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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

JUUL Labs launches e-cigarette in Korea

JUUL Labs Chief Product Officer James Monsees, center, speaks at a press conference to launch JUUL in Korea, in Seongsu-dong, Seoul, Wednesday. Left is the company's Chief Technology Officer Adam Bowen. YonhapBy Kwak Yeon-soo JUUL Labs, the best-selling e-cigarette maker in the United States, has come to Korea with the aim of bringing disruptive change in the cigarette industry, according to company officials Wednesday.After JUUL, which corners about 70 percent of the U.S. e-cigarette market, announced its debut in Korea, KT&G said it will launch a new heat-not-burn cigarette called “lil vapor” on May 27, just three days after the launch of JUUL, to stir up competition.The co-founders of JUUL Labs, Chief Technology Officer Adam Bowen and Chief Product Officer James Monsees, said their journey took off in graduate school when they worked together on a product design master's thesis at Stanford University in 2005. “I was always interested in designing for social change, and the fact we were longtime smokers made us think about the impact cigarettes have,&rdqu

May 22, 2019By Kwak Yeon-soo
JUUL Labs launches e-cigarette in Korea
Companies

Maxim pop-up store

Actress and face of Dongsuh Foods Lee Na-young poses for a photo in front of coffee brand Maxim's pop-up store Mocha Radio in Hapjeong-dong in Seoul, Tuesday. Visitors can experience the philosophy and expertise included in Maxim. Courtesy of Dongsuh Foods

May 22, 2019By Kwak Yeon-soo
Maxim pop-up store
Companies

Woowa Brothers reports Coupang to antitrust agency

By Kwak Yeon-sooWoowa Brothers CEO Kim Bong-jinWoowa Brothers, which owns the “Baedal Minjok” food delivery service, has asked the Fair Trade Commission (FTC) to investigate e-commerce giant Coupang for alleged unfair trade practices, the company said Monday.According to Korea's largest food delivery app operator, Coupang recently terminated a contract with Baedal Minjok to launch its own food delivery service, Coupang Eats. While preparing for its launch, Coupang allegedly solicited restaurant owners by promising to cut commission fees if they signed an exclusive contract with Coupang Eats. The e-commerce company also promised to pay them more than 10 million won ($8,380) for possible sales losses, according to Woowa Brothers.These actions are a violation of the Monopoly Regulation and Fair Trade Act Article 23, which prohibits trading under terms and conditions which unfairly restrict business activities of a transacting party and disrupting business activities of another enterprise.Launched in 2010, Baedal Minjok's monthly orders grew from about 5 million in early 2015

May 20, 2019By Kwak Yeon-soo
Woowa Brothers reports Coupang to antitrust agency
Companies

Retailers going after BTS fans

L&P Cosmetics' limited edition product “Mediheal Love Capsule in Mask” / Courtesy of L&P CosmeticsBy Kwak Yeon-sooRetailers are enjoying brisk sales of cosmetics and other goods advertised by K-pop boy band BTS which is garnering unprecedented global fame with its ongoing world tour “Love Yourself: Speak Yourself,” according to industry officials, Monday.As the brand power of BTS has already been proven many times, retailers are working to attract the attention of BTS' core fans, known as ARMY.“BTS has such a giant fandom regardless of gender, age and nationality,” a GS Retail official said. “I think the recent example of a cosmetics brand working with GS25, our convenience store chain that has 13,000 branches nationwide, shows the demand from consumers for easy access to K-pop merchandise.”Hyundai Research Institute recently estimated that in 2018, the value of goods and services generated by BTS reached 4.14 trillion won ($3.5 billion).The power of BTS is being felt not only in the music industry, but also in retail sales and

May 20, 2019By Kwak Yeon-soo
Retailers going after BTS fans
Economy

Korean firms' global competitiveness waning

By Kwak Yeon-sooGraphics by Bae So-youngKorean companies' global competitiveness is dwindling amid the economic slowdown. According to Forbes, a U.S. bi-weekly business magazine, only 62 Korean firms, including Samsung Electronics, made it onto its 2019 Global 2000 list of the world's biggest public companies, down from the previous year's 67.The rankings of most Korean firms have also fallen sharply. The setback reflects industry headwinds, such as declines in facility investment, consumption and exports in recent months, in contrast to President Moon Jae-in's optimistic view of the economy.The Global 2000 list is ranked according to a composite score from equally weighted measures of revenue, profits, assets and market value. The results reveal major trends shaping the global economy this year.The U.S. and China were two of only three countries that have added companies to the Global 2000 since last year. The U.S. now has 575 companies on the list, up 16 from 559 last year. China recorded 18 additions this year, to 309 companies. By companies, Samsung Electronics was 13th this year

May 17, 2019By Kwak Yeon-soo
Korean firms' global competitiveness waning
Companies

SsangYong Korando wins award

Lee Tae-won, second from right, head of the SsangYong R&D Center, with research engineers and the all-new Korando. The vehicle won the Grand Prix in the Ergonomic Design Award for its comfort and durability. Courtesy of SsangYong Motor

May 17, 2019By Kwak Yeon-soo
SsangYong Korando wins award
Companies

Spicy food gaining popularity amid slowdown

From upper left to clockwise; CU Malatang noodles, Orion spicy Sangeobab fish crackers, Samyang Foods' ultra-spicy Buldak mini noodles and Paldo's NehNemDdin noodles. Korea Times fileBy Kwak Yeon-sooKim Sun-oh, 25, enjoys eating spicy food whenever she feels stressed out. “I'm happy to see spicier food on store shelves, and I'm happy that there is a wider range of products involving buldak (hot spicy chicken) flavor,” she said.Riding on the popularity of the Buldak stir-fried noodles, Samyang Foods has rolled out Buldak flavored kimbab, sauce and ultra-spicy Buldak mini, which is even spicier than the original one rated at 12,000 Scoville Heat Units. The Scoville scale indicates the degree of spiciness by measuring the concentration of capsaicin. Samyang Foods' Buldak series recorded 282.5 billion won ($240 million) of sales in 2018, and since its first release, 1.5 billion packs have been sold.Popularized by the YouTube challenge and mukbang, an online broadcast during which a host consumes vast quantities of food, these fiery noodles have become a sensation in Korea and

May 17, 2019By Kwak Yeon-soo
Spicy food gaining popularity amid slowdown
Companies

'Norway provides Korean consumers with safe seafood'

Gunvar Lenhard Wie, director of the NSC for the Korean and Japanese markets and Counsellor at the Norwegian Embassy in Korea, speaks at a press conference at The Plaza Hotel in Seoul, Wednesday. / Courtesy of Norwegian Seafood CouncilBy Kwak Yeon-sooKorean consumers have a greater interest in the origin of seafood compared with other importers, said the Norwegian Seafood Council, Wednesday. The council is a state-run organization in charge of business strategy and marketing support for the Norwegian fishing industry. According to the organization's global survey results, seven out of 10 global respondents considered the origin of seafood as an important factor while eight out of 10 Koreans chose the origin as a key determinant when buying seafood. Likewise, safety and sustainability are becoming increasingly important factors for consumers on top of health benefits and taste.At a press conference, Norwegian Ambassador to Korea Frode Solberg delivered a speech to stress the importance of strengthening ties in future-oriented businesses, such as the seafood sector, in commemoration of

May 15, 2019By Kwak Yeon-soo
'Norway provides Korean consumers with safe seafood'
Companies

What's all the fuss about Blue Bottle?

Inside Blue Bottle Coffee in Seongsu-dong, Seoul, May 8. Korea Times photos by Kwak Yeon-sooBy Kwak Yeon-sooBlue Bottle Coffee finally came to Korea on May 3. The opening of the artisanal coffee shop in Seongsu-dong, Seoul had been the talk of the town for years and social media was flooded with posts awaiting its arrival. Before the opening of the store at 8:00 a.m., more than 300 people lined up in advance, some having been there all night, to be the first to try the coffee. Over 1,000 people were reported to have lined up for approximately three hours on that day. Sales of Blue Bottle Korea recorded around 60 million won ($50,400) in a single day, which is equal to the combined daily sales of 70 Blue Bottle stores across the globe. People wait in line in front of Blue Bottle Coffee shop in Seongsu-dong, Seoul, May 8.A week later, this reporter visited to find out what the fuss was all about. Upon arriving at 4:30 p.m. and despite being a Wednesday, there was already a long queue outside. When asked how long it would take to get in, a Blue Bottle staff member said it would take rou

May 15, 2019By Kwak Yeon-soo
What's all the fuss about Blue Bottle?
Companies

Hyundai, Kia to invest 80 million euros in Croatia's Rimac

Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, right, shakes hands with Rimac Automobili CEO Mate Rimac after their meeting at Rimac's headquarters in Zagreb, Croatia, Monday (local time). Courtesy of Hyundai Motor GroupBy Kwak Yeon-sooHyundai Motor and its affiliate Kia Motors will together invest 80 million euros ($90 million) in Rimac Automobili, the Croatian hypercar and electric vehicle components company, to sharpen its focus on electric vehicles.The move follows the pair's $300 million investment in Indian ride-hailing platform Ola and $275 million investment in Singapore-based ride-hailing firm Grab.Hyundai and Kia will work with Rimac to develop the electric high-performance vehicles and infrastructure required. Founded in 2009, Rimac develops and produces high-performance electric vehicles, powertrains and battery systems. The company has about 480 employees and is growing to become a full electrification partner to the global car manufacturers.Hyundai's Executive Vice Chairman Chung Eui-sun said the deal marks the group's foray into electric vehicles and will b

May 14, 2019By Kwak Yeon-soo
Hyundai, Kia to invest 80 million euros in Croatia's Rimac
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