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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, Gwangju city joint venture starts mass production of Casper

The first Casper SUV to roll off the assembly line is introduced during a ceremony celebrating the start of mass production at Gwangju Global Motors' (GGM) plant, Wednesday. GGM is a joint venture between Hyundai Motor and Gwangju Metropolitan Government and the first outcome of the Moon Jae-in administration's a job creation project to reinvigorate regional economies. From left are Hyundai Motor President Gong Young-woon; GGM CEO Park Gwang-tae; Gwangju Mayor Lee Yong-seop; and Yoon Jong-hae, chief of the Gwangju and South Jeolla Chapter of the Federation of Korean Trade Unions. Yonhap

Sep 15, 2021By Baek Byung-yeul
Hyundai, Gwangju city joint venture starts mass production of Casper
Tech & Science

Google seeks to clean up corporate image after sanctions

Kim Kyoung-hoon, country director of Google Korea, speaks during the Google for Korea online press event, Wednesday. Captured from conferenceUS tech giant underlines business benefit, job creation in Korea By Baek Byung-yeulGoogle will ramp up efforts to boost its digital cooperation in Korea by continuing to create more jobs and business opportunities, the U.S.-based tech giant said Wednesday, in what is believed to be a move to restore its corporate image here. The tech company has been hit by a series of sanctions lately over abuse of its market dominance.“Google will continue to do its best to help more Korean startups, partners and creators grow and advance into the global market, and to contribute positively to the Korean economy and local community,” Kim Kyoung-hoon, country director of Google Korea, said during a special online conference to celebrate Google's 18th anniversary of starting its business in Korea. “Through the startup campus, new Korean businesses are actively interacting with communities around the world and paving the way for innovation. The

Sep 15, 2021By Baek Byung-yeul
Google seeks to clean up corporate image after sanctions
Companies

Hyundai to begin car production under President's signature job project

President Moon Jae-in preorders a Casper mini SUV produced by Gwangju Global Motors, a joint venture between Hyundai Motor and Gwangju Metropolitan Government, from his office, Tuesday. Courtesy of Cheong Wa DaeBy Baek Byung-yeulGwangju Global Motors (GGM), a joint venture between Hyundai Motor and Gwangju Metropolitan Government, will begin mass production of its first model, the Casper compact SUV, Wednesday.Attention is growing toward the mini SUV as the joint venture is the Moon Jae-in administration's first outcome from a job creation model it proposed, in which Hyundai Motor builds car factories and central and regional governments pay for financial and welfare support packages.In 2019, the government reached an agreement with the country's largest carmaker aiming to reinvigorate regional economies while helping the company reduce labor costs. Under the agreement, GGM employees receive an average salary of 35 million won ($29,880) a year for 44-hour workweek. To bolster the relatively low wage, the central and regional government provide various support such as housing, welfare

Sep 14, 2021By Baek Byung-yeul
Hyundai to begin car production under President's signature job project
Tech & Science

LG Innotek develops eco-friendly magnet

An LG Innotek employee holds a magnet in this photo provided by the company, Monday. Courtesy of LG InnotekBy Baek Byung-yeulLG Innotek developed high-efficiency, eco-friendly magnets for use in vehicles and smart devices, aiming to advance into a market dominated by Chinese and Japanese manufacturers, the electronic component arm of LG Group said Monday.The company worked jointly with local magnet company Sunglim Group Industry to develop the product. Magnets are essential components for vehicle motors, smartphone cameras, audio speakers and wind power generators. They are installed in products to provide power through magnetic pushing and pulling forces, the company said. LG Innotek said it minimized the use of heavy rare-earth (HRE) metals by 60 percent compared to existing products. The industry is struggling to find alternatives for HRE metals due to their short supply as well as high cost and environmental pollution. By using only 40 percent of the HRE metals compared to existing products, LG Innotek is able to minimize procurement problems caused by a shortage of raw materials

Sep 13, 2021By Baek Byung-yeul
LG Innotek develops eco-friendly magnet
Tech & Science

Kakao founder Kim under FTC investigation

Kakao founder Kim Beom-su / Courtesy of KakaoBy Baek Byung-yeulThe founder of Korea's top mobile messenger operator Kakao is under investigation by the Fair Trade Commission (FTC) for allegedly failing to report corporate structure matters related to the company's de facto holding company K Cube Holdings, according to industry sources Monday.The antitrust agency conducted investigations at the headquarters of Kakao and K Cube Holdings last week after finding out the internet platform company allegedly violated the fair trade act. K Cube Holdings, wholly owned by Kim Beom-su, is an investment company. Kim, who is serving as board chairman of Kakao, exercises control over Kakao through a 13.3 percent stake he holds directly and a 10.59 percent stake held by K Cube Holdings.The FTC is known to have conducted on-site investigations of Kakao and K Cube Holdings based on its suspicions that Kakao underreported or fabricated information about K Cube Holdings over the past five years. Under the fair trade law here, conglomerates must submit data on the status of affiliates, shareholders and

Sep 13, 2021By Baek Byung-yeul
Kakao founder Kim under FTC investigation
Companies

Drastic carbon neutrality drive to hurt Korean firms

Gov't's mandatory emission cut plan by 2030 faces backlashBy Baek Byung-yeulKorean companies are crying foul over the government's drastic moves to cut carbon emissions, claiming that these will end up hurting the competitiveness of the country's key manufacturing industries. Protest has been growing since Aug. 31 when Korea became the world's 14th nation to legislate a Carbon Neutrality Act after the National Assembly passed a bill mandating over a 35 percent cut in greenhouse gas emissions by 2030 to consequently achieve net zero emissions by 2050.Industry experts and representatives are criticizing the government's move toward carbon neutrality, saying the mandatory 35 percent cut in emissions is too drastic and there has been no consideration on a practical action plan, and this could hurt the national economy that is centered on manufacturing.They say companies, especially in the energy, steel and transportation sectors, are not fully prepared to adjust to the strengthened environmental regulations.An official in the steel industry said the government pushed the bill too quickly

Sep 13, 2021By Baek Byung-yeul
Drastic carbon neutrality drive to hurt Korean firms
Companies

SM Group, Edison Motors lead SsangYong Motor acquisition race

SsangYong Motor's vehicles are on display at the National 4X4 Outdoors Show in Melbourne, Australia in this 2019 photo. Courtesy of SsangYong MotorBy Baek Byung-yeulAs the deadline approaches for the selection of a preferred bidder to acquire debt-ridden SsangYong Motor, SM Group and a consortium led by Edison Motors are drawing attention again as the two strongest candidates, considering their ability to raise funds for the purchase, as well as for their business capabilities.SsangYong Motor is set to receive bids from potential buyers until Sept. 15. Currently, 11 candidates submitted letters of interest, with the sale process being handled by accounting firm, EY Han Young. Seven candidates conducted due diligence on the carmaker, according to industry sources.The potential bidders include SM Group, electric bus maker Edison Motors and U.S.-based Cardinal One Motors. Given the fact that an acquirer is required to invest between 800 billion won ($683.5 million) and 1 trillion won in order to operate SsangYong Motor smoothly, the ability to mobilize these funds is mentioned as a prer

Sep 12, 2021By Baek Byung-yeul
SM Group, Edison Motors lead SsangYong Motor acquisition race
Tech & Science

LG Display expands use of transparent OLED displays

A model poses with LG Display's transparent OLED display installed at the internal entrance to the COEX convention center underground parking lot in southern Seoul, Sunday. Courtesy of LG DisplayBy Baek Byung-yeulLG Display is expanding the use of its transparent OLED displays, mainly targeting the business-to-business market to create more value with the next-generation technology, the display maker said Sunday.LG Display commercialized 55-inch transparent OLED displays in 2019. With a transparency ratio of 40 percent, which people feel is similar to a slightly tinted window, the products are increasingly being used in the display windows of shops, subway windows and in signage. LG Display hopes that the transparent displays will also be used in self-driving cars, airplanes and home interiors.“With our transparent OLEDs, we will continue to create innovative spatial designs and differentiated ways of delivering information,” Cho Min-woo, head of the Transparent OLED Business at the company, said.LG Display said it hopes more businesses will use the thin, lightweight and

Sep 12, 2021By Baek Byung-yeul
LG Display expands use of transparent OLED displays
Companies

LG Chem, Coupang join forces to recycle plastic

Hur Sung-woo, right, executive vice president at LG Chem, poses with Ryan Brown, vice president of Coupang, at the latter's headquarters in Seoul, Thursday, after signing a memorandum of understanding to join hands to recycle plastic waste as part of their efforts to create a sustainable recycling ecosystem. Courtesy of LG Chem

Sep 9, 2021By Baek Byung-yeul
LG Chem, Coupang join forces to recycle plastic
Tech & Science

Professor Kwon wins top scientist award of 2021

Kwon Oh-kyong, a distinguished professor of electrical engineering at Hanyang UniversityBy Baek Byung-yeulKwon Oh-kyong, a distinguished professor of electrical engineering at Hanyang University, has won the 2021 Korea Best Scientist and Engineer Award for his contribution to the development of display technology, the science ministry said Thursday.Since 2003, the Ministry of Science and ICT and the Korean Federation of Science and Technology Societies have recognized scientists and engineers who have achieved outstanding research results. The ministry said they chose Kwon as this year's awardee for his contribution to the country's display industry.“Kwon succeeded in developing active matrix organic light-emitting diode (AMOLED) technologies for both mobile and large-sized TV displays, contributing greatly to Korea becoming a display powerhouse,” the science ministry said.The professor developed pixel circuits and drive circuits for AMOLED displays that can be accurately controlled to very low current levels, which were considered practically impossible, enabling the mas

Sep 9, 2021By Baek Byung-yeul
Professor Kwon wins top scientist award of 2021
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