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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

Industry minister pledges full support for exporters

Trade, Industry and Energy Minister Lee Chang-yang, left, poses with Korea International Trade Association (KITA) Chairman Christopher Koo, at the latter's office in Seoul, Friday. Courtesy of Ministry of Trade, Industry and Energy By Baek Byung-yeulThe government will provide full support to help local companies bolster their outbound shipments against ongoing uncertainties such as global supply chain disruptions, Russia's invasion of Ukraine and the conflict between the United States and China, the industry ministry said Friday.“Our trade has been the backbone of the country's economy and the pillar of sustainable growth. I hope to work closely with the trade association in establishing a new vision and goals for trade and promoting trade policies to respond to rapidly changing conditions here and abroad,” Industry Minister Lee Chang-yang said during a meeting with Christopher Koo, chairman of the Korea International Trade Association (KITA), at the latter's headq

May 27, 2022By Baek Byung-yeul
Industry minister pledges full support for exporters
  • Trade deficit feared to become long-lasting trend
Companies

SK, LG, GS, POSCO, Hyundai Heavy unveil investment plans for future growth

SK Group Chairman Chey Tae-won, from left, LG Group Chairman Koo Kwang-mo, GS Group Chairman Huh Tae-soo and POSCO Group Chairman Choi Jeong-wooSK to invest W247 tril. over next five years in battery, bio, chip sectorsBy Baek Byung-yeulFollowing Samsung Group and Hyundai Motor Group's massive investment plans, other Korean conglomerates, including SK, LG, GS, POSCO and Hyundai Heavy Industries unveiled large-scale investment plans Thursday in a move to find future growth opportunities and respond to President Yoon Suk-yeol's pledge to create a business-friendly environment.Their investment plans are focused on creating more jobs and fostering promising businesses such as semiconductors, bio, electric car batteries, eco-friendly energy and artificial intelligence, which they expect will revitalize the economy seeking new momentum in the post-COVID-19 era.SK Group said it will invest a total of 247 trillion won ($194.8 billion) until 2026 to strengthen its capabilities in core business items such as semiconductors, batteries and bio. The conglomerate also plans to recruit 50,000 worker

May 26, 2022By Baek Byung-yeul
SK, LG, GS, POSCO, Hyundai Heavy unveil investment plans for future growth
Companies

INTERVIEW Immunomic Therapeutics CEO expects meaningful test results for brain tumor drug

William Hearl, CEO of Immunomic Therapeutics / Courtesy of HLBBy Baek Byung-yeulWilliam Hearl, CEO of Immunomic Therapeutics, the U.S. subsidiary of the Korean biotech company, HLB, said that the company expects meaningful test results from its Phase 2 clinical trials of a drug for glioblastoma by August of this year at the latest.Glioblastoma, known by the acronym, GBM, is a malignant brain tumor. Immunomic Therapeutics is undergoing Phase 2 clinical trials with its GBM drug candidate, ITI-1000, made by applying the UNITE platform, an immunotherapy platform technology, the development of which Hearl led.“Patients in Phase I clinical studies showed remarkable survival benefits with a median survival rate of 40 months compared with 16 months using standard care controls. Phase II is ongoing and is nearing completion. It is looking to confirm the observations of overall survival benefits in a blind and placebo-controlled study of 120 subjects. We expect to learn the results of this study in 2022,” Hearl said in a written interview with The Korea Times on May 23.“The U

May 26, 2022By Baek Byung-yeul
[INTERVIEW] Immunomic Therapeutics CEO expects meaningful test results for brain tumor drug
Companies

Hankook Tire opens Asia's largest tire test track in Taean

Hankook Tire & Technology's Hankook Technoring tire test track in Taean, South Chungcheong Province. Courtesy of Hankook Tire & TechnologyBy Baek Byung-yeulTAEAN ― Hankook Tire & Technology opened a tire test track in the western coastal city of Taean, South Chungcheong Province, Wednesday, with an aim to develop innovative tire products to compete against global rivals.Built on 1.26 million square meters of land, the company said the test center called Hankook Technoring is Asia's largest tire test facility. The test center is about the size of 125 football fields combined and has a total of 13 tracks.High-speed driving tests are available for cars running at speeds over 250 kilometer per hour, and performance tests for tires needed to develop innovative products, such as those for electric vehicles (EVs) and high-performance cars, are possible at the facility, the company said, adding that a total of 50 cars can be driven at the same time.Hankook Technoring is also a state-of-the-art high-tech facility that can evaluate tire performance for all types of vehicles, includ

May 25, 2022By Baek Byung-yeul
Hankook Tire opens Asia's largest tire test track in Taean
Companies

Hyundai Motor pledges to invest $10.5 billion in US

U.S. President Joe Biden, right, shakes hands with Hyundai Motor Group Chairman Chung Euisun at the Grand Hyatt hotel Seoul, Sunday. YonhapBiden thanks Korean automaker for massive investment in EV plant, roboticsBy Baek Byung-yeulHyundai Motor Group has decided to invest a total of $10.5 billion in the U.S., including the construction of an electric vehicle (EV) manufacturing plant and investing in future technologies such as robotics, urban air mobility (UAM), autonomous driving and artificial intelligence (AI), the head of Korea's largest automaker said Sunday.“Yesterday, we announced an investment of $5.5 billion in the state of Georgia to establish our first dedicated electric vehicle and battery cell manufacturing plant. This will be our first such facility in the United States,” Chung Euisun, chairman of Hyundai Motor Group, said in English during his meeting with U.S. President Joe Biden, who came to Seoul on an official visit.“Today, I would also like to highlight an additional investment related to our future businesses. Hyundai Motor Group plans to invest

May 22, 2022By Baek Byung-yeul
Hyundai Motor pledges to invest $10.5 billion in US
Companies

Korea, US agree to forge closer economic ties

Minister of Trade, Industry and Energy Lee Chang-yang, eighth from left, poses with U.S. Commerce Secretary Gina Raimondo, seventh from left, and executives from Korean and American companies during a business roundtable meeting at the Grand Hyatt hotel in Seoul, Saturday. Second from left are SK Group Chairman Chey Tae-won; Lotte Group Chairman Shin Dong-bin; acting U.S. Ambassador to Korea Christopher Del Corso; Hanwha Solutions CEO Kim Dong-kwan; Samsung Electronics Vice Chairman Lee Jae-yong; Raimondo; Lee; Trade Minister Ahn Duk-geun; Qualcomm CEO Cristiano Amon; Hyundai Motor Group Chairman Chung Euisun; OCI Chairman Baik Woo-sug; LG Group Chairman Koo Kwang-mo; GM Korea CEO Kaher Kazem; and Naver CEO Choi Soo-yeon. Courtesy of Ministry of Trade, Industry and EnergyTwo nations to start ministerial talks on supply chain securityBy Baek Byung-yeulKorea and the United States agreed to strengthen economic ties as the industrial ministers of the two countries will hold a meeting every year to discuss issues related to supply chains and key industries in the wake of U.S. President Jo

May 22, 2022By Baek Byung-yeul
Korea, US agree to forge closer economic ties
  • Korea to unveil own Indo-Pacific strategy
Tech & Science

Biden becomes first US president to visit Samsung chip plant

U.S. President Joe Biden and President Yoon Suk-yeol take a look around Samsung Electronics' semiconductor factory in Pyeongtaek, Gyeonggi Province, under the guidance of Samsung Vice Chairman Lee Jae-yong, third from left, Friday. Yonhap 'Semiconductors are engines of the modern world': Samsung chiefBy Baek Byung-yeulU.S. President Joe Biden let the world know that Samsung Electronics is playing a huge role in the global chip industry as he became the first U.S. president to visit the world's No. 1 memory chip maker's plant in Pyeongtaek, south of Seoul, as soon as he stepped on Korean soil, Friday.The U.S. president arrived at Osan Air Base in Pyeongtaek at 5:23 p.m. to start his three-day official visit to Korea. The first place he visited was Samsung's Pyeongtaek plant, the world's largest semiconductor factory.Biden arrived at the factory at 6:10 p.m. and President Yoon greeted the U.S. president at the main gate.The two leaders talked to each other for about a

May 20, 2022By Baek Byung-yeul
Biden becomes first US president to visit Samsung chip plant
  • Yoon, Biden vow to strengthen Korea-US tech alliance
  • Korea-US summit expected to benefit leaders of two countries in elections
Companies

Biden to meet Hyundai Motor Group chief

U.S. President Joe Biden and Hyundai Motor Group Chairman Chung Euisun / Reuters-Yonhap and Courtesy of Hyundai Motor Group By Baek Byung-yeulU.S. President Joe Biden will meet Chung Euisun, chairman of Hyundai Motor Group, during his three-day visit to Korea to thank him for investing in the state of Georgia, a White House official said Friday (KST).National Security Advisor Jake Sullivan said that President Biden will have a meeting with Chung in Seoul, May 22, to express his gratitude for the $7 billion investment in the U.S. state.The U.S. president will visit Korea for three days from Friday to Sunday. Reuters also reported that Georgia Governor Brian Kemp will officially announce Friday (local time) Hyundai Motor Group's plan to build a factory in his state dedicated to producing electric vehicles (EVs).The new factory is expected to create around 8,500 jobs. Hyundai Motor and Kia, the two car brands of the group, already operate car-manufacturing factories in

May 20, 2022By Baek Byung-yeul
Biden to meet Hyundai Motor Group chief
  • Yoon, Biden to discuss Korea-US tech alliance in nuclear energy
  • Yoon, Biden vow to strengthen Korea-US tech alliance
  • Hyundai to build $5.54 bil. electric vehicle, battery plant in Georgia
Tech & Science

Samsung, LG expand into appliances with pet care features

Models pose with LG Electronics' washer and dryer, which are both upgradable to be used for pet care in terms of both software and hardware, in this photo provided by the company, May 13. Courtesy of LG ElectronicsBy Baek Byung-yeulSamsung Electronics and LG Electronics are increasingly offering home appliances with pet care features, targeting the growing number of pet owners here, company officials said, Thursday.They said the appliance makers are releasing related products to meet the needs of those pet owners who want to manage their pets more conveniently.LG Electronics offers the pet care software upgrade for customers using its upgradable home appliances. Those who are using its LG Tromm washer and dryer, LG Mini washer and LG Wash Tower that combines a washing machine and dryer, can add the pet care feature to remove stains and mud or grass on clothes effectively.“Pet care functions can be added as software upgrades for people living with pets. In the case of dryers, we also offer pet care accessories such as a special filter that can filter animal fur, so hardware upgr

May 20, 2022By Baek Byung-yeul
Samsung, LG expand into appliances with pet care features
Tech & Science

Biden's visit to Samsung chip plant to boost tech alliance: experts

Samsung Electronics' semicondcutor plant in Pyeongtaek, Gyeonggi Province / Courtesy of Samsung ElectronicsBy Baek Byung-yeulU.S. President Joe Biden is expected to tour Samsung Electronics' semiconductor manufacturing plant in Pyeongtaek, south of Seoul, with President Yoon Suk-yeol on the first day of his official visit to Korea on Friday, a move designed to enhance the technology alliance between the two countries, according to industry experts, Thursday.The American president starting his visit to Korea with a tour of the world's largest chip-making plant shows the U.S.' willingness to forge closer economic ties with Asia's fourth-largest economy by creating a new global supply chain for semiconductors and other high-tech components independently from China, the experts added.“Korea has already announced its intention to participate in the Indo-Pacific Economic Framework (IPEF), a trade pact led by the U.S. It is certain that more and more chips will be used in various fields in the future, and from that point of view, the U.S. president seems to seek to solidify the partne

May 19, 2022By Baek Byung-yeul
Biden's visit to Samsung chip plant to boost tech alliance: experts
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