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Baek Byung-yeul

Korea Times K-Culture Reporter

Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.

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Companies

Kepco raises electricity bills on oil, gas prices hike

Outdoor units of air conditioners are seen at a building in central Seoul, Monday. YonhapBy Baek Byung-yeulKorea Electric Power Corp. (Kepco) will increase electricity bill rates for the July-September period, as the company has been approved to raise the fees by a maximum 5 won ($0.0039) per kilowatt-hour (kWh) due to the surge in global oil and liquefied natural gas (LNG) prices, the state-run company said Monday.Korea Electric Power Corp. (Kepco) headquarters in Naju, South Jeolla Province / Courtesy of KepcoWith the 5 won hike in the fuel cost adjustment rate, Kepco said the monthly electricity bill for four-person households with an average monthly electricity usage of 307 kWh is expected at 1,535 won more in the third quarter.“The decision to up the electricity price was inevitable due to sharp rise in electricity prices and worsening financial conditions of Kepco,” the company said in a statement.In the first quarter, Kepco saw 7.79 trillion won ($6.06 billion) in losses, which was about 2 trillion won more than the sum of all losses in 2021. Industry view is that

Jun 27, 2022By Baek Byung-yeul
Kepco raises electricity bills on oil, gas prices hike
Companies

SK Bioscience COVID-19 vaccine closer to final approval

Seo Kyung-won, the director general of the National Institute of Food and Drug Safety Evaluation, announces the advisory panel's opinion on SK Bioscience's COVID-19 vaccine at the Ministry of Food and Drug Safety's office in Cheongju, North Chungcheong Province, Monday. YonhapKorea's 1st COVID-19 vaccine likely to be approved in JuneBy Baek Byung-yeulSK Bioscience has moved one step closer toward rolling out Korea's first COVID-19 vaccine, as the government advisory panel of pharmaceutical experts determined that a license for the use of the vaccine can be granted, according to the Ministry of Food and Drug Safety (MFDS), Monday. “The COVID-19 vaccine developed by SK Bioscience is the first COVID-19 vaccine produced in Korea from raw materials to a finished product,” Seo Kyung-won, the director general of the National Institute of Food and Drug Safety Evaluation, said during a briefing at the MFDS' headquarters in Cheongju, North Chungcheong Province.The MFDS said that the advisory panel had analyzed the clinical data of SK Bioscience's COVID-19 vaccine, called SKYCovione

Jun 27, 2022By Baek Byung-yeul
SK Bioscience COVID-19 vaccine closer to final approval
Companies

Korea actively seeks nuclear power sales in Czech Republic, Poland

Lee Chang-yang, left, minister of Trade, Industry and Energy, speaks during the Energy Commission meeting at the Plaza Hotel Seoul, Friday. Courtesy of Ministry of Trade, Industry and EnergyBy Baek Byung-yeulKorea has gone all-out to revive its nuclear power generation industry under the Yoon Suk-yeol administration as Lee Chang-yang, minister of Trade, Industry and Energy, will visit the Czech Republic and Poland from June 28 to July 1 in order to win new power plant contracts, the ministry said Sunday. The two European countries are undergoing a process to build new nuclear power plants for their own energy security and to achieve carbon neutrality goals. Once an industry leader in the sector ― before the previous administration's nuclear phase out policy ― Korea is expected to revamp its nuclear power generation-related businesses through such overseas deals.“Minister Lee plans to visit the Czech Republic and Poland for his first overseas business meetings since taking the office to discuss industrial and energy cooperation with the Central European Countries,” the min

Jun 26, 2022By Baek Byung-yeul
Korea actively seeks nuclear power sales in Czech Republic, Poland
Companies

Samsung offers mentoring, career program to young students

Samsung Electronics' engineers and students from Cheorwon Middle School pose at the company's headquarters in Suwon, June 16. Courtesy of Samsung ElectronicsBy Baek Byung-yeulLogo for Samsung Electronics / Courtesy of Samsung ElectronicsSamsung Electronics offered a rare opportunity for middle school students who are thinking about what to do in the future or how to design their career paths by having the tech company's employees listen to their worries and provided advice, according to the company, Sunday.On June 16, Samsung invited 25 second-grade students from Cheorwon Middle School in Gangwon Province to participate in Samsung's corporate social responsibility (CSR) program Samsung Dream Class 2.0, in Suwon City where the tech company's headquarters are located.The Dream Class is one of Samsung's corporate social responsibility (CSR) programs in education. In 2021, the company launched the 2.0 Dream Class program in order to close the opportunities gap by offering not only basic educational programs such as learning English or math but also providing more chances such as career p

Jun 26, 2022By Baek Byung-yeul
Samsung offers mentoring, career program to young students
Tech & Science

INTERVIEW Dongnae aims to take lead in Korea's property-tech market: co-founder

Kim In-song, co-founder and chief strategy officer of Dongnae / Courtesy of DongnaeBy Baek Byung-yeulKim In-song, co-founder and chief strategy officer at local property-tech startup Dongnae, said the company aims to capitalize on the country's growing market for monthly rent housing as more tenants are using the monthly rental system instead of Korea's unique “jeonse” or lump-sum deposit lease contracts. “Recently, landlords have preferred monthly rent for raising income. Tenants are also increasingly looking for monthly rent due to increased lease deposits, interest rate hikes and stricter regulations on jeonse loans,” Kim told The Korea Times during a recent interview in Seoul.Korea's jeonse system is a unique financing tool in which tenants pay a landlord a lump-sum deposit for the entire period of a contract. Then the landlord returns the money when the contract expires, usually after two years. In the meantime, the landlord earns interest off of the lump sum.Jeonse contracts have been decreasing steadily since the early 2000s, as housing costs have risen

Jun 23, 2022By Baek Byung-yeul
[INTERVIEW] Dongnae aims to take lead in Korea's property-tech market: co-founder
Companies

Jeep launches new Compass SUV targeting young motorists

Models pose with Jeep's new Compass SUV at a cafe in Seongsu-dong, eastern Seoul, Thursday. Courtesy of Stellantis KoreaBy Baek Byung-yeulJeep launched a redesigned version of the Compass compact SUV in the Korean market, Thursday, with the aim of appealing to young drivers who want an interior full of new digital technologies and enhanced on-road performance.“We introduce Jeep's global compact SUV, the new Compass, newly redesigned after four years,” Jacob Aumann, the president and managing director of Stellantis Korea, told reporters during a launch event held at a cafe in Seoul.For the Korean market, the Jeep Compass comes in three versions: the Limited model, equipped with a 2.4-liter front-wheel-drive, the Limited all-wheel-drive version and the S version with a 2.4-liter all-wheel-drive. They are priced at 51.4 million won ($39,523), 54.4 million won and 56.4 million won, respectively.“The Compass has a car setting made for the younger generation. It has a new exterior and interior, a more enhanced safety assistance system, state-of-the-art technology and vari

Jun 23, 2022By Baek Byung-yeul
Jeep launches new Compass SUV targeting young motorists
Tech & Science

Samsung unveils industry's first 200-megapixel image sensor

Seen is Samsung Electronics' ISOCELL HP3 200-megapixel image sensor chip. Courtesy of Samsung Electronics By Baek Byung-yeulSamsung Electronics is solidifying its technological prowess in image sensor chips for mobile devices, as the tech giant unveiled a new 200-megapixels image sensor chip, the industry's highest pixel density, the company said Thursday.The company unveiled the ISOCELL HP3 image sensor chips, adding it will begin mass-producing them within this year.The ISOCELL HP3 decreased pixel size by 12 percent to 0.56 micrometers compared to the previous chips, which means it can help reduce the size of mobile device camera modules by up to 20 percent.Samsung said the new image sensor chip employs what it calls Super Quad Phase Detection (QPD) auto-focusing technology, which means that “all of the sensor's pixels are equipped with auto-focusing capabilities.”“In addition, Super QPD uses a single lens over four adjacent pixels to detect the phase differences

Jun 23, 2022By Baek Byung-yeul
Samsung unveils industry's first 200-megapixel image sensor
Tech & Science

ICT minister urges Naver, Kakao, Coupang to self-regulate

Lee Jong-ho, center, minister of Science and ICT poses with CEOs of the country's leading digital platform companies at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Wednesday. From left are Danggeun Market CEO Kim Jae-hyun, Coupang CEO Park Dae-jun, Naver CEO Choi Soo-yeon, Konkuk University professor Kwon Nam-hoon, Seoul National University professor Lee Won-woo, Korea Internet Corporations Association President Park Seong-ho, Kakao CEO Namkoong Whon, and Woowa Brothers CEO Kim Bom-jun. Courtesy of Ministry of Science, ICT and Future PlanningBy Baek Byung-yeulThe government will establish a task force comprised of government officials and private companies to draw up strategies to beef up the digital platform industry and create self-regulation guidelines related to emerging technologies such as data management and artificial intelligence (AI), the Ministry of Science, ICT and Future Planning (ICT) minister said Wednesday.“For the country's platform industry, we will form a pan-government policy consultative body, implement a self-regulation policy and

Jun 22, 2022By Baek Byung-yeul
ICT minister urges Naver, Kakao, Coupang to self-regulate
Companies

GM's truck brand GMC lands in Korean market

Roberto Rempel, president and CEO of GM Korea, introduces GMC's Sierra Denali truck during GM Korea's Brand Day event at the Paradise City Hotel & Resort in Incheon, Wednesday. Courtesy of GM KoreaBy Baek Byung-yeulGM Korea shared its vision for the era of electric vehicles (EVs) and GMC, its premium truck and SUV brand will roll out the Sierra Denali full-size pickup within this year, according to the chief of its Korean unit, Wednesday.“Today is the day that GM provides options for new lifestyles to domestic consumers,” Roberto Rempel, president and CEO of GM Korea, said during a brand launching event held at the Paradise City Hotel & Resort in Incheon, west of Seoul.GMC's Sierra Denali pickup truck, center, Cadillac's Escalade, left, and Chevrolet's Tahoe are displayed during GM Korea's Brand Day event at the Paradise City Hotel & Resort in Incheon, Wednesday. Courtesy of GM KoreaAt the event, 15 vehicles of GM including Chevrolet's Tahoe, Cadillac's Escalade and GMC's Sierra Denali were displayed as part of the carmaker's efforts to meet the demands of Kor

Jun 22, 2022By Baek Byung-yeul
GM's truck brand GMC lands in Korean market
Tech & Science

Lexus NX, UX ready to appeal to EV fans in Korea

Lexus' NX 450h+ F SPORT is seen on a coastal road on Jeju Island, Monday. Courtesy of Toyota KoreaBy Baek Byung-yeulJEJU ― Lexus, the luxury division of Toyota, recently released its first plug-in hybrid electric vehicle (PHEV) version of the NX SUV and a battery electric vehicle (BEV) UX 300e to target the growing number of electric vehicle (EV) lovers in the Korean market. In order to experience Lexus' first PHEV and BEV, The Korea Times was able to sit behind the steering wheels of the NX 450h+ F SPORT and the UX 300e on a coastal road and a mountain road, respectively, in Jeju Island, Monday.In terms of design, the combination of the exteriors of both models ― reminiscent of Lexus' sleek, urban look ― and the EV system, is quite a match.But what surprised this reporter was the driving performance of the two models.The NX 450h+ F SPORT, the most expensive of the NX models, narrowed the gap between hybrid and battery-powered cars to the point of making this reporter think that he was driving a fully electric car.When using the combination drive mode, which uses both electricity and

Jun 22, 2022By Baek Byung-yeul
Lexus NX, UX ready to appeal to EV fans in Korea
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