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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

Ex-Beckman Coulter executive to lead Seegene's US office

Richard S. Creager, CEO of Seegene's United States subsidiary / Courtesy of SeegeneBy Baek Byung-yeulRichard S. Creager, a former chief science officer of U.S.-based medical diagnostics company Beckman Coulter, was appointed as CEO of Korean diagnostics company Seegene's U.S. subsidiary.Seegene, the country's leading diagnostics company, said Wednesday that it appointed Creager to lead its U.S. subsidiary as part of its plan to strengthen business there.Creager holds a Ph.D. in microbiology from the School of Medicine at the University of Pittsburgh. As former chief science officer and executive officer for Beckman Coulter, he has diverse experience in developing new products, technologies and business models for the diagnostic, laboratory services and business-to-business sectorsSeegene gained global attention as an early assay provider when COVID-19 infections were spreading at an increasingly rapid pace in early 2020. However, the company said its presence has been relatively limited in the U.S., the world's largest molecular diagnostics market.“With Dr. Creager's expertise

Mar 3, 2022By Baek Byung-yeul
Ex-Beckman Coulter executive to lead Seegene's US office
Tech & Science

Game, startup industries mourn death of Nexon founder

Nexon's late founder Kim Jung-ju / Courtesy of NexonBy Baek Byung-yeulLeaders in the games and startup industries here are mourning the abrupt death of Kim Jung-ju, founder of the country's largest game company Nexon, expressing their condolences and sharing heartwarming stories about Kim on social media.“My beloved friend left us. I have never felt this great a pain in my life,” Kim Taek-jin, founder and CEO of NCSOFT, wrote on Facebook on Tuesday night when news of the Nexon founder's death reached him.NXC, the holding company of Nexon, said Tuesday that Kim died in the United States late last month. He was 54.The company disclosed no specific details about the cause of death but said, “Kim had been receiving treatment for depression, and we are sad that it seems to have worsened recently.”The company added a request to respect the bereaved family's privacy.The NCSOFT CEO and the deceased are known as long-standing colleagues in the game industry. Both graduated the College of Engineering at Seoul National University. The CEO Kim entered in 1985 while the Ne

Mar 2, 2022By Baek Byung-yeul
Game, startup industries mourn death of Nexon founder
  • Nexon founder Kim Jung-ju dies
Companies

Hyundai Motor closely monitoring Ukraine crisis

Hyundai Motor's manufacturing plant in St. Petersburg, Russia / Courtesy of Hyundai MotorBy Baek Byung-yeulHyundai Motor has been monitoring the escalating Russia-Ukraine military conflict closely, as it has and will adversely affect Korea's largest carmaker, which has been operating a plant in Russia, according to securities analysts Monday.The analysts said Hyundai Motor may have difficulties exporting cars to Russia or suffer foreign exchange losses as Western countries impose economic sanctions following the invasion of Ukraine.On Feb. 26, the U.S. and EU agreed to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which enables secure cross-border settlements and payments, to impose severe limits on Russian-denominated assets and the country's capacity to access international reserves.Due to the sanction, Im Eun-young, an analyst at Samsung Securities, presumed that Hyundai Motor could suffer up to 200 billion won ($166 million) in losses and Kia could see up to 250 billion won in losses.Kia, a sister brand of Hyundai Moto

Feb 28, 2022By Baek Byung-yeul
Hyundai Motor closely monitoring Ukraine crisis
Companies

Korean firms on edge over getting money from Russia

Officials of the Korean Security Agency of Trade and Industry (KOSTI) conduct consulting work at the state-run agency's office in Seoul, Feb. 24. The government began operating a Russia desk, a counseling window dedicated to export control, as Russia's invasion of Ukraine began. YonhapBy Baek Byung-yeulSamsung, Hyundai Motor, LG and other Korean companies are facing increasing difficulties in doing business in Russia, as the United States and EU decided to exclude most Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking system, according to industry watchers Monday. The SWIFT banking system enables secure cross-border settlements and payments.The companies said they expect intensifying Western sanctions on Russia to make it harder for local firms not only to import natural gas and other raw materials from Russia, but also to receive payments for exporting a wide range of industrial goods, including cars, to that country. Korea's exports to Russia ranked 12th among all trading countries in 2021, according to the Korea International Trade

Feb 28, 2022By Baek Byung-yeul
Korean firms on edge over getting money from Russia
  • Korea to ban exports of strategic materials to Russia
  • Korea joins US-led sanctions to ban Russia's access to SWIFT
Tech & Science

Hyundai's IONIQ 5, Kia's EV6 most competitive in Germany

Hyundai Motor's IONIQ 5 electric vehicle / Courtesy of Hyundai Motor GroupBy Baek Byung-yeulHyundai Motor Group's two electric vehicles (EVs) ― Hyundai Motor's IONIQ 5 and Kia's EV6 ― have been recognized as the most competitive EVs in Germany, raising expectations that their expansion in the European market will gain momentum, the automotive group said, Sunday.The group said the IONIQ 5 and the EV6 ranked first and second in the recent comparative evaluation of electric SUVs conducted by the German-based car magazine, Auto Zeitung.In the comparative evaluation of five electric SUVs by the magazine, the IONIQ 5 topped the list with a total of 3,222 points and the EV6 ranked second with 3,178 points. They were followed by the Polestar 2, Tesla's Model Y and Mercedes-Benz's EQB.The evaluation was conducted based on five evaluation points: the body, driving comfort, powertrain, driving dynamic and environment/cost. The IONIQ 5 received the highest score in the driving comfort sector and the second-highest in the driving dynamic and the environment/cost sectors.Hyundai Motor Group said t

Feb 27, 2022By Baek Byung-yeul
Hyundai's IONIQ 5, Kia's EV6 most competitive in Germany
Tech & Science

Samsung Galaxy S22 redefines premium

A visitor tries out Samsung Electronics' Galaxy S22 Ultra smartphone at a smartphone store in central Seoul, Feb. 22. YonhapConsumers prefer S Pen-equipped Ultra modelBy Baek Byung-yeulSamsung Electronics has been moving its focus to foldable smartphones, which are more expensive and lay claim to being made with hardware manufacturing technology of the highest order, but the Galaxy S series is still recognized as a truly premium smartphone among all Android devices.However, in recent years the global top-selling smartphone maker has appeared to have not quite settled on what its premium smartphone should be.The Galaxy S20 series, released in 2020, was equipped with high-performance cameras, displays and chips, but its sales volume was low due to its steep price increase compared to the series' previous generations. To compensate for the outcome, Samsung released the Galaxy S21 series in 2021, lowering both prices and performance and was criticized that the new model did not give consumers an upgraded experience from the S20.Unveiling its 2022 flagship smartphone, the Galaxy S22, on F

Feb 27, 2022By Baek Byung-yeul
Samsung Galaxy S22 redefines premium
Tech & Science

SK, KT, LG promote metaverse, robots, AI at Mobile World Congress

Models pose at SK Telecom's booth, designed for attendees to experience its metaverse services, at the Mobile World Congress tech show in Barcelona, Sunday. Courtesy of SK TelecomSamsung Electronics to unveil new Galaxy lap topBy Baek Byung-yeulSK Telecom, KT, LG Uplus, Samsung Electronics and other Korean companies will promote their latest technologies such as the metaverse, robots, artificial intelligence (AI) and other services at the Mobile World Congress (MWC) tech show, which will be held in Barcelona from Monday to Thursday.The MWC event is the biggest annual gathering of the global mobile communication industry. The event, which was canceled in 2020 and held online in 2021 due to the COVID-19 pandemic, will return to its normal schedule this year and will be held offline for the first time in three years. Around 110 Korean companies including big ones as well as startups will take part in the show to market their technologies to the global market, especially for European consumers.To seek more business opportunities, CEOs from Korea's three mobile carriers ― SK, KT and LG ―

Feb 27, 2022By Baek Byung-yeul
SK, KT, LG promote metaverse, robots, AI at Mobile World Congress
Companies

Booyoung Group awards scholarships to international students

Ozoda Makhkamova, left, from Tajikistan, and Sercan Yesilkoy from Turkey pose during a scholarship award ceremony at the Booyoung Group headquarters in central Seoul, Friday. Courtesy of BooyoungBy Baek Byung-yeulWoojung Education & Culture Foundation, set up by Booyoung Group ― a construction company ― in 2008, has awarded 350 million won ($300,000) in scholarships to 89 international students studying in Korea for the 2022 spring semester, it said Sunday.The foundation grants scholarships twice a year to foreign students from Asian and African countries such as Vietnam, Thailand, Laos and Kenya. Since 2010, 2,115 students from 41 countries have benefited with a total of 8.3 billion won in scholarships.“We hope the scholarships can help students achieve their academic goals, giving them opportunities to become global leaders. Students will also play a crucial role in bridging their home countries with Korea,” a Booyoung official said. “Booyoung will continue to stay active in supporting future talent in education and culture.”The construction company used

Feb 27, 2022By Baek Byung-yeul
Booyoung Group awards scholarships to international students
Tech & Science

Kakao CEO nominee vows to regain public trust

Namkoong Whon, the CEO nominee of Kakao, speaks during an online press conference, Thursday. Courtesy of KakaoBy Baek Byung-yeulNamkoong Whon, the CEO nominee for Kakao, vowed Thursday that the company will actively pursue entry into overseas markets and new businesses such as the metaverse in order to restore lost trust from shareholders and app users.“I present the keywords of 'Beyond Korea' and 'Beyond Mobile' as the company's vision. Many people want us to go abroad and make money overseas rather than expanding further in the domestic market. I think we should focus on the global market,” Namkoong said during an online conference.Kakao, the operator of Korea's largest mobile messenger app, has been embroiled in a series of scandals, such as abusing its dominant market position to encroach upon the territory of small businesses, as well as the actions of executives of its subsidiary unit, Kakao Pay, who were selling off stocks in December, 2021, just a month after it went public.To overcome the worsening situation, Kakao appointed Namkoong, the chief of its Future Init

Feb 24, 2022By Baek Byung-yeul
Kakao CEO nominee vows to regain public trust
Companies

Shipbuilding shares soar on Europe's natural gas supply problem

Daewoo Shipbuilding & Marine Engineering's LNG carrier / Courtesy of Daewoo Shipbuilding & Marine EngineeringKorean shipbuilders expected to win more LNG ship orders amid Russia-Ukraine conflictBy Baek Byung-yeulKorean shipbuilding companies saw their stock prices soar Wednesday, on growing expectations that they will receive more liquefied natural gas (LNG) ship orders, as Germany and other European countries are likely to import more gas by sea amid the escalating Russia-Ukraine military conflict, according to company officials and industry analysts.Natural gas prices have been increasing sharply due to a series of negative factors, such as Germany's decision Tuesday to halt the Nord Stream 2 Baltic Sea gas pipeline project, designed to supply natural gas directly from Russia to Germany. Concerns have also been raised that Russia could stop its natural gas pipelines supplied to Europe through Ukraine. The analysts expect that European countries will move to import more LNG via ships to reduce their dependence on natural gas from Russia, which will increase demand for LNG ca

Feb 23, 2022By Baek Byung-yeul
Shipbuilding shares soar on Europe's natural gas supply problem
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