Articles by Suk Gee-hyun
Suk Gee-hyun
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[Graphic News] State firms increasingly rely on nonregular workers
South Korea’s state-owned enterprises are increasingly relying on nonregular workers hired through subcontractors, according to Alio, a state-run statistics website on public companies.Some 360 state-run agencies hired a total of 62,962 outsourced nonregular workers last year, up about 18.2 percent from 53,280 people in 2009.The rising trend is damaging to the Park Geun-hye administration’s pledge to reinforce job security and raise the country’s employment rate to 70 percent by the end of her t
Industry Sept. 2, 2014
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Davidoff renews packaging of Classic, Blue brands
KT&G’s Davidoff Classic and BlueKT&G, the country’s largest tobacco manufacturer, has launched new packaging for Davidoff’s popular Classic and Blue cigarettes, KT&G officials said Monday.The new debossed, leather-like cover is the British multinational company Imperial Tobacco Group’s renewed design of the two brands, which are sold in 160 countries, the officials said. The manufacturer also changed the cover of Blue, formerly known as Rich Blue, to light blue to appeal as a luxurious cigarette
Industry Sept. 2, 2014
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KEB eyes expansion in Europe, Middle East
Korea Exchange Bank has set its eyes on overseas markets, particularly Europe and the Middle East, in an effort to sharpen its competency and future growth. KEB president and CEO Kim Han-jo held an executive meeting Sunday to discuss raising the bank’s overall profit from overseas to 40 percent by 2025. The bank’s profit from foreign operations is currently around 18 percent, of which 15 percent is gained from nine offices in Europe and the Middle East, bank officials said. “We believe European
Sept. 1, 2014
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Kookmin Card CEO gets more intimate
KB Kookmin Card CEO Kim Duk-soo is reaching out to employees in a bid to more closely communicate with employees.Refraining from the command-and-control approach to management, Kim has been touring the firm’s branches and taking part in various events with his colleagues to help strengthen the partnership. “The ideas and opinions that employees express during their conversations with the CEO are often reflected in our business projects,” a Kookmin Card official said. He added that executives who
Aug. 28, 2014
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Virginia S. Superslim gets modern look
The new package of Philip Morris’ Virginia S. Superslim variants. (Philip Morris)Philip Morris Korea, an affiliate of the global tobacco firm Philip Morris International, has launched new packaging for its popular Virginia S. Superslim cigarettes, company officials said Wednesday.The new packaging is simpler and more modern, centering on the tobacco leaf icon that has been the design base for the Virginia Superslim series. The new cigarette packaging also has curved edges for a better grip ― the
Industry Aug. 27, 2014
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Caffe Bene opens Vietnamese outlet
Caffe Bene on Sunday opened its first Vietnam outlet on Dong Khoi Street in Ho Chi Minh City, company officials said Monday. The Korean coffee chain has plans to launch up to 300 outlets in Vietnam by 2018, starting with the first in Ho Chi Minh. By the end of this year, it plans to open at least three outlets in the Vietnamese capital of Hanoi. “We look forward to spreading South Korea’s coffee culture in Vietnam through thorough market research and analyzing customers’ taste,” Caffe Bene said
Industry Aug. 25, 2014
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KB heads receive light punishment
Lim Young-rokThe nation’s financial watchdog on Friday imposed light punishments on the chairman of KB Financial Group and the head of its flagship Kookmin Bank over managerial errors. The Financial Supervisory Service’s disciplinary committee gave warnings to KB financial chairman Lim Young-rok and Kookmin Bank president Lee Kun-ho, backing off from its initial stance that it could impose heavy penalties. Lee Kun-ho In June, the authority launched an investigation into misconduct committed by L
Aug. 22, 2014
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Shinhan provides leverage to SMEs, low incomers
Shinhan Bank, South Korea’s third-largest bank by assets, is taking the lead in backing small and medium-sized enterprises and low-income groups.Shinhan extended loans worth 58.4 trillion won ($57 billion) to SMEs as of July, up 3.2 trillion won from last year’s 55.1 trillion won, according to the Financial Supervisory Service. The increase was the largest among local banks, and almost double that of No. 2 lender Woori Bank’s 1.6 trillion won. “Our goal for this year is to allot 90 percent of ou
Aug. 21, 2014
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[Graphic News] Service industry outperforms manufacturing sector
South Korea’s service industry has witnessed rapid growth in many aspects, including scale of economy and employment, over the past five years, outperforming the manufacturing sector.The number of employees working for 330 listed companies in the country’s seven major service industries like tourism, education, medical service, finance, and software, surpassed 274,760 last year, up 46.5 percent from 197,500 in 2009, according to corporate researcher chaebul.com.The income of service industry wor
Industry Aug. 18, 2014
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KEB managers support early integration with Hana Bank
High-ranking officials of Korea Exchange Bank have pledged to support the company’s push for early integration with Hana Bank, ahead of the scheduled date of 2017, KEB officials said Sunday.Management at the firm’s headquarters in Seoul posted a joint statement on the company intranet on Aug. 5, claiming that the early merger with Hana Bank was inevitable for the firm’s growth.Managers of KEB branches nationwide have also vowed to stand by the merger and asked the labor union to actively engage
Aug. 17, 2014
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Booyoung supports African education projects
Booyoung Group, a leading Korean rental housing builder, on Thursday invited an African choir to the company’s headquarters in Seoul, vowing to support more educational programs for youths in African countries.The Choeur Africain des Jeunes sang a popular children’s song written during the Japanese imperial period in front of some 150 Booyoung employees who watched the performance, the company officials said.The Choeur Africain des Jeunes is a group composed of 31 members from eight African coun
Industry Aug. 17, 2014
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OB hits back at rumor-mongers
OB Beer, South Korea’s leading beer producer, plans to take legal action to combat the spreading of rumors that its Cass brand was mixed with disinfectant solution, company officials said. OB has requested a cyberinvestigation into who posted the online messages claiming to have witnessed the contamination process, warning customers against consuming Cass beer. “When beer gets exposed to high temperature and strong sunrays in the summer, it can develop a bitter chemical taste and a unique odor,”
Industry Aug. 11, 2014
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T’way to launch early-bird promotion for flight routes
T’way Air, a Korean budget carrier, launched an early-bird promotion for domestic and international flight tickets for October, the company said Friday.The campaign offers discounts of up to 82 percent on cheap flight tickets. Tickets for domestic flights to Jejudo Island, Daegu and Gwangju from Gimpo International Airport go on sale for two weeks starting Monday at 10 a.m. One-way fares will start at 24,900 won ($23.90), T’way officials said.As for international flights, the carrier is offering
Industry Aug. 8, 2014
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Revised privacy law to take effect amid concerns
A revised privacy law prohibiting all public institutions and companies from collecting citizens’ resident numbers is coming into effect on Thursday as planned, but concerns linger as to its effectiveness. Earlier this year, the government announced that it will ban firms from requesting resident registration numbers ― the most generally used form of identification here ― for commercial and financial transactions. Credit cards, banks and other financial institutions must also wipe resident numbe
Aug. 6, 2014
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Dormant credit cards fall to lowest level
The number of dormant credit cards in South Korea dropped below the 10 million mark last month, marking the first time it has done so since 2005 when the Credit Finance Association began tracking the data.About 9.7 million credit cards issued by 20 banks and card companies had remained idle for more than a year. The figure was down more than half from the 23.5 million a year earlier, according to the CFA on Tuesday.CFA officials explained that the decline is due in part to the government’s home-
Aug. 5, 2014
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