The Korea Herald

안녕하세요 Seo Jee-yeon 기자입니다.

Articles by Seo Jee-yeon

[Herald Interview] Bibigo spearheads CJ’s charge into global food market

BusinessJul 1, 2014

CJ CheilJedang, the nation’s top food maker, is spearheading the globalization of Korean cuisine by distributing its food products through global retail channels under its food brand Bibigo.“When the company set a goal of going global in the mid-2000s, what we needed the most was to develop a global brand to draw the attention of global consumers,” said Kim Chul-ha, CEO of CJ CheilJedang, a flagship affiliate of CJ Group.The food giant unveiled the Bibigo brand in 2010, declaring its new mission
Park elected executive board member of ICC

IndustryJun 30, 2014

Park Yong-maanPark Yong-maan, chairman of the Korea Chamber of Commerce & Industry, was elected an executive board member of the International Chamber of Commerce last Friday, KCCI said in a press release. Park, who also leads Doosan Group as chairman, will serve on the board of the world’s largest business organization for the next three years from July 1. Park is the only Korean among 20 executive board members and one of five Asian board members. ICC board members, including Park, are expecte
Chrysler clashes with ministry over mileage audit

IndustryJun 30, 2014

Tension between the government and foreign carmakers appeared to deepen on Monday following audit results on fuel mileage from the Ministry of Trade, Industry and Energy on the top imported carmakers in the country, including Chrysler.The 2013 fuel efficiency test that is arousing controversy in the automotive sector found Chrysler’s 2013 Jeep Grand Cherokee to have inflated its fuel efficiency, a key indicator influencing car purchases.“It is hard to accept the results as Chrysler’s 2013 Jeep G
Seoul shares end lower on foreign selling

Jun 27, 2014

South Korean stocks finished lower on Friday as weak U.S. data prompted foreign investors to sell, analysts said. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 6.54 points, or 0.33 percent, to 1,988.51. Trading volume was low at 212.7 million shares worth 2.96 trillion won ($2.92 billion), with gainers outpacing decliners 424 to 359. “Institutions continued to buy. Foreigners, who have been shifting in and out of selling mode, turned to selling
Korean Air receives ninth A380 plane

IndustryJun 27, 2014

Korean Air, the nation’s largest air carrier, said Friday it would receive its ninth A380 superjumbo jet and use it to service the Atlanta route starting next month.The Airbus’s jumbo passenger jet, to arrive in Incheon International Airport on Saturday, is configured to carry 407 passengers overall, of which 301 are economy seats.The airline said the 84 centimeters of space between economy seat rolls is the widest among any operator of the A380, making Korean Air jets more comfortable for passe
Korea’s current account in black for 27th month

Jun 27, 2014

South Korea extended its current surplus streak for the 27th consecutive month in May as exports continued to remain solid, central bank data showed Friday. The current account surplus reached $9.3 billion last month, compared with $7.12 billion in April, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.The May figure, without seasonal adjustments, marks the highest level since October last year when the country’s current s
Korean won hits fresh yearly high against dollar

Jun 27, 2014

The South Korean won advanced sharply to the U.S. dollar on Friday, hitting a fresh yearly high as the country’s current account surplus widened to a seven-month high in May.The local currency was quoted at 1,014.30 won as of 11 a.m., up 1.90 won from the previous session’s close. The country’s current account surplus reached $9.3 billion last month, compared with $7.12 billion in April, according to preliminary data by the Bank of Korea. The current account is the broadest measure of cross-bord
Fisheries co-op sanctioned for illegal lending to church

Jun 27, 2014

A state-funded local fisheries cooperative has been reprimanded for extending billions of won in loans to a church by inflating its financial status and the number of members, the watchdog agency said Friday. A branch of the National Federation of Fisheries Cooperatives in 2008 allegedly raised the church’s credit rating without carrying out due diligence on the debtor’s repayment ability, according to the Financial Supervisory Service. The NFFC extended an additional 15 billion won ($14.79 mill
Crisis looms large at Dongbu Group

IndustryJun 27, 2014

The cash-starved Dongbu Group, the country’s 18th-largest conglomerate by assets, is at risk of falling into a deeper hole as its affiliates are likely to face hurdles in refinancing maturing debts following the failure of a deal to sell its key assets, analysts said Friday.Dongbu, whose business portfolio ranges from insurance and construction to steelmaking, has been under pressure from its creditors to beef up its worsening financial status. Late last year, Dongbu said it would raise 3 trilli
Hyundai Mobis squeezing suppliers to improve profits

IndustryJun 26, 2014

Hyundai Mobis, the nation’s largest auto parts maker under the Hyundai-Kia Automotive Group, was found to be increasingly pressuring its suppliers to cut prices amid the strengthening South Korean currency. “Even the top-tier auto parts suppliers (for Hyundai Mobis) are feeling the pinch of price cuts this year,’’ a source close to that matter told The Korea Herald. “The suppliers believe things will only get worse.”Further, Hyundai Mobis has to deal with the fact that it is heavily reliant on i
[Newsmaker] Dongbu in crisis after steel deal collapses

BusinessJun 25, 2014

Dongbu Group, the nation’s 17th-largest conglomerate in terms of assets, is in grave jeopardy. After the sale of key units of its flagship affiliate Dongbu Steel fell through, the group will now have to ask the steelmaker’s creditors to step in ― this means there is no hope of the steelmaker staying in one piece. On Tuesday, POSCO, the nation’s biggest steelmaker, gave up its bid for Dongbu Steel’s Incheon plant and Dongbu Power Dangjin Corp., citing low profit margins and excessive financial bu
[Herald Interview] SkinRx plays matchmaker for foreign beauty brands

IndustryJun 25, 2014

Foreign beauty brands are feverishly seeking out Korean consumers as the country is fast growing into a test bed for the cosmetics industry.Kim Do-kyun, CEO of online cosmetics shopping mall SkinRx, is one man who saw a golden opportunity in this trend.“Cosmetic brands can be divided into three categories ― big global high-end beauty brands that occupy department stores, domestic brands distributed through brand street shops and newly imported cosmetic brands that don’t have retail channels here
POSCO pulls out of bid for Dongbu

IndustryJun 24, 2014

The top management at POSCO, the nation’s top steelmaker, on Tuesday said it has decided to pull out of a package bid for Dongbu Group’s Incheon Steel Plant and a coal-fired thermal power plant in Dangjn. POSCO had been conducting due diligence on the request of the Korea Development Bank, the main creditor of the financially faltering Dongbu Group. “Based on the results, we concluded that the synergy effect from the deal would not be big enough, considering the financial burden,’’ POSCO chairma
Kmall24.com woos overseas direct shoppers

IndustryJun 24, 2014

A screen grab of Kmall24.com’s websiteKorea International Trade Association on Tuesday signaled the launch of Kmall24.com, an online shopping mall of Korean products, designed to woo overseas customers. KITA is the nation’s largest association of traders under the Ministry of Trade, Industry and Energy. “The mall, offering multi-languages and around-the-clock services, was designed to support the online transactions of quality Korean goods across the border,” said Lee Kwon-jae who has been in ch
Dongbu Insurance acquires stake in Chinese firm

Jun 22, 2014

South Korea’s non-life insurer Dongbu Insurance acquired a stake in a Chinese non-life insurance firm in an effort to tap overseas business opportunities beyond the saturated local market, the company said Sunday.Dongbu Insurance said it has received approval from the financial authorities of South Korea and China to acquire a 15 percent stake in Ancheng Property & Casualty Insurance, becoming the third-biggest shareholder of the Chongqing-based firm.It is the first time for a South Korean insur