South American nations in April to attend a KCCI-organized forum there.About 200 Chinese business leaders also took part in the Shanghai meeting and discussed a host of business-related issues with their Korean counterparts.“In line with improving overall bilateral relations, the Korea-China economic ti

Sep 4, 2015By Lee Hyo-sik

Lee Hyo-sik

Read more

LG, CJ compete to acquire Dongbu Farm

Obama to stay at Lotte-owned hotel in NY

Diageo's W Ice goes mainstream

Hyundai Steel offers community-tailored services

Foodpolis - strategic base for exporters to Asia

BMW, BASF won KGCCI innovation awards

Seoul moves to ratify Korea-China FTA

Cosmetics exports to China surge 250%

Liquor firms, gov't at odds over price hikes of soju, beer

400 Korean, Chinese business leaders discuss ways to boost cooperation

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