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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

Samsung faces bumpy road ahead to becoming system chip leader

Goal of becoming No. 1 foundry player appears elusiveBy Baek Byung-yeulThree years have passed since Samsung Electronics ambitiously declared that it will become the global leader in system semiconductors by 2030, but the chip giant is still suffering from sluggish growth in the sector that includes processing chips and the foundry business, according to industry analysts.They say Samsung's growth potential, especially in the foundry business that manufactures chips for fabless customers, lags behind its biggest rival TSMC in terms of production capacity. As a result, its global market share remains unchanged since 2019, unable to catch up with the Taiwanese competitor.Analysts stress that Samsung needs to make sizable corporate acquisitions in order to make a breakthrough. But the company's leadership vacancy, in which Vice Chairman Lee Jae-yong is currently unavailable to return to his post due to legal issues, makes it that much more difficult for the chip giant to take necessary steps.The United States has tightened restrictions on exports of technology to China, which prompted a

May 8, 2022By Baek Byung-yeul
Samsung faces bumpy road ahead to becoming system chip leader
Environment & Animals

Companies, state-run agencies promote ESG, green technology at WFC

Visitors, especially students, fill the venue of the World Forestry Congress at COEX in Seoul, Tuesday. Korea Times photo by Baek Byung-yeulBy Baek Byung-yeulSK Forest, Dunamu, Nepa and other Korean companies and state-run agencies are promoting efforts to improve their environmental, social and corporate governance (ESG) performance and green technologies at the ongoing World Forestry Congress (WFC), according to officials from the companies and public agencies, Tuesday. They have installed promotional booths at COEX in southern Seoul, where the WFC event is taking place. They said the event, which provides a platform to discuss ways to build a green, healthy and resilient future with forests, has been a great opportunity to meet their future customers.An employee of local safety equipment maker Cijun introduces the company's disaster safety equipment during the World Forestry Congress at COEX in Seoul, Tuesday. Korea Times photo by Baek Byung-yeul“As a safety equipment maker for natural disasters such as wildland fires, we've decided to join the event to promote our technolog

May 3, 2022By Baek Byung-yeul
Companies, state-run agencies promote ESG, green technology at WFC
  • KFS minister stresses value of forests in reducing carbon emissions
Environment & Animals

KFS minister stresses value of forests in reducing carbon emissions

Choi Byeong-am, center, minister of Korea Forest Service, poses with Maria Helena Semedo, third from left, deputy director-general of the United Nations Food and Agriculture Organization, and other participants at the ministerial forum on financing for forests at the World Forestry Congress held at COEX in Seoul, Tuesday. Courtesy of Korea Forest ServiceBy Baek Byung-yeulChoi Byeong-am, minister of the Korea Forest Service (KFS), urged the global community Tuesday to start evaluating the public value of forests, as efforts by countries to prevent deforestation will consequently lead the way to achieving carbon neutrality worldwide.“In terms of responding to climate change, the importance of the forest needs no further emphasis. This was further clarified during the 26th U.N. Climate Change Conference of the Parties following the Paris Climate Agreement,” the minister said during a ministerial forum on financing for forests held on the second day of the World Forestry Congress (WFC) in Seoul, which will run until Friday.The ministerial forum was designed to showcase leadin

May 3, 2022By Baek Byung-yeul
KFS minister stresses value of forests in reducing carbon emissions
  • Enabling our forests to help us overcome multiple crises
  • Companies, state-run agencies promote ESG, green technology at WFC
Environment & Animals

Korea pledges increased support for reforestation in developing countries

President Moon Jae-in delivers an opening speech during the World Forestry Congress at COEX in Seoul, Monday. Courtesy of Korea Forest ServiceWorld Forestry Congress kicks off 5-day run in SeoulBy Baek Byung-yeulPresident Moon Jae-in pledged that Korea will expand the size of the official development assistance (ODA) budget and technical help to support reforestation in developing countries on the first day of the World Forestry Congress (WFC) held in Seoul, Monday.“Korea will actively participate in the international community's efforts to protect and nurture forests based on the experience of achieving reforestation through solidarity and cooperation,” Moon said during a keynote speech at the opening ceremony of the event held at COEX in southern Seoul.“We plan to more than double the size of the ODA budget by 2030, and we will expand ODA in the forest sector accordingly. The country will participate in the global forest funding pledge of last year and implement the $60 million donation without any problems.”Visitors to the World Forestry Congress stand in l

May 2, 2022By Baek Byung-yeul
Korea pledges increased support for reforestation in developing countries
  • INTERVIEW Korea seeks to take initiative in preventing deforestation
Companies

Samsung urged to find breakthrough via M&As

Samsung Electronics' chip-making plant in Hwaseong, Gyeonggi Province / Courtesy of Samsung Electronics By Baek Byung-yeul Lee Jae-yong, vice chairman of Samsung Electronics Samsung Electronics should make more efforts to find new growth engines, likely through mergers and acquisitions (M&As), as its current cash cows ― memory chips, TVs and smartphones ― are facing increasing competition from global rivals, according to industry experts, Friday. They said the share price of Korea's top company has remained lackluster in recent months, despite its record-breaking performances, because it has failed to show investors what its future will look like, stressing that it needs to find a breakthrough by actively seeking to take over companies with strong future growth prospects to further widen its lead on competitors.“Although Samsung is the world's No.1 p

Apr 29, 2022By Baek Byung-yeul
Samsung urged to find breakthrough via M&As
Companies

Osstem Implant posts record profits for Q1

Osstem Implant headquarters in Seoul / Yonhap By Baek Byung-yeul Osstem Implant CEO Eom Tae-kwan Osstem Implant posted a record operating profit for the first quarter, the dental equipment manufacturer said Friday.The company announced its first-quarter preliminary earnings on April 27 and estimated its operating profit for the period from January to March was 51.2 billion won ($40.7 million), up over 100 percent from a year ago.Osstem Implant also projected its sales in the first quarter to have reached 234.1 billion won, up 36 percent year-on-year. That would be the largest-ever among its first-quarter performances and the first time for the company to log over 50 billion won in quarterly operating profit.“In the first quarter, growth potential expanded due to the expansion of sales of overseas subsidiaries, continued strong sales of implants and t

Apr 29, 2022By Baek Byung-yeul
Osstem Implant posts record profits for Q1
Companies

LX Group speeds up business expansion to mark 1st anniversary

By Baek Byung-yeulKoo Bon-joon, chairman of LX GroupKoo Bon-joon, chairman of LX Group, is speeding up business expansion by implementing aggressive mergers and acquisitions (M&As) shortly before the one-year anniversary of when he became independent of LG Group and established a new business group, according to company officials, Thursday.On May 1, LX Group, which has a range of businesses, from trading of industrial materials, logistics and semiconductor design to building materials, will celebrate its first anniversary.Among its subsidiaries, LX International, a trading company of the group and formerly known as LG International, is playing a leading role in terms of diversifying the group's business portfolio through active M&A activities.In March, its board approved a 100 percent acquisition of Hanglas for 592.5 billion won ($465.7 million) from the private equity company Glenwood PE. Established in 1957, Hanglas is Korea's No. 2 glass manufacturer with a market share of around 20 percent. With the acquisition, LX International plans to advance into eco-friendly products

Apr 28, 2022By Baek Byung-yeul
LX Group speeds up business expansion to mark 1st anniversary
Companies

Server chips, smartphones propel Samsung's record sales in Q1

Samsung Electronics' Pyeongtaek plant in Gyeonggi Province / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics renewed its quarterly sales record in the first quarter despite various unfavorable business conditions such as the prolonged pandemic, global supply chain disruptions and Russia's invasion of Ukraine, the company said Thursday.The tech giant announced its sales in the first quarter came in at 77.78 trillion won ($61.11 billion), up 18.95 percent from a year ago, while operating profit reached 14.12 trillion won, increasing 50.5 percent year-on-year.The improved performance was possible thanks to robust demand for memory chips for servers and strong sales of smartphones including the Galaxy S22 Ultra, Samsung said.Although the first quarter used to be regarded as a slow season in the semiconductor and display industries, Samsung achieved unprecedented performance during the January-March period. Since the company surpassed quarterly sales of 70 trillion won for the first time in the third quarter of 2021, Samsung achieved more than 70 trillion won in sales

Apr 28, 2022By Baek Byung-yeul
Server chips, smartphones propel Samsung's record sales in Q1
Environment & Animals

Global forestry leaders to discuss how to create green future in Seoul

Choi Byeong-am, minister of Korea Forest Service / Courtesy of Korea Forest ServiceWorld Forestry Congress to be held in Seoul May 2-6By Baek Byung-yeulChoi Byeong-am, minister of the Korea Forest Service (KFS), said the 15th World Forestry Congress (WFC), which will take place in Seoul from May 2 to 6, will bring global forestry leaders together to share forest and environmental issues such as climate change and find ways to address them.“The World Forestry Congress, held every six years, is the largest and most significant gathering of members of the world's forestry sector. The congress is a forum for exchanging views and experiences on all aspects of forestry and the environment, including climate change and biodiversity. The congress can help identify actions to solve pending issues,” Choi told The Korea Times in a written interview.For the forthcoming event, Choi said the KFS is making its best efforts to ensure that the WFC is carried out safely and without problems.“To protect foreign entrants from COVID-19 infection, the KFS has consulted with the relevant

Apr 27, 2022By Baek Byung-yeul
Global forestry leaders to discuss how to create green future in Seoul
Tech & Science

SK hynix achieves record 12.15 trillion won in Q1 sales

SK hynix's M16 factory in Icheon, Gyeonggi Province / Courtesy of SK hynixBy Baek Byung-yeulPark Jung-ho, the vice chairman and co-CEO of SK hynixSK hynix saw first quarter sales rise to an all-time high as memory chip prices remained stable despite sluggish global market conditions, while its newly incorporated subsidiary performed better than expected, Korea's second-largest memory chipmaker said Wednesday.The company announced its January-March earnings with sales coming in at 12.15 trillion won ($9.62 billion), up 43 percent from the same period of 2021. Operating profit reached 2.85 trillion won, up 116 percent year-on-year.This year is the first time that sales exceeded 12 trillion won in the first quarter, which is traditionally a slow season for chipmakers, the company said.It added that sales and profitability improved significantly by adding Solidigm, which was incorporated as a subsidiary at the end of 2021. SK hynix launched the U.S. subsidiary, which specializes in the solid-state drive business, last December, after completing the first phase of acquiring Intel's NAND f

Apr 27, 2022By Baek Byung-yeul
SK hynix achieves record 12.15 trillion won in Q1 sales
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