my timesThe Korea Times
yeonskwak

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.

Go to Email

Read more

Companies

Gov't to double spending on industrial materials, parts in 2020

By Kwak Yeon-sooThe government will double its 2020 budget for the materials, parts and equipment industries, in a bid to localize production to cope with Japan's export curbs against Korea, the Ministry of Trade, Industry and Energy said Wednesday.According to the budget plan approved by the National Assembly on Tuesday, industry spending for 2020 was set at 9.4 trillion won ($7.9 billion), up 23 percent from this year's 7.7 trillion won.Of the total, the government will spend about 1.3 trillion won on industrial materials and equipment research and development (R&D) next year to accelerate localization, almost double the figure of 670 billion won in 2019.The approved amount is quite the same as what the government earlier proposed, though some details were modified during parliamentary review. The budget increase comes at a time when the country has been facing external challenges such as the ongoing trade tensions with Japan, the U.S.-China trade war and faltering exports.In July, Tokyo implemented measures to curb exports of high-tech materials to Seoul, which are crucial for

Dec 11, 2019By Kwak Yeon-soo
Gov't to double spending on industrial materials, parts in 2020
People & Events

Ex-Daewoo Group Chairman Kim Woo-choong dies at 82

People pay their respects at a memorial altar for former Daewoo Group Chairman Kim Woo-choong at Ajou University Hospital funeral hall in Suwon, Gyeonggi Province, Tuesday. YonhapBy Kwak Yeon-sooFormer Daewoo Group Chairman Kim Woo-choong passed away late Monday at age 82 after having struggled with illness for about a year, according to an organization affiliated with the now-defunct conglomerate, Tuesday. The founder of the trading-to-automobile conglomerate died while undergoing treatment at Ajou University Hospital in Suwon, Gyeonggi Province, the Daewoosky Institute said, without revealing any details.“It is with great sadness that we share the news that Kim Woo-choong, a man who was respected by many and touted as an inspiration to the country's young, died of a chronic illness,” the organization said. Kim was once recognized as one of the most successful businessmen in Korea, bringing Daewoo up to become one of major conglomerates here and paving the way for its international expansion in emerging markets of Eastern Europe and Africa. Kim launched Daewoo to export

Dec 10, 2019By Kwak Yeon-soo
Ex-Daewoo Group Chairman Kim Woo-choong dies at 82
Companies

To help children in need

Starbucks Coffee Korea CEO David Song, left, poses with ChildFund Korea President Lee Je-hoon in front of a Starbucks store in Seoul, Tuesday. The company donated 580 million won ($487,000) to the charitable organization as part of its Santa Barista Fundraising Campaign. Courtesy of Starbucks Coffee Korea

Dec 10, 2019By Kwak Yeon-soo
To help children in need
Companies

WeMakePrice receives W120 bil. from IMM Investment

WeMakePrice headquarters in Seoul / Courtesy of WeMakePriceBy Kwak Yeon-sooWeMakePrice, an e-commerce platform owned by Wonder Holdings, has received 120 billion won ($100 million) in fresh investments from IMM Investment, recovering from the status of capital impairment, the company said Tuesday.The latest cash injection comes after game giant Nexon's holding firm NXC invested 250 billion won in the e-commerce platform in September.WeMakePrice said it plans to use the funds to hire more employees, secure partner firms and improve e-commerce software. IMM Investment, established in 1999, is one of the major investment firms in Korea focusing on Venture Capital, Mezzanine and Infrastructure. It currently operates 12 venture capital funds and 13 private equity funds, and has an accumulated fund of over 3 trillion won.The investments will put WeMakePrice's value at 2.5 trillion won, compared with 1 trillion won in 2015. “We expect our latest investment will enhance WeMakePrice's competitiveness, foster growth and provide customer benefits,” an IMM official said.Armed with fr

Dec 10, 2019By Kwak Yeon-soo
WeMakePrice receives W120 bil. from IMM Investment
Companies

Firms withdraw from China on worsening business conditions

By Kwak Yeon-sooA growing number of companies from Korea and other countries are pulling their production out of China due to worsening business conditions sparked by the prolonged tension between the United States and China coupled with rising operating costs there.They are moving to the ASEAN market as the 10-nation economic bloc with its young population and cheap labor costs has been emerging as the world's new manufacturing hub replacing the Chinese market.In its recent 2019-20 survey on 526 German firms operating in China, the German Chamber of Commerce in China found that 23 percent of respondents have either already decided to withdraw their production base from China or are considering it.Of them, a third or 104 companies answered that they have planned to pull out of the country entirely. The survey showed that a majority of German firms remained downbeat over the business outlook in China citing the rise in labor costs and the ongoing U.S.-China trade feud.Korea's corporate giants, including Samsung Electronics, Hyundai Motor and Kia Motors, are also keen to relocate all o

Dec 8, 2019By Kwak Yeon-soo
Firms withdraw from China on worsening business conditions
Companies

Keeping cultural heritage

Starbucks Coffee Korea CEO David Song, right, poses with Cultural Heritage Administrator Chung Jae-suk, center, after winning a presidential award for his company's contributions to honoring the nation's cultural heritage and modern history. Since 2009, the company has been involved in a series of activities to preserve cultural heritage and support descendants of Korean War veterans. / Courtesy of Starbucks Coffee Korea

Dec 8, 2019By Kwak Yeon-soo
Keeping cultural heritage
Companies

Nuclear phase-out policy will hurt economic growth: KERI

KEPCO CEO Kim Jong-kap speaks during a National Assembly inspection on KEPCO at the company's headquarters in Naju, South Jeolla Province, Oct. 11. Korea Times fileBy Kwak Yeon-sooKERI logoPresident Moon Jae-in's nuclear power phase-out policy will raise the country's electricity rates significantly in the coming decades, gradually hurting the country's economic growth, a local research institute said Sunday.In a report released Sunday, the Korea Economic Research Institute (KERI) expects that the government's nuclear phase-out policy will increase the electricity rates by 25.8 percent in 2030 and 33 percent in 2040 compared with those in 2017.Korea's average electricity price was 125.1 won per 1 kilowatt-hour in 2017, according to state-run Korea Electric Power Corporation (KEPCO).The KERI predicted that nuclear power will account for 23.9 percent of total energy sources in 2030 and 15.5 percent in 2040 if it follows the government's eighth basic plan for long-term electricity supply and demand.By contrast, the renewable energy sources, like solar and wind power, will take up 20 per

Dec 8, 2019By Kwak Yeon-soo
Nuclear phase-out policy will hurt economic growth: KERI
Companies

Brand ambassador for Genesis

Tennis star Chung Hyeon poses with the Genesis G90 during a fan meeting at the Shilla Hotel Seoul, Friday. Genesis, an independent luxury brand of Hyundai Motor, signed a five-year partnership with Chung as brand ambassador in 2018. Chung reached No. 19 in world rankings in 2018. Courtesy of Genesis

Nov 29, 2019By Kwak Yeon-soo
Brand ambassador for Genesis
Companies

Retailers appoint new CEOs for business transformation

By Kwak Yeon-sooShinsegae CEO Cha Jeong-hoShinsegae Group and Hyundai Department Store Group have announced a slew of management changes in order to actively respond to future trends and accelerate business transformation.On Friday, Shinsegae Group named Cha Jeong-ho, Shinsegae International CEO, as the new CEO of Shinsegae. Under Cha's leadership, Shinsegae will carry out a variety of business reform activities by adding home furnishing division and dividing food and housing goods categories.Meanwhile, Jang Jae-young, Shinsegae CEO, will lead the fashion and lifestyle company Shinsegae International.“The latest personnel reshuffle was carried out based purely on performance,” Shinsegae Group said in a statement. “We sought for change and innovation as the company lies in a critical period for readjustment.”Hyundai Department Store CEO Kim Hyung-jongAnother retail giant Hyundai Department Store Group appointed Kim Hyung-jong as the new CEO, replacing Park Dong-woon. Kim joined Hyundai Department Store in 1985, and has served various roles in the company before

Nov 29, 2019By Kwak Yeon-soo
Retailers appoint new CEOs for business transformation
Companies

Seoul urged to offer level playing field for foreign firms

European Chamber of Commerce in Korea (ECCK) Chairman Dimitris Psillakis speaks during a press conference unveiling the organizations White Paper 2019 at the Four Seasons Hotel in Seoul, Friday. / YonhapBy Kwak Yeon-sooThe European Chamber of Commerce in Korea (ECCK) has urged the government to ease business regulations and give equal treatment to foreign companies operating here, the association said Friday.ECCK members expressed disappointment with Korea's “double standards” in treating foreign companies, warning that the country needs to avoid discrimination and give them the “same chance” as domestic firms in public procurement.At a press conference to unveil its fifth ECCK White Paper, the business lobby group said the number of issues and recommendations it was making to the government had risen to 180 from 123 a year ago. “Many rules and regulations affect foreign and domestic business, but they change too quickly without adequate input from stakeholders,” ECCK Chairman and President and CEO of Mercedes-Benz Korea Dimitris Psillakis said. &l

Nov 29, 2019By Kwak Yeon-soo
Seoul urged to offer level playing field for foreign firms
previous page
134135136137138
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.