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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

KG consortium selected to acquire SsangYong Motor

Kwak Jae-sun, chairman of KG Group / Korea Times fileBy Baek Byung-yeulThe Seoul Bankruptcy Court chose a consortium led by the domestic chemical and steel conglomerate KG Group as a preferred bidder for debt-ridden SsangYong Motor, which has been seeking a new owner after a takeover deal with Edison Motors fell through, the court said Friday.The court announced that it accepted SsangYong's application to seek a new owner and decided to name the consortium comprised of KG Group and local private equity firm Pavilion PE as the stalking-horse bidder for the carmaker.On March 28, SsangYong said it canceled the deal to sell a controlling stake to a consortium led by local electric bus maker Edison Motors, after Edison failed to make an acquisition payment of 274.3 billion won ($213.5 million).As a method of seeking a new owner, SsangYong and EY Hanyoung, an accounting company and the lead manager of the sale of SsangYong, chose a staking-horse bid, which refers to a process of an initial bidder setting the minimum price bar and other potential buyers having to outbid to become the new ow

May 13, 2022By Baek Byung-yeul
KG consortium selected to acquire SsangYong Motor
Companies

One Store CEO criticized for flip-flopping on IPO

Lee Jae-hwan, the CEO of One Store, speaks during a press conference announcing the company's initial public offering (IPO) plan at a hotel in Seoul, May 9. Courtesy of One StoreBy Baek Byung-yeulLee Jae-hwan, the CEO of SK Group's mobile app market subsidiary One Store, is facing fierce criticism over flip-flopping regarding the firm's botched initial public offering (IPO), according to industry officials, Thursday. On Monday, Lee told reporters that One Store would push ahead with the IPO under any circumstances, but two days later, it announced that it would withdraw the listing, raising questions about his leadership and tarnishing its corporate image.“It is unfortunate that SK Shieldus, an affiliated company, withdrew its listing, but we plan to keep pushing ahead with the listing because the industry is different from One Store and we think there is a lot of growth potential,” Lee told reporters during a press conference held in Seoul, Monday.During the conference, Lee cited SK Shieldus, a subsidiary of SK Group's ICT investment company, SK Square, and a security co

May 12, 2022By Baek Byung-yeul
One Store CEO criticized for flip-flopping on IPO
Companies

SK's IPO drive hits snag amid bearish market

SK's headquarters in Seoul / Korea Times file By Baek Byung-yeulSK Group's strategy to go public with as many subsidiaries as possible so as to raise cash has hit a snag, after failing to list SK Shieldus and One Store on the local bourse over the past week amid bearish market conditions, according to industry officials, Thursday.They point out that SK set the valuations of its subsidiaries too high, compared to the market valuations at this time when the global economic situation is growing more volatile, with many countries raising interest rates as well as the expectation of an economic recession during the second half of the year.Its rapid growth strategy through mergers and acquisitions and listing affiliated companies needs to be slowed down, given that other subsidiaries, such as e-commerce company 11Street, T Map Mobility and SK Ecoplant are also preparing for IPOs within this year or next year, they said.“Many companies are using the exit strategy of listin

May 12, 2022By Baek Byung-yeul
SK's IPO drive hits snag amid bearish market
Companies

Why Yoon looks to ex-Samsung CEO as head of public-private joint committee

By Baek Byung-yeulKwon Oh-hyun, former CEO of Samsung Electronics / Courtesy of Samsung ElectronicsFormer Samsung Electronics CEO Kwon Oh-hyun is reportedly being considered for the role of chairman of the Yoon Suk-yeol administration's proposed public-private joint committee.This is seen as an attempt by the new government to establish strategies to foster tech industries by utilizing the experience of the ex-CEO, who led the tech giant's semiconductor business until 2017, according to industry officials, Wednesday.The public-private joint committee is a presidential committee under which private experts and government officials will work together to enact policies on major issues.President Yoon has been saying since he was running as a presidential candidate that he would establish the joint committee, to act as a bridge between government departments and the private sector as well as to reduce the much-criticized excessive power of the presidency.The president, who officially took office on Tuesday, seems likely to appoint the ex-CEO due to his deep knowledge of the global situati

May 11, 2022By Baek Byung-yeul
Why Yoon looks to ex-Samsung CEO as head of public-private joint committee
Companies

Why Geely wants 34-percent stake in Renault Korea

Renault Korea Motors' headquarters in Busan / Renault Korea MotorsChinese carmaker seeks to sell EVs in KoreaBy Baek Byung-yeulStephane Deblaise, CEO of Renault Korea Motors / Courtesy of Renault Korea MotorsThe acquisition of a stake in Renault Korea Motors, the Korean unit of Renault Group, by China's Geely Automobile Holdings, is being seen as a move to enter the domestic car market, according to industry officials, Wednesday. On Tuesday, Renault Korea Motors announced Geely Automobile Holdings, the largest privately owned automotive group in China, will acquire a 34.02-percent stake in the company.Currently, Renault Group owns 80.04 percent of its Korean unit while Samsung Card, an affiliate of Samsung Group, holds a 19.9-percent stake. With the acquisition, the Chinese carmaker will become the second-largest shareholder of Renault Korea.“The company has been strengthening its partnership with Geely since January. And on Tuesday, Geely was confirmed to become the second-largest shareholder of Renault Korea,” a Renault Korea spokesman said.“We've said that we wil

May 11, 2022By Baek Byung-yeul
Why Geely wants 34-percent stake in Renault Korea
Companies

Business leaders pin high hopes on Yoon government

Samsung Electronics Vice Chairman Lee Jae-yong, from right in the second row, Lotte Group Chairman Shin Dong-bin, Hanjin Group Chairman Cho Won-tae, Shinsegae Group Vice Chairman Chung Yong-jin, LG Group Chairman Koo Kwang-mo, Doosan Group Chairman Park Jeong-won and Hyundai Motor Group Chairman Chung Euisun, are seen during President Yoon Suk-yeol's inauguration ceremony held at the National Assembly in Seoul, Tuesday. YonhapChiefs of major business groups, some foreign CEOs attend Yoon's inauguration ceremonyBy Baek Byung-yeulLeaders of domestic conglomerates and overseas business executives attended the inauguration ceremony of President Yoon Suk-yeol, Tuesday, pinning high hopes on the new administration to create a more business-friendly environment to help them overcome both internal and external risks. Leaders of the country's five major conglomerates ― Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin ― attended the inaugural ceremony,

May 10, 2022By Baek Byung-yeul
Business leaders pin high hopes on Yoon government
  • Business lobby groups call on Yoon for drastic regulatory reforms
  • Startups expected to benefit from new government policies
Companies

Business lobby groups call on Yoon for drastic regulatory reforms

President Yoon Suk-yeol speaks with chiefs of business lobby groups at his office in Seoul on March 21 while he was president-elect. Korea Times photo by Oh Dae-keunBy Baek Byung-yeulThe country's business lobby groups celebrated the inauguration of the Yoon Suk-yeol government and called for the new president to implement drastic regulatory reforms to revive the economy.The Federation of Korean Industries (FKI), the Korea Chamber of Commerce and Industry (KCCI), the Korea Enterprises Federation (KEF), the Korea International Trade Association (KITA) and the Korea Federation of SMEs (KBIZ) released statements on Monday, a day before President Yoon Suk-yeol's inauguration and welcomed his new administration.They also said the new government needs to work on addressing continued uncertainties such as global supply chain disruptions in the short term and asked for quality-of-life improvements in the long run.“Since his candidacy, the president has been pro-business, emphasizing the logic of the market economy and referring to private-led economic growth. That's why companies have

May 10, 2022By Baek Byung-yeul
Business lobby groups call on Yoon for drastic regulatory reforms
  • Business leaders pin high hopes on Yoon government
Companies

Economic security tops Yoon's trade policy

President Yoon Suk-yeol speaks during the Seoul Forum for International Affairs at a hotel in Seoul on April 18. Joint press corps New gov't likely to join CPTPP, IPEF By Baek Byung-yeulThe Yoon Suk-yeol administration, which kicked off its five-year term on May 10, is expected to face a range of daunting trade issues over the next five years as the nation tries to maintain its balance between the United States and China at a time when the two economic powers are competing for geopolitical influence around the world, according to trade experts on Monday.They said the new government's top priority should focus on securing economic security to help strengthen the competitiveness of Korea's top export items such as semiconductors, electric car batteries and other emerging technologies. Expanding cooperation with the international community such as joining mega-trade pacts is also required to increase the trade territory of Korea, the experts said, stressing the establi

May 10, 2022By Baek Byung-yeul
Economic security tops Yoon's trade policy
  • Diplomatic headaches lie ahead for Yoon
Companies

LG, Samsung, SK battery CEOs seek more business opportunities in US

Kwon Young-soo, from left, CEO of LG Energy Solution, Chey Jae-won, co-CEO of SK On and Choi Yoon-ho, CEO of Samsung SDIBy Baek Byung-yeulLG Energy Solution, SK On and Samsung SDI are busy looking for further inroads into the rapidly-growing electric vehicle (EV) battery market in the United States. The heads of the Korea battery cell makers have travelled there on business or are planning to do so in order to seek more opportunities, industry sources said Sunday.On their business trips to the U.S., the CEOs of LG, Samsung and SK are expected to hold business meetings with high-level officials of the U.S. automakers to explore future business opportunities for their battery cells, the sources said.The sources added that the CEOs of the three battery cell makers are putting more emphasis on the EV battery market of the U.S. to respond to the Biden administration's eco-friendly car drive, which aims to make half of all new vehicles sold in 2030 electric.Kwon Young-soo, CEO and vice chairman of LG Energy Solution, is known to have plans to visit the U.S. this month. This visit will be K

May 8, 2022By Baek Byung-yeul
LG, Samsung, SK battery CEOs seek more business opportunities in US
Tech & Science

Samsung takes lead in 6G network technology

By Baek Byung-yeulThe cover of Samsung Electronics's white paper on sixth generation (6G) network technology / Courtesy of Samsung ElectronicsSamsung Electronics is taking the lead in standardization of sixth-generation (6G) network technology, as the company proposed to start a global study on securing frequencies for the future network technology, which is expected to be commercialized as early as 2028, the company said Sunday.With the study on the network technology, the Korean tech giant aims to take the lead in the global standardization and establishment of the 6G network.Samsung released the white paper, “6G Spectrum: Expanding the Frontier,” that lays out its vision to secure global frequency bands for 6G.“We have started on our journey long ago to understand, develop and standardize the 6G communications technology,” Choi Sung-hyun, executive vice president and head of the Advanced Communications Research Center at Samsung Research, a R&D hub of Samsung Electronics, said.“We are committed to taking the lead and sharing our findings to spread

May 8, 2022By Baek Byung-yeul
Samsung takes lead in 6G network technology
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