The Korea Times

Korea's trade deficit with Japan totals $646 billion

Graphic by Bae So-youngBy Kwak Yeon-sooKorea's trade deficit with Japan over the past five decades illustrates how the nation's trade policies have relied on Japanese technology, according to Korea International Trade Association (KITA) and Korea Customs Service data, Sunday.Since the two nations signed a trade pact in 1965 to resume cross-border transactions after Korea's 1945 liberation from Japan, Korea has never recorded a trade surplus with Japan. Instead, the deficit has totaled $646 billion over the past 54 years.The annual deficit, which peaked at $36.1 billion in 2010, is still massive at $8.5 billion for the first five months of this year. In 2018, Korea's trade deficit with Japan was $24.8 billion, the biggest among more than 250 trade partners. It was followed by some major oil-producing countries like Saudi Arabia ($22.3 billion), Qatar ($15.7 billion) and Kuwait ($11.5 billion).“Korea may be one of the most profitable exporters in the world, but that's not the case with Japan,” said an official at Korea Institute for International Economic Policy. “We

Jul 7, 2019By Kwak Yeon-soo

Korea's trade deficit with Japan totals $646 billion

Chaebol struggle to find solution to Japan's exports curb

Companies

Hyundai E&C begins reclamation of Tuas port in Singapore

An overview of Hyundai E&C's construction work at the Tuas Finger 3 project in Singapore. YonhapBy Kwak Yeon-sooHyundai Engineering & Construction has begun work on wharves at Tuas Finger 3 port in Singapore by installing caissons under water, the company said Sunday. A caisson is a watertight structure about the height of a 12-story building used as a foundation for the project. The Tuas Finger 3 project includes designing and reclaiming 387 hectares of land at Tuas Port in western Singapore. Caissons will be installed over the next 108 months to form wharves.The project will be completed by March 2027 and the reclaimed land will be used for port facilities, according to the company. The company won the $1.1 billion Tuas Finger 3 project in February 2018. Hyundai E&C will be responsible for 35 percent of the project, worth $390 million, while the rest will be carried out by Japan's Penta Ocean Construction Company and Netherlands-based Royal Boskalis Westminster.Singapore's Senior Minister of State for Transport Lam Pin Min, Maritime and Port Authority of Singapore Chief

Jul 7, 2019By Kwak Yeon-soo

Hyundai E&C begins reclamation of Tuas port in Singapore

Companies

Hite Jinro, Lotte brew for global audience

Parisians are seen at Hite Jinro's promotional event Corea Spirit 2019 held in Paris, France, May 29. / Courtesy of Hite JinroBy Kwak Yeon-sooLiquor companies are brewing for global markets, shipping to a growing number of regions across the world and opening pop-up stores to target local consumers, industry officials said Thursday. Hite Jinro held a series of promotional events earlier this year in Europe to introduce Korean alcohols and offer engaging experiences to customers.It opened pop-up stores called Corea Spirit 2019 in Paris and A Midsummer Night's Jinro in London in May. More than 500 people visited each of the pop-up stores, showing high interest in Korea's drinking culture and alcohol beverages, according to the company.“Since 2016, we've been putting a lot of effort into globalizing soju. We will prepare more opportunities to experience Korean liquor culture and strengthen overseas markets,” a Hite Jinro official said.Regarding the pop-up store marketing strategy, the official said, “We thought opening a pop-up store would be a great idea to promote ou

Jul 5, 2019By Kwak Yeon-soo

Hite Jinro, Lotte brew for global audience

Tech & Science

SoftBank CEO looks to cement ties with chaebol

Samsung Electronics Vice Chairman Lee Jae-yong, left, and SoftBank CEO Masayoshi Son, right, arrive at the Korea Furniture Museum in Seoul, Thursday, to attend dinner with the heads of other large business groups. YonhapBy Kwak Yeon-sooSamsung Electronics Vice Chairman Lee Jae-yong / Korea Times fileSoftBank CEO Masayoshi Son, also known as Son Jeong-ui here, is in Korea looking to cement ties with large business groups at a time when the governments in Seoul and Tokyo appear to be heading toward a full-scale trade war, industry analysts said Thursday.Son met with the heads of Samsung, Hyundai Motor and LG to discuss future growth engines and seek joint business opportunities here and abroad, they said.This meeting was arranged as the Japanese billionaire expressed a desire to meet with Korea's business leaders after meeting with President Moon Jae-in.Son reportedly exchanged opinions on fourth generation technologies, including the Internet of Things (IoT), AI and autonomous driving, with heads of conglomerates. Whether the meeting between Son and each corporate leader was held alon

Jul 4, 2019By Kwak Yeon-soo

SoftBank CEO looks to cement ties with chaebol

Companies

'Dine with Dinosaurs'

Models display food items and drinks at a Jurassic World cafe in a Lotte Department Store in Seoul, Thursday. The department store said it will run the Jurassic World-themed cafes until June 28, 2020. Yonhap

Jul 4, 2019By Kwak Yeon-soo

Companies

Market Kurly hit by falling profits, mounting competition

Market Kurly CEO Sophie Kim / Courtesy of Market KurlyBy Kwak Yeon-sooMarket Kurly, an online grocery delivery startup, is facing growing questions over its sustainability as it continues to lose money on soaring labor and other operating costs, according to industry analysts Wednesday.The company has also been struggling with intensifying competition from e-commerce companies and traditional retailers that have been rushing to roll out “dawn delivery” services, chipping away at its shares in the rapidly growing fresh food delivery market.Given its increasing operating losses year after year, the question has been raised whether Kurly, operator of Market Kurly, can sustain its business in the long-run.Graph by Bae So-youngAccording to the data compiled by the Financial Supervisory Service (FSS), Kurly lost 33.7 billion won ($28.76 million) in 2018, up from 12.4 billion won in 2017.The size of its operating loss has increased over the past four years, forcing it to gain investments to finance its operations. In April, the company received 100 billion won in funding.However

Jul 3, 2019By Kwak Yeon-soo

Market Kurly hit by falling profits, mounting competition

Companies

World class bartender

Choi Won-woo, the winner of the 2019 Diageo World Class Bartender Korea, raises his trophy at Diageo Korea headquarters, Tuesday. He will represent Korea at the global finals of Diageo Reserve World Class Bartender of the Year competition, which will be held in Glasgow, Scotland, in September. / Courtesy of Diageo Korea

Jul 3, 2019By Kwak Yeon-soo

Companies

POSCO named 'lighthouse factory' by WEF

An image of a POSCO steel mill in Pohang, North Gyeongsang Province, being analyzed by its smart factory technology / Courtesy of POSCOBy Kwak Yeon-sooPOSCO was selected as one of 10 “lighthouse factories” by the World Economic Forum (WEF) for its leadership in applying Fourth Industrial Revolution technologies to drive financial and operational impact, the company said Wednesday. With the feat, POSCO became the first Korean company to earn the recognition.The WEF, also known as the Davos Forum, welcomed 10 new factories into the global Lighthouse Network, which represents a range of industries and provides a platform for sharing knowledge and best practices for scaling up technology adoption.“The POSCO plant leverages artificial intelligence (AI) to drive productivity and quality improvements in the steel industry,” the WEF said in a release. “It is building its own smart factory platform through a collaboration with a local ecosystem of academia, small-and mid-sized enterprises and startups.”Previously, there were 16 lighthouse factories ― nine o

Jul 3, 2019By Kwak Yeon-soo

Companies

Cherries from US

Models display cherries at a promotional event hosted by the U.S.-based Northwest Cherry Growers at a cafe in Seongsu-dong in Seoul, Tuesday. Yonhap

Jul 2, 2019By Kwak Yeon-soo

Companies

OB leads campaigns against drunk driving

OB CEO Bruno Cosentino, fifth from left in the front row, poses for a photo with Road Traffic Authority (KoRoad) officials and police officers at KoRoad in Seoul, Jan. 22. Courtesy of OBBy Kwak Yeon-sooOriental Brewery (OB) will take the lead in promoting healthy and responsible drinking culture, fully complying with the government's tougher law against drunk driving, the company said Tuesday.Under the revised law, which came into effect on June 25, a driver's license will be suspended if their blood-alcohol concentration is 0.03 percent or higher and will be revoked when the level is 0.08 percent or higher. In 2016, OB signed a memorandum of understanding with the Road Traffic Authority (KoRoad) to promote a nationwide campaign to warn drivers of the dangers of drunk driving and to improve traffic safety. OB employees have conducted a campaign against drunk driving at the Driver's License Examination Office in Gangnam, southern Seoul. They also awarded prizes to police officers who contributed to reducing alcohol-related accidents. Apart from its partnerships, the brewery has been c

Jul 2, 2019By Kwak Yeon-soo

Kwak Yeon-soo

Read more

Korea's trade deficit with Japan totals $646 billion

Hyundai E&C begins reclamation of Tuas port in Singapore

Hite Jinro, Lotte brew for global audience

SoftBank CEO looks to cement ties with chaebol

'Dine with Dinosaurs'

Market Kurly hit by falling profits, mounting competition

World class bartender

POSCO named 'lighthouse factory' by WEF

Cherries from US

OB leads campaigns against drunk driving

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