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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

Saudi Aramco flexing muscle in Korea

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. / Reuters-YonhapBy Kwak Yeon-sooSaudi Aramco is expanding its presence in Korea by acquiring stakes or forging business ties with domestic refiners, according to industry analysts Tuesday.On Monday, Saudi Arabia's state-run crude oil producer became the second-largest shareholder of Hyundai Oilbank, Korea's fourth-largest refiner affiliated with Hyundai Heavy Industries, after taking a 17 percent stake in the company. Hyundai Oilbank has a refining capacity of 650,000 barrels per day. Saudi Aramco also owns a 63.41 percent stake in the country's No.3 refiner S-Oil. The company entered Korea in 1991 by acquiring a 35 percent stake in Ssangyong Refinery, the predecessor of S-Oil. It took over an additional 28.4 percent stake in S-Oil for 2.2 trillion won ($2 billion) from Hanjin Group in 2014.Hyundai Heavy said the firm had agreed to buy the 17 percent stake in Hyundai Oilbank for 1.4 trillion won.The deal included an option for the Saudi oil giant to ac

Apr 16, 2019By Kwak Yeon-soo
Saudi Aramco flexing muscle in Korea
  • Chaebol eager to form ties with Saudi prince
Companies

'Asiana Airlines was everything to me'

By Kwak Yeon-sooFormer Kumho Asiana Group Chairman Park Sam-koo / Korea Times fileFormer Kumho Asiana Group Chairman Park Sam-koo apologized to Asiana Airlines employees in a memo, Tuesday, bidding farewell after 17 years as head of the group.On Monday, the group decided to put Asiana Airlines up for sale in return for fresh loans from creditors.The group's decision came after creditors, led by the state-run Korea Development Bank (KDB) and the Financial Services Commission (FSC) rejected its self-rescue plan, demanding more concrete action.“I am deeply sorry for any pain and shock the result may cause,” he said. “I ask for your understanding that the decision was inevitable in order to overcome the company's difficulties.”Park stepped down as group chairman and chief executive of Asiana Airlines and Kumho Industrial in March so as not to interfere with the business normalization of Asiana Airlines. “Asiana Airlines has been a significant part of my life. Each stop along the way was filled with new challenges to endure, including the 1997 Asian financial

Apr 16, 2019By Kwak Yeon-soo
'Asiana Airlines was everything to me'
Companies

Hyundai Motor to invest in mobility startup CODE42.ai

Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, right, shakes hands with CODE42.ai CEO Song Chang-hyun after their meeting at Hyundai Motor Studio Seoul in Nonhyeon-dong, Seoul, Wednesday. Courtesy of Hyundai Motor GroupBy Kwak Yeon-sooHyundai Motor will invest in tech startup CODE42.ai in its latest efforts to gain leadership in the smart mobility market, Korea's largest automaker said Monday. Financial terms were not disclosed.The strategic partnership will see two companies collaborate on developing fleet and mobility systems, connected services, artificial intelligence (AI) and self-driving cars.CODE42.ai was set up this year by Song Chang-hyun, a former chief technology officer of Naver, the nation's largest portal operator.The firm has attracted much attention from car companies, and has quickly grown to become a key player in the smart mobility business.With Song in the lead, CODE42.ai is comprised of a group of engineers with expertise in voice recognition, AI, mobility, self-driving vehicles, precision maps, robotics, computer vision and big data. Hyundai's Execut

Apr 15, 2019By Kwak Yeon-soo
Hyundai Motor to invest in mobility startup CODE42.ai
Companies

Coupang sales jump 65 percent to 4.4 trillion won in 2018

Coupang's Rocket Delivery service / Korea Times fileBy Kwak Yeon-sooCoupang recorded its biggest-ever operating loss of 1 trillion won ($883 million) in 2018 due to heavy investment in the firm's logistics capacity, Korea's largest e-commerce site said Monday.Regarding the huge loss, the company said it was part of the investment it was making to grow sales and it aims to maintain aggressive spending.In 2018, Coupang heavily invested in its ultra-fast “Rocket Delivery” service, expanding the product selection to 5 million items, including products supplied directly by companies such as Apple, AmorePacific and LEGO.This is 100 times the number of products available at large discount stores.Given that the company has its own logistics system and employs couriers, Coupang also doubled its centers from 12 to 24 nationwide.Meanwhile, the company posted annual sales of 4.42 trillion won, or 65 percent year-on-year growth, up from 40 percent in 2017.However, there is a growing skepticism as to whether Coupang's aggressive investment strategy will continue to work as the company

Apr 15, 2019By Kwak Yeon-soo
Coupang sales jump 65 percent to 4.4 trillion won in 2018
Others

Crab in season

Models display crabs at the main Shinsegae Department Store location in central Seoul, Monday. Shinsegae Department Store has teamed up with local fisheries and markets to offer large crabs at 6,980 won ($6) per 100 grams in its main location, as well as its Gangnam, Yeongdeungpo and Gyeonggi branches. Yonhap

Apr 15, 2019By Kwak Yeon-soo
Crab in season
Companies

Hyundai, Kia EV sales more than double in Q1

Hyundai Motor Kona Electric / Korea Times fileBy Kwak Yeon-sooHyundai Motor and affiliate Kia Motors saw their all-electric vehicle (EV) sales more than double in the first quarter on strong domestic and overseas demand, Korea's leading automakers said Sunday.EVs obtain electricity from external sources ― charging stations ― and hold it in rechargeable batteries.The companies said sales of EVs surged 159 percent to 21,148 between January and March from the previous year.The brisk EV sales have been driven by solid overseas performance.The number of EVs sold abroad more than tripled to 16,162 in the first quarter from the previous year's 4,905. The triple number comes after the recent international launch of the Hyundai Kona Electric.Their domestic sales also rose to 4,986 from 3,247 during the same period.The companies said sales got a boost from the release of electric versions of their popular SUVs including Hyundai's Kona and Kia's Niro.“We will further advance our competitiveness with the launch of the refreshed Soul EV, supplemented with upgraded versions of Kona, Ioniq an

Apr 14, 2019By Kwak Yeon-soo
Hyundai, Kia EV sales more than double in Q1
Companies

Gas prices on the rise

Drivers fill up their vehicles at a gas station in Seoul, Sunday. Both gasoline and diesel prices have been increasing for the eighth consecutive week. The government said Friday it will extend a cut on fuel taxes by the end of August, although the tax cut will be reduced to 7 percent from 15 percent starting May 7. Yonhap

Apr 14, 2019By Kwak Yeon-soo
Gas prices on the rise
Companies

Hyundai Heavy wins W700 billion deal for 5 vessels

An LNG carrier built by Hyundai Heavy Industries. / Courtesy of Hyundai Heavy IndustriesBy Kwak Yeon-sooHyundai Heavy Industries said Sunday it has clinched a deal to build a 174,000-cubic-meter liquefied natural gas (LNG) carrier, reflecting strong demand for LNG carriers amid growing environmental concerns.The company said the LNG carrier would be fitted with a Hi-ALS self-developed air lubrication system on the bottom of the hull to improve fuel consumption.According to Hyundai Heavy, the air lubrication system is expected to cut fuel consumption by 8 percent.With the latest contract with a Greek shipping company, the shipbuilder has secured five orders in two weeks, worth a total 700 billion won ($616 million).Earlier this month, Hyundai Heavy won orders to build an LNG carrier from a Japanese shipping company, followed by a contract to build an LPG carrier from a Korean shipping company and a contract to build two oil tankers for a Greek company. According to British shipbuilding and marine industry tracker Clarksons Research, the volume of new orders of compensated gross tonnag

Apr 14, 2019By Kwak Yeon-soo
Hyundai Heavy wins W700 billion deal for 5 vessels
Companies

Companies upset over EU pressure for ILO ratification

Minister of Employment and Labor Lee Jae-kap, second from left, discusses with European Commissioner for Trade Cecilia Malmstrom, second from right, issues concerning Korea not adopting key ILO conventions in Seoul, Tuesday. YonhapBy Kwak Yeon-sooCompanies here are expressing concern over the EU's growing pressure on Korea to ratify key International Labor Organization (ILO) conventions, saying this is a sovereign matter for Asia's fourth-largest economy.Business leaders are arguing the country should first balance “labor-friendly” policies and laws before adopting international labor rights provisions. On Tuesday, the European Commission warned that it will initiate an expert panel to review Korea's compliance with the Korea-EU Free Trade Agreement (FTA) if it fails to ratify fundamental ILO conventions. The EU demanded Korea approve conventions as agreed to in the FTA implemented in 2011. The Korean government joined the ILO in 1991 but hasn't ratified four of the organization's eight fundamental labor conventions. The still ungratified conventions are No. 87 on freedom

Apr 10, 2019By Kwak Yeon-soo
Companies upset over EU pressure for ILO ratification
Companies

GS Group donates W500 million for wildfire victims

By Kwak Yeon-sooGS Group Chairman Huh Chang-soo / Courtesy of GS GroupGS Group made a 500 million won ($440,000) donation to help victims of the recent wildfire in Gangwon Province, the group said Wednesday.The coastal forest fire broke out on Thursday and swept through Sokcho, Goseong County and Gangneung, killing two people, destroying more than 120 homes and displacing 4,000 evacuated residents.The donation was delivered to Community Chest of Korea on Monday. “We hope our donation will help people who have been affected by the damage after the wildfire,” a GS Group official said. “We hope the local residents recover from the aftermath of the wildfire.”GS Retail has teamed up with the Ministry of the Interior and Safety and other relief organizations to provide emergency supplies, like food and water, and other necessities to locals who suffered from the wildfire. GS Retail signed a memorandum of understanding last year with the Ministry of the Interior and Safety to annually donate relief supplies worth 50 million won, transform GS25 convenience stores into

Apr 10, 2019By Kwak Yeon-soo
GS Group donates W500 million for wildfire victims
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