my timesThe Korea Times
baekby

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.

Go to Email

Read more

Tech & Science

Naver vows to garner 1 bil. global users within 5 years

Naver CEO Choi Soo-yeon speaks during a press conference at the company's new office building in Seongnam, Gyeonggi Province, Wednesday. Courtesy of NaverInternet giant plans to use different strategies in Japan, North America, EuropeBy Baek Byung-yeulNaver is aiming to secure more than 1 billion global users and post 15 trillion won ($12.2 billion) in sales within five years by actively expanding into Japan, North America and Europe, Choi Soo-yeon, CEO of the Korean internet giant, said Wednesday.“In the first 10 years of our business, Naver reached its Global 1.0 growth stage where we successfully launched Line in global markets. We also experienced Global 2.0 where we established various well-performing vertical services worldwide, including Snow, Zepeto and Webtoon,” Choi said during a press conference held at the firm's new building in Seongnam, Gyeonggi Province.The CEO said the annual sales goal of 15 trillion won, as well as the target of 1 billion global users, are sufficiently achievable considering the company's growth so far. Stating its sales grew to 1.85 tri

Apr 13, 2022By Baek Byung-yeul
Naver vows to garner 1 bil. global users within 5 years
Tech & Science

Gov't urged to intervene in Google's app store payment policy

By Baek Byung-yeulGoogle's logo is seen at Google's Startup Campus in southern Seoul in this Sept. 15, 2021 file photo. YonhapThe government needs to correct Google's app store payment policy that forces local app service providers to use its in-app payment system and bans external payment methods, as such compulsory measures could increase the usage fees that consumers have to pay, according to officials from local app service providers and civic organizations, Tuesday.On March 16, Google instructed local app developers to remove their own payment systems, such as external payment links, from their apps, saying the developers wouldn't be able to submit software updates for their apps starting April 1. Google added that any app makers failing to satisfy the new policy by June 1 could be kicked out of its Google Play store.The announcement can be read as a counter response to the country's law that prohibits app store operators such as Google and Apple from forcing app developers to use only their in-app payment systems.To curb the market dominance of big tech companies, the National

Apr 12, 2022By Baek Byung-yeul
Gov't urged to intervene in Google's app store payment policy
Tech & Science

Samsung Electro-Mechanics develops new MLCCs for vehicle powertrain

A model car decorated by Samsung Electro-Mechanics' multi-layer ceramic capacitors (MLCCs) for vehicle powertrains / Courtesy of Samsung Electro-MechanicsBy Baek Byung-yeulSamsung Electro-Mechanics is expanding its multi-layer ceramic capacitor (MLCC) lineup, as the company developed a new MLCC for automotive powertrains that performs well at high temperatures, the IT component arm of Samsung Group said, Monday.The company said it developed 13 types of MLCCs for automotive powertrains with guaranteed use under temperatures up to 150 degrees Celsius.Powertrains require high reliability for internal components as internal temperatures can rise to 150 degrees Celsius during transmission of power to the internal combustion engine of a traditional engine-powered car or the motor of an electric vehicle (EV).As MLCCs that can guarantee operations at 150 degrees Celsius had been manufactured only by some Japanese makers such as Murata and TDK, the industry view is that Samsung Electro-Mechanics, the world's second-largest MLCC maker, is paving its way into the fast-growing automotive MLCC se

Apr 11, 2022By Baek Byung-yeul
Samsung Electro-Mechanics develops new MLCCs for vehicle powertrain
Companies

Ssangbangwool forms consortium with KH Group to bid for SsangYong Motor

SsangYong Motor's headquarters in Pyeongtaek, Gyeonggi Province / YonhapBy Baek Byung-yeulSsangbangwool Group, which is seeking to acquire SsangYong Motor, has forged a consortium with KH Group to facilitate the purchase of the debt-ridden SUV maker, the CEO of Kanglim, a Ssangbangwool affiliate, said Monday.“Led by Kanglim, Ssangbangwool Group formed a consortium with KH Group, which successfully acquired the Grand Hyatt Seoul hotel and Alpensia Resort in PyeongChang. We recently expressed our determination to participate in the acquisition of SsangYong Motor,” CEO Sung Seok-kyung said in a statement.Kanglim, a heavy-duty electric vehicle (EV) maker, aims to create synergy with SsangYong, which is trying to transform itself into an EV maker. Ssangbangwool Group has set up a taskforce to buy SsangYong Motor.SsangYong is up for sale again after Edison Motors, a local electric bus maker, failed to pay 274.3 billion won ($222.6 million) by a March 25 deadline. SsangYong filed for court receivership in December 2020, after failing to repay around 160 billion won worth of loan

Apr 11, 2022By Baek Byung-yeul
Ssangbangwool forms consortium with KH Group to bid for SsangYong Motor
Companies

LG's steep salary raises draw mixed reactions

LG Electronics' headquarters in Seoul / Courtesy of LG ElectronicsBy Baek Byung-yeulLG Electronics and LG Innotek, the IT affiliates of LG Group, decided to raise their employees' salaries by 8.2 percent and 10 percent, respectively. In addition to these wage increases, they will also improve employee welfare programs, such as increasing parental leave to two years from the previous one year, a company official said Sunday.The officials said the salary increases and welfare program improvements are necessary to raise morale among workers and retain talented employees, but some pointed out that excessive compensation could diminish profitability.“The union and management recently agreed to boost the average wage increase rate this year to 8.2 percent,” an LG Electronics spokesman said, adding that the company made the decision to boost workplace morale and strengthen salary competitiveness compared to competitors. In 2021, the company raised the average wage of its employees by 9 percent, marking the largest increase in 10 years.An LG Innotek spokeswoman also said, “

Apr 10, 2022By Baek Byung-yeul
LG's steep salary raises draw mixed reactions
Companies

Korea's grain self-sufficiency lowest among OECD members

A grain store in a traditional market in Seoul, April 7. YonhapBy Baek Byung-yeulKorea's grain self-sufficiency rate has fallen to an all-time low, raising concerns over food security amid soaring international grain prices due to Russia's invasion of Ukraine and rising shipping costs stemming from supply chain disruptions, according to the United Nations and local experts Sunday.With global grain price increases showing no signs of abating, Korean consumers will continue to face steeper rises in food prices compared to their counterparts in other countries, experts said, stressing that the government should take proper measures such as paying out more subsidies to increase the self-sufficiency rate, in order to ensure Korea's food security.The grain self-sufficiency rate refers to the proportion of grain production compared to domestic consumption of the commodity. According to the United Nation's Food and Agriculture Organization's (FAO) data, Korea's grain self-sufficiency rate stood at 19.3 percent in 2020, falling below the 20 percent mark for the first time.The rate is 11.6 per

Apr 10, 2022By Baek Byung-yeul
Korea's grain self-sufficiency lowest among OECD members
Companies

LG Chem ups efforts to improve ESG awareness

LG Chem employees promote the company's RZ mobile application that allows users to do charity activities by practicing environmental campaigns in everyday life, Wednesday. Courtesy of LG ChemBy Baek Byung-yeulLG Chem is increasing its effort to improve awareness of the importance of environmental, social and corporate governance (ESG) values through its RZ mobile application, the company said Wednesday.The company said the RZ app is a platform designed to help people practice ESG activities in their everyday life. When users perform various kinds of missions such as taking selfies of using eco-friendly products for three months or taking a quiz about biomass, donations can be accumulated automatically for those in need.The RZ app has garnered over 10,000 users within three months of its launch.“The company launched the app to help people practice ESG values in daily life and transform their efforts into donations that can be used for people in need,” a company spokesman said.“The app's name contains the meaning of 'react to zero,' to react and act together to bring

Apr 6, 2022By Baek Byung-yeul
LG Chem ups efforts to improve ESG awareness
Companies

Kakao vows to triple overseas sales in 3 years

Namkoong Whon, right, CEO of Kakao, attends an online press conference together with Kim Sung-su, center, and Hong Eun-taek, co-heads of the company's Corporate Alignment Center, Wednesday. Courtesy of KakaoInternet firm to use W300 bil. fund for small merchants, creatorsBy Baek Byung-yeulUnder its vision of “go beyond Korea,” Kakao has pledged to generate 30 percent of its revenue abroad within the next three years, up from the current 10 percent, by utilizing its platforms, cultural content and intellectual property, top executives of the internet company said on Wednesday.The operator of the country's top mobile messenger KakaoTalk also said it will use a 300 billion won ($246.2 million) group-wide fund for small business owners and content creators over the next five years as part of its moves to regain lost trust.“Kakao aims to increase its share of overseas sales by 2025 to 30 percent from the current 10 percent,” Kim Sung-su, head of the company's Corporate Alignment Center, said during an online press event. “By using our platform, content and in

Apr 6, 2022By Baek Byung-yeul
Kakao vows to triple overseas sales in 3 years
Companies

Medytox takes patent fight with Hugel to USITC

Medytox CEO Jung Hyun-ho, left, and Hugel CEO Sohn Ji-hoonBy Baek Byung-yeulAnother patent war among domestic botulinum toxin (BTX or Botox) makers has broken out after Medytox accused its local competitor, Hugel, of stealing its BTX strains, filing a lawsuit with the United States International Trade Commission (USITC), according to company officials, Tuesday.On April 1, Medytox said it sued Hugel, its partner, Croma-Pharma GmbH, and their joint venture, Hugel America, claiming they produced BTX products by stealing its BTX strains and manufacturing know-how. This suit comes about three years after the company filed another lawsuit with the USITC against Daewoong Pharmaceutical in 2019. It remains to be seen whether Medytox's second attempt to take the lead in the BTX market will also succeed. In the legal fight against Daewoong, the USITC ordered a 21-month import ban in December 2020 on Daewoong's products into the United States. Daewoong agreed to pay royalties to Medytox to settle the dispute shortly after.“In the complaint, we stated that Hugel had developed and produced

Apr 5, 2022By Baek Byung-yeul
Medytox takes patent fight with Hugel to USITC
Tech & Science

SK hynix, Solidigm unveil 1st collaborative product

Park Jung-ho, the vice chairman of SK hynix, speaks during a ceremony to mark the company's 10th anniversary at its headquarters in Icheon, Gyeonggi Province, March 31. Courtesy of SK hynixBy Baek Byung-yeulSK hynix and its U.S. subsidiary, Solidigm, launched their first collaborative product, which combines the former's 128-layer NAND flash technology with the latter's solid-state drive (SSD) controller and firmware expertise, the memory chip affiliate of SK Group said Tuesday.The two rolled out the P5530 SSD targeting the enterprise market. Offered in 1 terabyte (TB), 2TB and 4TB capacities, SK hynix said the product is optimized for data center use.An SK hynix spokesman said the product is meaningful for both SK hynix and Solidigm as it is “the first product that combines the technologies of SK hynix and Solidigm after completing the first phase of acquisition of Intel's NAND division.”Logos for SK hynix and its U.S. subsidiary, Solidigm / Courtesy of SK hynixIn 2020, SK hynix announced it had reached an agreement to acquire Intel's NAND memory business for $9 billion.

Apr 5, 2022By Baek Byung-yeul
SK hynix, Solidigm unveil 1st collaborative product
previous page
178179180181182
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.