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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

LGES considers delaying mega-billion-dollar IPO plan

LG Energy Solution (LGES) employees pose with the company's battery products at the InterBattery tech fair at COEX convention center in Seoul, June 8. Courtesy of LG Energy SolutionIPO delay won't hurt LGES's corporate valuation: analysts By Baek Byung-yeulLG Energy Solution (LGES) is considering delaying its initial public offering (IPO), as the world's top-tier electric vehicle (EV) battery producer is asked to address looming external challenges. In 2020, LGES was spun off from LG Chem, a chemical, battery and biotech arm of LG Group with an aim to make a KOSPI debut in October of this year. Under the plan, LGES has been discussing with stock market operator Korea Exchange (KRX) to fix relevant specifics and finalize necessary documentation before its KOSPI listing. It submitted its pre-listing review application to KRX, but the bourse operator said Thursday while the related process is still under way, the review usually takes around 45 days.“The KRX is conducting a review of IPO requests submitted by LGES,” a KRX official said. Regarding the delay of the IPO, the off

Aug 26, 2021By Baek Byung-yeul
LGES considers delaying mega-billion-dollar IPO plan
Companies

Hyundai Motor Chung Mong-Koo Foundation to foster future leaders

Hyundai Motor Group Honorary Chairman Chung Mong-koo / Courtesy of Hyundai Motor Group By Baek Byung-yeulThe Hyundai Motor Chung Mong-Koo Foundation renamed its scholarship program as the “Hyundai Motor Chung Mong-Koo Scholarship,” and announced it will take a more active role to foster the next generation of workers, the charity organization established by the automotive giant said Wednesday.The foundation added that it decided to reorganize its scholarship program to better reflect the commitment of Chung Mong-koo, the foundation's founder and the automotive group's honorary chairman, to finding skilled personnel to increase the nation's competitiveness.“The Hyundai Motor Chung Mong-Koo Scholarship program will work as a platform to foster next-generation leaders who will lead social change, innovation and play crucial roles to create a sustainable future, in addition to supporting the underprivileged and nurturing the country's cultural scenes,” the foundation sa

Aug 25, 2021By Baek Byung-yeul
Hyundai Motor Chung Mong-Koo Foundation to foster future leaders
Companies

HLB affiliate gets USFDA approval for low dead space syringes

Biotech firm HLB's affiliate Hwajin Medical's Sofject syringes / Courtesy of HLBBy Baek Byung-yeulHwajin Medical, an affiliate of local biotech firm HLB, has won an approval from the U.S. Food and Drug Administration (FDA) for its low dead space (LDS) syringe Sofjec, raising expectations that the local syringe company can make inroads into the lucrative U.S. market.With the FDA approval, Hwajin said it is now able to supply the Sofjec syringes to the U.S. federal government through AMTC, a medical device distribution company there.The importance of LDS syringes has been highlighted as the product helps minimize wasted vaccine doses by reducing space between the needle and the plunger.With the spread of the COVID-19 Delta variants, the number of positive COVID-19 cases in the U.S. surpass 150,000 a day, and the shortage of syringes has long been an urgent issue for the treatment of patients.After Pfizer received FDA approval for its COVID-19 vaccine, vaccination will be mandatory for educators and soldiers, and booster shots will also be increased in the U.S., which will continue to i

Aug 25, 2021By Baek Byung-yeul
HLB affiliate gets USFDA approval for low dead space syringes
Companies

A growing pain?

This photo released by the Vermont State Police shows Chevrolet's Bolt EV catching fire in Thetford, Vermont, July 1. AFP-YonhapKorean battery makers asked to improve battery safetyBy Baek Byung-yeulKorea's battery industry has been seeing explosive growth, with more electric vehicles (EVs) hitting the roads around the world. EV batteries now have become a core industry item for the country's economy, taking its place alongside other sectors in which the country has already shown its dominance such as semiconductors and displays.In response to skyrocketing demand for batteries, the most important and costly EV component, President Moon Jae-in announced the government's ambitious vision last month to make the country the battery supply chain leader by 2030. To make it happen, the country decided to offer tax incentives to companies investing in research and development activities. Local battery companies including LG Energy Solution (LGES), Samsung SDI and SK Innovation (SKI) responded they will invest a combined 40.6 trillion won ($34.8 billion).However, on the possible flipside of t

Aug 25, 2021By Baek Byung-yeul
A growing pain?
Tech & Science

Samsung unveils advanced AI memory chips

Samsung Electronics' HBM-PIM chips / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics is extending its technology leadership in the memory chip sector, as the chip titan has unveiled new memory chips featuring artificial intelligence (AI) technology, the company said Tuesday.The company unveiled and introduced how the new products are used at Hot Chips, an annual semiconductor industry conference for promoting new technology. The company said it has developed high bandwidth memory (HBM) integrated with AI processing power, called HBM-PIM, which will be used for servers in data centers.Samsung said that the next-generation chips help central processing units (CPUs) process data much faster, as the AI processor-embedded memory chips are able to perform data operations normally handled by CPUs.In February, Samsung already introduced the chip industry's first HBM-PIM chips, saying that they are test-running the products to enhance high-speed data processing in supercomputers and other applications.Since then, the HBM-PIM has been tested in U.S. semiconductor firm Xili

Aug 24, 2021By Baek Byung-yeul
Samsung unveils advanced AI memory chips
Tech & Science

Potential buyers looking at reduced acquisition price for DB HiTek

DB HiTek's chip-making plant in Bucheon, Gyeonggi Province / Courtesy of DB HiTekTop conglomerates keeping eye on Korea's No. 2 foundry chipmaker By Baek Byung-yeulAs semiconductors, electric vehicle (EV) batteries and displays are classified as national strategic industries, many governments are actively investing in these high-technology industries.Among the core strategic items, an ongoing semiconductor supply shortage issue has been a worldwide headache as various data indicated that vehicle production could be disrupted until next year due to lack of semiconductors.“As new cars, including EVs, are released in the second half of this year, standby demand for new cars will recover compared to the previous year's level, but sales performance will remain sluggish because the semiconductor supply shortage continues,” a Korea Automotive Technology Institute report said Monday.Due to the lack of chips, the importance of the foundry business is particularly highlighted and industry officials said there are a few companies including SK hynix, LG and Hyundai Motor Group that a

Aug 23, 2021By Baek Byung-yeul
Potential buyers looking at reduced acquisition price for DB HiTek
Companies

INTERVIEW Rural Development Administration administrator leads digitalization of Korea's agriculture

Rural Development Administration (RDA) Administrator Hur Tae-woong / Courtesy of RDA'Combining high-technology with agriculture can boost the competence of Korea's agriculture'By Baek Byung-yeulIn 2020, the Moon Jae-in administration announced its Korean New Deal program in order to boost the country's economy post-COVID-19, as well as create more jobs by investing 160 trillion won ($137 billion) until 2025.As part of the ambitious plan, the Rural Development Administration (RDA) has been spearheading efforts to digitalize agriculture in an attempt to resolve problems that the country's agricultural sector has been facing, such as the aging of the agricultural workforce.Due to the decline in the working population, RDA Administrator Hur Tae-woong said that he believes digitalizing the country's commercial agriculture is essential, as the labor-intensive practices of the agricultural industry are facing limitations.“In 1970, 14.42 million people were engaged in the agricultural industry, accounting for nearly half of the total population, but the figure decreased to 2.31 million

Aug 21, 2021By Baek Byung-yeul
[INTERVIEW] Rural Development Administration administrator leads digitalization of Korea's agriculture
Tech & Science

LG Electronics, Hyundai Elevator to collaborate on robots, smart buildings

Kwon Soon-hwang, left, head of LG Electronics' Business Solutions division, and Hyundai Elevator CEO Song Seung-bong, pose after signing a memorandum of understanding at LG Science Park in Seoul, Friday. Courtesy of LG Electronics By Baek Byung-yeulLG Electronics and Hyundai Elevator jointly said Friday that they have agreed to join forces in the robotics and smart building businesses to cope with the increased demands for robots in industry and daily life.Under the agreement, the two companies will seek business opportunities in robots, digital signage, smart buildings and the smart home sectors. “The two will gradually explore joint business opportunities in logistics robotics, building premium elevators using LG's digital signage and promoting advanced services for smart homes and buildings,” they said.In the robotics business, LG Electronics and Hyundai Elevator will establish upgraded robot delivery services, whereby self-driving robots take elevators and move

Aug 20, 2021By Baek Byung-yeul
LG Electronics, Hyundai Elevator to collaborate on robots, smart buildings
Companies

Biz community, ruling party poles apart over carbon-neutrality goals

People Power Party Rep. Lim Lee-ja appears with lawmakers of the same party during a press conference at the National Assembly, criticizing the ruling Democratic Party of Korea lawmakers' decision to pass a bill to reduce carbon emissions by 35 percent for 2030, Thursday. YonhapBy Baek Byung-yeulThe business community and the liberal ruling Democratic Party of Korea (DPK) remain poles apart on their path to reach the global goal of carbon neutrality, with the former openly speaking against the latter's move to pass a bill aimed at tightening the regulation on greenhouse gas emissions.The National Assembly's Environment and Labor Committee on Thursday endorsed a bill that seeks to cut emissions in 2030 by 35 percent or more from 2018 levels.The move is to help accelerate President Moon Jae-in's Green New Deal initiative that has the goal of cutting greenhouse gas emissions in 2030 by 24.4 percent from 2017 levels. The bill, backed by the DPK, additionally requires endorsements from the Legislation and Judiciary Committee and the National Assembly's plenary session later this month to

Aug 20, 2021By Baek Byung-yeul
Tech & Science

INTERVIEW 'Trump politicized Meng Wanzhou case'

Huawei CFO Meng Wanzhou exits court at the conclusion of a hearing in Vancouver, Canada, Aug. 18. Reuters-YonhapHuawei says US trying to increase leverage against China with CFO's extradition caseBy Baek Byung-yeulA high-profile hearing of Meng Wanzhou, chief financial officer (CFO) of Chinese telecommunications giant Huawei Technologies, ended in a Canadian courtroom Wednesday (local time), drawing to an end the case that has provoked unprecedented conflict between the United States and China.Over the next two months, Associate Chief Justice Heather Holmes will deliberate whether to extradite the Huawei executive to the U.S. as the justice is slated to announce her decision on Oct. 21.Alykhan Velshi, Huawei Canada's vice president of corporate affairs, said Thursday that former U.S. President Donald Trump politicized her case as the CFO has been used as a bargaining chip in trade related negotiations between the world largest powers.“We have contested her extradition on a number of grounds. The first ground that we raised is we said that president Trump politicized her case. T

Aug 19, 2021By Baek Byung-yeul
[INTERVIEW] 'Trump politicized Meng Wanzhou case'
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