Articles by Suk Gee-hyun
Suk Gee-hyun
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Caffe Bene seeks success in East Asia
South Korean coffee chain Caffe Bene is betting big on the Southeast Asian market as it aims to operate 140 stores in the region by 2017.Southeast Asia is the fourth region in which the company has opened outlets, starting with the Philippines, Indonesia, Cambodia, Malaysia and Vietnam, according to company officials. With two more shops having opened in Malaysia last month, Caffe Bene now has 17 cafes in Southeast Asia. “We’re striving to become a representative South Korean coffee brand that l
Industry Jan. 13, 2015
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[SUPER RICH] Foreign billionaires’ firms muscle into Korea
When global companies like Uber and IKEA expanded their business into South Korea last year, local taxi firms and retailers were caught off guard by their cheap pricing and fresh business ideas. And it was natural for their billionaire founders, Travis Kalanik and Ingvar Kamprad, respectively, to make headlines here for their success stories and underlying strategies.This year, more ― and bigger ― billionaires are in store to make inroads into in Korea, posing a challenge to their local competit
Industry Jan. 12, 2015
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Samsung heiress named CITIC’s outside director
Hotel Shilla CEO Lee Boo-jin, the eldest daughter of Samsung chairman Lee Kun-hee, has been appointed an outside director of China’s state-run investment firm CITIC Group.The Samsung heiress accepted the Chinese firm’s request to become a board member of CITIC Group on Dec. 19, in an apparent move that reflects the junior Lee and Samsung’s intention to build a bigger presence in China.“CITIC made a request to (Lee) to take the position, and she accepted it,” a Hotel Shilla official said. Lee Bo
Industry Jan. 9, 2015
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CJ vice chairwoman to take a back seat
CJ Group’s No. 2 Lee Mie-kyung will take a back seat when the conglomerate carries out executive reshuffles next month, sources said Wednesday.The sources said Lee Mie-kyung, an elder sister of group chief Lee Jay-hyun, would reduce her involvement in management for medical treatment.The 56-year-old vice chairwoman has been in Los Angeles to receive treatment for Charcot-Marie-Tooth disease, a neurological disorder that runs in her family. The disease is characterized by progressive muscle weakn
Industry Jan. 8, 2015
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Estee Lauder sharply raises duty-free prices
Global cosmetics and fashion player Estee Lauder Group increased the prices of its duty-free products by as much as 14.5 percent, company officials said Tuesday.The price hike affected the group’s popular brands including Estee Lauder, Clinique, Bobbi Brown, Origins, Lab Series and Aramis. “The price change may have been influenced by a number of factors, such as the exchange rate and marketing fees, which were one of the biggest factors this time,” an official from Estee Lauder’s duty-free team
Industry Jan. 6, 2015
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DSME beats Hyundai Heavy in shipbuilding performance
Daewoo Shipbuilding & Marine Engineering, the nation’s second-largest shipbuilder, is emerging as a dark horse in the industry, beating its global rival Hyundai Heavy Industries in business performance for the second consecutive year in 2014.“Behind the success is better performance in high value-added energy and eco-friendly ship construction than our rivals,” DSME CEO Ko Jae-ho said in his New Year’s address in Seoul on Monday. Despite the prolonged recession in the shipbuilding industry, the
Industry Jan. 5, 2015
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Credit card spending expected to exceed W700tr this year
Korea’s credit card spending is expected to post a record high of 700 trillion won ($632 billion) this year, data showed Sunday.Despite the expected spending increase, card issuers are likely to eke out a meager profit due to a sharp decline in the number of individual card holders, according to data released by KB Financial Group. Credit card spending in South Korea has continued to rise since it topped the 600 trillion won mark in 2011, when the government encouraged credit card use to reduce
Jan. 5, 2015
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Banks pressed to regain trust
The coming year is shaping up to be a challenging one for South Korean financial institutions, which face a series of penalties for loan and accounting fraud, as well as pressure to find new business models in the financial technology sector.Local banks, for instance, are expected to begin the year with hundreds of administrators and employees receiving sanctions for their irregularities. The Financial Supervisory Service is poised to take disciplinary action in the next two months against offic
Dec. 31, 2014
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FSC gives nod to KB’s acquisition of LIG Insurance
The Financial Services Commission on Wednesday approved KB Financial Group’s acquisition of LIG Insurance, six months after the group embarked on plans to beef up its nonbanking business segments. By taking over the insurer, KB is expected to regain its status as the country’s leading financial group with assets worth 423 trillion won ($383 billion). Currently, it has some 399.3 trillion won. Shinhan Financial Group will be pushed down to second place with 401 trillion won. The regulator, howeve
Dec. 25, 2014
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IBK to expand investment in fintech
Industrial Bank of Korea CEO Kwon Seon-joo on Tuesday said the bank would provide increased support for local fintech startups and upgrade its mobile banking applications to offer total solution financing next year.IBK will select financial technology companies through meticulous screening to offer them wider support, starting with the initial research phase, Kwon said during a news conference celebrating the first anniversary of her inauguration. “The banking industry has faced many hurdles, in
Dec. 23, 2014
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NongHyup to focus on asset management
NongHyup Financial Group, the nation’s fourth-largest financial holding company by assets, has vowed to focus on asset management as its new growth engine. As part of these efforts, the group’s chairman Yim Jong-yong said it would promote NongHyup CA Asset Management as a core unit, which could also merge with other entities to gain a sharper edge in the industry. Yim also said the group would strategically place more people in the asset management arm, particularly in sectors such as research a
Dec. 22, 2014
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KB Financial poised to reshuffle execs
KB Financial Group chairman and Kookmin Bank CEO Yoon Jong-gyoo is expected to carry out a major reshuffle prior to the financial regulator’s approval of the group’s LIG acquisition, industry sources saidThe upcoming shake-up is mainly focused on executives involved in an internal power struggle that took place earlier this month. Several KB officials were penalized by the financial watchdog for a dispute over changing the computing system of the group’s flagship unit, Kookmin Bank.Industry watc
Dec. 16, 2014
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More leaks found in Lotte World Mall
More water leaks were found at Lotte World Mall on Thursday, further raising safety concerns about the new mega shopping complex in Jamsil, Seoul.Local reports said water was leaking from the ceiling of the basement floor in the evening, about 150 meters away from the leaking aquarium under inspection by the Seoul City. The latest water leak was fixed in two hours, a Lotte spokesman said. “There seemed to have been a problem with plumbing on the ceiling. We’re looking into the cause of the probl
Industry Dec. 12, 2014
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Korea, Cambodia team up to tackle deforestation
The Korea Forest Service on Wednesday signed a memorandum of understanding with Cambodia to prevent deforestation and degradation in the Southeast Asian country, government officials said Thursday. Under the MOU, the two countries will cooperate on United Nations-led REDD+ programs ― standing for Reducing Emissions from Deforestation and Forest Degradation ― that aim to cut greenhouse gas emissions by preventing forest degradation and deforestation in developing countries. “Cambodia has a big pr
Industry Dec. 11, 2014
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Talent Cosmetics attains halal certification
Talent Cosmetics became the first Korean cosmetics brand to receive the Malaysian government’s halal certification, company officials said on Wednesday.The certification ― issued by the Department of Islamic Development Malaysia ― recognizes products that have been processed in ways approved by the Islamic Law. Out of its total of 550 cosmetics products, 147 have received the certification, according to the firm. “The latest authorization from Malaysia has established the bridgehead for us to f
Industry Dec. 10, 2014
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