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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

'Foreign firms need effective gov't relations consulting'

By Kwak Yeon-sooIn Korea, the policymaking process is often conducted under a veil of secrecy. Only bureaucrats, lawmakers and a limited number of other stakeholders take part in shaping government policies and legislation, leaving most businesses and individuals in the dark.In particular, multinational companies, many of which have been struggling to deal with the country's antitrust regulations, taxation, labor policies and environmental rules, have a higher tendency of being excluded from the policymaking process.Although public relations agencies and law firms have staff who conduct public policy matters for them, there are only a few organizations that can offer advice on how to convey their opinions to policymakers.To meet increasing demand from multinational businesses here for effective government relations consulting, GR Korea ― a specialist consultancy focusing on public affairs ― opened an office in February this year to bridge the gap between the two sides, according to its head.GR Korea Country Manager Kim Young-jin said GR Group, which has offices in Washington D.C., Lo

Nov 13, 2019By Kwak Yeon-soo
'Foreign firms need effective gov't relations consulting'
Companies

POSCO establishes social project fund with Yancoal

POSCO Chairman Choi Jeong-woo, second from right, poses with Yancoal CEO Reinhold Schmidt, left, Clontarf Foundation Chairman Ross Kelly, center, and other officials after signing a matching fund initiative in Sydney, Wednesday. Courtesy of POSCOBy Kwak Yeon-sooPOSCO has established a “GEM” social project fund with Australia-based coal producer Yancoal, the company said Wednesday.POSCO became a joint-venture partner with Yancoal when it invested in the Mount Thorley coal mine in Australia in 1981, as part of its raw materials development plan. Since 2006, Yancoal has been providing coal to POSCO.“We are pleased to announce the social value project with Yancoal,” POSCO Chairman Choi Jeong-woo said. “Together we will establish a GEM matching fund and share corporate citizenship values with the Australian community.” Choi said GEM stands for “Go Extra Mile,” which is aimed at curbing unemployment and assisting with productivity among local communities. The steelmaker said each company will donate $50,000 a year to run a variety of educatio

Nov 13, 2019By Kwak Yeon-soo
POSCO establishes social project fund with Yancoal
Companies

New Abu Dhabi crude exchange

GS Caltex President Hur Sae-hong poses with ADNOC CEO Sultan Ahmend Al Jaber after a signing ceremony for the launch of the Intercontinental Exchange Futures Abu Dhabi (IFAD) in Abu Dhabi, Monday. The refiner said Tuesday it will join global energy giants BP, Total and Shell in listing Abu Dhabi Oil's flagship Murban crude grade. / Courtesy of GS Caltex

Nov 12, 2019By Kwak Yeon-soo
New Abu Dhabi crude exchange
Companies

Honoring war veterans of Ethiopia

Lotte Corp. President Oh Sung-yup, third from left, poses with Korean Ambassador to Ethiopia Lim Hoon-min, center, and other officials in front of its overseas war veteran center in Addis Ababa, Ethiopia, Monday. Ethiopia sent 3,500 troops to the Korean Peninsula during the 1950-53 Korean War, according to Lotte and the Ministry of National Defense. / Courtesy of Lotte Corp.

Nov 12, 2019By Kwak Yeon-soo
Honoring war veterans of Ethiopia
Companies

POSCO launches integrated steel brand 'Innovilt'

POSCO President Chang In-hwa, sixth from left, poses with POSCO Engineering & Construction CEO Lee Young-hoon, fifth from right, and other officials at the launch event for “Innovilt” at the POSCO Center in Seoul, Tuesday. / Courtesy of POSCOBy Kwak Yeon-sooPOSCO has launched its integrated structural steel brand “Innovilt” in a bid to drive the premium steel market, the company said Tuesday.Innovilt ― a combination of innovation, value and built ― embodies eco-friendly and future technologies for structural steel widely used in the construction industry, POSCO said. On Tuesday, the steelmaker launched the brand at the POSCO Center in Seoul. About 150 government and construction industry officials attended. Structural steel refers to a variety of products, including high-strength steel, used for the construction of high-rise buildings, apartment complexes and infrastructure such as roads and bridges. POSCO said it decided to launch an integrated brand so construction experts and end users could easily recognize and select POSCO's structural steel materials

Nov 12, 2019By Kwak Yeon-soo
POSCO launches integrated steel brand 'Innovilt'
Economy

6 in 10 firms still uncomfortable with 52-hour workweek

By Kwak Yeon-sooCompanies have been adjusting to the new rule mandating a maximum 52-hour workweek, but 60 percent of the firms still struggle with labor inflexibility and other difficulties, a survey taken by the Korea Chamber of Commerce and Industry (KCCI) showed Tuesday. Companies said they want a more flexible system that allows them to adjust working hours to 52 hours on average within a certain period ― allowing workers to work longer when the company is busy and reduce their working hours later in exchange.In the survey targeting 211 companies with 300 employees or more, 91.5 percent said they have been adapting to the 52-hour workweek, while 8.5 percent said they have not established a new system.However, 60 percent of the companies, which said they have been adjusting to the system, raised concerns that the shorter workweek fails to take into account the needs of each industry.“The 52-hour workweek system was introduced to boost productivity and efficiency, but many large and mid-sized companies are calling to increase flexibility in working hours in accordance with s

Nov 12, 2019By Kwak Yeon-soo
6 in 10 firms still uncomfortable with 52-hour workweek
Companies

Convenience stores vie for side dish market on shorter workweek

By Kwak Yeon-sooThe competition in the side dish market is getting fiercer among convenience stores as the market has been growing following the introduction of the 52-hour workweek last year, and the rise of single-person households. An increasing number of Korean consumers are looking for diverse and healthy side dishes at affordable price. “Following the improved work-life balance, there has been a huge increase in demand for side dishes,” a BGF Retail official said. “We will develop and offer more product varieties that are healthier and tastier.”According to data compiled by CU, a convenience store chain run by BGF Retail, its side dish sales grew 72.3 percent in 2018 from the previous year. In the January-October period this year, its sales grew 40.1 percent from the same period a year ago. CU attributed its rapid growth to its wide product variety, consisting of 120 side dish options including dried seaweed and kimchi.The company released Kim Soo-mi packed side dish menus ― spicy pork ribs and braised spicy chicken ― on Friday.“Whenever I don't ha

Nov 8, 2019By Kwak Yeon-soo
Convenience stores vie for side dish market on shorter workweek
Companies

Hyundai Motor eyes 'human-centered' mobility innovation

Hyundai Motor Group Executive Vice Chairman Chung Euisun speaks at the Mobility Innovators Forum (MIF) 2019 held at Pier 27 in San Francisco, Thursday. / Courtesy of Hyundai Motor GroupBy Kwak Yeon-sooHyundai Motor Group will adopt a human-centered approach that prioritizes people's physical and mental needs to achieve mobility innovation, the company said Friday.In a keynote speech at the Mobility Innovators Forum (MIF) 2019, Hyundai Motor Group Executive Vice Chairman Chung Euisun said the company's commitment to mobility innovation is for the progress of humanity.“Cities and mobility services were developed for humans from the very beginning,” Chung said. “That's why we are making a wide range of efforts to study a human-centered future from a broader humanities perspective.”Delivering the speech under the theme “Human-centered mobility,” Chung said he believes that technology and innovation should serve the needs of people.He highlighted the importance of designing new mobility concepts that support the flourishing of people and their communiti

Nov 8, 2019By Kwak Yeon-soo
Hyundai Motor eyes 'human-centered' mobility innovation
Companies

Porsche's first electric car

Porsche Korea CEO Holger Gerrmann with the electric Porsche Taycan Turbo S at an unveiling event at the Banyan Tree Club & Spa in Seoul, Friday. The Taycan will be officially launched in Korea in the second half of next year. Yonhap

Nov 8, 2019By Kwak Yeon-soo
Porsche's first electric car
Companies

'Boycott Japan' loses steam amid aggressive promotional events

Pedestrians walk past Nissan Korea's showroom in this file photo. / Korea Times fileBy Kwak Yeon-sooThe “Boycott Japan” movement, sparked by Japan imposing restrictions on the exports of key industrial materials to some Korean firms, has begun losing momentum amid brisk sales promotions and steep discounts by Japanese companies here, according to industry analysts, Thursday.It appears that the movement has lost steam online in particular since peaking in the July-August period, they said.“If there is no kindling to the fire, public attention gradually fades,” said an analyst at eMFORCE, a big data market analysis company. “Although consumers still actively use social media to scrutinize remarks made by Japanese companies, many have toned down their criticism.”eMFORCE predicted the boycott will eventually die down, but said it could take much longer for Japanese goods to regain their former popularity here.According to data from the Korea Automobile Importers & Distributors Association (KAIDA), Japanese auto sales increased to 1,977 in October,

Nov 7, 2019By Kwak Yeon-soo
'Boycott Japan' loses steam amid aggressive promotional events
  • Travel satisfaction levels regarding Japan sharply decline
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