The Korea Times

Safety status of planes, ferries to be disclosed

By Lee Hyo-sikCompanies operating airplanes, ferries and buses will be required to disclose the results of safety tests conducted on such forms of transport along with other details about their overall condition, the Fair Trade Commission (FTC) said Sunday.Hotels, concert halls, sports stadiums and other facilities accommodating large numbers of people will also be subject to the rule, as part of government efforts to ease growing concerns over the safety of large-scale public facilities. Violators will face fines of up to 100 million won.The FTC’s move comes after a series of safety-related accidents, including the sinking of the ferry Sewol in April 2014. Man-made disasters have unnerved the public over the past few years, prompting more people to seek safety-related information.The FTC said it will soon revise related laws, requiring businesses dealing with large crowds to disclose safety-related information on their websites.Under the revision, operators of airlines and buses will have to make public when and how planes and buses are made and repaired. They are also require

May 10, 2015By Lee Hyo-sik

Safety status of planes, ferries to be disclosed

Companies

FSS to be barred from influencing corporate restructuring

By Lee Hyo-sikA group of lawmakers want to keep financial regulators from intervening in corporate restructuring unless creditors of struggling companies agree.The lawmakers plan to put what regulators do on public record in order to make the corporate overhaul process more transparent and clarify where responsibility lies.Rep. Chung Woo-taek of the Saenuri Party and 19 other governing and opposition parties plan to table a revised bill on the Corporate Restructuring Promotion Act.They seek to make the act, due to expire this year, permanent. The law has been renewed every three years since it was introduced in 2001.Lawmakers said the revision would probably pass the National Assembly soon because the government did not object to it, which would encourage most Saenuri Party lawmakers to vote in its favor.The revised act will require the Financial Supervisory Service (FSS) to obtain prior consent from more than 50 percent of creditors if it is to offer an arbitration plan concerning the restructuring of target companies.The FSS will have a say only in the areas of corporate workout, d

May 10, 2015By Lee Hyo-sik

Companies

POSCO disposes of struggling affiliates

By Lee Hyo-sikKwon Oh-joonPOSCO chairmanPOSCO is gearing up to dispose of money-losing affiliates to improve its worsening financial health, hit by intensifying competition and a global supply glut.The world’s fourth-largest steelmaker used to extend financial aid to badly performing subsidiaries or merge them with sound entities. But now it is subjecting them to a stringent restructuring scheme, or liquidating them.POSCO’s intensifying restructuring campaign has been spearheaded by Chairman Kwon Oh-joon, who took over the struggling steel giant from his predecessor, Chung Joon-yang. Chung headed POSCO from February 2009 to March 2014 and during his four-year reign, the number of subsidiaries doubled to 70 from 35.The company spent billions of dollars acquiring a wide range of businesses in the name of diversifying its portfolio. But many newly acquired units have performed poorly because of the continued economic downturn, among other reasons.According to industry sources, Thursday, POSCO has been discussing with the Korea Development Bank (KDB) whether to subject cash-s

May 7, 2015By Lee Hyo-sik

Companies

Foreign investors show mixed responses

President Park Geun-hye speaks at a meeting of economy-related ministers and civilian experts at Cheong Wa Dae, Wednesday, as they discuss ways to further remove unnecessary and excessive regulations concerning foreign direct investment (FDI) as part of efforts to boost foreign investment and the local economy. / YonhapBy Lee Hyo-sikForeign business communities here have shown mixed responses to the latest government steps to ease regulations to attract larger investments from outside the country.Some say that they welcome the government move Wednesday to relax rules concerning capital and human resources, open industries wider to foreign capital and reflect more opinions from non-Korean companies when drawing up policies. They say Korea’s corporate environment has steadily improved over the years.Others, however, say announcing a set of deregulation measures does not solve the problem, adding policymakers should have a strong will to put policies into action.“The Korean government has set in recent years a highly appreciated policy to attract foreign direct investment (F

May 6, 2015By Lee Hyo-sik

Companies

Baskin Robbins launches Avengers marketing

By Lee Hyo-sikBaskin Robbins introduces seven different flavors of ice cream cake, covered with an emblem of one of the Avengers characters, in its latest marketing blitz to capitalize on the popular superhero movie./ Courtesy of Baskin RobbinsBaskin Robbins, the world’s largest ice cream franchise, has launched an Avengers marketing campaign to attract more ice cream lovers in line with the release of the popular superhero movie.The company recently introduced “Avengers Ice Cream,” consisting of three different chocolate flavors, and the “Avengers Cake” to capitalize on the popularity of “Avengers: Age of Ultron,” which was released here on April 23.The Avengers Ice Cream’s three flavors come with candy signifying the movie’s three main characters: Iron Man, Hulk and Captain America. The three are chocolate fudge ice cream, chocolate ice cream and milk chocolate ice cream. Each scoop costs 2,800 won.The Avengers Cake is made up of seven pieces representing movie characters: Iron Man, Captain America, Hulk, Thor, Hawkeye, Black Wi

May 6, 2015By Lee Hyo-sik

Baskin Robbins launches Avengers marketing

Companies

Everland offers discounts to Air China passengers

Kim Han-gyu, right, vice president of Everland, poses with Jia Hang Yu, Air China’s Korea branch regional manager, after signing a business agreement at the Chinese carrier’s office in Seoul, on April 29. Everland, Korea’s largest theme park, will offer Air China customers a 30 percent discount when they visit the park./ Courtesy of EverlandBy Lee Hyo-sikEverland said Tuesday that it will charge Chinese visitors flying with Air China 30 percent less when they visit Korea’s largest theme park, south of Seoul.The company recently signed an agreement with China’s flagship carrier to offer ticket discounts to the latter’s customers. Under the agreement, those flying with Air China to Korea will be able to receive the discount through April 21, 2016.Air China passengers, who bring a boarding pass, will pay 30 percent less when they visit Everland and its affiliate Caribbean Bay, the country’s largest water theme park, in Yongin, Gyeonggi Province.The theme parks, which hold a wide range of festivals throughout the year, have taken steps to better

May 5, 2015By Lee Hyo-sik

Companies

Chinese money takes over Jeju casinos

By Lee Hyo-sikChinese investment in Jeju Island’s casino industry has surged over the past year in response to the increasing number of Chinese tourists there.Of the eight foreigner-only casinos operating on the island, one has already been acquired by a Chinese leisure company, and the management of the other two is influenced by businesses or individuals from China.Officials at the Jeju Special Self-Governing Provincial Government expect the trend will likely accelerate, expressing concerns that all eight casinos could be taken over by Chinese or other foreign capital.According to the provincial government and an online disclosure system run by the Financial Supervisory Service, Monday, Grand Express Korea, a joint venture between Hong Kong-based Landing International Development and Genting Hong Kong, acquired a casino at the Hyatt Hotel Jeju in June last year. The casino was then renamed Genting Jeju Casino.Genting Hong Kong is a subsidiary of the Malaysian conglomerate Genting Group.Both Landing and Genting are constructing a multi-million dollar resort complex on Jeju Isl

May 4, 2015By Lee Hyo-sik

Companies

Hite Jinro introduces 100% malt Beer

By Lee Hyo-sik“Max: Cream Real All Malt Beer”Hite Jinro, Korea’s leading brewer, has introduced the latest product of its premium Max brand, “Max: Cream Real All Malt Beer,” for the growing number of consumers seeking beer with rich flavors.In 2014, the company launched “New Hite,” which has become one of the most successful products in its 80-year history.The brewer said the new Max is on a par with some world-class beers because it is made at state-of-the-art brewing facilities, using only high-quality malts.The company also uses new yeast and produces the new Max in a “low-temperature, slow-fermentation” process to enhance its quality. It adopted the “non-heat treatment method” during the sterilization process to make the beer fresher and richer in flavor.The brewer adds “special” malts from Germany and uses 20 percent more aroma hop, compared with its other brands, to enrich the beer’s taste and aroma.The Max’s brand identity and design has also been renewed to look more modern and premium,

May 3, 2015By Lee Hyo-sik

People & Events

Pizza Hut Korea has new CEO

Steven LeeBy Lee Hyo-sikPizza Hut Korea said Friday that it appointed Steven Lee, former chief financial officer and chief information officer, as its new CEO. Lee began his career with the pizza restaurant franchise in 2013 as the head of the sales support division.Lee received a bachelor’s degree from Michigan State University and went on to the University of Chicago where he earned a Master of Business Administration degree.He previously served as sales and finance manager at Kraft Foods and a senior researcher at PepsiCo.

May 1, 2015By Lee Hyo-sik

Companies

Kumho Tire to supply for Grand Prix Series

A Formula 1 car equipped with tires produced by Kumho Tire races on a circuit in Hungary. Korea’s leading tire maker has been selected as an official supplier for the Auto Grand Prix World Series in Hungary, on May 2. / Courtesy of Kumho TireBy Lee Hyo-sikKumho Tire said Thursday that it was selected as an official supplier for the upcoming Auto Grand Prix World Series in Hungary, proving its world-class technological expertise.Since 2011, the company has been the official tire sponsor of the race competition, a level below the Formula 1 Grand Prix.The race in Hungary will begin on May 2 and six more rounds will be held in Britain, France, the Netherlands and Czech Republic throughout the year.“Being selected as a tire supplier for the Auto Grand Prix for four years in a row shows that the world recognizes our technological prowess,” a Kumho Tire spokesman said. “We have been part of many auto race competitions and built a corporate image in Europe as a high-performance tire manufacturer. We will continue to play an active role in the world of auto r

Apr 30, 2015By Lee Hyo-sik

Lee Hyo-sik

Read more

Safety status of planes, ferries to be disclosed

FSS to be barred from influencing corporate restructuring

POSCO disposes of struggling affiliates

Foreign investors show mixed responses

Baskin Robbins launches Avengers marketing

Everland offers discounts to Air China passengers

Chinese money takes over Jeju casinos

Hite Jinro introduces 100% malt Beer

Pizza Hut Korea has new CEO

Kumho Tire to supply for Grand Prix Series

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