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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

SsangYong Motor may have to find new owner

SsangYong Motor's headquarters in Pyeongtaek, Gyeonggi Province / Courtesy of SsangYong MotorBy Baek Byung-yeulEdison Motors' acquisition of SsangYong Motor is on the verge of collapse, as it has failed to pay the balance in the purchase price for the debt-ridden carmaker before the deadline, according to company officials and industry analysts, Sunday.A consortium led by Edison Motors was supposed to pay 274.3 billion won ($223.8 million) to acquire SsangYong Motor by March 25. The Seoul Bankruptcy Court ordered Edison Motors to pay the full balance by that day, five business days before the creditors' meeting on April 1.At the meeting, creditors and others related to the acquisition process are set to decide on a rehabilitation plan for SsangYong Motor. However, since Edison Motors did not pay for the acquisition within the set period, the meeting cannot be held.An industry official familiar with the matter said, “SsangYong now has the authority to terminate the M&A contract signed with Edison Motors because the latter didn't pay the remaining acquisition price.” Ed

Mar 27, 2022By Baek Byung-yeul
SsangYong Motor may have to find new owner
Companies

Hyundai Heavy chief emphasizes importance of technological competitiveness

By Baek Byung-yeulKwon Oh-gap, chairman and CEO of Hyundai Heavy Industries HoldingsKwon Oh-gap, chairman and CEO of Hyundai Heavy Industries Holdings stressed, Thursday, on the 50th anniversary of the group's founding, that the shipbuilding group can only survive as a sustainable organization with continued efforts to seek and develop unrivaled technology.“Today is a meaningful day to mark the 50th anniversary of Hyundai Heavy Industries, the parent company of our group,” Kwon said in a message sent to employees. “I pay sincere tribute to many seniors, colleagues and juniors who have overcome numerous difficulties and crises and led us to become Korea's representative enterprise during the past 50 years.”The chairman evaluated the past 50 years as a history of challenges and urged employees to prepare thoroughly for the next 50 years."Hyundai Heavy Industries started 50 years ago with the entrepreneurial spirit of founder Chung Ju-yung. His creative foresight to build a shipyard at the age of 57 in 1972 created the current Hyundai Heavy Industries Group,&rdqu

Mar 24, 2022By Baek Byung-yeul
Hyundai Heavy chief emphasizes importance of technological competitiveness
Tech & Science

LG Energy Solution to build new battery factories in US, Canada

Kim Dong-myung, right, head of LG Energy Solution's Advanced Automotive Battery Division, poses with Mark Stewart, chief operating officer of Stellantis during an investment announcement event in Windsor, Ontario, Canada, March 23. Courtesy of LG Energy SolutionBattery maker to invest total of $5.3 billion in Arizona, OntarioBy Baek Byung-yeulLG Energy Solution (LGES) is expanding its battery cell manufacturing capacity in North America, as the company unveiled two new battery plant projects in the United States and Canada, according to LG Group's battery-making subsidiary, Thursday.The battery maker said it will invest 1.7 trillion won ($1.39 billion) in Queen Creeck, Arizona to build a cylindrical battery cell-manufacturing plant in the U.S. LGES will start construction of the new factory, which will have a production capacity of 11 gigawatt-hours, starting in the second quarter of 2022, and aims to begin mass production in the second half of 2024.LGES added it will also build a battery plant in Windsor, Ontario, Canada together with its partner and multinational automaker Stellant

Mar 24, 2022By Baek Byung-yeul
LG Energy Solution to build new battery factories in US, Canada
Tech & Science

Korean companies on alert over cybersecurity threats

LG Electronics allegedly attacked by hackersBy Baek Byung-yeulLG Electronics, Samsung Electronics and other Korean companies need to beef up their cybersecurity readiness levels as more hacking attempts have been reported in recent weeks amid increasing geopolitical risks around the world, sparked by Russia's invasion of Ukraine and North Korea's missile launches, cybersecurity experts here said Wednesday. Not only private enterprises, but government agencies and other state-run institutions should also be aware of the risks of cyberattacks, they added.Korea is particularly vulnerable to attacks by hackers seeking access to information on government policies as the country is undergoing a leadership transition after the March 9 presidential election. As a result, the experts stressed that state-run institutions should be aware of possible cyberattacks and be ready to respond.On Wednesday, a hacking group called Lapsus$ claimed that it attacked LG Electronics and Microsoft. The group claimed it stole of information on employees and customers from LG's website and added it also plans t

Mar 23, 2022By Baek Byung-yeul
Korean companies on alert over cybersecurity threats
Tech & Science

Samsung, LG look to robots as future growth engines

Samsung Electronics' Samsung Bot Handy is introduced at this year's Consumer Electronics Show in Las Vegas, January. Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics and LG Electronics are hiring more workers and expanding investments to foster robots as one of their new growth engines as automated devices are being used increasingly in everyday life, according to company officials Tuesday.Data shows the robot business is expected to grow rapidly in the future.The International Federation of Robotics (IFR) predicts the robot market to grow 32 percent annually to about 211 trillion won ($173 billion) in 2025.Samsung Vice Chairman Han Jong-hee announced earlier this month that robots will become the company's new area of business."We have accumulated technology in various robot areas and reviewed commercialization so that future generations can experience 'life companion' robots," Han told investors during the company's shareholders' meeting.Samsung has been unveiling different types of service robots every year. At the Consumer Electronics Show (CES) in 2019, Samsu

Mar 23, 2022By Baek Byung-yeul
Samsung, LG look to robots as future growth engines
Tech & Science

Samsung, LG expand chip business with next-generation substrate tech

Samsung Electro-Mechanics' Busan plant / Courtesy of Samsung Electro-MechanicsBy Baek Byung-yeulSamsung Electro-Mechanics and LG Innotek, the two major IT component makers here, are trying to expand their presence in the market with a next-generation semiconductor packaging substrate called flip chip ball grid array (FCBGA), beefing up investment in the sector to compete against Japanese and Taiwanese competitors, company officials said, Tuesday.A semiconductor package substrate technology protects and ensures precise connection between IC chips and mainboards for reliable transmission of electrical signals.The industry estimates demand for these substrates, which are used for high-performance chips, will soar as more chips are increasingly used for emerging technologies such as the 5G network, artificial intelligence (AI) and autonomous driving technologies that require strong performance and high-density circuit connection.The FCBGA market is currently led by Japan's Ibiden and Shinko and Taiwan's Unimicron and Nan Ya.To catch up to the leading companies, Samsung Electro-Mechanics

Mar 22, 2022By Baek Byung-yeul
Samsung, LG expand chip business with next-generation substrate tech
Companies

Russia-Ukraine war poses food security threat to Korea

Farmers harvest with their combines in a wheat field near the village of Tbilisskaya, Russia, July 21, 2021. AP-YonhapBy Baek Byung-yeulRussia's invasion of Ukraine has been posing a threat to Korea's food security given that the warring nations account for around 30 percent of the world's traded wheat, according to industry analysts, Monday.Korea, which has a low food self-sufficiency rate, could face a food crisis in a worst case as a result of rising overall grain prices due to the conflict and abnormal climate conditions caused by environmental change and the prolonged COVID-19 pandemic, they said.“If Ukraine and Russia experience a setback in wheat exports, wheat prices will naturally rise. In addition, corn and soybean prices, which are highly synchronized with wheat price, will also rise, adversely affecting Korea,” Lee Choon-soo, a professor at the College of Life Science and Natural Resources at Sunchon University, said. “If grain prices surge, food and livestock feed prices will rise, which will lead to overall inflation.”Ukraine accounts for 12 perc

Mar 21, 2022By Baek Byung-yeul
Russia-Ukraine war poses food security threat to Korea
Tech & Science

Krafton founder slammed for plunging share price

Krafton founder and Chairman Chang Byung-gyu speaks during a press conference on July 26, 2021. Courtesy of KraftonBy Baek Byung-yeulKrafton, best known for its online shooting game “PlayerUnknown's Battlegrounds” (PUBG), is facing increasing criticism from its shareholders and employees for its inability to revive its plunged share prices, according to game industry analysts, Monday.The company made its debut on the KOSPI on Aug. 10, 2021, with its offering price set at 498,000 won ($409.60) per share, but its stock price plunged by 45 percent to 276,000 won as of Monday.The analysts said the decline in Krafton's stock price stems from the stagnant growth of?“PUBG.” Pointing out that the company has shown heavy reliance on “PUBG,” they added that its future games must be successful in the market to recover the stock price.The decline in the company's stock price is causing financial losses not only for shareholders but also its employees who joined the IPO through an employee stock ownership program.The stock ownership association of the company h

Mar 21, 2022By Baek Byung-yeul
Krafton founder slammed for plunging share price
Tech & Science

LG, Samsung, SK boast longer, safer battery technologies at InterBattery

Models pose with LG Energy Solution's batteries during the InterBattery exhibition at COEX in southern Seoul, Thursday. Courtesy of LG Energy SolutionBy Baek Byung-yeulLG Energy Solution, Samsung SDI, SK On and other Korean battery companies gathered, Thursday, to show off their latest battery technologies for electric vehicles (EVs) and energy storage systems at the InterBattery exhibition.Given the big three battery firms ― LG, Samsung and SK ― account for over 30 percent of the global battery cell market, not only Korean battery companies but also overseas companies participated in the exhibition to get their own piece of the promising battery technology industry.InterBattery is Korea's only exhibition dealing with the rechargeable battery industry. Hosted by the Ministry of Trade, Industry and Energy, the annual event features 270 battery-related companies from here and abroad for three days from Thursday to Saturday at COEX in southern Seoul.On the sideline of the event, xEV Trend Korea, an exhibition showcasing various EVs, also takes place right next to the InterBattery venue,

Mar 20, 2022By Baek Byung-yeul
LG, Samsung, SK boast longer, safer battery technologies at InterBattery
Companies

Samsung CEO meets union leaders to avert strike

Kyung Kye-hyun, president and CEO of Samsung Electronics' Device Solutions division, speaks during a shareholders meeting at its Suwon headquarters, March 16. Courtesy of Samsung Electronics By Baek Byung-yeulKyung Kye-hyun, president and CEO of Samsung Electronics' Device Solutions division, met with the company's union leaders for the first time, Friday, as unionized workers have been intensifying pressure on management to meet their demands. The union leaders called on Kyung to increase wages and offer additional paid holidays, according to the company, but Kyung made no concessions at the gathering.“The meeting was held for about an hour from 1 p.m. in the CEO's office in Hwaseong,” a company spokesman said. “As this was the first time a Samsung CEO and union met, it was not a place where strong questions were exchanged. It was a meeting where the CEO listened to what the union leaders said and had a dialogue. There was no particular conclusion made from the mee

Mar 18, 2022By Baek Byung-yeul
Samsung CEO meets union leaders to avert strike
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