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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

Renault Samsung seeks 'mutual growth' with subcontractors

By Kwak Yeon-sooRenault Samsung Motors CEO Dominique Signora speaks at the Supplier Convention 2019 in Seoul, March 7. / Courtesy of Renault Samsung MotorsRenault Samsung Motors is stepping up efforts to achieve mutual growth with partner firms by offering various support, the company said Thursday.The carmaker's efforts for shared growth have been recognized nationwide, receiving good grades from the Korea Commission for Corporate Partnership (KCCP) for five consecutive years ― from 2014 to 2018. The KCCP started to score the efforts in 2011 in a bid to drive mutual growth between large companies and their subcontractors.The committee evaluates contract fairness, prevention of law violations, efforts to comply with the law and support for win-win cooperation. Renault Samsung has pledged to promote fair trade with its subcontractors, carrying out activities such as operating education programs to foster mutual growth, providing financial support and strengthening communication. Renault Samsung paid 9.1 billion won ($7.5 million) in advance to its 69 suppliers before the Chuseok holid

Oct 3, 2019By Kwak Yeon-soo
Renault Samsung seeks 'mutual growth' with subcontractors
Companies

POSCO's steel output reaches 1 billion tons

Workers take a break at a blast furnace in POSCO's steel mill in Gwangyang, South Jeolla Province, in this Jan. 1, 2018, file photo / Korea Times fileBy Kwak Yeon-sooPOSCO Group Chairman Choi Jeong-wooPOSCO has reached 1 billion tons of cumulative crude steel production despite the global slowdown and other downside factors, the company said Thursday. The steelmaker said the amount of crude steel processed since 1973, when the company produced its first iron, is equivalent to 1 billion passenger cars. POSCO celebrated 100 million tons of crude steel production in January 1989, followed by 500 million tons in 2005.Although it took 32 years to go from 100 million tons to 500 million tons, the additional 500 million tons was achieved in just 14 years due to technological developments.“With less than 50 years of steelmaking experience, POSCO has managed to achieve a next-generation, innovative steel-producing technology,” the company said. “Despite the slowdown of the global economy, we are now a leading company in the world's steel industry.”As POSCO flourished,

Oct 3, 2019By Kwak Yeon-soo
POSCO's steel output reaches 1 billion tons
Companies

Carmakers cutting prices to woo buyers

By Kwak Yeon-sooAutomakers in Korea are offering steep discounts to boost sluggish sales as they struggle with labor unrest and other downsize risks, company officials said Wednesday.The companies are expecting price cuts of around 10 percent will help revive the crisis-hit automobile industry.Korea's car sales fell 2.3 percent in September from a year earlier mainly due to the U.S.-China trade war and soft demand from China. The country's five carmakers ― Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor ― sold a combined 662,949 vehicles in September, compared with 678,229 units sold a year earlier, the companies' monthly sales data showed.GM Korea announced on Tuesday it will cut prices of Chevrolet Impala by 5 million won ($4,150) while offering up to a 1.9 million won discount to Chevrolet Spark buyers in October. The company said that it organized the sales to entice buyers. GM Korea's sales fell sharply in September as its labor union held several rounds of strikes, resulting in output losses of over 10,000 vehicles. The company's sales plunged 39

Oct 2, 2019By Kwak Yeon-soo
Carmakers cutting prices to woo buyers
Companies

Hyundai Glovis to supply electric trucks to SSG.com

Hyundai Glovis CEO Kim Jung-hoon, right, with SSG.com CEO Choi Woo-jung, left, and other officials after signing a memorandum of understanding to supply electric delivery trucks to the retailer. / Courtesy of Hyundai GlovisBy Kwak Yeon-sooHyundai Glovis, a logistics unit of Hyundai Motor Group, has signed a memorandum of understanding with online retailer SSG.com to provide electric trucks equipped with cold-chain systems, the company said Wednesday.The system manages stock in a temperature-controlled supply chain. The latest deal comes amid intensifying competition for eco-friendly delivery among retailers. Hyundai Glovis said it will deploy one-ton Porter electric vehicles (EVs) and Bongo EVs by the first half of next year. “It will be the first electric truck to be equipped with a cold-chain system that allows it to deliver refrigerated and frozen products,” a Hyundai Glovis official said. The company expects the electric trucks will also benefit the environment. “It can reduce fine dust, noise, fuel costs and other harmful environmental factors,” the offic

Oct 2, 2019By Kwak Yeon-soo
Hyundai Glovis to supply electric trucks to SSG.com
Companies

CU, GS25, 7-Eleven seek growth abroad

By Kwak Yeon-sooConvenience store chains are mobilizing more resources to establish a larger presence abroad as they struggle with sluggish consumption and intensifying competition at home, according to industry officials Tuesday.According to data from the Korea Association of Convenience Store Industry, Korea was home to 40,950 franchise convenience stores at the end of 2018, compared to 37,800 a year earlier. BGF Retail, which operates CU convenience stores, announced it signed a master franchise deal with Vietnamese convenience store operator CUVN on Sept. 24.A master franchise deal is preferred because it can reduce risk and investment costs while receiving steady loyalty income. Under the agreement, BGF Retail will provide know-how on its brand management system while its partner CUVN will be responsible for investment and operations.The company said it plans to open its first CU outlet in Vietnam next year. “We will actively tap into emerging markets that have high growth potential while focusing on stable growth in Korea,” a BGF Retail official said. The official s

Oct 1, 2019By Kwak Yeon-soo
CU, GS25, 7-Eleven seek growth abroad
Companies

Pulmuone tops US kimchi market

Pulmuone's kimchi products / Courtesy of PulmuoneBy Kwak Yeon-sooPulmuone occupied the largest share in the U.S. kimchi market in August, the company said Monday.The food company said its ready-made kimchi market share in the U.S. soared from 0.7 percent in August last year to 40.4 percent this year, citing Nielsen research data. It was followed by two local companies from the U.S., which had an 11.6 percent and 9.4 percent share, respectively. Pulmuone said the company was able to become the most-favored kimchi brand in the U.S. due to its strong brand identity. “The fact that our kimchi is made from Korean cabbage contributed to the brisk sales performance,” a company official said. It also attributed its success to expanding partnerships with local distribution channels. The company entered 100 Walmart stores last year, and has gradually expanded to 10,000 grocery stores, including 3,900 Walmart stores in total and 1,100 Publix outlets.Pulmuone tapped into the U.S. market under the brand Nasoya, the top U.S. tofu manufacturer which is owned by Pulmuone Foods USA.The ki

Oct 1, 2019By Kwak Yeon-soo
Pulmuone tops US kimchi market
Companies

Global players descend upon Korea's ice cream market

By Kwak Yeon-sooBen & Jerry's and other global ice cream brands are descending upon Korea, targeting increasingly health-conscious consumers here looking for something different, according to industry officials Tuesday.They are on a collision course with Binggrae and other home-grown ice cream makers who vow to defend their territory against the larger multinational players.In July, the first pints from Los Angeles-based Halo Top Creamery went on sale in Korea. The company brought only three of the 24 dairy flavors it sells in the U.S. The three flavors range between 285 calories at the lowest for birthday cake and 330 at the highest for peanut butter cup.Also in August, Vermont-based Ben & Jerry's started selling its ice cream in grocery stores. It sells four flavors here ― chocolate chip cookie dough, chocolate fudge brownie, vanilla and chunky monkey. It planned to debut in Korea in October, but decided to pull up the official launch date after it recorded higher sales figures than it had expected here.“We consider all dessert ice cream makers as our competitors, inc

Sep 30, 2019By Kwak Yeon-soo
Global players descend upon Korea's ice cream market
Trends

'Creating symmetrical lip fixes dumpy, unfriendly look'

By Kwak Yeon-sooYune Young-min, the dermatologist at Rose Clinic / Courtesy of Rose ClinicOver the past few years, lip injections have become the go-to nonsurgical procedure for celebrities, influencers and individuals looking to plump their pout and look sexy. Yune Young-min, a dermatologist at Rose Clinic, agrees that the public interest has shifted from the upper to lower face.“Lip injections and fillers are becoming increasingly popular in Korea thanks to growing desire for a pleasant resting look,” Yune said. “Compared with the past, when Asians were stingy with their smiles, they are more willing to smile and express themselves. Also, people tend to like those who are perceived as happy.” Yune said he injects botox into a patient's marionette lines, which extend from the lip's corners to the jawline, and underneath the lips to re-angle their structure.“The key to getting a great smile is to have symmetrical lip structure,” he said. According to him, upper lip asymmetry gives an unpleasant, sneering look whereas lower lip asymmetry delivers a

Sep 30, 2019By Kwak Yeon-soo
'Creating symmetrical lip fixes dumpy, unfriendly look'
Companies

Hanwha fined for taking tech from subcontractor

By Kwak Yeon-sooHanwha Corporation CEO Ok Kyeong-seakHanwha Corporation was fined for taking technology from its subcontractor to develop screen printers used for solar panels, the country's antitrust agency said Monday. The Fair Trade Commission (FTC) imposed a 382 million won ($318,517) fine on the company and referred three of its employees to prosecutors for further investigation of unfair business practices.Hanwha became the first company to be punished for stealing technical data from a subcontractor and using the data to develop its own device. According to the FTC, Hanwha had signed an agreement  in March 2011 with a subcontractor to receive screen printers, which are used in the process of making solar cells.In July 2011, the company made an additional deal that allowed the subcontractor to “manufacture, install and commission” screen printers to Hanwha SolarOne, Hanwha Group's China-based solar panel maker. Between November 2011 and September 2014 the subcontractor provided drawings of a printer manual, a printer parts list, a layout drawing, and a printer

Sep 30, 2019By Kwak Yeon-soo
Hanwha fined for taking tech from subcontractor
Companies

Biz leaders tighten vigilance against economic woes

Hyundai Motor Group Executive Vice Chairman Chung Euisun, left, talks to SMEs and Startups Minister Park Young-sun, second from left, during the group's “ZER01NE Day” festival in Yongsan-gu, Seoul, Sept. 26.UN expects world economic growth to hit 10-year lowBy Kwak Yeon-sooAs a global slowdown is putting Korea's export-reliant economy in danger, major business leaders here are tightening vigilance to cope with growing challenges both at home and abroad.Heads of the top four chaebol ― Samsung, LG, SK and Hyundai Motor ― are creating a sense of urgency among their executives and employees so that they can raise their guards against any fallout from global economic woes, such as the U.S.-China trade dispute.They are coming up with contingency plans against worst-case scenarios while investing in future-oriented technologies, accelerating digital transformation and finding new business opportunities abroad.Hyundai Motor Group Executive Vice Chairman Chug Euisun has been keen on transitioning to hydrogen-focused energy in recent years, stressing the need to become a “gam

Sep 29, 2019By Kwak Yeon-soo
Biz leaders tighten vigilance against economic woes
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