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Kwak Yeon-soo

Korea Times Digital Content Reporter

Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.

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Companies

Amorepacific, LG H&H losing clout in China

Chinese tourists exit Lotte Department Store in this Nov. 28, 2017, file photo. Korea Times fileBy Kwak Yeon-sooAmorepacific, LG Household & Healthcare and other K-beauty brands have been losing clout in China as more consumers in the world's second-largest beauty market are turning to home-grown brands and those from Japan, according to industry officials Tuesday.The K-beauty industry, which has established itself in China along with the wild popularity of K-pop and K-drama, is on the brink of losing its No.1 status in the country's imported cosmetics market this year.According to industry tracker IHS Global Trade Atlas, Korean companies accounted for 25.2 percent of China's imported cosmetics in the first 10 months of 2019, falling slightly behind Japanese rivals, whose combined market share was 25.5 percent. China's imports of foreign cosmetic products in January-October period this year rose to $9.67 billion, up 31.7 percent from a year earlier, it said. The amount is expected to surpass the $10 billion mark by the end of this year.Officials said K-beauty exports to China are

Dec 17, 2019By Kwak Yeon-soo
Amorepacific, LG H&H losing clout in China
Economy

'Gov't won't allow real estate windfall'

Finance Minister Hong Nam-ki, left, speaks during a press conference to unveil a fresh set of housing regulations at the government complex in Seoul, Monday. Land Minister Kim Hyun-mee is seen on the right. / YonhapBy Kwak Yeon-sooThe government has vowed to crack down on windfall gains from home ownership under any circumstances, warning property speculators not to purchase apartments for investment, according to the nation's top economic policymaker Monday.While announcing the 18th anti-speculation policy measures by the Moon Jae-in administration, Finance Minister Hong Nam-ki said the government will introduce more measures to curb rises in housing prices in the first half of 2020 if necessary.In particular, the number of “gap” investors has increased over the past few years despite the government's set of rules to levy hefty taxes and ban mortgage lending on properties, the minister said. Gap investing is possible when the purchase price and the long-term deposit rent, or jeonse in Korean, are about the same. This allows investors to purchase apartments with little of

Dec 16, 2019By Kwak Yeon-soo
'Gov't won't allow real estate windfall'
Companies

POSCO builds house for Pengsoo

By Kwak Yeon-sooPengsoo's house built by POSCO's premium steel brand Innovilt / Courtesy of POSCOPOSCO has built a house for Pengsoo ― an outspoken penguin character that shot to stardom via YouTube ― for free, the company said Monday.Pengsoo, which has been “living” in a prop room since April, will be able to live in a steel-made house at the Education Broadcasting Station (EBS) headquarters in Goyang, Gyeonggi Province.The steelmaker applied PosMAC, which is three times more corrosion-resistant than mild steel, to provide a comfortable environment for the 2.1-meter-tall giant penguin. It also utilized PosART, which applies advanced resolution inkjet printing techniques, to print Pengsoo's face on the exterior of the house. “We have focused on making Pegnsoo's house durable yet aesthetically pleasing,” POSCO official said. The company explained that PosMAC and PosART are part of Innovilt, its premium brand of steel products for construction. Standing for innovation, value and built, Innovilt is intended to boost the value of steel products for construction. E

Dec 16, 2019By Kwak Yeon-soo
Companies

Coupang offers pre-order for Xiaomi Redmi Note 8T

Xiaomi Redmi Note 8T series products are on sale at Coupang. / Courtesy of CoupangBy Kwak Yeon-sooCoupang is offering a pre-order service for the Redmi Note 8T, the latest device from Chinese smartphone manufacturer Xiaomi, the company said Friday.According to the e-commerce platform, buyers can receive the latest Xiaomi device by 7 a.m. Monday via its Rocket Wow dawn delivery service and become the first users in Korea.The Xiaomi Redmi Note series has gained wide popularity due to its high quality and affordable price. The new Redmi Note 8T has a 48-megapixel quad camera system and offers a high-quality photo-taking experience in selfie and panorama modes. It comes in a single variant with 4GB of RAM and 128GB of storage. It is available in three colors ― Moonlight White, Starscape Blue and Moonshadow Gray.The Xiaomi Redmi Note 8T is available for pre-order on Coupang for 239,000 won ($201) until Sunday. A six-month interest-free period is available, depending on the credit card used. “With Coupang's pre-order service, customers no longer have to wait for the latest, most popu

Dec 13, 2019By Kwak Yeon-soo
Coupang offers pre-order for Xiaomi Redmi Note 8T
Companies

Hyundai Motor, Grab partner on EV-based car hailing service in Indonesia

Hyundai Motor Manufacturing Indonesia Director Choi Yoon-seok, left, with Grab Indonesia Managing Director Ridzki Kramadibrata, second from left, and Indonesian government officials in front of Ioniq Electric in Jakarta, Friday. / Courtesy of Hyundai MotorBy Kwak Yeon-sooHyundai Motor is looking to raise its share of Southeast Asian markets by launching a car-hailing service in Indonesia in partnership with Grab, the company said Friday.The two firms will launch the pilot electric vehicle (EV) project in Jakarta early next year with 20 Ioniq EVs leased to Grab drivers. The automaker plans to increase the number by the end of 2020.The Ioniq EV can travel up to 271 kilometers per charge and can be charged to about 80 percent capacity in an hour, the company said. The move comes after Hyundai and its affiliate Kia Motors jointly invested $275 million in Singapore-based Grab in January for a partnership in the already crowded car-hailing service market. The company has been increasing its presence in growing Southeast Asian markets following sluggish sales in China and the U.S. It is als

Dec 13, 2019By Kwak Yeon-soo
Hyundai Motor, Grab partner on EV-based car hailing service in Indonesia
Companies

Korean food delivery giant merged into German rival in $4 billion deal

By Kwak Yeon-sooThe Woowa Brothers company logo / Courtesy of Woowa BrothersWoowa Brothers, operator of the Baedal Minjok food delivery service, said Friday that German food delivery giant Delivery Hero will acquire the company for $4 billion.Delivery Hero will buy the 87 percent stake held by Woowa Brothers investors such as Goldman Sachs, Hillhouse Capital, Altos Ventures, Sequoia Capital and GIC. It will acquire the remaining 13 percent owned by Woowa board members including CEO Kim Bong-jin later. Other details of the deal were not revealed. The move reflects the fierce competition in the online food delivery market, with e-commerce platform Coupang and car-sharing platforms Uber and Grab joining the race for the lion's share. “The market has been flooded with homegrown players and influential online platforms, leading Woowa to undertake a survival strategy,” Woowa Brothers said.Woowa also announced it would create a joint venture with Delivery Hero in Singapore to manage the Asia-Pacific operations of the two companies.The joint venture ― Woowa DH Asia ― will appoint

Dec 13, 2019By Kwak Yeon-soo
Korean food delivery giant merged into German rival in $4 billion deal
Tech & Science

FKI urges China to restore bilateral ties

Federation of Korean Industries Vice Chairman Kwon Tae-shin, left, talks with Chinese Ambassador to Korea Qiu Guohong, right, during the meeting at the FKI building in Seoul, Thursday. / Courtesy of FKIBy Kwak Yeon-sooThe Federation of Korean Industries (FKI) urged China, Thursday, to put a bilateral dispute over a U.S. missile defense system deployed here behind it, and to resume full economic cooperation amid continued uncertainty in the global economy.At a meeting with Chinese Ambassador to Korea Qiu Guohong, FKI Vice Chairman Kwon Tae-shin called for the lifting of a ban on group tours to Korea, and the same treatment for Korean firms in China as their local counterparts, among others. Kwon also said he was looking forward to discussing ways to enhance investment cooperation and people-to-people exchanges, asking Beijing to adopt a policy of openness to foreign direct investment in services.“In order to increase the annual Korea-China trade volume to $300 billion and the average utilization rate of the foreign trade agreement (FTA) to more than the current 50 percent, we ne

Dec 12, 2019By Kwak Yeon-soo
FKI urges China to restore bilateral ties
Companies

HDC, Kumho make slow progress in Asiana takeover

Asiana Airlines' carrier figures at the company's headquarters in Seoul / Korea Times fileBy Kwak Yeon-sooHyundai Development Company (HDC) has failed to narrow differences in negotiations with Kumho Industrial to take over debt-ridden Asiana Airlines, postponing the signing of an agreement to purchase a controlling stake in the country's second largest carrier until the end of the month, according to industry officials Thursday.Kumho Industrial, which owns a 31 percent stake in Asiana Airlines, selected the HDC-Mirae Asset Daewoo consortium as the preferred bidder Nov. 12, allowing the consortium to exclusively negotiate with the seller over the terms for a 30-day period by Dec. 12.But an HDC official said the company was unable to sign a share purchase agreement (SPA) by the deadline, declining to comment on persisting disparities. “Though we failed to sign an SPA, we are still in talks with Kumho Industrial to reach an agreement,” a HDC official said. “We cannot confirm by when we will reach an agreement unless some issues are resolved.”Industry officials s

Dec 12, 2019By Kwak Yeon-soo
HDC, Kumho make slow progress in Asiana takeover
Companies

Cellreturn eyes global expansion with LED masks

Cellreturn Chairman Kim Il-soo poses for a photo after an interview with The Korea Times at the company's headquarters in Incheon, Monday. / Courtesy of CellreturnBy Kwak Yeon-sooAppetite is growing in Korea's beauty market for home devices, as more consumers are turning to time-saving and affordable alternatives to visiting dermatology clinics and facial massage shops. According to LG Economic Research Institute, the domestic market for household beauty appliances is estimated at 500 billion won ($420 million) for this year, growing around 10 percent annually. It is expected to exceed 1.6 trillion won in 2022. The global beauty devices market is also likely to grow from $27.8 billion in 2016 to $94.3 billion by 2023, P&S Market Research said in a report. While a growing number of companies ― ranging from startups to conglomerates ― are riding on the trend and vying for a lion's share in the market, Cellreturn, a startup that developed Korea's first LED masks in 2014, is at the forefront of the beauty devices market. “LED treatments were primarily available at dermatology c

Dec 11, 2019By Kwak Yeon-soo
Cellreturn eyes global expansion with LED masks
Companies

E-mart in downsizing mode amid worsening profits

Electro Mart store at Shinsegae's Starfield shopping mall in Wirye New Town, Gyeonggi Province / Korea Times fileBy Kwak Yeon-sooE-mart is slimming down its operations by closing down unprofitable specialty stores amid sluggish consumption, high rental costs and other unfavorable conditions, according to industry officials Wednesday. E-mart is considering closing down Pierrot Shopping store in Myeong-dong, the main shopping district in downtown Seoul, due to high rental costs and fierce competition with Daiso.The country's No.1 discount store chain opened Pierrot Shopping in Korea in 2018, but ended up downscaling due to deteriorating profits. “We're considering closing the Pierrot Shopping store in Myeong-dong in order to enhance the profitability of specialty stores,” an E-mart official said. In July, it shut down Pierrot Shopping stores in Nonhyeon and Uiwang, citing “less-than-satisfactory” profits.The company has already decided to close its Pangyo branch of Electro Mart, which retails tech gadgets.E-mart has also closed 18 out of 33 outlets of health &am

Dec 11, 2019By Kwak Yeon-soo
E-mart in downsizing mode amid worsening profits
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