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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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Korea, EU agree to cooperate on climate change response

Trade, Industry and Energy Minister Moon Sung-wook, left, and Frans Timmermans, European Commission executive vice-president for the European Green DealBy Baek Byung-yeulKorea and the European Union have been discussing ways to cooperate in climate change issues as part of the two sides' efforts to build momentum for global climate action. Trade, Industry and Energy Minister Moon Sung-wook had a meeting with Frans Timmermans, executive vice-president for the European Green Deal at the European Commission, at a hotel in Seoul, Tuesday, to share their ideas on climate change action.The Ministry of Trade, Industry and Energy said this is the first visit by a high-ranking EU official to Korea since the coronavirus outbreak began. The ministry added the meeting was “meaningful in that it raised the understanding of Korea's carbon neutrality and shared the awareness of the need for continued cooperation between Korea and the EU.”In July 2020, Korea unveiled its own Green New Deal plan, an initiative made to transform the country into a low carbon-emitting economy from a carbon-

Jul 6, 2021By Baek Byung-yeul
Korea, EU agree to cooperate on climate change response
Companies

Korea to enact special law for battery, chip industries

Industry Minister Moon Sung-wook, left, is briefed by Samsung SDI CEO Jun Young-hyun on the company's battery-manufacturing facility in Ulsan, Monday. Courtesy of Ministry of Trade, Industry and EnergyKorea commits 'full assistance' to battery industry By Baek Byung-yeulThe government has pledged to support the domestic secondary battery industry to grow it into a flagship export item, with moves to help develop new technologies, nurture local firms and foster education for people involved in the industry.Minister of Trade Industry and Energy Moon Sung-wook held a meeting Monday with executives from domestic battery companies at Samsung SDI's manufacturing plant in the southeastern industrial city of Ulsan.Minister of Trade Industry and Energy Moon Sung-wook speaks during a meeting with executives from local battery companies at Samsung SDI's Ulsan plant, Monday. Courtesy of Ministry of Trade, Industry and Energy“The administration will push for the enactment of a special law to support core industries such as secondary batteries and semiconductors in order to stabilize supply

Jul 5, 2021By Baek Byung-yeul
Korea to enact special law for battery, chip industries
Tech & Science

Samsung to unveil new foldable phones, smartwatches on Aug. 11

Roh Tae-moon, head of Samsung Electronics' mobile business, introduces the company's Galaxy S21 smartphone during a virtual 'Unpacked' event, Jan. 15. Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics is slated to hold an Aug. 11 virtual showcase to introduce its latest foldable phones and other devices, such as smartwatches and wireless earbuds, according to overseas media, Sunday.At the virtual “Unpacked” event, Samsung is expected to unveil the Galaxy Z Fold3 and the Galaxy Z Flip3, and the Galaxy Watch4 and the Galaxy Watch4 Classic smartwatches. It will also unveil the new Galaxy Buzz2 wireless earbuds, according to overseas media.Samsung had been expected to showcase the Galaxy S21 FE, a cheaper version of its premium Galaxy S21 smartphone, but it scrapped the plan to focus on the new foldable smartphones.A company official said he could not confirm the precise schedule for the Unpacked event ― “Samsung will issue an invitation and reveal the exact date,” he said.A rendered image of Samsung's Galaxy Z Fold 3 / Captured from GSMArenaThe

Jul 4, 2021By Baek Byung-yeul
Samsung to unveil new foldable phones, smartwatches on Aug. 11
Companies

SK Innovation to spin off EV battery business

SK Innovation CEO Kim Jun speaks during a press conference at a hotel in Seoul, Thursday. Courtesy of SK InnovationBy Baek Byung-yeulSK Innovation officially confirmed Thursday that it will spin off its wholly-owned electric vehicle (EV) battery business unit to raise cash and seek an initial public offering (IPO).“To maximize our portfolio value, we are considering separating the battery business unit,” the company's CEO Kim Jun said during an online press conference. This was the first time that the energy, chemical and battery affiliate of SK Group officially responded to market enquiries about the future of its battery unit.The CEO said SKI is considering seeking an IPO as the company needs to secure an enormous amount of “resources” to grow its battery unit. But he added the company has not decided how to spin off the battery unit from the company.When asked about when it will spin off the battery unit, Kim said, “the timing of the separation of the battery unit is something to consider in conjunction with an IPO.”SKI said it was hoping to bec

Jul 1, 2021By Baek Byung-yeul
SK Innovation to spin off EV battery business
Companies

Seegene to seek FDA approval for diagnostics with US firm

Seegene's COVID-19 test kit / Courtesy of SeegeneBy Baek Byung-yeulSeegene is tapping into the in-vitro diagnostics market in the United States by forging a partnership with Bio-Rad Laboratories, a U.S.-based developer of clinical diagnostic products, the company said Thursday.The Korean biotech company said the two firms agreed to pursue joint business projects and cooperate in obtaining authorization from the U.S. Food and Drug Administration (FDA) to sell molecular diagnostics products for infectious diseases.The company added that the term of the contract is five years from the date of receiving FDA approval of the deal.Seegene expects the partnership to help improve its business as the U.S. is home to the largest diagnostics market in the world.According to 2020 data by the Korea Trade-Investment Promotion Agency (KOTRA), the U.S. accounted for the largest share of around 37 percent of the global in-vitro diagnostics market.However, foreign firms have struggled to advance into the U.S. market due to the country's prioritization of local companies, which has posed obstacles for f

Jul 1, 2021By Baek Byung-yeul
Seegene to seek FDA approval for diagnostics with US firm
Companies

Goldman Sachs on track to redeem option for Coupang loan

Seen is Coupang's warehouse that was destroyed by a fire in Icheon, southeast of Seoul, June 18. Korea Times photo by Lee Han-hoBy Baek Byung-yeulUndeterred by a fire that recently engulfed a warehouse owned by Coupang, investors are snapping up Coupang stocks as the e-commerce company appeared to refinance loans used to build the warehouse at a lower interest rate.According to investment banking sources on Wednesday, Goldman Sachs requested Coupang to cancel investments and seek around 300 billion won ($266.3 million) in refunds.Back in 2017, Goldman Sachs Special Situations Group (Goldman Sachs SSG) provided Coupang with a five-year loan that used the inventory in its two warehouses as “collateral,” as well. Coupang was said to have been paying an average annual interest rate of 5.5 percent on the loan. However, a fire broke out at the warehouse on June 17 that killed a 52-year-old firefighter.The global investment bank is reportedly examining whether the fire at the warehouse could become classified as a default, which means that the lender can demand repayment of the

Jun 30, 2021By Baek Byung-yeul
Goldman Sachs on track to redeem option for Coupang loan
Tech & Science

SK hynix gets OK from UK for Intel's NAND biz acquisition

SK hynix's chip manufacturing plant in Icheon, Gyeonggi Province / Courtesy of SK hynixKorean chipmaker now needs to get approval from China, SingaporeBy Baek Byung-yeulSK hynix is almost finished with its acquisition of Intel's NAND flash business after receiving the green light from an antitrust regulator in the U.K., the company said Tuesday.In October 2020, SK hynix signed a deal to acquire the U.S. chip giant's NAND flash business for $9 billion. After the agreement had been made, SK submitted applications for approval to the antitrust regulators of eight countries. The U.K. approval is the sixth one, so SK hynix now needs to earn the approvals of China and Singapore.The Competition and Markets Authority of the U.K. (CMA) announced Monday (GMT) that it had cleared Intel's sale of NAND's flash business to SK hynix. The antitrust agency said it has decided not to refer the deal to an in-depth second phase approval process, based on the information they have available.“The CMA has cleared the anticipated acquisition by SK hynix Inc. of Intel Corporation's NAND and SSD busines

Jun 29, 2021By Baek Byung-yeul
SK hynix gets OK from UK for Intel's NAND biz acquisition
Companies

SK Chemicals to produce chemical-recycled polyester yarn

Polyester yarn produced by SK Chemicals / Courtesy of SK Chemicals By Baek Byung-yeulSK Chemicals is intensifying its eco-friendly business strategy, joining hands with fiber materials maker Huvis to produce polyester yarn products using chemical recycling technology.The chemicals manufacturer arm of SK Group said Monday it will jointly roll out a high-quality polyester yarn called ECOEVER CR in the third quarter of this year with Huvis, as part of their moves to expand into the eco-friendly fiber market. The company also said the two parties accordingly signed an agreement recently.Under the agreement, SK Chemicals will produce and supply recycled plastic bottles, and Huvis will manufacture polyester yarn products from the recycled materials.Chemical recycling is a process that breaks down waste plastics or clothes and turns them into raw materials that can be reused. Thread manufacturers are able to produce more durable products using the recycling technology, SK

Jun 28, 2021By Baek Byung-yeul
SK Chemicals to produce chemical-recycled polyester yarn
Companies

Hyundai joins 'metaverse' trend in Sonata promotional campaign

Hyundai Motor's Sonata sedan is seen in Zepeto virtual reality platform. Courtesy of Hyundai MotorBy Baek Byung-yeulAvatars created by Zepeto virtual reality service pose with Hyundai Motor's Sonata sedan. Courtesy of Hyundai MotorHyundai Motor is tapping into the emerging “metaverse” trend to reach out to more young people who are spending an increasing amount of time in the realm of virtual reality, the carmaker said Friday.A combination word of “meta” and “universe,” the newly-coined term refers to a collective, virtual and shared space where spatial restrictions do not exist.Platform operators such as Roblox, Naver and even the management agency of K-pop sensation BTS are rushing to provide their own metaverse services, enabling users to communicate with each other using their own avatars.Hyundai Motor said users of Zepeto, a metaverse service operated by Naver Z, an affiliate of local internet giant Naver, can test drive the Sonata N Line in the virtual space. The automaker added that this is the first time that a carmaker has launched such a

Jun 25, 2021By Baek Byung-yeul
Hyundai joins 'metaverse' trend in Sonata promotional campaign
Tech & Science

Microsoft's new Windows OS challenges Google, Apple app stores

Seen is Microsoft's app store Microsoft Store, which will be preloaded on the company's new operating system Windows 11. Courtesy of Microsoft Korea By Baek Byung-yeulMicrosoft is making a bold move to challenge Google and Apple, which have been showing dominance in mobile device software markets, as the Windows developer announced the latest version of its operating system that enables app developers to use its own in-app payment system without fees. The U.S. tech titan held a virtual event, last week, and announced Windows 11, which will be rolled out as a free upgrade for Windows 10 users by the holiday season of this year.During the event, Microsoft's Chief Product Officer Panos Panay said the Microsoft Store, which will be preloaded in the new Windows, will allow software developers to use their own payment platforms to charge users, which means developers can keep 100 percent of any revenues they generate from their apps.The move apparently goes against Google

Jun 25, 2021By Baek Byung-yeul
Microsoft's new Windows OS challenges Google, Apple app stores
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