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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

Korea H2 Alliance attracts $1 billion investment for hydrogen business

Kim Min, sixth from left, the chairman of Korea H2 Alliance and Kim Si-eun, fifth from left, the CEO of Korea H2 Alliance, pose during a virtual investment agreement ceremony with officials from World Wide Capital Group (WWCG) and World Power Production Energy (WPP), at the Lotte Tower, Dec. 7. Courtesy of Korea H2 AllianceBy Baek Byung-yeulKorea H2 Alliance signed an investment agreement with the global investment group, World Wide Capital Group (WWCG), and the Switzerland-based hydrogen power generation company, World Power Production Energy (WPP).The company reported that it had an investment agreement ceremony online on Dec. 7. Under the agreement, WWCG will invest $1 billion over the next three years in Korea's hydrogen industry, while WPP plans to install hydrogen charging stations and hydrogen power plants, by applying its own water electrolysis electricity generation technology.Through the investment agreement, Korea H2 Alliance will continue to install charging stations and power plants ― which constitute the core infrastructure for the development of the hydrogen economy ―

Dec 8, 2021By Baek Byung-yeul
Korea H2 Alliance attracts $1 billion investment for hydrogen business
Tech & Science

ANALYSIS Samsung's combined set-making business mimics Apple

By Baek Byung-yeulSamsung Electronics implemented a large-scale reshuffle of executives Tuesday and one notable aspect was the appointment of Han Jong-hee, president of its TV business, as vice chairman of a new division made up of the TV, consumer electronics and mobile communications units.Samsung calls the new “end products business” the SET division which will now oversee TVs, home appliances and mobile devices such as smartphones, tablets and smartwatches.Regarding Han's appointment as vice chairman of SET, Samsung said, “We expect him to lead the SET division by maximizing synergy between units and finding future growth opportunities such as new business and new technologies.”The change can be interpreted as Samsung's willingness to create a strong ecosystem for its home appliances and smart devices to compete against Apple, which has created numerous die-hard fans by offering seamless connectivity and convenience between its devices, according to officials. Though Samsung has been lagging behind in the premium smart device category, its home appliance a

Dec 7, 2021By Baek Byung-yeul
[ANALYSIS] Samsung's combined set-making business mimics Apple
  • Samsung replaces CEOs of 3 key business units
Tech & Science

LG CNS to offer metaverse service for companies

Choi Moon-keun, executive vice president and head of the Digital Transformation business unit at LG CNS, signs an agreement with oVice founder and CEO Jung Sae-hyung, right in a TV screen, in this photo provided by the former, Tuesday. LG CNS and oVice joined hands to provide metaverse services to help client companies have their own virtual reality services for business activities. Courtesy of LG CNS

Dec 7, 2021By Baek Byung-yeul
LG CNS to offer metaverse service for companies
Tech & Science

Samsung renews M&A approach amid antitrust concerns

Samsung Electronics Vice Chairman Lee Jae-yong, left, poses with Google CEO Sundar Pichai on the sidelines of his visit to Google headquarters in Mountain View, Calif., Nov. 22. Courtesy of Samsung ElectronicsBy Baek Byung-yeulExpectations are that Samsung Electronics is on track to renew its approach to merger and acquisition (M&A) activities, after watching U.S. graphic chip giant Nvidia struggling with its acquisition of British chip company ARM due to antitrust concerns.With its ample liquidity, Samsung Electronics has said numerous times that it will push for large-scale acquisitions in the coming years as the company is in desperate need of strengthening its competitiveness. As of the third quarter of this year, Samsung's cash- and cash-equivalent assets added up to 200 trillion won, according to Samsung officials.Though the company didn't specify any current M&A targets or specific timing for any possible deals, the chip giant is still interested in chip foundry firms. However, metrics in the global M&A market have changed slightly, as the antitrust bodies of major

Dec 6, 2021By Baek Byung-yeul
Samsung renews M&A approach amid antitrust concerns
Tech & Science

LG Innotek exec wins Trade Day award for optical components exports

By Baek Byung-yeulMoon Hyuk-soo, senior vice president and head of the Optics Solution Business Unit at LG Innotek / Courtesy of LG InnotekAn LG Innotek executive won an Industrial Service Medal given by the government for promoting exports of optical components, the company said Monday.The LG Group affiliate said Moon Hyuk-soo, senior vice president and head of the Optics Solution Business Unit of the company, won the medal during Trade Day.The Trade Day ceremony is an annual event hosted by the Korea International Trade Association (KITA) to recognize people for their work in promoting trade and boosting Korea's exports.During Monday's ceremony, Moon won the medal for his contributions to improving the competitiveness of Korea's optical components industry, LG Innotek said.Moon joined LG Innotek in 2009. Since 2010, he has led technological innovations of the company's optical components as the head of the product development and research team. With his efforts, the company was able to become a global leader for camera modules and 3D sensing modules.LG Innotek said the executive es

Dec 6, 2021By Baek Byung-yeul
LG Innotek exec wins Trade Day award for optical components exports
Companies

Dongwha Vietnam begins full production at laminate flooring, MDF plant

Dongwha Group Chairman Seung Myung-ho, center, poses during a production commencement ceremony for Dongwha Vietnam's laminate flooring and medium-density fiberboard manufacturing plant in Thai Nguyen, Vietnam, Dec. 2. From second left are Dongwha Enterprise CEO Kim Hong-jin; Dongwha Enterprise Vice Chairman Seung Ji-soo; Korean Ambassador to Vietnam Park Noh-wan; Seung; and Nguyen Thanh Hai, secretary of the Thai Nguyen Provincial Party Committee; alongside other dignitaries. Courtesy of Dongwha EnterpriseBy Baek Byung-yeulDongwha Vietnam, a Vietnamese unit of Korea's top wood materials manufacturer Dongwha Enterprise, has begun full commercial operations of a plant near Hanoi producing laminate flooring and medium-density fiberboard (MDF) products.The company said it held a grand commencement ceremony for the plant located in Thai Nguyen, near Hanoi, Dec. 2. The event was participated in by Nguyen Thanh Hai, secretary of the Thai Nguyen Provincial Party Committee; Korean Ambassador to Vietnam Park Noh-wan; Dongwha Group Chairman Seung Myung-ho; Dongwha Enterprise Vice Chairman Seung

Dec 3, 2021By Baek Byung-yeul
Dongwha Vietnam begins full production at laminate flooring, MDF plant
Tech & Science

Omicron fears prompt Samsung, LG, Hyundai to consider Plan B for CES

People arriving from overseas are being guided by quarantine officials at Incheon International Airport, Friday, when the government began imposing strengthened quarantine measures, requiring all international arrivals to undergo a mandatory 10-day quarantine period. YonhapBy Baek Byung-yeulIncreasing jitters over the Omicron variant of the coronavirus could prompt Samsung, LG, Hyundai and other companies taking part in the Consumer Electronics Show (CES) in Las Vegas in January to change their plans to showcase their technologies at the world's most influential technology trade show held each year.The government has strengthened quarantine measures for entrants from abroad to prevent the spread of the Omicron variant and local companies are also reinforcing their in-company quarantine guidelines, such as minimizing overseas business trips.On Dec. 1, the government said that everyone who arrives in Korea from abroad will be required to undergo a mandatory quarantine for 10 days for the next two weeks starting Friday, regardless of whether they are vaccinated. The government also anno

Dec 3, 2021By Baek Byung-yeul
Omicron fears prompt Samsung, LG, Hyundai to consider Plan B for CES
  • Omicron takes toll on conglomerates' business management
Companies

POSCO benchmarking Google-Alphabet model for overhaul

POSCO's office in Seoul Courtesy of POSCOBy Baek Byung-yeulPOSCO Group Chairman Choi Jeong-wooPOSCO is seeking to benchmark Google's establishing of Alphabet as its holding company in its own possible spinoff plan, at a time when the steel giant is diversifying its business portfolio ― currently focused on steel-related industries ― in the direction of eco-friendly energy.In its spinoff plan, POSCO could be spun off into two companies, one becoming a holding company specializing in implementing group-wide investments and another as a steel business unit, reports said Thursday.To protect the holding company's value, its steel business unit, which plays a cash-generating role, is expected to remain unlisted, according to local reports. Regarding the possibility of a business overhaul, a POSCO official confirmed that the company is seeking to restructure itself into a holding company system, but that the details will be decided at its board meeting scheduled to be held on Dec. 10.“POSCO is considering various measures, such as medium- to long-term growth strategies and management

Dec 2, 2021By Baek Byung-yeul
POSCO benchmarking Google-Alphabet model for overhaul
Companies

Samsung, SK responding to Omicron COVID-19 variant

International flight passengers wear face shields, facemasks and protective gloves as they head to a bus after arriving at Incheon International Airport, Nov. 30. YonhapBy Baek Byung-yeulSamsung Biologics, SK Bioscience, Celltrion, Seegene and other Korean biotech firms are responding to the latest COVID-19 variant called Omicron at a time when the new mutation could become an even greater concern than the Delta variant, according to companies Wednesday.After the advent of the new mutation last week, the World Health Organization (WHO) designated the strain as a “variant of concern” (VOC) due to its unusually large number of mutations and rapid spread.As many healthcare experts express concern that the new mutation could be more contagious than the Delta variant and more resistant to vaccines and treatments, local bio companies are accelerating the development of new products that can effectively respond to the Omicron variant.Speculations are being made that Samsung Biologics, a manufacturer of U.S. biotech company Moderna's COVID-19 vaccine, could also manufacture the l

Dec 1, 2021By Baek Byung-yeul
Samsung, SK responding to Omicron COVID-19 variant
Companies

Seegene test kits capable of detecting Omicron variant

Seegene's Allplex SARS-CoV-2 Master Assay / Courtesy of SeegeneBy Baek Byung-yeulWith the global community facing the spread of the Omicron variant of COVID-19, Korean biotechnology company Seegene said Wednesday that its test kit is fully able to detect the new mutation.“Our Allplex SARS-CoV-2 Master Assay is capable of detecting the Omicron's unique pattern of mutation. The well-established PCR-based test recognizes four SARS-CoV-2 genes and five notable mutations on the spike protein, all in a single test tube,” the molecular diagnostics company said.The test kit is also able to provide accurate results on whether a person has the Omicron variant within four hours, the company said, adding that it is working on providing the test kits to countries so that they can rapidly detect Omicron cases.“In order to contain the further spread of Omicron, it is extremely important to detect preemptively the Omicron variant at the primary screening stage. To that end, we will fully support countries in need of our test kits to enable more rapid detection of the latest variant

Dec 1, 2021By Baek Byung-yeul
Seegene test kits capable of detecting Omicron variant
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