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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

Hyundai's luxury brand Genesis bolsters golf marketing

Jay Chang, left, global head of Genesis brand, poses with Christian Hardy, PGA Tour's senior vice president, after agreeing to become an official sponsor of the Presidents Cup golf event at the Jack Nicklaus Golf Club Korea in Songdo, Oct 10. Courtesy of Hyundai Motor GroupBy Baek Byung-yeulHyundai Motor Group's luxury car brand Genesis is capitalizing on golf events as a tool to bolster its presence in the high-end vehicle market.The automotive group said Wednesday that Genesis became a sponsor of the Presidents Cup golf event and will provide vehicles to a team representing the United States and an international team representing the rest of the world except European nations during the men's golf tournament.Genesis will provide official vehicles for the Presidents Cup in Charlotte, North Carolina in 2022 and display its automobiles throughout the venue. It will also serve as an official sponsor of the 2024 and the 2026 events which will be held in Montreal and Chicago, respectively.Hyundai Motor said it plans to “offer a luxurious customer experience and further strengthen th

Oct 13, 2021By Baek Byung-yeul
Hyundai's luxury brand Genesis bolsters golf marketing
Companies

SK Inc. to pursue clean hydrogen production

SK Inc. CEO Jang Dong-hyun, left, poses with Monolith CEO Rob Hanson after signing an agreement to set up a joint venture to produce clean hydrogen in this photo provided by the Korean company, Wednesday. With the agreement, Monolith will provide the technology and training to produce hydrogen and carbon black products in Korea, while SK Inc. will oversee the production, sale and distribution of these products. Courtesy of SK Inc.

Oct 13, 2021By Baek Byung-yeul
SK Inc. to pursue clean hydrogen production
Tech & Science

INTERVIEW Merck bolsters ties with Korean tech firms through major investment

Kai Beckmann, CEO of Merck Electronics, and Wookyu Kim, managing director of Merck Korea, inspect the company's facility in Sihwa, Gyeonggi Province, Oct. 7. Courtesy of Merck KoreaBy Baek Byung-yeulGermany-based Merck has contributed greatly to the development of high-tech industries such as semiconductors and displays, providing electronic materials to prominent tech companies in the global market.In particular, Merck's electronics business sector has been strengthening ties with the high-tech sector in Korea, a powerhouse in the semiconductor and display industries. These efforts are in line with the Korean government's “K-semiconductor” strategy, which is aimed at establishing the world's largest semiconductor and display supply chain by 2030.On Oct. 7, Kai Beckmann, CEO of Merck Electronics, visited the company's facility in Korea and announced a massive investment of 600 million euros ($693 million) into the electronics sector by 2025. The CEO of Merck's electronics business said the company has decided to increase its investments here to beef up cooperation with Ko

Oct 13, 2021By Baek Byung-yeul
[INTERVIEW] Merck bolsters ties with Korean tech firms through major investment
Tech & Science

Samsung family unloads W2 trillion in shares to pay inheritance tax

Late Samsung Electronics Chairman Lee Kun-hee, center, with his family members at the Consumer Electronics show held in Las Vegas in 2010. Courtesy of Samsung GroupBy Baek Byung-yeulKorea's notoriously high inheritance taxation has forced the heirs of the late Samsung Chairman Lee Kun-hee to sell shares in Samsung affiliates worth around 2 trillion won ($1.67 billion) to fulfill their tax obligations. Hong Ra-hee, the widow of the late chairman, reported to the Financial Supervisory Service (FSS), Oct. 5, that she plans to sell 19.9 million shares in Samsung Electronics. The shares are 0.33 percent of the company's total stock and have an estimated value of 1.4 trillion won. With the sale, Hong's shares in Samsung Electronics will be reduced to 1.97 percent.Hotel Shilla CEO Lee Boo-jin, one of the daughters of the late chairman, reported that she plans to sell 1.59 million shares in Samsung SDS, worth 242.2 billion won; while Lee Seo-hyun, his other daughter, and chief of the Samsung Welfare Foundation, will sell 3.45 million shares in Samsung Life Insurance and 1.5 million shares in

Oct 11, 2021By Baek Byung-yeul
Samsung family unloads W2 trillion in shares to pay inheritance tax
Companies

Hyundai Motor chairman vows to offer new mobility services for humanity

Hyundai Motor Group Chairman Chung Euisun poses with Hyundai Motor's high-performance cars in this photo provided by the group, Monday. Courtesy of Hyundai Motor GroupBy Baek Byung-yeulThe reason for Hyundai Motor Group's existence is “to solve what people find the most difficult,” according to Chairman Chung Euisun. He has defined the role of Hyundai as being, “to offer sincere service so that mankind can go where they want without any stress,” in the year since he has taken the helm of the country's largest automotive group, the group said Monday.The automotive group said that Chung, who marks the first anniversary of his chairmanship on Oct. 14, has emphasized to employees the role of mobility companies to contribute to humanity.His belief can be seen in his New Year message this year, in which he said, “The mission that all executives and employees of the group should keep unchanged is to realize humanity's dream of safe and free movement and peaceful life together.”Since becoming chairman, Chung has worked on embodying his vision through devel

Oct 11, 2021By Baek Byung-yeul
Hyundai Motor chairman vows to offer new mobility services for humanity
Tech & Science

LG wins best TV award in Australia

Visitors to a home appliance shop in Australia take a look at LG Electronics' OLED TV, Monday. LG said it received the Best TV Brand 2021 title for the sixth consecutive year by Australia's leading consumer magazine, CHOICE. Courtesy of LG Electronics

Oct 11, 2021By Baek Byung-yeul
LG wins best TV award in Australia
Tech & Science

SK hynix joins China's chip cluster project

A ceremony commemorating the completion of SK hynix's DRAM plant is held in Wuxi, China, April 18, 2019. Courtesy of SK hynixBy Baek Byung-yeulSK hynix will jointly invest a total of $310 million together with Chinese companies to create a semiconductor industrial complex in Wuxi, Jiangsu Province, where its DRAM memory chip plant is located.According to the Hong Kong-based news outlet, The South China Morning Post, on Oct. 8, the local government of Wuxi began construction of the new industrial complex, adding that there were no details about the facilities to be built on the site or its completion date.SK hynix has joined the local government's project in an effort to strengthen cooperation with local companies and communities, as well as improve its supply chain. The investment will be used to build semiconductor infrastructure in the complex and SK hynix elaborated that the investment will not be used to expand its existing plant there.In Wuxi, SK hynix has operated a chip-manufacturing plant since 2006. The company added another DRAM manufacturing plant there in 2019, investing

Oct 10, 2021By Baek Byung-yeul
SK hynix joins China's chip cluster project
Companies

LG Energy Solution may launch IPO by year end

LG Energy Solution engineers inspect the company's battery products at its Ochang factory in North Chungcheong Province. Courtesy of LG Energy SolutionBy Baek Byung-yeulLG Energy Solution's mega-billion-dollar initial public offering (IPO) is expected to be go ahead as planned this year, after the electric vehicle (EV) battery maker said its recall negotiations with U.S. carmaker GM will be concluded this month, industry sources said Sunday.Last year, LGES was spun off from LG Chem and unveiled a plan to make its KOSPI debut in October this year. Investors have paid keen attention as LGES's market value is estimated at around 100 trillion won ($83.57 billion) and the company will be able to raise around 10 trillion won in capital through the IPO, which would be the largest-ever listing in Korea.However, the IPO was paused when GM decided to expand its battery recall after a number of its Bolt EVs caught fire in the U.S. in July. GM initially recalled only about 69,000 of the EVs, powered by LGES batteries and produced between 2017 and 2019, but later expanded it to the latest product

Oct 10, 2021By Baek Byung-yeul
LG Energy Solution may launch IPO by year end
Tech & Science

Naver CEO vows to overhaul workplace environment

Naver CEO Han Seong-sook speaks during an audit session of the National Assembly Environment and Labor Committee, Wednesday. YonhapBy Baek Byung-yeulNaver CEO Han Seong-sook apologized Wednesday for incidents of workplace bullying that led to the suicide of an employee in May, vowing to improve the working environment of the nation's largest internet platform company.“I was very shocked by the incident, and I apologize to the employees I work with, to the deceased and the bereaved family members. I also apologize to my colleagues for not taking care of them properly,” Han said during an audit session held by the National Assembly Environment and Labor Committee.“I apologize for my firm not being a socially responsible platform company,” the CEO added.This year, the internet giant has been criticized for being embroiled in a series of scandals surrounding its work environment and governance issues. She was summoned to the audit as a witness to elaborate on the incidents.In May, a Naver programmer who was found dead near his home, left a note complaining about h

Oct 6, 2021By Baek Byung-yeul
Naver CEO vows to overhaul workplace environment
Tech & Science

Kakao founder issues apology over abuse of market dominance

Kakao Chairman and founder Kim Beom-su speaks during a National Assembly's audit, Tuesday. YonhapKim vows to turn K Cube into social enterpriseBy Baek Byung-yeulKim Beom-su, founder and chairman of internet giant Kakao, apologized over his firm's abuse of its market dominance as the nation's most powerful internet platform operator and promised to urgently address the matter, during a National Assembly audit, Tuesday. He also vowed to transform its de facto holding company, K Cube Holdings, into an entity that “fulfils its social responsibility without further controversy.”The chairman was summoned as a witness for an audit held by the National Policy Committee at the National Assembly following increasing criticism that Kakao, the operator of the nation's largest messenger app Kakao Talk, has been threatening small business owners by abusing its monopoly status.Kim was also questioned over the role of K Cube Holdings ― which he wholly owns ― the largest stakeholder in Kakao with 10.57 percent. The board chairman of Kakao, exercises control over Kakao through his directly

Oct 5, 2021By Baek Byung-yeul
Kakao founder issues apology over abuse of market dominance
  • Naver, Kakao face grilling over high financial commissions charged to sellers
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