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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

Libya becomes top importer of Korean used cars

By Kwak Yeon-sooKorean exports of used cars jumped 43 percent in the first quarter of this year compared to the figure a year earlier, with Libya becoming the largest importer, data showed Sunday.According to the Korea International Trade Association (KITA), Korea shipped 59,000 units of pre-owned cars to Libya from January to March, or 55 percent of its entire used-car export volume.The volume of 107,321 units is the second-highest quarterly shipment number. The current record was set in the second quarter of 2012, when the figure reached 107,573 units.Other major importers of used cars from Korea were Cambodia, followed by Ghana, Chile and Jordan, according to KITA. These four countries each imported about 4,000 second-hand cars from Korea in the January-March period. Graphic by Cho Sang-wonIndustry analysts said that local vehicles became more competitive in the global market due to the weakened won. “A weaker won stimulates exports, but Korea needs to diversify its export markets. Concentrating on a single export country may be risky in the long term,” a KITA official

May 5, 2019By Kwak Yeon-soo
Libya becomes top importer of Korean used cars
Companies

Renault Samsung seeks to offer 'different value'

Renault Samsung's SM6 / Courtesy of Renault SamsungBy Kwak Yeon-sooRenault Samsung Motors has released its first brand commercial in six years to differentiate itself from rivals.In celebration of its 20th anniversary, Renault Samsung's new commercial features singer Park Hyo-shin. This is the first time in his 20-year career that Park has appeared in a TV commercial. The teaser video has surpassed 430,000 views on YouTube, while the full-length version has exceeded 2.5 million views. The company said it created the video to trigger consumer emotions and embody corporate achievements over the years.“We pursue 'a little different' value from other automakers, which is to provide a new experience to our customers,” a Renault Samsung official said. “Through this campaign, we wanted to remind people of our achievements.”Renault Samsung unveiled the SM6 in 2016 amid a sluggish midsize sedan market. It launched the QM3 compact sport utility vehicle (SUV) in Korea in 2014 to strengthen its market leadership in the segment.Following the QM3's success, the company roll

May 3, 2019By Kwak Yeon-soo
Renault Samsung seeks to offer 'different value'
Companies

SK Innovation discovers new oilfield in Vietnam

The above map shows the location of block 15-1/05 in Lac Da Trang in the Cuu Long basin, southeastern Vietnam. Courtesy of SK InnovationBy Kwak Yeon-sooSK Innovation has discovered a new oilfield in the Cuu Long basin located in southeastern Vietnam, the company said, Friday. The energy business arm of SK Group said its exploration team found a 116-meter-thick oil layer after drilling 4,295 meters in Block 15-1/05 in Lac Da Trang in the basin.Further analysis will be required to figure out the size of the oil discovery and whether it is commercially viable. Block 15-1/05 is adjacent to Block 15-1 in the same basin, where SK Innovation initiated its commercial oil production in 2003. In February 2007, SK Innovation signed an extraction contract with the Vietnamese government for Block 15-1/05.In 2015, SK Innovation confirmed that the block had enough oil reserves in Lac Da Vang near Lac Da Trang for commercialization after producing up to 2,450 barrels per day during tests.The Lac Da Vang development team then announced its plan to commercialize the oil field in January, 2018 and prod

May 3, 2019By Kwak Yeon-soo
SK Innovation discovers new oilfield in Vietnam
Companies

Interest brews for Blue Bottle Coffee

People line up in front of Blue Bottle Coffee, which opened in Seongsu-dong, eastern Seoul, Friday. More than 200 people were waiting as of 8 a.m., the opening hour, to get a taste of coffee from the new cafe. Korea is the second international market for the company, which opened its first Tokyo cafe in 2015. It will open a second cafe in Samcheong-dong in Seoul by the second quarter, according to Blue Bottle. Yonhap

May 3, 2019By Kwak Yeon-soo
Interest brews for Blue Bottle Coffee
Others

Tuna cutting performance

A chef shows how to cut a bluefin tuna during a promotional event at Hyundai Department Store in Seoul, Friday. The tuna weighed 300 kilograms and was 2 meters long. After the tuna cutting performance, it was sold on a first-come, first-served basis at a 40 percent discount. Yonhap

May 3, 2019By Kwak Yeon-soo
Tuna cutting performance
Companies

Lotte Mart urged to halt the sale of fried chicken

Customers stand in line to buy cheap fried chicken at Lotte Mart's store in Seoul in this December 2010 file photo. When it began offering its first 5,000 won fried chicken deal. Starting Wednesday, the discount chain operator began holding a similar sales event that will last until May 8 to commemorate its 21st anniversary. Korea Times fileBy Kwak Yeon-sooFried chicken franchises are urging Lotte Mart to stop selling fried chicken at heavily-discounted prices, claiming that the discount store threatens the livelihoods of their store owners, many of which are retirees.From May 1, Lotte Mart has been offering cheap chicken ― 5,000 won ($4.3) a bucket, which is one-third the price charged at regular outlets ― and said the sale would take place until May 8.Although L-Point membership users can buy a bucket of fried chicken at 5,000 won, it is otherwise priced at 7,810 won, according to Lotte Mart.“Because Lotte Mart, a conglomerate, is threatening the survival of small businesses, it should be prevented from selling cheap fried chicken,” said an official at the Korea Fr

May 2, 2019By Kwak Yeon-soo
Lotte Mart urged to halt the sale of fried chicken
Companies

Daelim referred to prosecution for unfair biz practices

By Kwak Yeon-sooLee Hae-wook, the chairman of Daelim GroupKorea's Fair Trade Commission (FTC) has fined and referred Daelim Group to the prosecution for alleged unfair business practices favoring its affiliates. Korea's antitrust watchdog said Thursday it has fined Daelim Industrial and its affiliates Ora Resort and A Plus D (APD) a combined 1.3 billion won ($1.1 million) for rigging bids for hotel projects. Daelim Industrial is accused of pressing Ora Resort to grant APD a lucrative business opportunity to construct the GLAD hotel brand. In 2013, Daelim Industrial developed its own hotel brand named GLAD and made the real estate developer APD register it as its trademark. GLAD Hotels and Resorts ― a wholly owned subsidiary of Daelim Industrial ― signed a deal with APD in 2015 to provide regular payments for the use of the GLAD brand.Although APD had not provided adequate brand marketing services to Ora Resort, the real estate developer received about 3.1 billion won worth of brand commission fees from January 2016 to July 2018, according to the FTC.It turned out that the practice in

May 2, 2019By Kwak Yeon-soo
Daelim referred to prosecution for unfair biz practices
Companies

For family month

Models display a variety of products ― ranging from groceries to toys ― at a Homeplus store in Seoul, Thursday, to mark Family Month. The discount chain operator will hold a so-called Mega Week in celebration of major events in May, including Children's Day and Parents' Day. Courtesy of Homeplus

May 2, 2019By Kwak Yeon-soo
For family month
Companies

Binggrae enjoys brisk ice cream sales on 'Son boom'

Korean football player Son Heung-min is featured in Binggrae's new TV commercial. / Courtesy of BinggraeBy Kwak Yeon-sooBinggrae has been enjoying brisk sales of its flagship “Super Cone” ice cream with the rising popularity of a new TV commercial featuring Korean football player Son Heung-min.The commercial, released April 11, features the football star dressed in an oversized jumper and jeans and dancing while holding the ice cream. The video exceeded 1.2 million views on YouTube within two weeks of its launch.By country, Korea recorded the highest traffic that accounts for 88.1 percent of the cumulative views on YouTube. However, the video attracted viewers in the U.S., Japan, Canada, Australia and the U.K., according to the ice cream and desserts manufacturer.Nearly 55 percent of viewers were between the ages of 25 and 34, followed by 32.8 percent who were between 18 and 24. Binggrae attributed the explosive popularity to Son, who is one of the most marketable athletes in Korea.Son has netted 20 goals in all matches this year, including two goals that helped send Tott

May 2, 2019By Kwak Yeon-soo
Binggrae enjoys brisk ice cream sales on 'Son boom'
Companies

INTERVIEW Sun Kwang boasts high-tech container terminal

Sun Kwang Vice President Shim Choung-shik / Korea Times photo by Choi Won-sukBy Kwak Yeon-sooSeaports hold great significance for Korea, an export-oriented economy surrounded by water on three sides. Above all, Incheon ports hold the greatest strategic importance in terms of logistics for their close proximity to major industrial complexes in Seoul and Gyeonggi Province. Incheon is also closer to major ports in China.Thanks to this location and connectivity, it requires lower inland transportation time and cost compared to the Port of Busan.To make the best use of the port city, Sun Kwang was founded in 1948 and since then has extended its business scope from running a storage business to constructing a container terminal at the South Port of Incheon to meet the increasing trade volume to and from China. As a result, Sun Kwang Newport Container Terminal (SNCT) has become the biggest container terminal at Incheon, connecting to a prompt transportation system delivering to industrial complexes containing around 10,000 companies.Former presidents Lee Myung-bak and Park Geun-hye as well

Apr 28, 2019By Kwak Yeon-soo
[INTERVIEW] Sun Kwang boasts high-tech container terminal
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