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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

POSCO Holdings' shareholders' meeting ends without hitch

POSCO Chairman Choi Jeong-woo speaks during the shareholders meeting at the company's office in Seoul, Friday. Courtesy of POSCOBy Baek Byung-yeulPOSCO Holdings' shareholders' meeting finished without any major hitches on Friday as the group's Chairman Choi Jeong-woo succeeded in gaining support from shareholders after vowing to speed up its transition to an eco-friendly materials company and strengthen its shareholder return policy.“This year, POSCO Group will switch to a holding company system and be reborn as a company that will last more than 100 years,” the chairman told shareholders at the group's offices in Seoul. “We will faithfully play a platform role to develop future portfolios, reorganize group businesses, lead ESG management and establish corporate citizenship.”The meeting was the first one held since the group launched POSCO Holdings on March 2. The holding company serves as a parent of its spun-off steelmaking unit, named POSCO, as well as its other subsidiaries such as POSCO International, POSCO Chemical, POSCO Energy, POSCO E&C and POSCO

Mar 18, 2022By Baek Byung-yeul
POSCO Holdings' shareholders' meeting ends without hitch
Tech & Science

Samsung unveils new Galaxy A budget phones

By Baek Byung-yeulSinger Jeon Somi poses with Samsung Electronics' Galaxy A53 5G smartphone in this photo provided by the company, Thursday. Courtesy of Samsung ElectronicsSamsung Electronics introduced its new Galaxy A53 5G and A33 5G mid-range smartphones, Thursday.The new models are expected to serve as spearheads for Samsung's No. 1 status in global smartphone sales with more improved features and lower prices than the A series released last year.It also remains to be seen whether the new A series phones can better appeal to consumers considering Apple's new mid-range iPhone SE3 smartphone.Samsung had been eager to promote its expensive models such as the Galaxy S series and foldable phones, but switched last year to strengthening its promotional activities for the A series, in response to consumers who increasingly look for mobile devices offering decent performance at affordable prices. The company, which first held an online event for the A series in 2021, held an online event this year to introduce the A53 and the A33.The two products have processors made with 5-nanometer man

Mar 17, 2022By Baek Byung-yeul
Samsung unveils new Galaxy A budget phones
Tech & Science

Samsung apologizes to consumers for Galaxy S22 performance

Han Jong-hee, the vice chairman of Samsung Electronics, speaks during a shareholders' meeting at its headquarters in Suwon, Gyeonggi Province, Wednesday. Courtesy of Samsung ElectronicsBy Baek Byung-yeulHan Jong-hee, the vice chairman of Samsung Electronics, offered an apology to company shareholders and customers, Wednesday, for a controversy over its game optimizing service (GOS), which adjusts a smartphone's performance when users play games. He vowed to provide customers with the best products and services. “I would like to apologize again for not understanding consumers' feelings,” the vice chairman said during a meeting with the company's shareholders at its headquarters in Suwon, Gyeonggi Province.Samsung recently began selling the Galaxy S22, its newest high-end smartphone. But the company has been embroiled in the scandal over the GOS application installed in its Galaxy devices.Although the company advertised the high performance of its S22 phones, it was confirmed that the GOS application is automatically run in the background to avoid the phones overheating.The

Mar 16, 2022By Baek Byung-yeul
Samsung apologizes to consumers for Galaxy S22 performance
Tech & Science

Global expansion No. 1 mission for new Naver CEO

Naver CEO Choi Soo-yeon / Courtesy of NaverBy Baek Byung-yeulNaver, a leading internet company here, appointed in-house executive Choi Soo-yeon as its new CEO at its board meeting on March 14. Behind Naver's decision to choose the 41-year-old leader is its strategy to seek overseas expansion, according to company officials, Wednesday.Upon approval by the board's members, Choi also hinted that she will actively pursue expanding into overseas markets. “I understand that my appointment as CEO shows tremendous trust from the shareholders in Naver and its members and is a mandate to now take on a much bigger challenge."Naver has been operating various businesses not only in the domestic market, but also overseas, ranging from mobile instant messaging app. service Line, online comic service Webtoon, and Zepeto, a metaverse platform service.Choi expressed her willingness to create “Naver as an incubator,” which goes beyond the existing business areas that previous executives have cultivated.“All Naver services start with the global market in mind. Naver will become a

Mar 16, 2022By Baek Byung-yeul
Global expansion No. 1 mission for new Naver CEO
Tech & Science

Why Saudi crown prince invested in Nexon, NCSOFT

Saudi Crown Prince Mohammed bin Salman speaks during the Gulf Summit in Riyadh, Saudi Arabia, Dec. 14, 2021. Reuters-YonhapBy Baek Byung-yeulA 3 trillion won ($2.4 billion) investment into two Korean game companies by the Saudi Arabian government-led Public Investment Fund (PIF) has caught the attention of investors, according to industry officials Tuesday.The officials said PIF is betting on the growth potential of the Korean game industry with its aggressive investment into NCSOFT and Nexon.“As far as I know, this fund is a long-term investor in major companies and high-growth companies in each country's industrial sector. In the global market, Korean game companies such as Nexon and NCSOFT and cultural content companies seem highly likely to grow,” an official from a local game company said on condition of anonymity.PIF, which is known to operate a fund worth around $500 billion, acquired a 5.02 percent stake in Nexon, which is listed on the Japanese stock market, for around 1 trillion won at the end of January. With the acquisition, PIF's total stake in Nexon is now a

Mar 15, 2022By Baek Byung-yeul
Why Saudi crown prince invested in Nexon, NCSOFT
Tech & Science

Samsung SDI cuts back battery pack business from China, expands at home

Samsung SDI's battery cell manufacturing plant in Xi'an, China / Courtesy of Samsung SDIBy Baek Byung-yeulSamsung SDI has cut back its battery business in China as part of a strategy to streamline overseas production lines by suspending non-core and low-performance businesses, company officials said Monday.The firm notified the Financial Supervisory Service recently that it closed down its battery pack-manufacturing subsidiaries in China ― Samsung SDI Changchun Power Battery and Samsung SDI Wuxi Battery Systems.Samsung SDI liquidated the two battery units due to their poor performance. Operation of the Wuxi subsidiary had already been virtually suspended, with no sales generated in 2020 and 2021. The Changchun subsidiary, which Samsung SDI had acquired from Magna Steyr, also failed to obtain a new contract and was liquidated after fulfilling all outstanding orders.Although the company said the withdrawal from China was a part of streamlining its overseas production lines, the battery industry presumed that the withdrawal could be related to the Chinese government's regulations on Kor

Mar 14, 2022By Baek Byung-yeul
Samsung SDI cuts back battery pack business from China, expands at home
Tech & Science

Samsung bets big on Galaxy A to compete with Apple

By Baek Byung-yeulSeen is a poster for Samsung Electronics' Galaxy A Event, which will take place online on March 17. Samsung said Monday it will unveil the new lineup of mid-range smartphones during the event. Courtesy of Samsung ElectronicsSamsung Electronics will hold an online event unveiling new smartphones in its Galaxy A series on March 17. The Galaxy A series is Samsung's mid-range smartphone and plays a pivotal role in the company's efforts to retain its status as the global top-selling smartphone maker due to the volume number of smartphones sold under the A series.Although Samsung did not make an official announcement about the new gadgets, industry analysts forecast that the company will release five new Galaxy A devices equipped with functions comparable to premium phones, but at more affordable prices, to compete with Apple's new mid-range iPhone SE3.“The Galaxy A series is Samsung Electronics' most popular smartphone category, leading the democratization of Galaxy innovations that is giving people the power to create, connect and thrive,” Samsung said in an

Mar 14, 2022By Baek Byung-yeul
Samsung bets big on Galaxy A to compete with Apple
Companies

Korea on right track, but long way to go to becoming vaccine hub

Bold investment needed to develop vaccine sovereignty By Baek Byung-yeulSamsung Biologics, SK Bioscience and other biotech companies here are expanding their vaccine development and manufacturing capabilities, as the COVID-19 pandemic has highlighted the importance of having vaccine sovereignty, according to company officials Tuesday.Korea had a hard time securing COVID-19 vaccines when they were first available because the nation was at the mercy of imports from multinational pharmaceutical companies, which were experiencing supply shortages and shipment delays amid soaring global demand. With the aim of protecting public health through vaccine sovereignty ― the ability of a country to develop its own vaccines ― and making related businesses become new economic growth engines, Korea is pushing for a plan to become a global vaccine hub. Under the vision, the country aims to commercialize its first domestically developed COVID-19 vaccine within the first half of 2022 and to invest 2.2 trillion won ($1.79 billion) in the sector to become the world's fifth-largest vaccine-producing nati

Mar 8, 2022By Baek Byung-yeul
Korea on right track, but long way to go to becoming vaccine hub
Tech & Science

Will Samsung stop selling in Russia?

Visitors are seen at Samsung Electronics' Galaxy Studio in Moscow, in this Aug. 10, 2017 photo. Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics is facing mounting pressure to take part in global companies' efforts to stop selling products in Russia as part of the international business community's movement to protest Moscow's invasion of Ukraine, according to industry analysts Friday.At a time when global firms such as Apple, Intel, Nike and BMW have decided to take a stand against Russia by withdrawing the shipment or manufacturing of their products there, Ben Wood, a chief analyst at market tracking firm CCS Insight said Apple's boycott could consequently put pressure on rivals, especially Samsung.“The move 'absolutely' puts pressure on rival firms like Samsung to follow,” the analyst told CNBC, March 3, upon hearing Apple's announcement on March 1 that is will stop sale of its products in Russia. Anshel Sag, a principal analyst from Moor Insights and Strategy, also told the U.S. media that Apple's move “could force others to follow suit.&rdqu

Mar 4, 2022By Baek Byung-yeul
Will Samsung stop selling in Russia?
Companies

Genome and Company forges partnership with MSD for anti-cancer drug trials

By Baek Byung-yeul Seo Young-jin, the chief operating officer at Genome and Company, speaks during an online press conference, Friday. Screenshot from the conference Genome and Company, a local biotech company, said Friday that it is building a partnership with global biopharmaceutical company MSD to conduct a joint clinical trial for biliary tract cancer patients.Under the agreement, Genome and Company will conduct a Phase 2 clinical trial to evaluate the safety and efficacy of its immuno-oncology microbiome therapeutic candidate GEN-001 in combination with MSD's anti-cancer drug, Keytruda, in patients with biliary tract cancer.“The Phase 2 clinical trials will be conducted to verify the stability and effectiveness of combination therapy in patients with biliary tract cancer. Genome and Company will be the sponsor of the clinical trial to supervise the entire trial process while MSD will supply Keytruda,” Seo Young-jin, the chief operating officer of Genome and Compa

Mar 4, 2022By Baek Byung-yeul
Genome and Company forges partnership with MSD for anti-cancer drug trials
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