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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

Another Lotte unit under tax audit

By Lee Hyo-sikThe head office of Lotteria is shown in Yongsan, Seoul, Wednesday. The National Tax Service (NTS) conducted a month-long tax probe into the fast food chain arm of Lotte Group. / YonhapA Lotte Group’s fast food franchise was found Wednesday to have been audited by the tax agency, igniting speculation that agency may expand its investigation to other Lotte affiliates.The latest tax audit of Lotteria came after the unprecedented sibling feud over management has exposed the conglomerate’s opaque governance structure and outdated business practices.The National Tax Service (NTS) has already been conducting an audit of Daehong Communications, Lotte’s public relations unit.According to Lotteria, NTS officials visited the company headquarters in Seoul early July and confiscated financial documents and other materials. Company officials said the probe ended in early August and they haven’t yet been informed of any probe results.“It is true that we underwent the NTS audit,” a Lotteria official said. “But it has nothing to do with the ongo

Aug 19, 2015By Lee Hyo-sik
Another Lotte unit under tax audit
Companies

SK E&C to build premium apartments in southern Seoul

An artist’s rendering of an apartment complex to be built by SK Engineering & Construction (E&C) in Daechi-dong, southern Seoul. / Courtesy of SK E&CBy Lee Hyo-sikSK Engineering & Construction (E&C) will soon break ground on a project in which it will build the most up-to-date style apartment complex in Daechi-dong, southern Seoul, the company said Wednesday.The complex, Daechi SK View, is widely expected to draw thousands of bids from interested homebuyers seeking to make the best use of the superb residential and educational environments in Daechi-dong.The builder will first demolish decades-old apartments and build four 20-story apartment buildings on the site with 239 housing units. The construction will be completed by June 2017, according to SK E&C.The size of apartments will range from 59 to 125 square meters. Of the 239, 200 units have already been sold to those who used to live in the old apartments, while the remaining 39 will be on sale.SK plans to accept bids for those units on Aug. 26 and winners will be chosen through a draw on Sept. 2

Aug 19, 2015By Lee Hyo-sik
SK E&C to build premium apartments in southern Seoul
Companies

Lotte founder's eldest son vows not to go down quietly

By Lee Hyo-sikShin Dong-joo, the Lotte Group founder Shin Kyuk-ho’s eldest son, is vowing not to go down without a fight in the succession feud with his younger brother Dong-bin, who appears to have solidified his control of the group both in Korea and Japan.The former vice chairman of Lotte Holdings was defeated at the holding firm’s shareholders meeting on Monday, but said he will continue to pursue what he thinks is the best course of action for the 90-trillion-won business empire.“I will continue to do what is right,” Dong-joo said in an interview with Japan’s Yomiuri Shimbun, Tuesday.“I will inherit my father’s management philosophies that place the top priority on valuing employees and business partners,” he said. “My father always said I should be in charge of Lotte’s business in Japan, while my brother manages group operations in Korea. He never allowed either of us to take full control of the group in both Korea and Japan.”Dong-joo claimed he can more effectively manage Lotte’s operations in Japan than D

Aug 18, 2015By Lee Hyo-sik
Companies

Hyundai Motor to hire more young people

By Lee Hyo-sikHyundai Motor Group will hire nearly 10,000 young jobseekers this year and more next year to help alleviate the country’s deepening youth unemployment. Its suppliers also are expected to recruit at least 17,000 young people this year.The move comes several days after Korea’s biggest carmaker said it would introduce a peak wage system to all its affiliates despite labor opposition. The company wants to reduce labor costs by cutting senior workers’ wages and use the money to hire more young jobseekers.Hyundai Motor said Tuesday it will recruit 9,500 university graduates this year and increase the figure by at least 1,000 in 2016. It plans to create posts for 1,000 young people with the money it saves from the peak wage system, which cuts an employee’s salary at a certain age in return for job security.“We will hire 9,500 young people this year as planned,” a Hyundai Motor spokesman said. “We don’t know yet how many we will recruit next year but the figure will definitely be higher than this year’s.”“With th

Aug 18, 2015By Lee Hyo-sik
Companies

Lotte founder's eldest son set to strike back

By Lee Hyo-sikShin Dong-joo is seen arriving at Gimpo International Airport, Seoul, Tuesday. / YonhapShin Dong-joo, Lotte Group founder Shin Kyuk-ho’s eldest son, is set to strike back against his younger brother Dong-bin, as the latter seeks to solidify his control of the group.Dong-joo returned to Korea late Tuesday night after Dong-bin, who holds titles of Lotte Group chairman here and CEO of Lotte Holdings in Japan, vowed not to share management with his elder brother or his father earlier in the day. The chairman also pledged to reduce the influence of Lotte companies based in Japan over Lotte Hotel and other group units in Korea by taking the hotel public.Lotte Hotel is the group’s de facto holding firm, which has considerable stakes in dozens of group affiliates here. Through Lotte Hotel, Lotte Group in Japan controls the group’s Korean operations.According to insiders Wednesday, Dong-joo, former vice chairman of Lotte Holdings in Japan, came back to Korea to persuade his ailing father and other family members to support him at Lotte Holdings’ sharehold

Aug 12, 2015By Lee Hyo-sik
Lotte founder's eldest son set to strike back
Companies

Korea Forest Service creates more green areas in cities

By Lee Hyo-sikShin Won-sopKFS ministerThe Korea Forest Service (KFS) will create more green areas in Seoul and other large cities to improve the living conditions for urban dwellers, the head of the state-run agency said Wednesday.In an interview with The Korea Times, KFS Minister Shin Won-sop also said he will make more efforts to nurture forests as a place for education and leisure.“If we have more forests inside cities, this will greatly benefit the livelihoods of urban residents,” Shin said. “The greenery lowers temperatures in the summer and helps reduce air pollution, as well as providing space for recreation.”Trees also help ease noise generated by automobiles and other objects, creating more pleasant living conditions for city residents, the minister said. “In addition, urban forests provide psychological benefits by lowering residents’ stress levels, and offer sanctuary for wildlife.”The KFS has been implementing a number of forest restoration projects across the country to improve residential environment, he said.“More than 91

Aug 12, 2015By Lee Hyo-sik
Korea Forest Service creates more green areas in cities
Companies

Lotte chairman confident in bolstering grip on group

Lotte Group Chairman Shin Dong-bin bows his head during a press conference at the Lotte Hotel in downtown Seoul, Tuesday, to apologize for the succession feud with his elder brother Dong-joo. While making the apology, the chairman said he has no plans to share management with Dong-joo. / YonhapShin Dong-bin says won’t share management with elder brotherBy Lee Hyo-sikLotte Group Chairman Shin Dong-bin expressed confidence Tuesday in solidifying his control of the group operations both in Korea and Japan.While making an apology for the succession feud with his elder brother at a news conference, he pledged to improve the group’s corporate governance and make its management more transparent.However, he made it clear that he will not share management with his elder brother.He said Lotte Holdings, the holding firm of Lotte Group in Japan, will hold a shareholders’ meeting on Aug. 17 to pass proposals mainly designed to improve its governance.The shareholders meeting agenda will not include a vote on the dismissal of Dong-bin, who also holds the title of Lotte Holdings CE

Aug 11, 2015By Lee Hyo-sik
Lotte chairman confident in bolstering grip on group
Companies

8 in 10 firms willing to invest in North Korea

By Lee Hyo-sikEight out of 10 companies here would be willing to do business in North Korea following unification. They would prefer to establish a presence in Gaeseong, Haeju and Pyongyang, while engaging in the areas of natural resources exploration and infrastructure development.According to a survey of 500 companies released by the Korea Chamber of Commerce and Industry (KCCI), Monday, 87.2 percent said they would push ahead with business projects in the North after unification. Only 12.8 percent responded negatively toward business in the reclusive state.By cities, Gaeseong, Haeju and other cities just north of Gyeonggi Province are preferred by businesses, followed by Pyongyang and its nearby cities. Nearly three out of 10 companies said they are interested in developing natural resources in North Korea, while others expressed interest in undertaking infrastructure projects and running manufacturing plants north of the border.About 87.6 percent said the government should lift economic sanctions it imposed on the North in 2010 following the reclusive state’s torpedoing of

Aug 10, 2015By Lee Hyo-sik
Companies

Competition heats up for 2 casino licenses

34 firms vying for tickets to run resort complexBy Lee Hyo-sikYoon Chang-woonKolon Global CEOLim Byoung-sooGKL CEOKolon, Grand Korea Leisure (GKL) and 32 other companies are competing to win two licenses to build and operate an integrated resort complex, which would include a casino, a shopping mall and other leisure facilities.Foreigner-only casinos, which are often referred to as golden goose opportunities here, have been booming in recent years on the increasing number of Chinese and other foreign tourists.The Ministry of Culture, Sports and Tourism, which issues casino business licenses, is expected to announce this month where it would like foreigner-only casinos to be located, marking the beginning of the full-scale selection process.Many analysts say the ministry will likely issue one license to one of those seeking to build the integrated resort in Incheon. The other will be selected from companies planning to run a casino and other leisure facilities in areas next to Seoul.The ministry plans to evaluate business plans submitted by 34 candidates over the next five months and

Aug 10, 2015By Lee Hyo-sik
Competition heats up for 2 casino licenses
Companies

Export to China to ease milk oversupply

By Lee Hyo-sikThe resumption of milk exports into China is expected to help ease the chronic milk oversupply here, according to dairy industry officials Tuesday.Korea has been struggling with increasing milk inventories over the years as people drink less milk amid falling birthrates. The increasing availability of diverse beverages that substitute for milk has also reduced consumption.The increasing popularity of cheese and other processed dairy products has not mitigated the oversupply because dairy firms import cheaper foreign milk to produce the goods. However, despite the falling consumption, the number of dairy cattle has not decreased.China’s recent decision to import fresh milk from Korea again will likely help alleviate pressure on dairy farmers, according to the daily industry.“Dairy farmers are upbeat about China using Korea’s fresh milk because it will reduce milk inventories,” said an official at the Korea Dairy & Beef Farmers Association. “We hope that milk exports to China continue to increase in the coming months.”In 2012, Korea

Jul 22, 2015By Lee Hyo-sik
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