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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 Electronics revamps business strategy in China

Korean tech giant launches special team to revitalize sales in ChinaBy Baek Byung-yeulSamsung Electronics has launched a special team to exclusively take charge of its businesses in China aiming to achieve a breakthrough in sluggish sales in one of the largest IT markets in the world, according to sources, Sunday. The new team will report directly to Vice Chairman Han Jong-hee, head of the newly merged unit for mobile devices and home appliances called the DX (Device eXperience) Division, the industry sources said.The team consists of two sections ― one supporting human resource management and marketing, and the other comprised of officials from the mobile device, home appliances, display and semiconductor divisions.“The move can be interpreted as Han directly seeking to create a turning point in China,” an industry official said. Samsung declined to confirm the launch of the team.China has been a key market for Samsung, accounting for the largest share of its total sales. In the third quarter, China accounted for 30 percent of the firm's total global sales, followed by t

Dec 19, 2021By Baek Byung-yeul
Samsung Electronics revamps business strategy in China
Companies

POSCO speeding up lithium business in Argentina

A demonstration plant for lithium extraction in Argentina / Courtesy of POSCOSteel giant to begin construction of lithium hydroxide plantBy Baek Byung-yeulPOSCO is accelerating its commercialization of lithium hydroxide by establishing a lithium extraction plant near a salt lake in Argentina. The company is also pushing forward to set up a joint venture for solid electrolyte materials, used for solid-state batteries.The company said Thursday that its board of directors approved an investment project to produce lithium hydroxide through the Salar del Hombre Muerto salt lake in northern Argentina. The total investment cost is around $830 million including costs for infrastructure and operating funds.POSCO plans to start construction of the plant in the first half of 2022. The plant, which is expected to be completed in the first half of 2024, will have an annual production capacity of 25,000 tons. POSCO is also considering investing in expansion of the facility to add an additional 25,000 tons.The company expects demand for lithium hydroxide to keep increasing, as the battery material

Dec 16, 2021By Baek Byung-yeul
POSCO speeding up lithium business in Argentina
Tech & Science

LG CNS responds to Log4j security vulnerability

gettyimagesBy Baek Byung-yeulLG CNS has launched a helpdesk support team Tuesday to help customers respond to a security flaw with Log4j, a logging utility for internet servers reported recently to have serious vulnerabilities.The IT service company said it has already responded by distributing guides to customers explaining how to block suspicious IP addresses, install software updates for Log4j and set up a firewall.Log4j, developed by non-profit organization Apache Software Foundation, is a Java-based utility for logging and storing information generated by using a computer.This software has recently been named as the “single biggest, most critical vulnerability of the last decade,” as it has been observed that cyberattackers can take control of a user's computer remotely by entering a specific message through the program. Government agencies, companies and financial firms using it are vulnerable to devastating cyberattacks. A cyberattacker exploiting a related vulnerability could inject malicious code to compromise an entire computer system or network.Due to the Log4j

Dec 14, 2021By Baek Byung-yeul
LG CNS responds to Log4j security vulnerability
Tech & Science

Instagram becoming familiar tool connecting users with companies

Meta Korea's regional director Jung Ki-hyun speaks during a virtual conference, Tuesday. Courtesy of Meta KoreaBy Baek Byung-yeulInstagram, a social media platform of U.S. tech giant Meta, is gradually becoming a useful tool in Korea to bring consumers and companies closer together, the head of Meta's Korean branch said Tuesday.“Instagram is evolving into a space that makes personal connections with brands and these brands are also trying to come up with better products by communicating with consumers on Instagram,” Jung Ki-hyun, regional director of Meta Korea, said during an online conference with local media.Meta Korea said its own survey conducted in 2020 showed 90 percent of Instagram users in Korea were following brand accounts. Also, two-thirds of users said they recognized Instagram as a space to communicate with company brands.The regional director cited LG Electronics as a good example of a company utilizing Instagram as a promotional tool.The company conducted marketing activity for its premium home appliance brand LG Objet Collection using Instagram's augmente

Dec 14, 2021By Baek Byung-yeul
Instagram becoming familiar tool connecting users with companies
Companies

Hyundai Motor Group set to replace design and R&D chiefs

Peter Schreyer, the president and head of Design Management of Hyundai Motor Group / Courtesy of Hyundai Motor GroupBy Baek Byung-yeulHyundai Motor Group is set to implement a year-end reshuffle of executives by appointing new design and R&D chiefs between Wednesday and Friday at the latest, as the Korean auto giant seeks to make another leap forward in the fast-changing mobility market, sources said Monday.During its annual personnel reshuffle of executives, the automotive group is considering replacing its overseas-based executives, including the heads of its R&D and design divisions, the sources said. These are Peter Schreyer, the president and head of design management of Hyundai Motor Group, and Albert Biermann, the president and head of Hyundai-Kia's R&D division.This personnel reshuffle will be the second under Chairman Chung Euisun. Last December, Chung, who took office in October 2020, conducted his first reshuffle, naming a number of executives trusted by him, including Hyundai Motor CEO Chang Jae-hoon.Schreyer is regarded as an expert who made significant contr

Dec 13, 2021By Baek Byung-yeul
Hyundai Motor Group set to replace design and R&D chiefs
Companies

Samsung SDI CEO vows to lead battery market

Samsung SDI CEO Choi Yoon-ho speaks during a meeting with employees at the company's headquarters in Giheung, Gyeonggi Province, Monday. Courtesy of Samsung SDIBy Baek Byung-yeulChoi Yoon-ho, who took office recently as CEO of Samsung SDI, vowed to keep focusing on the technological gap with other competitors based on its quality batteries, the company said Monday. The battery maker said Choi had his first meeting with employees at the company's Giheung headquarters in Yongin, Gyeonggi Province. During the meeting, the CEO stressed that the EV battery maker “needs to develop next-generation batteries and materials and achieve a super gap in technology with innovative and safety methods.”Stating that “opportunities for growth are open no matter what difficult business environment we face, and only prepared companies capture the chances,” Choi said that “the real No.1 is a company that achieves profitable qualitative growth based on super-gap technology competitiveness and the best quality."On Dec. 7, Samsung SDI said it appointed Choi, chief financial off

Dec 13, 2021By Baek Byung-yeul
Samsung SDI CEO vows to lead battery market
Companies

POSCO to split off steel business, become holding company

A POSCO flag waves outside the company's building in Seoul. / YonhapBy Baek Byung-yeulPOSCO has decided to split off its steel business and become a holding company, in a bid to find new growth engines and enhance shareholders' value, the steelmaking giant said Friday. As a result of the decision, made at a board meeting, the newly established POSCO Holdings will be responsible for group-wide investment and new business development.The holding company will own a 100 percent stake in its steel business unit. The company will hold a shareholders' meeting on Jan. 28 to obtain approval from shareholders for this transition to a holding company system. The business overhaul has long been anticipated among market players, as the company thought that it had been undervalued despite its strong performance. Even when the company tried out new businesses, such as for secondary battery materials, it saw its growth potential being devalued, due to the perception that it is involved in steel only.Regarding the background for the business overhaul, POSCO said that it has been seeking various ways

Dec 10, 2021By Baek Byung-yeul
POSCO to split off steel business, become holding company
Companies

KOTRA attracts investors via metaverse platform

Participants take part in KOTRA's PINVEST virtual space investment consultation event, Dec. 9. Courtesy of KOTRABy Baek Byung-yeulThe Korea Trade-Investment Promotion Agency (KOTRA) said Friday that it had hosted an investor event providing opportunities for domestic and overseas investors to meet local companies in virtual space. The state-run agency said that it held what it calls a “PINVEST” event using its metaverse platform, Thursday. PINVEST is a portmanteau that combines “pinpoint” and “invest.”The event was KOTRA's first investment consultation event using the virtual reality platform. Through the metaverse platform, KOTRA aimed to offer investors an alternative to attending face-to-face meetings amid the ongoing pandemic.“The meeting was designed to help investors directly choose companies they are interested in and have time for in-depth meetings in an independent virtual space,” the agency said.Not only did potential investors and foreign investment companies participate, but there were also about 70 domestic investment custo

Dec 10, 2021By Baek Byung-yeul
KOTRA attracts investors via metaverse platform
Companies

New young leaders set to back Samsung's core strengths

Samsung Electronics Vice Chairman Lee Jae-yong speaks with reporters upon arriving at the Seoul Gimpo Business Aviation Center, after returning from meetings in the United Arab Emirates, Thursday. YonhapBy Baek Byung-yeulSamsung Electronics has shown its unwillingness to lose its technological leadership in its core business sectors by expanding its number of young executives during the firm's management reshuffle, Thursday.After a large-scale reshuffle of its C-level executives on Tuesday, the tech giant announced promotion of 198 employees to executives. The highlight of the Thursday's personnel reshuffle is that the company appointed young professionals in their 30s and 40s with fruitful field experience and technical knowledge in the semiconductor, cloud computing, artificial intelligence (AI), foldable smartphone and chip-design sectors as its new leaders.With regards to the promotions, Samsung said that it “implemented a large-scale promotion under the principle of a performance-based system to strengthen its leadership for sustainable growth in the future.”Samsung'

Dec 9, 2021By Baek Byung-yeul
New young leaders set to back Samsung's core strengths
  • Samsung names more young executives for generational shift
Tech & Science

LG CNS, Fujitsu Korea join hands for quantum technology

Kim Hong-keun, right, the chief account officer of LG CNS, poses with Choi Jae-il, the head of Fujitsu Korea, after signing a partnership to develop quantum technology jointly in this photo provided by LG CNS Thursday. LG CNS said that the two companies decided to develop mathematical algorithms jointly based on quantum computing technology and to cooperate in solving various industrial issues related to transportation, finance, pharmaceuticals and chemistry. Courtesy of LG CNS

Dec 9, 2021By Baek Byung-yeul
LG CNS, Fujitsu Korea join hands for quantum technology
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