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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

Korea's homegrown characters going global

Kakao Friends characters / Courtesy of KakaoBy Kwak Yeon-sooKorea's home-grown characters are gaining increasing popularity abroad, buoyed by the country's advanced information technology and the increased popularity of hallyu.The Korea Creative Content Agency (KOCCA) estimates Korea's character industry will rake in 13.7 trillion won ($11.9 billion) in total sales this year, up 8.2 percent from 12.7 trillion won the previous year. Along with the industry-wide growth, exports are expected to reach $770 million in 2019, up 8 percent from $710 million the prior year.“The character industry is seeing robust growth thanks to increasing exports and domestic consumption,” a KOCCA official said. “VR, AR and mobile platforms, such as YouTube, social media and games, are pushing the market to develop new characters.”Until the mid-1990s, the character industry was dominated by Western cartoon characters such as Disney although there were some popular Korean cartoons including Dooly the Little Dinosaur. By the early 2000s, a wide variety of Japanese characters, including

Apr 28, 2019By Kwak Yeon-soo
Korea's homegrown characters going global
Tech & Science

Regulation hampers 5G adoption in the West

IFA Executive Director Jens Heithecker speaks during 2019 IFA Global Press Conference in Andalusia, Saturday. Courtesy of IFABy Kwak Yeon-sooANDALUSIA, Spain ― 5G is a revolutionizing technology, but Europe and America may remain tepid on its adoption due to government regulation and costly infrastructure, according to IFA Executive Director Jens Heithecker.Fifth-generation mobile and wireless internet connectivity offers faster speeds (20 times faster than 4G) and more memory storage that provides ultra-low latency for mobile devices.New technologies integrated with 5G are likely to bring further advancements in smart devices, the internet of things (IoT), artificial intelligence and autonomous vehicles among many other fields. “5G will be the new essential technology application for a lot of devices, but the question is speed,” Heithecker said during an interview with Korean reporters on the sidelines of the IFA Global Press Conference in Andalusia, Spain, Saturday. “In Korea, it's a bit easier to integrate new 5G technology because the majority of people live in

Apr 28, 2019By Kwak Yeon-soo
Regulation hampers 5G adoption in the West
  • 5G subscribers in Seoul top 260,000
Companies

CJ launches meal kit business

CJ CheilJedang Online Business director Kim Kyung-yeon speaks at the launch of the company's meal kit service at the company's headquarters located in central Seoul, Tuesday. / Courtesy of CJ CheilJedangBy Kwak Yeon-sooCJ CheilJedang will launch a meal kit service to extend its home meal replacement (HMR) business and to leverage cooking trends in Korea. At a press conference to unveil the meal kit brand “COOKIT,” company officials said they have worked on menu development for one-and-a-half years, with the support of 13 professional chefs.The food company has partnered with CJ Freshway to secure access to fresh ingredients such as vegetables, meat, fish and sauces while teaming up with CJ Logistics to deliver meal kits and recipes to customers within 24 hours. “So far, we have designed about 60 different menu items, which include not only Korean but Spanish, Italian and Japanese cuisines. We have also developed dishes with a seasonal spin,” a CJ CheilJedang official said. “We aim to roll out 200 menu items within two years and continue to upgrade m

Apr 23, 2019By Kwak Yeon-soo
Economy

Seoul to raise portion of renewable energy up to 35% by 2040

Park Jae-young, director of the Ministry of Trade, Industry and Energy, speaks during a public hearing on the government's energy revision plan at COEX in Seoul, Friday. YonhapExperts concerned about rising electricity costs for consumersBy Kwak Yeon-sooThe government announced Friday that it will seek to boost the portion of renewable energy in the country's power use to 35 percent by 2040. This is part of an energy-use revision plan unveiled by the Ministry of Trade, Industry and Energy to cut fine dust pollution and create a more sustainable economyThe plan is designed to reduce the nation's reliance on “conventional” resources such as coal, and increase the use of those that are environmentally friendly to enhance safer and more sustainable growth.The ministry is seeking to expand the share of renewable sources to around 30 to 35 percent of energy production by 2040, more than four times the current 7.6 percent.Revisions to an overall energy-use plan are made every five years with the 20-year goal of shifting toward clean and safe sources to meet the demand for electr

Apr 19, 2019By Kwak Yeon-soo
Seoul to raise portion of renewable energy up to 35% by 2040
Companies

For home coffee enthusiasts

Models display coffee and tea items at a Homeplus outlet in Seoul, Friday. The discount chain said it will hold a “Homeplus Cafe Show” event until the end of this month and sell single origin coffees, coffee capsules and coffee stick products as well as blended tea products at lower prices. Yonhap

Apr 19, 2019By Kwak Yeon-soo
For home coffee enthusiasts
Companies

BTS sends K-pop merchandise sales soaring

By Kwak Yeon-sooPeople pass a display stand featuring BTS's new album, “Map of the Soul: Persona,” at Kyobo Hottracks in Seoul, Tuesday. / Korea Times fileThe K-pop merchandise market is enjoying strong sales, led by BTS, which is sweeping global music charts in the U.S., U.K. and Japan. BTS has sold more than 2.13 million copies of its new album “Map of the Soul: Persona” since its release April 12, setting a record for the highest first-week sales by a K-pop band, its label Big Hit Entertainment said Friday.According to eBay Korea, K-pop merchandise sales in March rose more than 50 percent compared to the same month the previous year. Sales in April increased 57 percent compared to last year. “Thanks to BTS, foreign fans flock to online markets to purchase K-pop merchandise,” Moon Ji-young, head of Global Affairs at eBay Korea, said. “As K-pop fever continues, we expect foreign fans will continue to buy goods at our channel.” Moon said K-pop merchandise sales peaked on April 11 and 12, just before the new album's release, and been hav

Apr 19, 2019By Kwak Yeon-soo
BTS sends K-pop merchandise sales soaring
  • Will BigHit go public with BTS fever?
Companies

Starbucks' dominance deepens in Korea

A Starbucks Coffee location / Korea Times fileBy Kwak Yeon-sooStarbucks has solidified its dominance over Korea's coffee industry, widening its gap with A Twosome Place, The Coffee Bean & Tea Leaf, Ediya Coffee and other smaller rivals, according to industry analysts Thursday.According to audit reports released by the Financial Supervisory Service, Starbucks Coffee Korea, which opened its first shop near Ewha Womans University in Seoul in 1999, saw its sales increase 20.5 percent to 1.52 trillion won ($1.3 billion) in 2018 from the previous year. Its operating profit also jumped 24.9 percent to 142 billion won.Starbucks continues to focus on its cold beverages, which include cold brew and cold foam, as customers have been craving iced drinks more than hot ones. The coffee chain has also introduced new concepts such as its luxury Reserve store, Teavana and morning box to accelerate growth in Korea.“Growing partnerships with local farmers and small businesses here has bolstered sales and improved the image of the Starbucks brand,” a Starbucks Korea official said. &ldquo

Apr 18, 2019By Kwak Yeon-soo
Starbucks' dominance deepens in Korea
Companies

POSCO chief joins worldsteel executive committee

POSCO Chairman Choi Jeong-woo, left, and World Steel Association (worldsteel) Chairman Andre Johannpeter at the annual board meeting in Madrid, Tuesday. / Courtesy of POSCOBy Kwak Yeon-sooPOSCO Chairman Choi Jeong-woo was appointed to the World Steel Association (worldsteel) executive committee during its annual board meeting in Madrid, the company said Wednesday.The association's executive committee is its top decision-making body and has 13 members. Choi will serve a three-year term until April 2022 and is now qualified to vote on key agendas, including chairman selection. Three POSCO chairmen have served as heads of the association. They are Kim Man-je, Lee Gu-taek and Chung Joon-yang. Former POSCO Chairman Kwon Oh-joon served as vice chairman. In addition to electing executive committee members, the board discussed major issues such as carbon dioxide reduction, sustainability efforts and safety matters.On the sidelines of the meeting, Kim Yong-tae from POSCO won the world championship in the industry category of the 13th steelChallenge, which took place at the same venue, Tuesday

Apr 17, 2019By Kwak Yeon-soo
POSCO chief joins worldsteel executive committee
Companies

SPC to expand presence in Southeast Asia, Middle East

SPC Group CEO Hur Young-in, center, attends a tape-cutting event with Changi Airport Group Executive Vice President Lim Peck Hoon, third from right, Jewel Changi Airport Development CEO Hung Jean, second from left, and other guests during a ceremony to mark the opening of Maison de PB in Jewel Changi Airport in Singapore, Wednesday. / Courtesy of SPC GroupBy Kwak Yeon-sooSPC Group is taking steps to expand its presence in Southeast Asia by opening more stores in Singapore, while signaling plans to enter the Middle East. Best known for its Paris Baguette bakery franchise, SPC Group has opened four brand stores ― Paris Baguette, Maison de PB, Coffee@Works and Shake Shack ― at Jewel Changi Airport in Singapore, the company said Wednesday. This is the first time the Seoul-based company has opened stores of its multiple brands, rather than launch Paris Baguette alone.Jewel Changi, a seven-story lifestyle complex built as an extension to the airport, opened Wednesday. It houses more than 280 shops, and food and beverage outlets. The venue is expected to attract about 42 million visitors fr

Apr 17, 2019By Kwak Yeon-soo
SPC to expand presence in Southeast Asia, Middle East
Companies

Hyundai, Kia extend support to fire-hit Gangwon Province

Employees from Hyundai Motor and affiliate Kia Motors prepare to wash blankets in a donated washing machine truck to help fire-affected areas in Gangwon Province, in this April 7 photo. / Courtesy of Hyundai Motor GroupBy Kwak Yeon-sooHyundai Motor and affiliate Kia Motors will encourage employees to visit Gangwon Province to help struggling tourism in regions affected by recent wildfires, Korea's leading automakers said Wednesday. This comes after the group made a 1 billion won ($879,415) donation to support residents who suffered losses in the fire. The companies will distribute gift cards worth 150 million won from late April until late June to be spent in traditional markets, restaurants and supermarkets in Gangwon Province.They will also provide accommodation for two nights and three days in Sokcho, Goseong County and Gangneung to help in the recovery of regions hit hard by wildfires.The coastal forest fire broke out on April 4 and swept through Sokcho, Goseong County and Gangneung, killing two people, destroying more than 120 homes and forcing the evacuation of 4,000 residents.

Apr 17, 2019By Kwak Yeon-soo
Hyundai, Kia extend support to fire-hit Gangwon Province
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