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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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Tech & Science

Hanwha set to start chip equipment biz

By Baek Byung-yeulHanwha Group is considering starting a semiconductor-making equipment business, as part of efforts to create synergy with its chip-making material business and expand its business portfolio, industry sources said Monday.The company is focusing on the manufacture of deposition equipment, which is used to deposit materials at the atomic or molecular level on the surface of a silicon wafer to produce electrical properties.Hanwha Corporation is already active in the machinery business, which makes it reliant on chip-making, so starting its own dedicated unit is expected to create synergy, according to the sources. Also, the company's global division, which supervises its chemical materials business, produces nitric acid, a core material for chip deposition and wet chemical cleaning processes.A Hanwha Corporation official said the company is currently reviewing the feasibility of the business. “We are in early discussion to launch a deposition equipment business for semiconductor-making. Nothing has been decided on yet so we will give more details when things becom

Jun 7, 2021By Baek Byung-yeul
Hanwha set to start chip equipment biz
Companies

Samsung Biologics diversifying production portfolio

Samsung Biologics' office in Songdo, Incheon / Courtesy of Samsung BiologicsBy Baek Byung-yeulSamsung Biologics has inked a massive drug manufacturing deal with U.S.-based pharmaceutical giant Gilead Sciences, signaling that it is on the way to improving its mainstream contract manufacturing organization (CMO) business.On Monday, Samsung Biologics reported the contract to the Financial Supervisory Service that its counterpart in the drug manufacturing contract has been changed to Gilead Sciences, from Immunomedics. The new contract amount has also increased to 300.58 billion won ($270.3 million) from 184.46 billion won.“The contract was initially signed with Immunomedics, but Gilead Sciences acquired Immunomedics, and our counterpart was changed according to the final notice from the company that completed the acquisition process,” Samsung said. Gilead announced the acquisition of Immunomedics for $21 billion last year.The size of the contract represents 64.69 percent of Samsung Biologics' annual sales, and the contract period is until Jan. 31, 2025, the firm added.The co

Jun 7, 2021By Baek Byung-yeul
Samsung Biologics diversifying production portfolio
Companies

EU's anticipated safeguard extension set to hit Korean steelmakers

Steel coils wait to be shipped overseas at POSCO's steel mill in Gwangyang, South Jeolla Province in this Nov, 2020 photo. YonhapBy Baek Byung-yeulThe local steel industry is expected to continue to suffer an export contraction as the European Commission is likely to extend a safeguard measure on steel imports for an additional year.According to the Korea International Trade Association (KITA) and foreign media, Sunday, the European Commission is slated to announce the results of an investigation to assess the need for an extension of the safeguard measure on June 7 (local time).The European Commission introduced the safeguard measure in July 2018 after the U.S. began imposing an additional 25 percent tariff on steel imports early that year. Due to the concern that cheaper steel from Asian makers would eat away at the European market, they imposed a 25 percent tariff on 26 steel “products” that exceeded a quota given to each country until June 30 this year.KITA said multiple European Union (EU) officials told local media that the European Commission will propose a one-yea

Jun 6, 2021By Baek Byung-yeul
EU's anticipated safeguard extension set to hit Korean steelmakers
Companies

Presidential pardon or parole for Samsung chief?

President Moon Jae-in, third from left, taks with leaders of four conglomerate at Cheong Wa Dae, Wednesday. The leaders are, from left, LG Group Chairman Koo Kwang-mo, SK Group Chairman Chey Tae-won, Samsung Electronics Vice Chiarman Kim Ki-nam and Hyundai Motor Group Chairman Chung Euisun. YonhapBy Baek Byung-yeulWith President Moon Jae-in hinting that he could be considering releasing imprisoned Samsung leader Lee Jae-yong, attention is being drawn as to whether Lee will receive a special pardon or be paroled.President Moon had a luncheon meeting with leaders of the country's top-four conglomerates at Cheong Wa Dae, Wednesday, in recognition of their efforts that made his visit to the United States ― and summit with U.S. President Joe Biden ― a success. While the chairmen of SK, Hyundai Motor and LG attended the meeting, Samsung Electronics Vice Chairman Kim Ki-nam was there in lieu of the Samsung leader who is serving a two-and-a-half year prison term after being found guilty of bribery in a corruption trial involving impeached and jailed former President Park Geun-hye.During the

Jun 3, 2021By Baek Byung-yeul
Presidential pardon or parole for Samsung chief?
Companies

HanmiGlobal wins construction project management deal in Saudi Arabia

By Baek Byung-yeulHanmiGlobal Chairman Kim Jong-hoonHanmiGlobal has won a construction project management deal for Saudi Arabia's large-scale smart city project, Neom, as part of efforts to boost its presence in the Middle East.As Korea's top company in the field of developing, handling and executing construction projects, HanmiGlobal said Tuesday it had won a specialized program management deal for The Line project, part of the Neom Smart City.The contract is worth 2.3 billion won ($2.07 million) and the company is scheduled to conduct project management, and develop an operations structure and other related work until May 2023. Utilizing the contract as a first step, HanmiGlobal aims to win additional deals worth hundreds of billions of won in the future, according to a company representative.HanmiGlobal attributed winning the contact to its years of business experience in Saudi Arabia. Since entering the market there in 2007, the company has successfully carried out more than 20 projects, such as the construction of the Information Technology Communication Complex and Al Widyan de

Jun 2, 2021By Baek Byung-yeul
HanmiGlobal wins construction project management deal in Saudi Arabia
Tech & Science

Korean firms ramp up spending on lobbying in US

By Baek Byung-yeulSamsung Electronics, SK hynix and other Korean firms are increasing their spending on lobbying in the United States to respond agilely to the fast-changing business environment amid the escalating trade conflict between China and the U.SAt a time when Korean firms are in a tricky situation in between the world's top two economies, industry officials said Tuesday that they are trying to improve their lobbying of the U.S. government, politicians and other social organizations to make sure that their voices are delivered.According to the Washington, D.C.-based non-partisan research organization Center for Responsive Politics (CRP), Samsung Group has spent at least $3 million each year since 2017 on lobbying. While its lobbying expenditure was at $1.64 million in 2016, the group doubled its spending on lobbying to $3.5 million in 2017.Samsung's lobbying activities increased during the Trump administration, as it spent a total of $14.21 million from 2017 to 2020. This was nearly double the $7.64 million that it spent during the Obama years from 2009 to 2016. Samsung is c

Jun 1, 2021By Baek Byung-yeul
Korean firms ramp up spending on lobbying in US
Companies

ST Pharm in talks with Moderna over contract manufacturing of COVID-19 vaccine

ST Pharm's headquarters in Ansan, Gyeonggi Province / Captured from ST Pharm's webpageBy Baek Byung-yeul, Kim Yoo-chul Korean biotechnology firm, ST Pharm, is in talks with Moderna to produce messenger RNA (mRNA) COVID-19 vaccines, sources familiar with the matter told The Korea Times, Tuesday.“ST Pharm is in talks with Moderna to produce its mRNA vaccines following approval by the Ministry of Food and Drug Safety,” one source said on condition of anonymity. ST Pharm declined to comment on the possibility of signing a contract manufacturing organization (CMO) deal with Moderna.“ST Pharm plans to apply liquid nanoparticle (LNP)-based drug substance technology for its RNA vaccines. The government will assist ST Pharm and other local biotech firms in their plans to develop mRNA vaccines,” a government official said.mRNA vaccines are widely known for their improved safety and rapid scalability in terms of manufacturing and these vaccines were among the first COVID-19 vaccines that were authorized for use in the U.S. Also, mRNA vaccines are known to have a higher e

Jun 1, 2021By Baek Byung-yeul
ST Pharm in talks with Moderna over contract manufacturing of COVID-19 vaccine
Companies

Hyundai Motor Group cruising toward 10% share in US

Hyundai Motor Group's luxury brand Genesis' SUV GV80 / Courtesy of Hyundai Motor GroupBy Baek Byung-yeulWith Hyundai Automotive Group showing increasing sales performance in the U.S. market thanks to strong sales of SUVs and electric vehicles (EVs), all eyes are on whether the carmaker giant's market share in the U.S. will be able to grow over 10 percent for the first time.Since the automotive group entered the U.S. market in 1985, the U.S. has been its major source of revenue along with its home turf market Korea.Industry analysts said Monday that car production disruptions stemming from vehicle chip shortages will come to a head in the April-June period, but the automotive group is expected to see improved profitability as SUVs and its luxury brand Genesis are increasingly sold there.“Hyundai Motor's North America branch posted net profit of 109.3 billion won in the first quarter, turning to a surplus year-on-year. The company is expected to log improved profitability in the second quarter as well,” said Lee Jae-il, an analyst at Eugene Investment & Securities.Kim P

May 31, 2021By Baek Byung-yeul
Hyundai Motor Group cruising toward 10% share in US
Tech & Science

Samsung Display considers continued production of LCD panels due to surging demand

Samsung Display's plant in Asan, South Chungcheong Province / Courtesy of Samsung DisplayBy Baek Byung-yeulSamsung Display plans to extend production of liquid crystal display (LCD) panels until 2022, due to increasing panel prices and demand, the display-making arm of Samsung Electronics said Friday.The display maker said its CEO, Choi Joo-sun, recently told employees in an email that it is reviewing whether to keep producing LCD panels until the end of next year.The CEO's email came at a time when LCD panel prices have continued to rise, due to surging demand for IT devices and TV sets since the start of the COVID-19 pandemic, compounded by a supply shortage of core components for TVs. Market tracker Witsview said that the average LCD panel price in the first half of May rose to its highest level since June 2015.A company official said that the CEO sent the e-mail on May 25 and confirmed that the display maker is considering extending the production of LCD panels. “We are considering continuing LCD production until next year, while taking into account the factors that affect

May 28, 2021By Baek Byung-yeul
Samsung Display considers continued production of LCD panels due to surging demand
Companies

POSCO enters battery recycling biz

By Baek Byung-yeulPOSCO Chairman Choi Jeong-woo / Courtesy of POSCOPOSCO will push forward a lithium-ion battery recycling business together with China's Huayou Cobalt, as part of the steelmaker's move to strengthen the eco-friendly business.The steel giant said Friday that it held an investment signing ceremony with the South Jeolla Province government. Under the contract, POSCO HY Clean Metal, a 65:35 joint venture between POSCO and Huayou Cobalt, will inject 120 billion won ($107.55 million) to build a facility in the province for extracting black powder, which contains nickel, lithium, cobalt and manganese.“At the Yulchon Industrial Complex in Gwangyang, POSCO HY Clean Metal will begin constructing a black powder production line that is capable of processing 10,000 tons per year within 2021. We also plan to establish additional lines depending on future market conditions,” POSCO said.The battery recycling business is an eco-friendly business that extracts nickel, lithium and other key battery materials from waste batteries. With more electric cars hitting the roads, t

May 28, 2021By Baek Byung-yeul
POSCO enters battery recycling biz
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