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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

Samsung on course to produce Moderna vaccine: CEO

Samsung Biologics CEO John Rim, left, and Moderna CEO Stephane Bancel, exchange agreements during a vaccine partnership event at a hotel in Washington, D.C., May 22, with President Moon Jae-in in attendance. YonhapBy Baek Byung-yeulSamsung Biologics is on course to manufacture U.S. biotech firm Moderna's COVID-19 vaccine, its CEO John Rim said, highlighting the global bio industry's efforts in the battle against the pandemic.“As most recently announced, we are fully committed to leveraging our experience in manufacturing technologies to support the aseptic fill and finish of Moderna's mRNA-1273 vaccine with quality, speed and efficiency to aid in the fight against this global crisis,” Rim said during the BIO Digital event online, Tuesday.BIO Digital is a virtual version of the BIO International Convention, a major trading conference in the biotech industry. Samsung has taken part in the annual event since its establishment in 2011 and has met with its clients online since the conference was converted to a virtual format last year due to the COVID-19 pandemic. This year's

Jun 16, 2021By Baek Byung-yeul
Samsung on course to produce Moderna vaccine: CEO
  • ANALYSIS Korea sees advantages, challenges with Moderna
Companies

New order to prevail in low-cost carrier market

By Baek Byung-yeulKorea's low-cost carrier (LCC) business is set to enter a new phase in the wake of the COVID-19 pandemic, as a consortium led by underwear maker Ssang Bang Wool (SBW) has submitted a bid in the auction to acquire Eastar Jet.Kanglim, SBW's equipment manufacturing arm, said it made on offer on Monday, becoming the sole bidder. Meanwhile, Pan Ocean, a shipping firm owned by chicken processing company Harim, was also expected to join the acquisition race, but did not submit a bid by the Monday deadline.If the SBW-led consortium acquires Eastar Jet as intended, the country's budget airline industry will be reorganized. Currently, Jeju Air has been leading the local LCC market with 4.35 million passengers in 2020, followed by T'way Air with 3.93 million passengers and then Jin Air, an affiliate of Korean Air, with 3.65 million.Due to the coronavirus pandemic which started last year, the aviation industry was among the most affected by the virus crisis, undergoing large-scale restructuring processes and cutting the number of employees. According to data by the transport mi

Jun 15, 2021By Baek Byung-yeul
New order to prevail in low-cost carrier market
  • Tourism industry moving to resume overseas package tours
Companies

Kia unveils new full-size K9 sedan

Kia's face-lifted K9 sedan is seen in this photo provided by the carmaker, Tuesday. The company had an online showcase event that day and started to sell the full-size sedan in Korea. Courtesy of Hyundai Motor Group

Jun 15, 2021By Baek Byung-yeul
Kia unveils new full-size K9 sedan
Companies

Daewoo E&C sale process stalls amid lukewarm attention

Daewoo E&C's headquarters in Seoul / Courtesy of Daewoo E&CBy Baek Byung-yeulDaewoo Engineering and Construction (E&C) is struggling with attracting new buyers as big-sized companies are paying more attention to emerging businesses such as biotechnology and IT rather than conventional construction businesses in the local M&A market.KDB Investment, a corporate restructuring arm of the state-owned Korea Development Bank (KDB), has selected Bank of America Merrill Lynch as the sale supervisor and planned to sell all of its 50.75 percent share, sources familiar with the issue said, Monday. Preferred negotiators for the controlling stake in Daewoo E&C will be decided in July, with the final bidding process following in August. The builder's market capitalization stands at around 3.59 trillion won ($3.2 billion), and the 50.75 percent stake is valued at between 1.8 trillion won and 2 trillion won.Thoughts are that now is the time to sell off its stake to find a new owner because the construction business is expected to see a visible upturn this year as a smoother massiv

Jun 14, 2021By Baek Byung-yeul
Daewoo E&C sale process stalls amid lukewarm attention
Companies

Korea gears up to host 2030 Expo in Busan

Kim Young-ju, first row center, former chairman of the Korea International Trade Association, poses with Prime Minister Kim Boo-kyum, right, and Busan Mayor Park Heong-joon, left, after being appointed as chief of the bidding committee to attract the 2030 World Expo event in Korea's southern port city of Busan, at Lotte Hotel Seoul, Friday. Yonhap By Baek Byung-yeulKorea is preparing to bid for hosting the World Expo event in the southern port city of Busan in 2030. The country is taking bold steps towards attracting the international event, appointing an ex-industry minister, last week, to head the bidding committee.Prime Minister Kim Boo-kyum held a meeting with high-ranking officials from business groups, economic organizations and Busan's mayor at a hotel in Seoul. There, Kim Young-ju, a former industry minister and ex-chairman of the Korea International Trade Association (KITA), was officially named as head of the bidding committee.“The hosting of the 2030 Busa

Jun 12, 2021By Baek Byung-yeul
Korea gears up to host 2030 Expo in Busan
Companies

Hyundai to offer hydrogen power for world's first electric car racing event

Hyundai Motor Group's fuel cell power generation system / Courtesy of Hyundai Motor GroupBy Baek Byung-yeulHyundai Motor Group will provide its hydrogen fuel cell system to the world's first touring race for electric vehicles (EVs). The Korean automotive giant said Friday it hopes to showcase its cutting-edge technology in mobile fuel cell power generators at the Electric Touring Car Racing (ETCR) event.The ETCR is intended to be a competition for pure electric cars. The automotive group said it will join the event as a competitor and will also provide its HTWO fuel cell power generators to help all participating teams operate their high-performance EVs. “The ETCR event will play the role of a test bed for our high-performance electric car so that we can further upgrade electric systems in EVs. Also, we will seek new business opportunities for our fuel cell power generation system,” the company said.Hyundai has been recognized for its world-class fuel cell technology featured in its NEXO hydrogen fuel cell electric vehicle (FCEV). The company expects its HTWO mobile fuel

Jun 11, 2021By Baek Byung-yeul
Hyundai to offer hydrogen power for world's first electric car racing event
Companies

Hyundai, SK, POSCO, Hyosung to set up hydrogen council

The chairmen of Hyundai Motor, SK, POSCO and Hyosung pose after the four conglomerates agreed to launch a joint consultative body on hydrogen energy, at Hyundai Motor's Namyang Research Development Center in Hwaseong, Gyeonggi Province, Thursday. From the left are Cho Hyun-joon of Hyosung, Choi Jeong-woo of POSCO, Chey Tae-won of SK and Chung Eui-sun of Hyundai. Scheduled for launch in September, the consultative body will later become the Korean version of the Hydrogen Council, a global coalition of CEOs committed to expediting the energy transition with hydrogen. Yonhap

Jun 11, 2021By Baek Byung-yeul
Hyundai, SK, POSCO, Hyosung to set up hydrogen council
Economy

'COVID-19 pandemic accelerating shift to ESG'

Participants to the 2021 Korea Times Global ESG Forum's second discussion session pose at the KCCI building in Seoul, Thursday. From left are KCCI Executive Vice Chairman Woo Tae-hee, American Chamber of Commerce in Korea Chairman James Kim, P&G Korea CEO Balaka Niyazee and IKEA Korea Country Retail Manager Fredrik Johansson. Korea Times photo by Shim Hyun-chulPanelists say pursuing ESG efforts is imperativeBy Baek Byung-yeulPanelists taking part in The Korea Times Global ESG Forum said Thursday that the COVID-19 pandemic has made companies aware of the need to improve their environmental, social and corporate governance (ESG) performance as these factors have become keys to overcoming climate change and other crises that have shaken global society.The Korea Times hosted its inaugural Global ESG Forum at a time when corporations are being urged to incorporate a high level of ESG in their operations. During a discussion session, panelists shared their thoughts on the importance of the issue.The panelists were Korea Chamber of Commerce and Industry (KCCI) Executive Vice Chairman Wo

Jun 10, 2021By Baek Byung-yeul
'COVID-19 pandemic accelerating shift to ESG'
  • Korea vows to create ESG ecosystem for sustainable growth
Companies

Samsung SDI reviews setting up battery joint venture project

Industry Minister Moon Sung-wook, third from left, looks around a booth during the InterBattery tech fair at the COEX convention center in Seoul, Wednesday, along with SK Innovation's battery division CEO Ji Dong-seop, from left, Samsung SDI CEO Jun Young-hyun and POSCO Chemical CEO Min Kyung-jun. Korea Times photo by Baek Byung-yeulBy Baek Byung-yeulWith more electric vehicles (EVs) expected to hit the roads, rechargeable battery makers are accelerating efforts to add more battery manufacturing plants to secure a lead in the rapidly-growing market.They are especially targeting the U.S., where the Biden administration is pushing to foster the EV industry.Samsung SDI CEO Jun Young-hyun said Wednesday that the company is reviewing whether it will establish a rechargeable battery manufacturing plant in the U.S.“It depends on customers and the market situation. We are in the process of reviewing it,” Jun said when asked whether the company will establish a battery manufacturing plant in the U.S., during the InterBattery event, a tech fair held in Seoul, focusing on the batter

Jun 9, 2021By Baek Byung-yeul
Samsung SDI reviews setting up battery joint venture project
Companies

Industry minister vows to strengthen supply chain in core industries

Minister of Trade, Industry and Energy Moon Sung-wook speaks during a press conference at the ministry's headquarters in Sejong, Tuesday. Courtesy of Ministry of Trade, Industry and EnergyBy Baek Byung-yeulIndustry Minister Moon Sung-wook said Tuesday that the Moon Jae-in administration will keep working to strengthen supply chain capabilities for core industry sectors such as semiconductors, electric vehicle (EV) batteries and biotechnology, to help local companies continue to lead in their business fields.The minister added the government is set to announce specific guideline to help domestic firms, regardless of size, better achieve carbon neutrality, which has emerged as one of the most important goals in the global energy sector.Moon was appointed as a new industry minister May 6, and given that President Moon's remaining term is less than a year, he is set to become the last industry minister under the current administration. So the minister emphasized his role is to help the administration finish on top with fruitful results in the industry sector and to establish a future str

Jun 8, 2021By Baek Byung-yeul
Industry minister vows to strengthen supply chain in core industries
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