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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

Doosan pulls out of duty-free business

A Doota Duty Free shop in Seoul / Korea Times fileBy Kwak Yeon-sooDoosan Group will pull out of the duty-free business due to declining sales and intensifying competition, the company said Tuesday. Doosan said its board decided to end the business, and will discuss with the customs agency to decide when it will close its outlets. Since its launch in May 2016, the group's duty-free business has logged more than 70 billion won ($60 million) in aggregated losses.Doosan explained that although Doota Duty Free succeeded in achieving a turnaround in 2018, it is pessimistic about making profits in the long-term.“We've decided to drop the duty-free business due to a declining number of Chinese visitors and fierce competition,” a Doosan Group official said in a statement.The nation's duty-free operators suffered a sharp fall in the number of Chinese tourists amid a diplomatic row between Seoul and Beijing over the deployment of an advanced U.S. missile defense system called the Terminal High Altitude Area Defense (THAAD) in Korea.China had banned its travel agencies from selling K

Oct 29, 2019By Kwak Yeon-soo
Doosan pulls out of duty-free business
Tech & Science

South Korea to make smartphones go-to device for personal data, certificates

Science and ICT Minister Choi Ki-young, left, speaks during a press briefing to unveil the government's digital initiatives in public services at the Government Complex in Seoul, Tuesday. Interior and Safety Minister Chin Young stands next to Choi in this photo. / YonhapMinistry announces plans to digitize public servicesBy Kwak Yeon-sooThe government will spend 725 billion won ($622 million) by 2022 on digital innovation in the public sector, the Ministry of the Interior and Safety and the Ministry of Science and ICT announced Tuesday.As part of this, the administration will foster a plan allowing individuals and organizations to store their identification credentials, including resident registration numbers, on smartphones for ease of use when necessary. This system will no longer require the involvement of intermediaries ― mostly government-certified or publicly run entities that manage personal data ― according to the ministries. “With the move, the government hopes to lead an AI-based digital transformation and provide high-quality public services,” Interior Minister

Oct 29, 2019By Kwak Yeon-soo
South Korea to make smartphones go-to device for personal data, certificates
Tech & Science

SKT, Kakao boost partnership through equity swap

SK Telecom Vice President Ryu Young-sang, left, shakes hands with Kakao CEO Yeo Min-soo after signing a strategic partnership via a stock swap at the company's headquarters in Seoul, Monday. Courtesy of SK TelecomBy Kwak Yeon-sooSK Telecom and Kakao will bolster strategic partnership in reshaping the nation's ICT ecosystem through a share-swapping deal, the two companies said Monday.Under the deal, SKT will sell its company shares worth 300 billion won ($257 million) to Kakao, and the mobile messenger app operator will issue new stocks to the mobile carrier accordingly. As a result, SK Telecom will own a 2.5 percent stake in Kakao, while the mobile messenger app operator will hold a 1.6 percent stake in the telecom company. The stock acquisition is scheduled for Nov. 5, according to them.The two companies said the latest partnership is significant, as it involves a stock swap and encompasses not only business and services but also research and development (R&D) activities.Together, they will develop services that utilize 5G networks for telecommunication, e-commerce, digital cont

Oct 28, 2019By Kwak Yeon-soo
SKT, Kakao boost partnership through equity swap
Companies

'We are one team'

GM Korea President and CEO Kaher Kazem, front row center, poses with employees and suppliers at the 9BU Supplier Launch & SQ Excellence Award Event held at the GMK Bupyeong Plant in Incheon, Friday. Kazem thanked GM suppliers, saying “We need to consolidate and make all-out efforts to successfully launch Chevrolet Trailblazer and Buick Encore next year.” / Courtesy of GM Korea

Oct 27, 2019By Kwak Yeon-soo
'We are one team'
Companies

4 in 10 firms suffer earnings shock in Q3

By Kwak Yeon-sooFour in 10 Korean firms saw their operating profits fall in the July-September period from the same period a year ago, data showed Sunday, with major tech firms such as Samsung Electronics and SK hynix grappling with the semiconductor industry's downturn. Of the 39 major listed firms that have announced their third-quarter earnings, 15, or 38.5 percent of them, were below the market consensus, according to market tracker FnGuide.Samsung Electronics' third-quarter operating profit dropped 56.2 percent year-on-year to 7.7 trillion won ($6.5 billion) in the face of slowing demand for smartphones and other electronic devices.Another chipmaker SK hynix lost 92.7 percent to 472.6 billion won in the July-September period from a year earlier. The two companies cited falling semiconductor prices and the slowing global economy as underlying factors for their earnings setback. Since late last year, they have been reporting lackluster earnings.“We will reduce the production of DRAM and NAND flashes next year. We will also cut investment to respond to the worsening market en

Oct 27, 2019By Kwak Yeon-soo
Companies

Subway faces punishment for allegedly abusing franchisee

The Fair Trade Commission's main office in Sejong Government Complex / Korea Times fileBy Kwak Yeon-sooSubway is facing a punishment from the Fair Trade Commission (FTC) which is reviewing punitive measures against the U.S.-based sandwich franchise operator for mistreating a franchisee in Korea, the antitrust regulator said Sunday.“We're still in the progress of reviewing punitive measures against Subway,” an FTC official said. “We will soon hold a meeting to decide on the penalty after further investigation.”According to the FTC, a Subway franchise owner who operated a store in Anyang, Gyeonggi Province, filed a civil complaint in 2017 for being mistreated by Subway. Subway is accused of violating the law on franchise businesses, as the company unilaterally ordered the franchisee to shut down his store. The owner claims the company cited “no compelling reason” for him to close down. The owner surnamed Ji said that Subway ordered him to shut down his store, citing poor hygiene control and lack of ingredients. Although he made amendments afterward,

Oct 27, 2019By Kwak Yeon-soo
Subway faces punishment for allegedly abusing franchisee
Companies

Menswear designer challenges idea of fast fashion

Menswear brand Bastong designer and CEO Alt Ki poses for a photo after an interview with The Korea Times at the fashion outlet in Yeonnam-dong, Seoul, Aug. 6. / Courtesy of BastongBy Kwak Yeon-sooMenswear brand Bastong challenges the ideas of fast fashion, placing the emphasis on authenticity and simplicity. Alt Ki, chief designer and CEO of Bastong, is interested in classic styles and function.“So far, my collections have been all about understanding what men want to wear and what they need in their wardrobe,” Ki said, adding that he is incredibly quality conscious.“When I started the business in 2011, I had a humble desire to develop seven waxed jackets with top quality.”Ki's selection of the collection, however, includes everything from a cozy cashmere sweater to mustard-colored trousers and a slim cotton oxford shirt. There are also a few of his signature waxed jackets that are lined through the sleeves and shoulders to deliver a natural feeling.When asked why he exclusively makes men's clothes while womenswear could be more lucrative, Ki said “Becau

Oct 24, 2019By Kwak Yeon-soo
Menswear designer challenges idea of fast fashion
Companies

Sephora opens first store in Korea

Sephora's first outlet located at Parnas Mall in Seoul / YonhapBy Kwak Yeon-sooSephora has opened its first store in Korea, where innovative beauty products and trends reign, the company said Wednesday.At the grand opening event held at Parnas Mall in Samseong-dong, Seoul, Sephora Korea said it will strive to achieve double-digit growth in sales revenue over the next seven years, taking advantage of the growing interest in beauty specialist retailers.The company also plans to open six other local stores and an official online store by 2020, as well as 13 additional stores by 2022.The new flagship shop, which covers 547 square meters, features hundreds of cosmetics, skincare, and fragrance brands along with its own private label. Sephora Korea CEO Kim Dong-ju speaks during the brand launch event held at Parnas Mall in Seoul, Wednesday. Yonhap“What sets us apart from other beauty specialist retailers is that we offer a huge range of products unseen elsewhere, and with professional staff to help customers,” Sephora Korea CEO Kim Dong-ju said during the launch event at Parnas

Oct 23, 2019By Kwak Yeon-soo
Sephora opens first store in Korea
Companies

POSCO chairman visits Argentina

POSCO Chairman Choi Jeong-woo, right, sprays underground salt water at the company's lithium extraction site in Salta Province, Argentina, Wednesday. POSCO is building a lithium extraction plant near Hombre Muerto salt lake to extract lithium, and expects the plant will produce 25,000 tons of lithium hydroxide annually for at least 50 years. Courtesy of POSCO

Oct 23, 2019By Kwak Yeon-soo
POSCO chairman visits Argentina
Companies

Gov't to boost hydrogen infrastructure

Hyundai Motor's hydrogen filling station in Anseong Rest Area, Gyeonggi Province / Korea Times file310 hydrogen charging stations to be set up by 2022By Kwak Yeon-sooThe government will build 310 hydrogen charging stations across the country by 2022, the Ministry of Trade, Industry and Energy said Tuesday. This will comprise of 250 in major cities and 60 on expressways, while the total will grow to 1,200 by 2040 according to the ministry. Once this last target is achieved, drivers will be within 15 minutes of a charging station anywhere.The ministry's plan is based on the assumption that there will be 67,000 hydrogen cars in use by 2022. This will create an annual demand for hydrogen of 30,000 tons. “We plan to build hydrogen stations taking into account various factors, including the total number of registered hydrogen cars, population and traffic volume per region,” an ministry official said. “By the end of this year we will already have 86 stations.”The plan is in line with President Moon Jae-in's hydrogen policy vision to promote clean energy vehicles. Moo

Oct 22, 2019By Kwak Yeon-soo
Gov't to boost hydrogen infrastructure
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