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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

Baedal Minjok, Yogiyo hit for controversial coupon marketing

Code Kunst's Instagram post featuring coupons from Baedal Minjok / Captured from InstagramBy Kwak Yeon-sooKorea's major food delivery mobile app services ― Baedal Minjok and Yogiyo ― are facing a backlash from consumers for their “unfair” coupon marketing, according to industry officials Tuesday.Baedal Minjok, operated by Woowa Brothers, is being criticized for distributing coupons to the value of as much as 1 million won ($844) to celebrities and social media influencers while rarely offering discounts to ordinary consumers. Customers have been complaining about the company's unfair practice, saying that Baedal Minjok has been playing favorites with celebrities while neglecting its main consumers. “Baedal Minjok only saves about 0.1 percent on my purchases, whereas it gives away countless coupons to celebrities,” a Twitter user nicknamed @sinchon_baegopa posted online.Another Twitter user nicknamed @frasierjonjam commented, “The operator didn't just provide one or two coupons, but a batch of coupons. I will delete the app immediately.” The Baedal

Jun 18, 2019By Kwak Yeon-soo
Baedal Minjok, Yogiyo hit for controversial coupon marketing
Companies

Subcompact car market shrinking fast in Korea

The 2018 Hyundai Accent / YonhapBy Kwak Yeon-sooSubcompact cars are losing ground fast in the domestic market as more motorists prefer to drive compact SUVs and midsize sedans, according to industry officials Monday.The Korea Automobile Manufacturers Association (KAMA) said among new cars registered in 2018, only 10 percent were subcompact cars. The number of new subcompact cars fell 8.1 percent year-on-year to 129,572 in 2018, while the number of new compact cars was 23,185, down 23.1 percent from the previous year.“Subcompact and compact cars, which have maintained a capacity of 200,000 per year, have shrunk as they were not able to secure advantages in the competition with SUVs and midsize sedans,” a KAMA official said. Subcompact cars used to appeal strongly to entry-level buyers and small families until automakers started rolling out smaller and cheaper SUVs in 2013. While automakers are producing SUVs and sedans that are safer, more practical and more comfortable, car buyers are continuing to flock to larger vehicles.“Sales of small SUVs are expected to grow a

Jun 17, 2019By Kwak Yeon-soo
Subcompact car market shrinking fast in Korea
Companies

Homeplus CEO stresses unity to overcome retail slump

Homeplus CEO Im Il-soon, left, shakes hands with an employee at a store branch in Incheon, Gyeonggi Province, in this file photo. / Courtesy of HomeplusBy Kwak Yeon-sooHomeplus CEO Im Il-soon sent a note to her employees on Monday, saying the company will “make every effort” to lead a robust growth, despite a slump in the offline retail business.This comes after the company posted 7.65 trillion won ($6.38 billion) in sales from March last year to February this year, down 3.67 percent from 7.93 trillion a year earlier. Its operating profit fell 57.59 percent year-on-year to 109 billion won during the same period.“In recent years we've had a tough economic environment, intense competition and fundamental shifts in how customers shop,” Im said. “These external factors led to a decline in sales and increase in costs, clouding the outlook for offline retailers.”Homeplus CEO Im Il-soon's handwritten letter to employees / Courtesy of HomeplusAccording to Im, some of the major challenges that the company faces include government regulations and market satu

Jun 17, 2019By Kwak Yeon-soo
Homeplus CEO stresses unity to overcome retail slump
Companies

Dried fruit water

Models display “inner water” packs at an E-mart branch in Seoul, Monday. An inner water pack contains dried fruit that can be added to water. Yonhap

Jun 17, 2019By Kwak Yeon-soo
Dried fruit water
Companies

Nexen Tire in dilemma over Czech plant

Nexen Tire's Zatec plant in Czech Republic / Courtesy of Nexen TireBy Kwak Yeon-sooNexen Tire is in a dilemma over its plant in the Czech Republic as it faces a range of difficulties in setting up its presence in Europe amid falling car sales on the continent, according to industry analysts, Thursday.Korea's third-largest tire manufacturer broke ground on the $1.1 billion project in 2015 and began its commercial operation in mid-April of this year, with an aim to boost manufacturing capacity and strengthen its position in Europe. However, the tire demand in Europe has been slowing down, increasing market uncertainties.“Nexen Tire faces steep initial costs and the tire demand in the European market seems not too good,” said Kim Joon-sung, an analyst at Meritz Securities. “Weak tire sales figures are weighing on the plant.”According to the European Tyre & Rubber Manufacturers' Association, replacement consumer tire sales fell 3 percent in the first quarter of 2019. Meanwhile, passenger car registrations fell by 3.3 percent in this year's first quarter, the E

Jun 16, 2019By Kwak Yeon-soo
Nexen Tire in dilemma over Czech plant
Companies

Minimum wage hikes hit retailers

Homeplus cashiers work at checkout counters at a store branch in Seoul in this file photo. Korea Times fileHomeplus' operating profit plunges by 58%By Kwak Yeon-sooWholesale and retail sectors have been struck by a series of minimum wage hikes, with their sales and earnings both deteriorating in 2018. Homeplus said Friday it posted a 7.65 trillion won ($6.38 billion) in sales from March last year to February this year, down 3.67 percent from 7.93 trillion a year earlier. Its operating profit plunged 57.59 percent year-on-year to 109 billion won during the same period. The nation's second-biggest discount chain said its weak fiscal figures are mainly attributable to the minimum wage hikes, rising retail rents and a slump in offline retail business. Its underperformance has forced Homeplus to close two stores in Gimhae and Bucheon. It closed 16 more stores temporarily for remodeling. “In general, retail businesses rely heavily on labor force. And since Homeplus is the highest paying employer compared to its rivals (such as E-mart and Lotte Mart), the minimum wage hike has prompte

Jun 14, 2019By Kwak Yeon-soo
Minimum wage hikes hit retailers
Companies

YG shares plummet amid former iKON member's drug scandal

By Kwak Yeon-sooGraphic by Bae So-youngYG Entertainment's shares fell for the third consecutive day amid mounting allegations that Yang Hyun-suk has pressured a witness to change her testimony to cover up former iKON member B.I's alleged use of illegal drugs.Yang said on Friday he will step down from all positions he serves at the agency, denying allegations of corrupt ties with the police.“I sincerely apologize to everyone who has been involved in and offended by the recent controversy. I hope all the rumors and false reports will be cleared through a series of investigations,” Yang said in a statement.The share price of YG closed at 29,500 won ($24.90) on Friday, down 5.6 percent from the previous session. The stock price hit the bottom at 28,300 won per share on May 27 when the National Tax Service searched the company over tax evasion allegations following the Seungri fiasco that picked up in March. On Thursday, the witness for B.I's drug scandal revealed her identity and claimed police dismissed the investigation into B.I's alleged drug use due to corrupt ties with Y

Jun 14, 2019By Kwak Yeon-soo
YG shares plummet amid former iKON member's drug scandal
  • YG Entertainment chief: 'I want to step down'
Companies

Hanwha Aerospace faces growing financial strain for EDAC takeover

EDAC Technologies headquarters in Connecticut, the U.S. / Courtesy of Hanwha AerospaceBy Kwak Yeon-sooCredit ratings agencies are downgrading their outlook for Hanwha Aerospace as the aviation arm of conglomerate Hanwha Group grapples with an increasing financial burden after acquiring the U.S. aircraft engine manufacturer, EDAC Technologies.On Monday, Hanwha Aerospace said it would take over EDAC from Greenbriar Equity Group for $300 million and complete the acquisition by the end of 2019. The company plans to acquire EDAC through Accelerate Merger Corp. (AMC), its subsidiary in the U.S. Following the announcement, NICE Investors Service issued a report Wednesday, saying it had placed Hanwha Aerospace under observation. It said it would downgrade the company's credit rating to AA- from A+ at the end of the year if the company increases its loans. “Hanwha Aerospace's acquisition of the entire stake in EDAC is expected to add 350 billion won ($300 million) to the company's outstanding debt of 1.06 trillion won,” said Kim Yeon-su, an analyst at NICE Investors Service. &ldqu

Jun 13, 2019By Kwak Yeon-soo
Hanwha Aerospace faces growing financial strain for EDAC takeover
Companies

Hyundai, Kia to invest in Aurora to develop driverless systems

A Hyundai Nexo hydrogen fuel-cell vehicle with Aurora's self-driving systems / Courtesy of Hyundai Motor GroupBy Kwak Yeon-sooHyundai Motor and its affiliate Kia Motors will invest in Aurora Innovation, a U.S. developer of self-driving technologies, with a plan to integrate driverless systems into their models. Financial terms were not disclosed.The companies have been working for the past year to develop and integrate the “Aurora Driver,” Aurora's self-driving system, into Hyundai Motor's Nexo hydrogen fuel-cell vehicles as well as focusing on other projects. Together, the companies plan to design and develop sensors, software and data systems needed to deploy driverless cars. Established in 2017, Aurora's three co-founders have extensive backgrounds in self-driving cars. Sterling Anderson is the former director of the Autopilot program at Tesla; Drew Bagnell headed the autonomy and perception team at Uber's Advanced Technologies Center; and Chris Urmson was the former head of Google's self-driving project. The startup's other investors include Amazon, Greylock and Shell

Jun 13, 2019By Kwak Yeon-soo
Hyundai, Kia to invest in Aurora to develop driverless systems
Companies

S-Oil appoints Hussain A. Al-Qahtani as new CEO

S-Oil's new CEO Hussain A. Al-Qahtani / Courtesy of S-OilBy Kwak Yeon-sooS-Oil said Thursday its board of directors has approved the appointment of Hussain A. Al-Qahtani as its new CEO. Al-Qahtani began his term on June 13. S-Oil said the new CEO is the “best-suited” person as he has accumulated deep expertise, vast experience and leadership skills over about 30 years in the refining and petrochemical industry. Al-Qahtani served previously as the president of Saudi Aramco Shell Refinery Company (SASREF). Before that, he was the director of the domestic joint ventures management department at Saudi Aramco. With his 29-year career at Saudi Aramco and SASREF, he has nurtured expertise and leadership skills necessary for playing a key role in areas of refinery production, engineering and maintenance.A joint venture between Saudi Aramco and Shell, two of the world's biggest oil and gas companies, SASREF is one of the largest refineries in Saudi Arabia located in the heart of Jubail Industrial City. As manager of Yanbu Refinery and head of Process Engineering & Control Syst

Jun 13, 2019By Kwak Yeon-soo
S-Oil appoints Hussain A. Al-Qahtani as new CEO
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