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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Companies

Fried chicken franchises under pressure to freeze prices

A photo of a box of fried chicken sold by bhc Korea Times fileMinister of Agriculture, Food and Rural Affairs Chung Hwang-keun Korea Times fileBy Lee Kyung-minMajor local fried chicken franchises are coming under pressure to freeze prices, as recommended by the food ministry seeking to curb inflation, according to market watchers, Monday.Advancing the guidance are soaring expenses needed to dine out in the broader context of a spike in the overall cost of living over the past few months, led by sellers of fried chicken and beverages.Statistics Korea data showed the consumer price index (CPI) reached 110.56 in March, up 4.2 percent year-on-year. The 13-year high was driven by a 28.4 percent year-on-year increase in utilities including electricity, gas and water as well as a 7.4 percent jump in the cost of dining out. On a yearly basis the cost of dining out hit a 30-year high of 7.7 percent, the steepest rise since 10.3 percent in 1992. Whether the government would go as far as commissioning an audit of the franchises remains to be seen. Under the former Lee Myung-bak administration,

Apr 24, 2023By Lee Kyung-min
Fried chicken franchises under pressure to freeze prices
Companies

55 fatalities reported at construction sites in Q1

A construction site overseen by Lotte E&C in Seoul / Korea Times fileLotte E&C CEO Park Hyun-chul / Korea Times fileBy Lee Kyung-minA total of 55 workers died in accidents at construction sites in Korea during the first three months of this year, the Ministry of Land, Infrastructure and Transport said Monday. Seven of those fatalities occurred at construction sites overseen by the top 100 builders, down from 14 a year earlier. Lotte E&C, the construction affiliate of Lotte Group, reported one worker fatality at one of its construction sites in the first quarter of this year. The death is a blow to not only the Lotte affiliate, but also its parent company, following a group-wide liquidity crunch in the fourth quarter of last year. The construction affiliate failed to roll over 3 trillion won ($2.2 billion) in asset-backed commercial papers (ABCP) related to the default of Legoland Korea. Its borrowing exceeded 4.46 trillion won last year, compared to 2 trillion won in previous years. Deaths reported at sites that had construction orders from state-run e

Apr 24, 2023By Lee Kyung-min
55 fatalities reported at construction sites in Q1
Companies

KEPCO desperate to contain losses, root out corruption

Korea Electric Power Corp. headquarters in Naju, South Jeolla Province. Korea Times fileBy Lee Kyung-minKorea Electric Power Corp. (KEPCO) apologized for failing to supervise its employees who have sought profit using confidential information as well as unscrupulous spending at the Korea Institute of Energy Technology (Kentech), a much-criticized technology university associated with the state-run energy firm, according to market watchers, Friday.“We take recent media reports very seriously and are prepared to seek measures to fortify our financials,” KEPCO said in a statement.The apology fails to ease public fury over a slew of employee corruption and mismanagement cases made public over the past few months. In March, the energy ministry audit found that high-ranking KEPCO officials had used corporate credit cards for personal spending and organized overseas trips unrelated to their work. The Board of Audit and Inspection (BAI) said KEPCO misappropriated or otherwise unscrupulously spent 2.5 trillion won ($1.8 billion) between 2017 and 2021.Further propelling the critici

Apr 21, 2023By Lee Kyung-min
KEPCO desperate to contain losses, root out corruption
Companies

KAIDA vice chairman vows to strengthen communication among member firms

Korea Automobile Importers & Distributors Association (KAIDA) Vice Chairman Jung Yoon-youngBy Lee Kyung-minKorea Automobile Importers & Distributors Association (KAIDA) Vice Chairman Jung Yoon-young plans to strengthen communication among its members and global peers to advance the interests and development of the automotive industry, the association said Wednesday.The former director general of the World Wide Fund for Nature (WWF) Korea was appointed as the vice chairman in January. The public relations expert is the first non-industry expert appointed to lead the highly specialized association.He spent more than 30 years in reputation management, and has a deep understanding of Korean and global markets as well as corporate resources and profit management. “Jung is expected to play a key role in representing the interests of automotive market participants,” the association said. He graduated from Korea University before beginning his professional career at Samsung Corning, a glass and display solution affiliate of Samsung Group, in 1990.In 1992, Jung joined the

Apr 20, 2023By Lee Kyung-min
KAIDA vice chairman vows to strengthen communication among member firms
Politics

Can used goods trading platforms make money?

Daangn Market Co-Founder and Co-CEO Kim Jae-hyun / Korea Times photo by Choi Won-sukDaangn says portfolio diversification key to long-term profit By Lee Kyung-minDaangn Market and Joonggonara ― Korea's two leading online flea market platform operators ― are struggling to find a breakthrough strategy to offset years of operating losses, a concern amplified by overall rising costs of labor, transaction fees, maintenance and promotion campaigning, according to market watchers and company officials, Tuesday.Further clouding the prospects for the once-booming contactless service industry players over the past few COVID-19 pandemic years are a lack of sustainable profit models, compounded further by the thinning patience of profit-driven venture capitalists amid dimming outlook for handsome returns. Also weighing on them is fierce competition in the rapidly saturating market, as evidenced by a growing number of online platforms including traders of high-end pre-owned designer brand goods. KB Securities researcher Lee Soo-kyung said the online platforms should outline a strategy for growth,

Apr 19, 2023By Lee Kyung-min
Can used goods trading platforms make money?
Companies

Korea to fortify investment relationships with Central Europe

First Vice Minister of Trade, Industry and Energy Jang Young-jin / Korea Times fileBy Lee Kyung-minKorea will send a delegation to Hungary, Poland and Slovakia to strengthen economic and trade cooperation, the trade ministry said Sunday. The Ministry of Trade, Industry and Energy said the delegation, led by First Vice Minister Jang Young-jin, will visit the three countries from Monday to Friday.The group will hold a business roundtable in Hungary and Poland, to expand investment and trade. They will discuss developments in European Union (EU) trade policies and business activities of Korean firms. In Slovakia, a luncheon meeting with local companies as well as a tour of a local manufacturing plant is scheduled. The ministry said the three countries are a gateway for Korean companies seeking business expansion in the EU market.Trade between Korea and Hungary hit a record high of $6.96 billion (9.09 trillion won) in 2022. That between Korea and Poland also came to a record high of $89.5 billion in 2022.More than 70 Korean firms are operating in Slovakia, including Kia Motors and Samsun

Apr 16, 2023By Lee Kyung-min
Korea to fortify investment relationships with Central Europe
Companies

Apple Pay may be available at Starbucks by May

An iPhone user makes a payment using Apple Pay at a convenience store in Seoul, March 21. YonhapBy Lee Kyung-minStarbucks customers in Korea will be able to use Apple Pay, a contactless mobile payment service provided by global tech titan Apple, as soon as May, according to market watchers, Sunday.Behind the belated follow-up is Shinsegae, the operator of Starbucks Korea and other retailers, shopping malls and consumer businesses, including E-mart, Shinsegae Department Store and Starfield. The Shinsegae-mediated SSG Pay, according to the local conglomerate, will not benefit from the coffee chain not providing Apple Pay service. Instead, the longer the delay, the more frustrated consumers will become ― a development the coffee chain would not want for their loyal customers. According to financial circles, the Korean branch of the global coffee chain is fine-tuning the specifics to operate the near-field communication (NFC) system with the help of its payment gateway service provider partner. A payment gateway is a merchant service provided by an e-commerce application service provider

Apr 16, 2023By Lee Kyung-min
Apple Pay may be available at Starbucks by May
Companies

Green renovation project draws positive responses from schools, public offices

Infrastructure ministry officials tour a green renovation promotion booth at Gangdong District Office in Seoul, Tuesday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-minHankuk University of Foreign Studies (HUFS) library was able to increase its energy efficiency by 53.4 percent as of 2023 compared to 2018, a remarkable improvement led by the Land, Infrastructure and Transport Ministry's green renovation project. The university is among 80 participants in a consortium set up to advance the project led by the ministry to bolster energy efficiency and modernize old commercial buildings and residential dwellings.The ministry said in February of 2022 that the project will focus on improving energy efficiency, including setting up high-efficiency ventilation systems in buildings managed by state-run entities. Included are childcare centers, community healthcare facilities, medical clinics and other places used largely by children and the elderly.The consortium is comprised of state-run and private universities and academic institutions as well as research entitie

Apr 13, 2023By Lee Kyung-min
Green renovation project draws positive responses from schools, public offices
Companies

W1 trillion fine against Qualcomm upheld in Supreme Court

Qualcomm headquarters in San Diego, California / Korea Times fileBy Lee Kyung-minThe Supreme Court upheld a combined 1 trillion won ($760 million) in fines imposed by the Korea Fair Trade Commission (FTC) on three entities of Qualcomm, Thursday, in broader recognition that the U.S. multinational firm abusing market dominance unfairly hampered the business activities of its weaker competitors. The three are Qualcomm Incorporated and two of its modem chipset affiliates.The Supreme Court recognized the antitrust agency's claim that the company, the exclusive holder of a standard essential patent (SEP), refused to share key intellectual property with manufacturers of modem chipsets and smartphones, including Intel and Samsung Electronics. This in the FTC's view was an anti-competitive practice, which was grounds for imposing the record-high fine in 2016. SEPs are common in the highly standardized mobile and telecommunications industry, a sector defined by easy interoperability between mobile devices.Further strengthening the FTC's case was Qualcomm's agreement to fulfill the obligation o

Apr 13, 2023By Lee Kyung-min
W1 trillion fine against Qualcomm upheld in Supreme Court
Companies

POSCO International begins new era as global, eco-friendly enterprise

POSCO International's office in Songdo, Incheon / Courtesy of POSCO InternationalPOSCO Group Chairman Choi Jeong-wooBy Lee Kyung-minPOSCO International will become a green business, and raise the market capitalization to 23 trillion won ($17 billion) by 2030 backed by energy, steel among new businesses, the company said Thursday.It announced its growth strategy and vision with executives and employees in attendance.The new vision “Green Energy & Global Business Pioneer,” it said, would lead to sustainable growth.The new vision is encapsulated with the word green. It will fortify the value chain of major businesses and create POSCO group's future growth drivers.The firm was incorporated into POSCO Group in 2010 and has since expanded its presence.Examples are gas field operations in Myanmar in 2013, a POSCO P&S merger in 2017 and the establishment of POSCO Mobility Solution in 2020. It merged with POSCO Energy this year.POSCO International CEO Jeong TakPOSCO International registered sales and operating profit of 15.6 trillion won and 171.7 billion won in 2010, resp

Apr 13, 2023By Lee Kyung-min
POSCO International begins new era as global, eco-friendly enterprise
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