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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

Solvay to nurture Korea as production, R&D hub

Jean-Pierre ClamadieuBy Lee Hyo-sikSolvay, the world’s third-largest chemical company by sales, will foster Korea as its production and research hub in Asia, the company CEO said Monday.At a press conference marking the 40th anniversary of Solvay Korea, CEO Jean-Pierre Clamadieu said the Brussels-based firm would continue to expand investments, hire new workers and boost its partnership with Samsung, LG Hankook Tire and other leading Korean companies.“Solvay is celebrating 40 years of presence in Korea, which has been a key development and growth platform for its research and innovation, and for the production of specialty chemicals and high-tech materials,” Clamadieu said.“We highly value Korea’s potential as its high-tech industries and highly talented workforce make it a strategically important market and a base to set up a presence in other Asian countries We will continue to expand operations here as a production and innovation hub,” he said.Solvay Korea, founded in 1975, employs 516 people and runs three plants, two research and innovation ce

Jun 22, 2015By Lee Hyo-sik
Solvay to nurture Korea as production, R&D hub
Companies

KCCI strives to contain MERS fallout

Park Yong-maan, right, chairman of the Korea Chamber of Commerce and Industry (KCCI), speaks during a meeting with KCCI executive members at the Lotte Hotel in downtown Seoul, Monday. Park called on KCCI member firms to conduct business as usual, despite the Middle East Respiratory Syndrome (MERS) outbreak. / Courtesy of KCCIBy Lee Hyo-sikThe Korea Chamber of Commerce and Industry (KCCI) held an emergency executive meeting on Monday, calling on its 150,000 member companies to conduct business as usual to help alleviate the adverse impact on the economy from Middle East Respiratory Syndrome (MERS).While presiding over the gathering attended by Shinsegae Group Vice Chairman Chung Yong-jin and other executive members, KCCI Chairman Park Yong-maan said companies should carry on with business as usual.“Unfortunately, the MERS outbreak has been negatively affecting economic activities over the past month. Now is time for us to work together to end the ‘MERS-triggered downturn’ once and for all,” Park said. “KCCI members should hold scheduled fun

Jun 22, 2015By Lee Hyo-sik
KCCI strives to contain MERS fallout
Companies

FTC to probe duty free operators

By Lee Hyo-sikThe Fair Trade Commission (FTC) will probe seven large companies seeking to win a license for duty free shops in Seoul, in order to check whether they wield excessive market power or not, it said Sunday.The anti-trust agency plans to inform the Korea Customs Service (KCS), which supervises the ongoing selection process for three new duty free shop operators in the capital city, of the outcome of its probe.KCS is expected to announce the three winners -- two from seven large companies and one from 14 small companies -- in July.Those subject to the FTC investigation are Lotte Duty Free, HDC-Shilla Duty Free, Shinsegae Duty Free, Hyundai Duty Free, Hanwha Galleria, SK Networks and E-Land. Among them, Lotte and Shilla, which each account for 50.76 percent and 30.54 percent of the country’s duty free market, will likely face more stringent scrutiny.FTC said it will study the seven firms to check whether they exert excessive market control or not, and examine how the domestic duty free market will change when KCS issues new licenses.The current fair trade law bans a com

Jun 21, 2015By Lee Hyo-sik
Companies

LH set for another leap forward with relocation

The headquarters of Korea Land and Housing Corp. (LH) in Jinju, South Gyeongsang Province. The state-run real estate developer moved its headquartersfrom Seongnam, Gyeonggi Province, in May. / Courtesy of LHBy Lee Hyo-sikThe Korea Land and Housing Corp. (LH), the state-run real estate developer, has been working hard to reduce its debt and overhaul its business portfolio under the leadership of CEO Lee Jai-yeong.Lee, who took the helm in June 2013, has been spearheading a full-scale restructuring campaign to turn one of the nation’s largest public enterprises into a more agile, financially-sound and efficiently-managed entity.LH has slashed operational expenses and downscaled employee benefits through belt-tightening measures, while disposing of non-essential assets and focusing more on profitable development projects.As a result, the company has lowered its debt by more than 10 trillion won ($9.1 billion) over one-and-a-half years, saving about 400 billion won in interest costs. In line with LH’s improving balance sheet, credit rating agencies at home and abroad have rai

Jun 21, 2015By Lee Hyo-sik
LH set for another leap forward with relocation
Companies

Hyundai, Kia outpace Japanese, German carmakers in vehicle quality

By Lee Hyo-sikHyundai Motor and its sister company Kia Motors topped a U.S. vehicle quality study, outpacing most German and Japanese carmakers, the two companies said Thursday.Citing the 2015 U.S. Initial Quality Study released Wednesday by J.D. Power, a U.S. marketing information service provider, they said Kia Motor came in first among 21 non-premium brands, followed by Hyundai Motor, Chevrolet and Toyota.Among 33 brands, including 12 premium brands, Kia and Hyundai ranked second and fourth, respectively, ahead of BMW, Lexus, Mercedes-Benz and Audi.Hyundai Motor Group officials are expressing hope that the latest study will boost its sagging U.S. sales in the coming months.In a report titled, “Korean brands lead industry in initial quality, while Japanese brands struggle to keep up with pace of improvement,” J.D. Power said Korean brands continue to widen the quality gap with other automakers, while Japanese makers collectively fell below the industry average for the first time in 29 years.The study examines problems experienced by vehicle owners during the first 90 da

Jun 18, 2015By Lee Hyo-sik
Companies

Shintanjin plant: KT&G's export hub

A box containing ESSE brand cigarettes is on a conveyor belt at KT&G’s Shintanjin plant in Daejeon. The cigarette maker’s largest plant produces ESSE and other brand products that are sold in 50 countries. / Courtesy of KT&GBy Lee Hyo-sikKT&G, the country’s largest cigarette maker, has transformed itself into a global corporate giant with a presence in 50 countries from a largely domestic-focused enterprise.The company has made inroads into the Middle East, Central Asia and other parts of the world over the years, becoming the world’s fifth-largest cigarette producer. It has developed a series of innovative, eco-friendly products and implemented a wide range of corporate social responsibility (CSR) activities to give back to local communities.For KT&G’s rise to global stardom, its Shintanjin plant in Daejeon has played a pivotal role.The plant, which produces the firm’s most popular ESSE brand, is the largest of its three production facilities. KT&G also runs plants in Yeongju, North Gyeongsang Province and Gwangju.The Shintanji

Jun 18, 2015By Lee Hyo-sik
Companies

21 ministries have 'foreign investment officers'

By Lee Hyo-sikThe government has appointed “foreign investment officers” to 21 ministries to further boost communication with foreign business communities and more effectively deal with difficulties facing non-Korean firms operating here.The officers will serve as a bridge between their respective ministries and foreign companies, and help the latter cope with regulations, taxes and other policy issues concerning their business activities, the Ministry of Trade, Industry and Energy said Wednesday.The trade ministry and an ombudsman office at KOTRA have been an official channel between the government and foreign business communities. However, foreign companies often had a hard time in conveying their opinions to other government bodies, including the finance, labor and environment ministries.The trade ministry said it held a meeting with the foreign investment advisory panel at the Seoul Grand Hyatt Hotel, Wednesday. BMW Korea CEO Kim Hyo-joon and 12 other heads of foreign firms attended the gathering, along with 10 representatives of foreign chambers of commerce in Korea.

Jun 17, 2015By Lee Hyo-sik
Companies

Midland Power helps small biz partners head abroad

Employees of Korea Midland Power (KOMIPO) pose with CEOs of the company’s small business partners at the Cirebon power plant in Indonesia on June 11. KOMIPO organized the visit to the Southeast Asian nation as part of its effort to enable small companies in the field of power generation to enter foreign markets./ Courtesy of KOMIPOBy Lee Hyo-sikKorea Midland Power (KOMIPO), one of five power generation units of Korea Electric Power Corp., has been spearheading efforts to help its small business partners find new business opportunities abroad.The company has bought a wide range of equipment from small businesses here when constructing and operating power plants in Indonesia and other countries. It has also bridged local small manufacturers and foreign power plant operators seeking to purchase high-quality parts and equipment from Korea.On June 11-12, KOMIPO accompanied CEOs of 15 small business partners in a visit to its power plants in Indonesia. They toured the Cirebon and Tanjung Jati power plants, which were both built and are operated by KOMIPO.About 25 KOMIP

Jun 17, 2015By Lee Hyo-sik
Companies

Innocean scouts British ad expert as chief creative officer

By Lee Hyo-sikJeremy CraigenInnocean Worldwide, an advertizing unit of Hyundai Motor Group, said Tuesday it has hired a British national with 30-years experience in advertizing as its new global chief creative officer (CCO).Jeremy Craigen will coordinate its global ad operations spanning 17 countries and attract new clients abroad.Craigen, born in 1963, is a well-known figure in the advertizing industry, receiving nearly 1,000 awards in major international contests.From 2012 through 2015, he served as a global chief brand manager for German automaker Volkswagen. He also worked at Budweiser, Sony, American Airlines and other multinational firms, responsible for managing their brand and advertizing operations.“We scouted Craigen for our newly-established post of global chief creative officer,” a company spokesman said. “His main task is to build an organic network among Innocean’s 22 offices across the globe to produce high-quality output in a sustainable and coordinated manner.”Over the past 10 years, the company has selected one creative director for eac

Jun 16, 2015By Lee Hyo-sik
Innocean scouts British ad expert as chief creative officer
Companies

'Please, conduct business as usual'

By Lee Hyo-sikThe Federation of Korean Industries (FKI) and other business associations are calling on member companies to carry on with business as usual to help alleviate the adverse impact on the economy from Middle East Respiratory Syndrome (MERS).FKI, a lobby that largely represents the interests of the country’s family controlled conglomerates, said Monday that it sent a notice to its 600 members asking them to run business activities while taking necessary precautions against the highly infectious, flu-like virus.“To minimize negative effects of the MERS outbreak on the economy, we are asking our member firms to hold meetings, send employees abroad and conduct other activities as usual,” a FKI spokesman said. “Of course, we are encouraging companies to take all possible measures to prevent the spread of the MERS virus at their workplaces.”Unlike many organizations that have canceled planned events over MERS fears, FKI plans to hold its scheduled gatherings at home and abroad.For instance, it sent a business delegation to the United States las

Jun 15, 2015By Lee Hyo-sik
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