The Korea Times

SK Networks chief meets Brazil's President to bolster ties

SK Networks Chairman Chey Shin-won and President Jair Bolsonaro held discussions at Brazil's presidential office Thursday (local time). Courtesy of SK NetworksBy Kwak Yeon-sooSK Networks Chairman Chey Shin-won met Brazil's President Jair Bolsonaro to discuss ways to bolster bilateral ties and expand business opportunities in the South American country, the company said Friday.Chey was in Brazil to attend a ceremony to celebrate the first anniversary of the King Sejong Institute, a public institution sponsored by the Korea-Brazil Society (KOBRAS), to promote Korean language education and the distribution of Korean culture abroad.KOBRAS is a private organization aimed at boosting exchanges and cooperation in various fields, including business, culture and sports, between South Korea and Brazil. Chey is the organization's chairman.“I will do my best to boost bilateral ties and expand business opportunities in Brazil, a country that has strong potential for growth,” Chey said, offering his congratulations on the 60th anniversary of diplomatic ties between the two countries.Ch

Aug 23, 2019By Kwak Yeon-soo

SK Networks chief meets Brazil's President to bolster ties

Companies

BAT hit for e-cigarette ads on YouTube

An image from the “glo sens X Loopy & nafla” music video / Captured from YouTubeBy Kwak Yeon-sooBritish American Tobacco (BAT) Korea's e-cigarette ad on YouTube is drawing criticism from the health authorities, as it appears as an attempt to thwart the government's efforts to halt smoking. On Aug.11, BAT Korea unveiled a music video titled “glo sens X Loopy& nafla” on YouTube and Facebook, two days before the official launch of its new e-cigarette, glo sens.The music video, which features rappers Loopy and nafla, introduces the vaping device, which appears a number of times throughout the video. Within two weeks of the release, it had surpassed 448,000 views on YouTube. Glo sens is a hybrid device providing the taste of both liquid-base vapor and real tobacco. The heated liquid containing the flavor passes over tobacco in a separate pod and picks up the tobacco flavor and nicotine, according to BAT Korea.The health ministry said it was concerned by the new type of advertisement and asserted it will propose legislation to ban vaping device ads on the in

Aug 23, 2019By Kwak Yeon-soo

Companies

Retailers remove Japanese products from Chuseok gift sets

By Kwak Yeon-sooWith the Chuseok holiday just around the corner, major retailers and convenience stores have decided to remove Japanese products from their holiday gift sets, and instead offer more home-grown goods amid widespread anti-Japan sentiment, according to industry officials, Thursday.Chuseok, which falls in autumn and is sometimes compared to Thanksgiving, is considered the nation's biggest holiday, when people traditionally exchange gift sets that consist of everything from fresh fruit to premium Korean beef. This year's Chuseok falls from Sept. 12 to 14.Hyundai Department Store said it will remove sake and wagashi, a type of traditional Japanese confectionary, from its gift sets, citing “negative consumer sentiment toward the products.”Instead, it will offer high-quantity premium Korean beef, called hanwoo, to local consumers. “We removed about three to six Japanese products from our gift-giving guidebook,” a Hyundai Department Store official said. “Instead, we've prepared 52,000 gift boxes of hanwoo.”Shinsegae Department Store excluded

Aug 22, 2019By Kwak Yeon-soo

Retailers remove Japanese products from Chuseok gift sets

Companies

'Smoke-free cigarettes improve human relations'

By Kwak Yeon-sooPhilip Morris International logoAlmost half of former smokers who have switched to smoke-free alternatives reported improved relationships with family and friends, according to a survey conducted by Philip Morris International (PMI).On Wednesday, the cigarette company released a white paper titled “Unsmoke: Clearing the Way for Change” based on findings from a major international study conducted for the company, by independent research firm Povaddo. The survey, which was conducted in 13 countries among adults aged 21 to 74, forms the basis of the paper's exploration around two core themes: the impact of smoking on personal relationships and the lack of information available on smoke-free products. The survey revealed that switching to smoke-free alternatives from cigarettes ― which the company refers to as “unsmoking” ― could have a positive impact on people's social lives, according to PMI.About 45 percent of respondents reported that their social lives have improved as a result of switching to smoke-free alternatives. “There is currentl

Aug 22, 2019By Kwak Yeon-soo

'Smoke-free cigarettes improve human relations'

Companies

Trading firms eye new businesses

Graphics by Bae So-youngBy Kwak Yeon-sooThree major trading firms ― POSCO International, LG International and SK Networks ― are expanding their business portfolio to seek structural changes and grow as general operating firms beyond trading, industry officials said Wednesday.The three firms have been investing in new projects, which include operating a gas field, producing palm oil and running a rental business, to overcome rising trade barriers and respond to changing market needs. POSCO International, the trading arm of POSCO, posted an operating profit of 180 billion won ($150 million) in the second quarter, buoyed by the rise of sales from a Myanmar gas field.About 74 percent, or 133.4 billion won, of that profit came from the gas project, according to the company. POSCO International is also ramping up efforts to secure a leading spot in operating overseas grain terminals. In February, the company signed a deal with Ukraine's Orexim Group, acquiring a 75 percent stake in a terminal in the port of Mykoliv in southern Ukraine, one of the country's main export hubs. In August 2018,

Aug 21, 2019By Kwak Yeon-soo

Companies

Ediya Coffee launches drive-thru

A customer receives his coffee at an Ediya Coffee drive-thru. The local coffee shop franchise opened its first drive-thru in Yeosu, South Jeolla Province, Wednesday, and aims to build competitiveness and offer more convenience to its customers. / Courtesy of Ediya Coffee

Aug 21, 2019By Kwak Yeon-soo

Companies

IKEA to open two new stores, cater to urban residents

IKEA Korea's country retail manager Fredrik Johansson speaks during a press conference at IKEA's pop-up store in Seoul, Wednesday. / Courtesy of IKEA KoreaBy Kwak Yeon-sooIKEA Korea will open two more stores and test-run a city center outlet to give urban residents greater access to its products, the company said Wednesday.With IKEA Gwangmyeong and Goyang in operation, the Korean unit of the Swedish home furnishing firm will open a third store in Yongin, Gyeonggi Province, Dec. 12 and a fourth in Busan sometime in the first quarter of 2020. IKEA Dongbusan will be the first store outside Seoul and the Gyeonggi metropolitan area, according to the company. “As we put great emphasis on conventional stores, we are happy to announce the expansion of outlets in Korea,” IKEA Korea's country retail manager Fredrik Johansson told reporters at an IKEA pop-up store in Seoul. “We plan to hire 500 workers at each site.” According to IKEA Korea, it will also focus on becoming more accessible, convenient and sustainable by expanding customer “touchpoints.” Johanss

Aug 21, 2019By Kwak Yeon-soo

Companies

Korea to export more beef to Hong Kong

A Hanwoo Board official, left, speaks during a press conference to unveil strategies to boost sales and exports of hanwoo in 2019. / Courtesy of Hanwoo BoardBy Kwak Yeon-sooThe Hanwoo Board plans to build a stronger distributor network and boost sales of premium Korean beef, called hanwoo, in Hong Kong, which was the biggest importer in 2018, the quasi-government body said Tuesday.Hanwoo, which refers to cattle born and raised in Korea, ranks as one of the most desirable gifts for Korean holiday seasons such as Lunar New Year or Chuseok. The Hanwoo Board was set up in 2005 to promote sales of Korea's home-grown beef. According to the Hanwoo Board, exports of hanwoo to Hong Kong have been increasing by an average of 11 percent each year since 2016. The total export volume in 2018 was 65.2 tons, up 14 percent from a year earlier. The board official said that hanwoo has been gaining wide popularity among Hong Kong citizens as “premium” meat since it was first introduced in 2015. “Hong Kong distributors say that Hanwoo is comparable to Japanese wagyu, but has a richer t

Aug 20, 2019By Kwak Yeon-soo

Companies

Red ginseng for Chuseok

Models display red ginseng products at Shinsegae Department Store in Seoul, Tuesday, during a promotional event targeting Chuseok holiday gifts. This year's holiday is from Sept. 12 to 14. / Yonhap

Aug 20, 2019By Kwak Yeon-soo

Companies

Hyosung to invest $828 mil. in carbon fibers

President Moon Jae-in, second from left, talks to Hyosung Group Chairman, left, and employees during his visit to the carbon fiber plant in Jeonju, North Jeolla Province, Tuesday. YonhapBy Kwak Yeon-sooHyosung Group will invest 1 trillion won ($828 million) over the next 10 years to expand its carbon fiber business, the company said Tuesday.Hyosung plans to build nine additional carbon fiber production lines at its plant in Jeonju, North Jeolla Province, to meet the rapidly growing demand for carbon fiber materials.The additional lines will increase the plant's annual capacity to 24,000 tons from the current 2,000 tons, according to the company. Currently, the factory has only one production line. The investment will create about 2,300 jobs by 2028, it said.Hyosung said the expansion will make it the world's No. 3 carbon fiber producer with a 10 percent market share in 2028. It currently ranks 11th in the global market with a 2 percent share.Chairman Cho Hyun-joon signed a memorandum of understanding with the Ministry of Trade, Industry and Energy and other carbon fiber-related compa

Aug 20, 2019By Kwak Yeon-soo

Kwak Yeon-soo

Read more

SK Networks chief meets Brazil's President to bolster ties

BAT hit for e-cigarette ads on YouTube

Retailers remove Japanese products from Chuseok gift sets

'Smoke-free cigarettes improve human relations'

Trading firms eye new businesses

Ediya Coffee launches drive-thru

IKEA to open two new stores, cater to urban residents

Korea to export more beef to Hong Kong

Red ginseng for Chuseok

Hyosung to invest $828 mil. in carbon fibers

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