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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

Genome & Company acquires US-based List Labs for $27 million

Genome & Company CEO Pae Ji-soo speaks during an online conference, Wednesday. Screenshot from the conferenceKorean biotech firm acquires US-based CDMO firmBy Baek Byung-yeulGenome & Company, Korea's leading microbiome anti-cancer drug developer, is set to expand its business scope to the contract development and manufacturing organization (CDMO) business by acquiring a 60-percent stake in the U.S.-based microbiome CDMO business company, List Labs, for $27 million. The Korean biotech company said Wednesday that it aims to become a leader in both drug development and production through the acquisition.A microbiome refers to the community of microbes ― such as bacteria ― that live in the human body. Thanks to progress in DNA sequencing technologies, microbiomes have turned out to have a huge impact on determining whether people develop various diseases, while scientists and biotech firms are on the way to finding out which bacteria are beneficial and can be developed into treatments“At a time when the microbiome market is expected to see huge growth in the next several ye

Sep 8, 2021By Baek Byung-yeul
Genome & Company acquires US-based List Labs for $27 million
Tech & Science

Huawei's latest repeater offers Korea glimpse into 5G technology

By Baek Byung-yeulChinese telecommunication equipment maker Huawei said Friday that it has supplied its latest repeater BladAAU Pro to Switzerland mobile carrier Sunrise UPC.Huawei said its BladeAAU Pro enables mobile carriers to deploy various network types ranging from 2G, 3G, 4G and 5G on a single pole. While mobile carriers have used a variety of repeaters in different types of networks, Huawei's latest product is integrated, which can dramatically help carriers in terms of cost and space needed to install the equipment in each building.“Although the 5G rollout continues, Sunrise UPC retains incumbent 2G, 3G, and 4G sites, leaving major challenges in antenna space, wind resistance, and tower bearing. Site adjustment requires a build permit if antenna space differs from the original site lengthwise, and this can take months or even years. A lot of sites have only one antenna with limited space. This means heavy adjustment for new 5G construction. With Huawei's BladeAAU Pro, Sunrise UPC greatly accelerates the deployment of 5G Massive MIMO,” Huawei said in a statement.A

Sep 3, 2021By Baek Byung-yeul
Huawei's latest repeater offers Korea glimpse into 5G technology
Companies

Large enterprises to stay out of tteokbokki business again

Tteokbokki / gettyimagesbankBy Baek Byung-yeulTteokbokki, a Korean dish made of rice cakes and gochujang or red chili paste, has been drawing popularity from not only here but also other countries, but the government has legally prevented large-sized food companies' from entering the rice cakes manufacturing business as part of its effort to protect smaller businessesThe Ministry of SMEs and Startups has decided Thursday that it will keep blocking local food giants from entering the rice cake manufacturing business for the next five years until September 2026, designating the business as “a type of business suitable for livelihood” in a bid to protect micro enterprises engaged in small-scale businesses with low entry barriers.Food conglomerates sold rice cakes supplied from small-sized firms up until last year following the Korea Commission for Corporate Partnership's recommendation in in 2014 that the rice cake manufacturing business was suitable only for small and medium-sized businesses with the recommendation carrying through to 2020.However, there have been growing c

Sep 3, 2021By Baek Byung-yeul
Large enterprises to stay out of tteokbokki business again
Companies

Genesis goes all in for electric, hydrogen

Hyundai Motor Group Chairman Chung Euisun speaks about the future of its Genesis luxury car brand, Thursday. Captured from Genesis's YouTube channelHyundai Motor's luxury brand aims to achieve carbon neutrality by 2035By Baek Byung-yeulKorea's top automaker Hyundai Motor is aligning with the global trend of revamping existing vehicles powered by internal combustion engines. Hyundai said Thursday that its signature Genesis brand will no longer produce vehicles powered by conventional engines.The timeline for reaching carbon neutrality is pressing Hyundai and other brands to embraces changes.The core points of Thursday's announcement is that the group will only sell electric and hydrogen fuel cell vehicles starting from 2030. Plus, it presented an ambitious goal of achieving carbon neutrality by 2035.The announcement came as major global carmakers are getting on track to shift their vehicle lineups toward fully electric cars (EVs) with carmakers in Europe and also in the United States facing increased pressure to combat climate change and reduce carbon emissions under strengthened envi

Sep 2, 2021By Baek Byung-yeul
Genesis goes all in for electric, hydrogen
Companies

POSCO hosts 2021 forum to map out new direction

POSCO Chairman Choi Jeong-woo attends the 2021 POSCO Forum at its headquarters in Seoul, Wednesday. Courtesy of POSCOBy Baek Byung-yeulKorean steelmaker POSCO is hosting this week a two-day forum to focus on the rapidly-changing business trend powered by carbon neutrality and environmental, social and governance (ESG) management practices.Since 2019, the steelmaker has hosted the annual POSCO Forum. POSCO said that this year's event will be held for two days, from Wednesday to Thursday of this week, under the theme of, “moving forward to become a 100-year company with eco-friendly materials.”Considering the heightened social distancing measures due to the current wave of the COVID-19 pandemic, the event features no more than 50 participants, including outside instructors, panels and POSCO executives. Other participants have joined the event online.POSCO Chairman Choi Jeong-woo said, “The COVID-19 pandemic, which seemed to show an exit, continues to lead to new crises due to various mutations and breakthrough infections, and it constantly calls for a stance of prepar

Sep 1, 2021By Baek Byung-yeul
POSCO hosts 2021 forum to map out new direction
Companies

Used car dealers at odds with carmakers entering secondhand vehicle market

Cars are parked at a used car dealership in Bucheon, Gyeonggi Province, in this July 2015 file photo. Korea Times file By Baek Byung-yeulHyundai Motor and other domestic carmakers have been facing difficulties launching their own used car businesses, as drawn-out negotiations with the used car industry have been going nowhere.On Aug. 31, the liberal ruling Democratic Party of Korea's (DPK) Euljiro Committee, which had been convening meetings with domestic carmakers and the used car industry for the past three months, said that the two entities have failed to reach an agreement.The committee said that the two sides agreed that the carmakers would participate in only 10 percent of the entire used car market, which is estimated at 2.5 million car sales a year, but they were divided on the details. The used car industry demanded that the two carmakers sell only 110,000 used cars per year, while Hyundai Motor and other car brands demanded to be able to sell 250,000 cars

Sep 1, 2021By Baek Byung-yeul
Used car dealers at odds with carmakers entering secondhand vehicle market
Companies

China's tougher regulations set to impact Korean game companies

From left are NCSOFT founder Kim Taek-jin, Krafton founder Chang Byung-gye and Pearl Abyss founder Kim Dae-ilPearl Abyss sheds 7.5 percent on KosdaqBy Baek Byung-yeulKorean game companies, including Krafton and Pearl Abyss, have hit a snag as China, which has the world's largest game market, abruptly announced a new tougher measure on young people playing online games.Regarding the restriction that limits online game playing to three hours a week, industry analyst said Tuesday the measure is a powerful move that would inevitably adversely affect the fundamentals of Korean game firms which have a high dependency on the Chinese market.On Aug. 30, China's National Press and Publication Administration (NPPA) told a local Chinese newspaper online game users who are aged under 18 will be banned from playing online games from Mondays to Thursdays. Instead, the government will allow young gamers to play online games only for an hour on Fridays, weekends and holidays from 8 p.m. to 9 p.m., citing fears that children could become addicted to game playing.The government also urged stricter impl

Aug 31, 2021By Baek Byung-yeul
China's tougher regulations set to impact Korean game companies
Companies

SK Global Chemical renamed to SK Geo Centric

Na Kyung-soo, CEO of SK Geo Centric, speaks during a press conference in Gimpo, Gyeonggi Province, Tuesday. Courtesy of SK Geo CentricBy Baek Byung-yeulSK Global Chemical has changed its company name to SK Geo Centric (SKGC) in an effort to focus on more eco-friendly material business, including plastic waste recycling, the chemical material unit of SK Innovation said Tuesday.The company said it has decided to use the new name Geo Centric starting from September. “SK Geo Centric combined 'geo,' which refers to earth and soil and 'centric,' meaning center, to put the global environment first and express our strong will to solve the problem of waste plastic pollution,” the company said.Sharing the company's vision, the company's CEO Na Kyung-soo said SKGC aims to create “eco-friendly innovation centered on the Earth.”“We chose new company name Geo Centric to transform the company from Korea's first petrochemical company to the world's best urban oil company based on recycling of waste plastic and to make a more eco-friendly world,” the CEO said.With

Aug 31, 2021By Baek Byung-yeul
SK Global Chemical renamed to SK Geo Centric
Tech & Science

Tesla, Amazon oppose Nvidia's acquisition of Arm

Nvidia CEO Jensen Huang / Captured from Nvidia Korea's webpageBy Baek Byung-yeulU.S. graphic chip giant Nvidia's suggested multi-billion-dollar acquisition of British chip design company Arm is rattling the market as Tesla, Amazon and even Samsung Electronics were said to have strongly opposed the acquisition due to looming antitrust issues.Citing multiple sources, U.K.-based outlet Telegraph said Samsung Electronics expressed its opposition to the U.S. Federal Trade Commission (USFTC) over Nvidia's acquisition of ARM. Also, Amazon and Tesla have voiced their suspicions of the validity of the deal to the U.S. antitrust regulator.Established in 1990 in the U.K., Arm is a global leader in mobile chip architecture design. It generates profits by licensing its intellectual property to tech firms including Samsung Electronics, Apple and Qualcomm.Tesla CEO Elon Musk / Reuters-YonhapThe USFTC has started an in-depth probe into the takeover deal. Nvidia is also seeking antitrust approval from the EU for the acquisition of Arm early next month as regulators there are expected to launch a full

Aug 30, 2021By Baek Byung-yeul
Tesla, Amazon oppose Nvidia's acquisition of Arm
Companies

NCSOFT vows to offer more user-friendly service for 'Blade & Soul 2'

The poster for NCSOFT's new game, “Blade & Soul 2” / Courtesy of NCSOFTBy Baek Byung-yeulKorean game company NCSOFT has vowed to offer more user-friendly services for its newly released “Blade & Soul 2,” after a number of gamers criticized the excessively high, pay-to-win billing system of the role-playing game (RPG).The company, best known for its “Lineage” RPG franchise, officially began service for “Blade & Soul 2” on Aug. 26. The fantasy game based on Asian martial arts has gained much attention as it is the official sequel to the highly popular “Blade & Soul” released in 2012.Despite the high expectations, NCSOFT came under heavy criticism shortly after the sequel's release because the company prevented users from acquiring in-game items tradable between players unless they purchase what it calls a “Season Pass.”Users criticized the company's pay-to-win billing system, which forces them to pay too much, and as a result, “Blade & Soul 2” failed to make the top spot on Google Pl

Aug 30, 2021By Baek Byung-yeul
NCSOFT vows to offer more user-friendly service for 'Blade & Soul 2'
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