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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

Fashion firms drop outdoor apparel for streetwear

By Kwak Yeon-sooModels wearing outdoor apparel / Korea Times fileFashion companies are dropping “old-fashioned” outdoor apparel brands in favor of “casual” sports and street wear, industry officials said Monday.Fashion group LF recently decided to withdraw its outdoor apparel brand Lafuma after 14 years in business. It will shut down 81 franchises across the country by the end of next year, the company said. “We've decided to drop Lafuma from our brand portfolio due to declining sales,” an LF official said. “Instead, we will shift our focus to street wear and introduce easy-to-wear everyday clothing brands.”The company official said LF has recently clinched a deal to exclusively sell Champion, a sportswear brand which is popular among teenagers. “By focusing on sportswear and street wear, we will be able to attract younger consumers,” he said. The market for outdoor apparel in Korea was booming between 2005 and 2014, expanding at a rate of as high as 20 percent as it became ubiquitous among middle-aged people. They often wor

Nov 3, 2019By Kwak Yeon-soo
Fashion firms drop outdoor apparel for streetwear
Companies

'Cheaper than a decade ago'

Models display household products being sold at discounted prices at an E-mart outlet in Seoul, Sunday. The discount store chain operator said it will offer a diverse range of items at prices cheaper than a decade ago to promote the store's 26th anniversary. / Yonhap

Nov 3, 2019By Kwak Yeon-soo
'Cheaper than a decade ago'
Companies

SK chief urges solidarity to tackle geopolitical challenges

SK Group Chairman Chey Tae-won delivers his keynote speech during the Beijing Forum 2019 at the Diaoyutai State Guesthouse in Beijing, Friday. / Courtesy of SK GroupBy Kwak Yeon-sooSK Group Chairman Chey Tae-won used the Beijing Forum 2019 to call for global solidarity to tackle major geopolitical challenges, the company said Sunday.Under the topic “The Harmony of Civilizations and Prosperity for All,” the Beijing Forum 2019 was attended by world-renowned scholars, political figures and corporate leaders. They included Yale University Prof. Wendell Wallach, former Portuguese Minister of Foreign Affairs and Deputy Prime Minister Paulo Portas and Yang Jiechi, a member of the Political Bureau of the Central Committee of the Communist Party of China (CPC).During his keynote speech, Chey said deepening changes, in addition to poverty, terrorism and environmental degradation, have brought more uncertainties to the world.“The ongoing U.S.-China trade war and other geopolitical issues have created an unprecedented risk for the global economy,” he said. “Emerging

Nov 3, 2019By Kwak Yeon-soo
SK chief urges solidarity to tackle geopolitical challenges
Companies

Korea Sale Festa fails to excite shoppers

Trade Minister Sung Yun-mo, left, speaks at the opening ceremony for Korea Sale Festa in Myeongdong, Seoul, Oct. 31. / YonhapBy Kwak Yeon-sooKorea Sale Festa, a three-week sales campaign supported by the government to boost sluggish domestic demand, is receiving a lukewarm response from both retailers and consumers.The annual nationwide sales event, which will run until Nov. 22, was “joined” by more than 600 online and offline retailers and manufacturers this year, according to its organizing committee. However, consumers say they cannot feel the festive mood of the government-led sales event, adding the range of products and discount rates are not attractive enough for them to open their wallets.“Unlike in the past, fewer people tend to fall into the temptation trap of big sales events like Korea Sale Festa,” said Roh Kyung-soo. “We are smart enough to know that annual sales events are for the benefit of profit-starved stores rather than price-sensitive customers.”Another shopper surnamed Lee said “I noticed nothing special about Korea Sale

Nov 3, 2019By Kwak Yeon-soo
Korea Sale Festa fails to excite shoppers
Companies

Anniversary Is Vietnam a goldmine for Korean companies?

By Kwak Yeon-sooHO CHI MINH CITY, Vietnam ― With the market of Korea's largest trading partner China becoming more saturated, Korean companies have found a more sustainable alternative: investing in Vietnam. Companies have been advancing into Vietnam since the 1990s, mainly Hanoi and Ho Chi Minh City. Since the mid-2000s, Korean investment to Vietnam has changed from the light industries of textiles and garments to heavy industries such as electronics, according to foreign direct investment data. Demand for an alternative destination has risen, as many companies attempting to gain a foothold in China began encountering problems related to acquisitions and other deals. The changing global value chain as a result of the ongoing trade war between the United States and China has also pushed companies to speed up investment in Vietnam. “Korean companies are scrambling to open offices, set up joint ventures and build factories in Vietnam, as they chase opportunities in the region,” said Lim Jae-hoon, Korean consul general to Ho Chi Minh City. “They are riding the wave of

Nov 1, 2019By Kwak Yeon-soo
[Anniversary] Is Vietnam a goldmine for Korean companies?
Companies

Netmarble faces backlash from Woongjin Coway union

Members of the maintenance workers' union at Woongjin Coway display banners demanding Netmarble have an open discussion and guarantee their job security in front of the company's headquarters in Seoul, Oct. 29. / YonhapBy Kwak Yeon-sooNetmarble is facing a backlash from Woongjin Coway Workers' Union for its takeover of Korea's largest household appliance rental firm as workers demand job security and better working conditions, according to industry officials Thursday.According to the Korean Federation of Service Workers' Unions (KFSU), the union comprising of Coway's maintenance staffers took to the streets Tuesday and called on Korea's top mobile game developer to show commitment to open discussion.The union's demands include “transparency” in Netmarble's purchase of a 25 percent stake in the company and guaranteeing job security for maintenance workers. It also expressed worries that the takeover may lead to massive layoffs. “Woongjin Coway did nothing to provide better pay and job security the union has been demanding,” the union said in a statement. &ldquo

Nov 1, 2019By Kwak Yeon-soo
Netmarble faces backlash from Woongjin Coway union
Companies

Daewoo E&C sells apartments in Yeoju

An artist's rendering of a Prugio apartment complex in Yeoju, Gyeonggi Province / Courtesy of Daewoo Engineering & ConstructionBy Kwak Yeon-sooDaewoo Engineering & Construction has begun sales of apartment units for Yeoju Prugio Claterre apartment complex located in Yeoju, Gyeonggi Province. Prugio is the company's flagship housing brand, which was introduced in 1994.Yeoju Prugio Claterre offers 551 large apartments in eight buildings, all of them sized 84 square meters in area.The complex is located close to Yeongdong Expressway and other roads leading to Seoul and other major cities in Gyeonggi Province, and thus will provide convenient access to the highway. It is also located near the KTX Gyeonggang Line, which can shorten one's commute from Yeoju to Paju to 40 minutes.The company said Prugio will provide a pleasant living environment, as the complex is located near diverse residential facilities, including schools, discount stores, hospitals, gardens and a water park.Within the apartment complex, there will be various fitness facilities, including gyms and a golf practic

Oct 31, 2019By Kwak Yeon-soo
Daewoo E&C sells apartments in Yeoju
Companies

GS Group chairman calls for innovation

GS Group Chairman Huh Chang-soo, right, is briefed on Techman Robot's industrial robots during his visit to the Taiwan-based robotics company, Thursday. / Courtesy of GS GroupBy Kwak Yeon-sooGS Group Chairman Huh Chang-soo called for innovation to respond to digital transformation at a strategy meeting held on Oct. 30 and 31. The two-day meeting, which took place in Taipei, was attended by CEOs and managers of group affiliates, the company said. Together, they reviewed GS Group's overseas operations, especially in Taiwan and Southeast Asia, and discussed ways to expand its presence in the global market. “We need to learn from Taiwan's innovative companies that are currently leading Asia's Silicon Valley with future technologies, such as IoT, AI and bio,” Huh said during the meeting. “Taiwan can serve as a gateway for GS as we seek further expansion in Southeast Asia and other regions.”Huh discussed ways to cope with digital transformation, citing the need to strengthen internal innovativeness and form an agile corporate culture.“Amid the sluggish busines

Oct 31, 2019By Kwak Yeon-soo
GS Group chairman calls for innovation
Companies

Hyundai Motor unveils hydrogen-powered bus for police

Hyundai Motor President Kong Young-woon, right, poses with Prime Minister Lee Nak-yon, center, and other government officials after signing an MOU for operation of hydrogen-powered police buses at Gwanghwamun, central Seoul, Thursday. / Courtesy of Hyundai MotorBy Kwak Yeon-sooHyundai Motor has unveiled a hydrogen-powered bus for police as part of its efforts to promote public awareness of zero-emission buses, the company said Thursday.The automaker had already introduced a hydrogen-powered city bus, but this is the first model with a large cargo space for police equipment and which is suitable for long-distance travel.It comes a year after Prime Minister Lee Nak-yon proposed replacing police buses, especially those deployed around the government complex building and the U.S. Embassy in Seoul, with fuel-cell electric buses to promote the nation's hydrogen technology. The latest release also is in line with the National Police Agency's plan to turn its entire bus fleet “green.” According to the company, the bus can accommodate 29 people, including the driver. It has two 95

Oct 31, 2019By Kwak Yeon-soo
Hyundai Motor unveils hydrogen-powered bus for police
Companies

POSCO expands use of slag as fertilizers

POSCO Chairman Choi Jeong-woo, second from right, and employees use the steelmaking byproduct slag, which has been processed to make fertilizer, in paddy fields in Gwangyang, South Jeolla Province, Wednesday. Courtesy of POSCOBy Kwak Yeon-sooPOSCO has been carrying out various activities to promote the use of slag, a steelmaking byproduct, the company said Wednesday.Slag ― a mixture of silica and calcium, magnesium and iron oxides ― can be used as a fertilizer that can assist in fortifying disease resistance in rice because of its mineral components. It can also be used to assist in the growth of marine plants and to purify polluted water. Around 600 to 700 kilograms of byproducts, mostly slag, are formed in the process of making 1 metric ton of steel, according to the company.POSCO Chairman Choi Jeong-woo and 50 employees participated in a volunteer event in Gwangyang, South Jeolla Province, to demonstrate how leftover slag can be used as fertilizer. “Steelmaking slag is beneficial not only for rice health and growth, but also from economic and environmental perspectives,&rdqu

Oct 30, 2019By Kwak Yeon-soo
POSCO expands use of slag as fertilizers
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