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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 Biologics to begin operations of 4th plant this year

Samsung Biologics CEO John Rim speaks during an online conference, Thursday. Courtesy of Samsung BiologicsBy Baek Byung-yeulPartial operations will begin in October of this year at Samsung Biologics' fourth plant currently being built in Songdo, west of Seoul. The move is part of efforts by the drug-manufacturing unit of Samsung Group to improve its capabilities in the contract manufacturing organization (CMO) business, its CEO said Thursday.Samsung Biologics has mainly handled so-called “fill-and-finish” contracts until now, which involve filling vials with drugs and packaging them for distribution. The company is seeking to boost output, while taking on new development projects.“We plan to start the partial operations of the fourth plant in October of this year, which is six months earlier than scheduled. The plant will be able to fully operate starting in the second quarter of next year,” the company's CEO, John Rim, said during an online conference.For the company's new drug-manufacturing facility, the CEO said, “We have already won orders from three

Jan 13, 2022By Baek Byung-yeul
Samsung Biologics to begin operations of 4th plant this year
Tech & Science

Samsung demonstrates world's 1st MRAM-based in-memory computing

From left are Harvard University professor and Samsung Advanced Institute of Technology (SAIT) fellow Ham Don-hee, SAIT staff researcher Jung Seung-chul and SAIT Vice President of Technology Kim Sang-joon. Samsung Electronics said Thursday its researchers demonstrated the industry's first magnetoresistive random access memory-based in-memory computing technology. Courtesy of Samsung Electronics By Baek Byung-yeulResearchers of Samsung Electronics successfully demonstrated magnetoresistive random access memory (MRAM)-based in-memory computing that simultaneously stores and processes data for the first time in the world, which could be utilized later to produce low-energy artificial intelligence (AI) chips, the semiconductor giant said Thursday.In-memory computing has been regarded as a next-generation AI chip technology, as it performs both data storage and processing in a memory network, in contrast to the standard computer architecture in which data is stored in me

Jan 13, 2022By Baek Byung-yeul
Samsung demonstrates world's 1st MRAM-based in-memory computing
Companies

HDC could avoid workplace disaster law despite construction accident

Seen is the partially collapsed apartment building at HDC's construction site in Gwangju, Wednesday. YonhapBy Baek Byung-yeulSeven months after a building collapse incident that killed nine people at HDC Hyundai Development Company's redevelopment project in Gwangju, the company is embroiled in another collapse accident in the southwestern city.On Tuesday, the exterior walls of a high-rise building under construction collapsed at the company's apartment complex construction site in the southwestern city. Following the accident, six construction workers are still missing as of 5 p.m., Wednesday.Due to safety concerns, Gwangju City Government ordered HDC temporarily to suspend every construction project underway in the city, Wednesday.“We've decided to order the suspension of construction at all of HDC's construction sites in Gwangju. We will cooperate with the land ministry and police to investigate the cause of the accident and strictly hold the company accountable for all legal and administrative responsibilities,” Park Nam-eon, the head of the city's disaster and safety

Jan 12, 2022By Baek Byung-yeul
HDC could avoid workplace disaster law despite construction accident
  • All construction by HDC halted in Gwangju following disaster
Companies

Budget airlines eye long distance routes to fill void left by Korean Air-Asiana deal

An aircraft of T'way Air / Courtesy of T'way AirBy Baek Byung-yeulLow-cost carriers (LCC) are planning to increase their air routes to Europe and other medium- and long-distance destinations as the country's two main carriers ― Korean Air and Asiana Airlines ― may possibly give up some of their flight routes as a condition suggested by the antitrust regulator to approve the former's acquisition of the latter.In November 2020, Korean Air announced that it would acquire debt-ridden Asiana Airlines for 1.8 trillion won ($1.5 billion), but the acquisition process is still pending awaiting approvals from antitrust regulators in multiple countries.On a related note, Korea's Fair Trade Commission (FTC) said at the end of December that it will grant an approval for the acquisition on the condition that the two air carriers return some of their airport landing slots and flight licenses.The slot refers to the right of an airline to use the airport, while the license means the right to operate at airports in overseas countries. By handing over some of its slots and licenses to LCCs, an FTC spok

Jan 11, 2022By Baek Byung-yeul
Budget airlines eye long distance routes to fill void left by Korean Air-Asiana deal
Companies

Edison Motor seals SsangYong takeover deal

Seen is SsangYong Motor's electric SUV, Korando e-Motion. The carmaker said Monday that it began taking reservations for the new model. Courtesy of SsangYong MotorBy Baek Byung-yeulSsangYong Motor looks to have finally found a new owner, as the bankrupt carmaker reached an investment agreement deal with its preferred bidder, Edison Motors.On Monday morning, a SsangYong Motor official said that a consortium led by Edison Motors would file for a court approval to acquire a controlling stake in the debt-ridden carmaker that day, which was the deadline set by the bankruptcy court. Later in the afternoon, the bankruptcy court approved the two sides to sign a contract for the acquisition.After the court gave its approval, the SsangYong official said that the two inked an official investment deal. “As permission was granted by the court, the two sides proceeded with the contract-signing process Monday,” the official said.The deal came two months after Edison and SsangYong had signed a memorandum of understanding for the purchase last November. Previously, the two sides had disag

Jan 10, 2022By Baek Byung-yeul
Edison Motor seals SsangYong takeover deal
Tech & Science

'Resource nationalism' threatens Korea's energy supply

Workers walk near a vessel carrying coal at a port in Palembang, Indonesia, Jan. 4. Reuters-YonhapKorea calls on Indonesia to resume coal exportsBy Baek Byung-yeulThe global economy is being affected once again by resource nationalism, which has reared its head since the beginning of the new year with mineral-rich countries closing their doors to exports and asserting control over their raw materials. This comes as a significant threat to Korea, which is heavily dependent on imports of natural resources to meet its energy and production needs.The energy resource crisis stems from multiple factors, such as supply chain disruptions caused by the U.S.-China trade row, the impact of the COVID-19 pandemic and the growing carbon neutrality trend which has increased the cost of metals and minerals that are essential for producing solar power, wind power, electric vehicles and other renewable energy technologies.Experts said that countries with abundant resources will increasingly pursue more nationalistic strategies to exercise control over resources in 2022 and those suffering from a lack

Jan 10, 2022By Baek Byung-yeul
'Resource nationalism' threatens Korea's energy supply
  • LX International to bring in 1,100 tons of urea from China this week
Tech & Science

Samsung Electronics expects further sales growth following records set in 2021

Visitors to Samsung Electronics' store in Seoul try out mobile gadgets, Friday. YonhapLG Electronics also reports record sales in 2021By Baek Byung-yeulSamsung Electronics and LG Electronics are estimated to have posted record sales in 2021 thanks to outstanding results in their chip and home appliance businesses, respectively. On Friday, the two IT giants released their earnings previews for the October-December 2021 period. In its earnings guidance, Samsung reported its sales reached 76 trillion won ($63.3 billion) in the fourth quarter of last year, up 23 percent from the year before, with operating profit jumping by 52 percent to 13.8 trillion won.As a whole, Samsung's 2021 sales and operating profit are expected to reach 279 trillion won and 51.57 trillion won, respectively, up 17 percent and 43 percent from the year before. Especially, its sales are likely to be the highest ever while its operating profit is the third-highest since 2017 and 2018 when the company enjoyed a semiconductor super cycle.Analysts said its semiconductor business contributed the most to the jaw-dropping

Jan 7, 2022By Baek Byung-yeul
Samsung Electronics expects further sales growth following records set in 2021
Tech & Science

Korean startups seek to expand businesses in US through CES

An official from a Korean startup SOFTPV showcases its solar cell products to buyers during the Consumer Electronics Show in Las Vegas, Jan. 6. Courtesy of KOTRABy Baek Byung-yeulThe Consumer Electronics Show (CES) has been creating a golden opportunity for Korean companies to expand their presence in the United States as well as the global market.Logo for Consumer Electronics Show / Courtesy of Consumer Technology AssociationTo promote small local firms with technological capabilities to overseas markets during the tech fair, the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Electronics Association (KEA) have operated a Korea pavilion, exhibiting technologies and products of 78 Korean companies during the CES tech fair.KOTRA said it has supported the entire process from the preparation stage to the exhibition process to maximize promotion effects of the participating companies, given the 2022 event is the first to be held in person in two years.“First, we checked the responses of domestic industries and consumers by launching a preview showcase of the CES parti

Jan 7, 2022By Baek Byung-yeul
Korean startups seek to expand businesses in US through CES
Tech & Science

Technology can deliver a sustainable future: Samsung vice chairman

Samsung Electronics Vice Chairman Han Jong-hee delivers a keynote speech at the Consumer Electronics Show at the Venetian Palazzo hotel in Las Vegas, Jan. 4 (local time). Courtesy of Samsung ElectronicsSKT unveils green technology for net-zero goalBy Baek Byung-yeulHan Jong-hee, the vice chairman of Samsung Electronics, said the global pandemic crisis has awakened the value of the world in which we coexist, and if both the IT industry and consumers participate in making changes, it could make a big difference toward creating a sustainable future.Logo for Consumer Electronics Show / Courtesy of Consumer Technology AssociationOn Jan. 4 (local time), the top executive in charge of Samsung's DX Division, which encompasses the tech giant's visual display, appliances and mobile businesses, gave a keynote speech at the Consumer Electronics Show (CES) under the theme “Together for Tomorrow.”At the Venetian Palazzo hotel in Las Vegas, Han shared Samsung's vision to contribute to the sustainable development of the world by introducing a range of sustainability initiatives, purposef

Jan 5, 2022By Baek Byung-yeul
Technology can deliver a sustainable future: Samsung vice chairman
  • HHI Group inks partnership with Palantir to establish big data platform
Tech & Science

LG bolsters premium TV maker image with OLED TVs

Seen is LG Electronics' 97-inch OLED evo TV, provided by the company, Tuesday. Courtesy of LG ElectronicsBy Baek Byung-yeulLG Electronics unveiled a new lineup of organic light emitting diode (OLED) TVs, ranging in size from 42 inches to 97 inches, Tuesday, as part of its efforts to bolster its image as a premium TV maker.Park Hyoung-sei, head of the company's Home Entertainment (HE) Division, said that OLED TVs with various sizes can expand consumer choice, while providing existing users with different experiences whether using the screens as a second TV or for games.“We have developed new products to maximize customer value. They are released in various form factors and are able to deliver the best picture and sound quality,” he said during an online conference, adding that the newly launched OLED evo TVs come in 11 models of different sizes.Park Hyoung-sei, head of the Home Entertainment Division at LG Electronics, speaks during an online conference, Tuesday. Courtesy of LG ElectronicsLG is the second-largest TV maker in the global market, following Samsung Electronics

Jan 4, 2022By Baek Byung-yeul
LG bolsters premium TV maker image with OLED TVs
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