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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

Samyang Foods to boost overseas presence with 'Buldak Ramen'

In this photo provided by Samyang Foods, models promote Buldak Ramen at a supermarket in Vietnam. / Courtesy of Samyang FoodsBy Kwak Yeon-sooSamyang Foods will expand its overseas presence by promoting localization strategies and expanding sales channels, in accordance with the global Buldak Ramen craze.The company said Tuesday it expects exports to grow more than 20 percent this year from the previous year, boosted by strong sales in Southeast Asia and China.Currently, China is the biggest exporter of Buldak Ramen, accounting for about 50 percent. It is followed by Southeast Asia, which accounts for about 35 percent of the overseas market.Samyang Foods made an aggressive foray into the halal market by getting approved and certified by MUI, Indonesia's top Islamic clerical body, in 2017. The halal certification has enabled the product to hit local shelves in Southeast Asian countries such as Indonesia, Myanmar and Malaysia. This year's overseas sales are expected to exceed 500 billion won ($420 million) for the first time, according to the company.“We will promote localization

Sep 17, 2019By Kwak Yeon-soo
Samyang Foods to boost overseas presence with 'Buldak Ramen'
Economy

South Korea to remove Japan from whitelist this week

Minister of Trade, Industry and Energy Sung Yun-mo speaks during a press conference on Korea's revision to its export control scheme for strategic items at the ministry in Sejong in this Aug. 12 file photo. / Korea Times fileBy Kwak Yeon-sooKorea will remove Japan from its “whitelist” of preferred trading partners this week, the Ministry of Trade, Industry and Energy said Sunday.The move comes after Tokyo removed Seoul from its whitelist Aug. 28 following its imposition of export restrictions on high-tech materials used in the manufacture of semiconductors and display panels. The trade ministry said it has completed nearly all the procedures for Japan's removal for “running an export control system that fails to comply with international principles.”“We have finished gathering opinions through outside legal processes,” a ministry official said. “The revision to Korea's export control system for strategic items will be announced sometime this week.”However, the ministry declined to specify the exact date. The government decided on the re

Sep 15, 2019By Kwak Yeon-soo
South Korea to remove Japan from whitelist this week
Companies

SK chief in spotlight over cross-border deal with DuPont

By Kwak Yeon-soo SK Group Chairman Chey Tae-won / Courtesy of SK Group SK Group Chairman Chey Tae-won's extensive global outreach has come under the spotlight, as he was the main contributor behind SK Siltron's acquisition of DuPont's wafer business. SK Siltron, SK Group's semiconductor material producer, announced Tuesday it had acquired DuPont's silicon carbide (SiC) wafer business for $450 million.SiC wafers are a key component in making semiconductors with its high thermal and radiation resistance, according to the company.SK Group said the latest deal was part of its efforts to fortify material business and create synergy between its affiliates in rising electric vehicle (EV) businesses. Industry officials say the latest deal was possible because Chey has cultivated a close relationship with former DowDuPont executive chairman Andrew Liveris over a decade.“The cross-border deal wouldn't have been possible without long-term trust between the two leaders,” an SK Gr

Sep 15, 2019By Kwak Yeon-soo
SK chief in spotlight over cross-border deal with DuPont
Companies

Food firms rush to expand presence in US

By Kwak Yeon-sooNongshim, CJ CheilJedang, Daesang and other food companies are rushing to expand their presence in the United States by building plants or acquiring American firms, according to industry officials Thursday.Korean food and beverage markers have until recently focused more on China and Japan, but their exports to the Asian nations have slowed down in recent years, prompting them to explore business opportunities elsewhere, the officials said.The companies are employing localization strategies to enhance customer satisfaction in the U.S. They expect Korean food can become more mainstream in the U.S., as the demand for Korean products is increasing among health-conscious consumers. The U.S. is also the third-largest market for Korean processed food products, including instant noodles, dumplings and kimchi.Nongshim, Korea's top instant noodles maker, announced a plan recently to spend $200 million in constructing a new factory in Corona, California, to meet growing demand in the U.S.The company's second factory in the U.S. is expected to begin operations in 2021. “We

Sep 12, 2019By Kwak Yeon-soo
Food firms rush to expand presence in US
Companies

Food firms, retailers cashing in on pet owners

By Kwak Yeon-soo Dongwon F&B's pet treats brand “JerHigh” products / Courtesy of Dongwon F&B Retailers and food brands are cashing in on pet treats, as the pet care industry is booming amid an increasing number of single households, low birthrate and aging population, company officials said Monday. In Korea last year, pets were estimated to be a 3 trillion won ($2.5 billion) business, up 57 percent from 1.9 trillion won in 2015, according to data from NongHyup Economic Research Institute. By 2027, the research institute expects the figure to rise to 6 trillion won.About 30 percent of local households, or 15 million people, have at least one pet, it added. Dongwon F&B announced it has collaborated with Thailand's leading food company Charoen Pokphand Foods (CPF) to introduce pet treats brand Jerhigh to Korea.Jerhigh, made from chicken prepared to human grade standards, is currently shipped to around 20 countries, including Australia, Canada, Singapore and India, accord

Sep 12, 2019By Kwak Yeon-soo
Food firms, retailers cashing in on pet owners
Companies

Uber Eats exits Korea amid fierce competition

In this 2017 file photo, Uber Eats' then Asia-Pacific head Allen Penn speaks during a press conference to launch its business in Korea. Korea Times fileBy Kwak Yeon-sooThe U.S. food delivery company Uber Eats has decided to pull out of Korea after two years due to mounting losses amid intensifying competition with home-grown players, the company said Tuesday.Uber Eats, which will cease operations in Korea, Oct. 14, promised to provide “adequate services” to customers until then.“After careful consideration, we've decided to discontinue our service in Korea as of Oct. 14,” Uber Eats Korea said. “We'll focus on minimizing the impact on our restaurant partners, staff and fleet of riders.”The decision to withdraw from Korea comes at a time of intense competition in the food delivery sector, as home-grown companies push for greater scale and launch new services. Korea is the world's fourth-largest market for online food orders. Koreans spend far more on food delivery than customers in other countries.According to data from the Fair Trade Commission, Kor

Sep 10, 2019By Kwak Yeon-soo
Uber Eats exits Korea amid fierce competition
Companies

Taste of Thailand

McDonald's Korea Managing Director Melanie Joh, second from left, and Thai Ambassador to South Korea Singtong Lapisatepun, second from right, pose for a photo with other guests and models during a publicity event in Seoul, Tuesday. The fast food restaurant chain, along with the Department of International Trade Promotion, held an event to promote corn pies that were originally released in Thailand. / Yonhap

Sep 10, 2019By Kwak Yeon-soo
Taste of Thailand
Companies

Supporting elderly baristas

Starbucks Korea CEO David Song, fifth from left, and Korea Association of Community Senior Club President Kim Jeong-ho, fourth from right, pose for a photo with other guests at a cake-cutting ceremony held at a Senior Club in Gunpo, Gyeonggi Province, Tuesday. The coffee chain operator said it will provide barista education to senior citizens as part of corporate social responsibility (CSR) activities. / Courtesy of Starbucks Korea

Sep 10, 2019By Kwak Yeon-soo
Supporting elderly baristas
Companies

SK Siltron to acquire US DuPont's wafer business

DuPont's silicon carbide (SiC) wafer plant in Michigan. / Courtesy of SK SiltronBy Kwak Yeon-sooSK Siltron, the semiconductor wafer unit of SK Group, will acquire DuPont's wafer business in a bid to strengthen its presence in the market, the company said Tuesday.The market is led by U.S. and Japanese firms. Wafers are thin slices of semiconductor material used in electronics for the fabrication of chips.The world's fourth-largest wafer producer held a board of directors meeting Tuesday and decided to purchase DuPont's Silicon Carbide (SiC) Wafer business for $450 million.It plans to complete the acquisition process within the year, with the approval of domestic and overseas licensing.The acquisition of DuPont's SiC unit will give SK Siltron a stable wafer supply and also create synergy within the group. The high-quality SiC wafers provide a solid foundation for a new generation of industrial motor controls and power supplies that use electricity more effectively while operating more efficiently, according to SK Siltron.“The acquisition clearly shows our strong willingness to nu

Sep 10, 2019By Kwak Yeon-soo
SK Siltron to acquire US DuPont's wafer business
Companies

Hyundai Motor invests in Europe's EV charging network

Hyundai Motor Group Executive Vice President Thomas Schemera, front row left, and IONITY CEO Michael Hajesch, front row right, pose for a photo with officials from BMW, Mercedes-Benz, Ford and Porsche after signing a strategic partnership agreement at IONITY's headquarters in Munich, Germany, Sept. 6. / Courtesy of Hyundai Motor GroupBy Kwak Yeon-sooHyundai Motor Group has invested in Europe's largest fast electric vehicle (EV)-charging network, IONITY, to boost sales of its high-efficiency EVs in the region, the company said Monday.The auto giant signed a strategic partnership agreement to acquire a 20 percent stake in IONITY, a joint venture established between BMW Group, Ford, Daimler AG and Volkswagen Group in 2017. Financial terms were not disclosed.The company's latest deal is aimed at reducing high-power EV charging times and facilitating long-distance EV travel, according to the company.“Our participation in this joint venture reaffirms the Group's commitment to future electromobility,” said Thomas Schemera, executive vice president of Hyundai Motor Group.“I

Sep 9, 2019By Kwak Yeon-soo
Hyundai Motor invests in Europe's EV charging network
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