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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

Samsung aiming to seize stay-at-home trend with new laptops

A Samsung Electronics employee introduces functions of its new Galaxy Book laptops to customers at the firm's store in Seoul, Friday. Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics has released new laptops under its new brand Galaxy Book to ride on the soaring demand for notebook PCs amid the ongoing stay-at-home trend caused by the COVID-19 pandemic.The firm said Friday it rolled out three Galaxy Book laptops ― the Galaxy Book Pro 360, a convertible laptop that can be converted from a laptop to a tablet; the Galaxy Book Pro, an ultra-light laptop; and the Galaxy Book, a cheaper version of the Pro model. The Galaxy Book Pro 360 and the Galaxy Book Pro are available in 13.3-inch and 15.6-inch screen sizes with both models using OLED screens.The Galaxy Book series has been officially launched not only in the Korean market but also other countries including the United States, the U.K. and Germany on the same day.Samsung held a global launching event last month for the Galaxy Book products. This was the first time that the tech giant hosted an independent event prom

May 14, 2021By Baek Byung-yeul
Samsung aiming to seize stay-at-home trend with new laptops
Companies

Refiners shine after devastating performance in 2020

SK Innovation's Ulsan factory / Courtesy of SK InnovationBy Baek Byung-yeulThe country's four major oil refiners ― SK Innovation, GS Caltex, S-OIL and Hyundai Oilbank ― saw their first-quarter earnings rebound owing to surging global oil prices and global economic recovery. Industry analysts said the oil refiners overcame the past year's slump caused by the COVID-19 pandemic and the upward trend would continue in the following quarter as well. Due to the decreased demand for oil after the virus outbreak and oil price plunge, the four companies recorded operating losses of over 4.4 trillion won ($3.9 billion) in total in the first quarter of 2020, but their overall operating profit came to 2.2 trillion won during the same period this year.Among the four companies, SK Innovation was the last one to announce its January-March earnings performance. The company reported 9.2398 trillion won in sales and 502.5 trillion won in operating profit. The company said a recovery in oil refining margins helped the firm see the increased profits as its petrochemical business posted an operating profi

May 14, 2021By Baek Byung-yeul
Refiners shine after devastating performance in 2020
Companies

KCCI chief meets National Assembly speaker

Chey Tae-won, left, chairman of the Korea Chamber of Commerce and Industry (KCCI) and also chairman of SK Group, shakes hands with National Assembly Speaker Park Byeong-seug during his first visit to the National Assembly, Thursday, after taking office at the KCCI in March. Chey also met with floor leaders of the ruling and opposition parties to discuss ways to increase cooperation among private firms, the National Assembly and the government. Courtesy of KCCI

May 13, 2021By Baek Byung-yeul
KCCI chief meets National Assembly speaker
Tech & Science

Korea to create world's largest chip manufacturing complex

President Moon Jae-in, fourth from right, poses with government officials and business executives during an event announcing a development plan for the country's semiconductor industry at Samsung Electronics' plant in Pyeongtaek, Gyeonggi Province, Thursday. Korea Times photo by Wang Tae-seokKorean chip firms to invest over $450 bil.; gov't plans to offer huge tax cutsBy Baek Byung-yeulThe government announced Thursday that it will help establish the world's largest semiconductor supply chain in Korea by 2030 in cooperation with firms in the private sector, including Samsung Electronics and SK hynix, to make the country a global leader in both memory and system chips. To achieve this auspicious goal, the administration said it will provide huge tax incentives to companies constructing semiconductor facilities, after chip manufacturers vowed to invest more than 510 trillion won ($450 billion) for this and research and development (R&D) by the target year.The government will offer tax credits of between 40 percent 50 percent for investments into R&D projects for new chip techno

May 13, 2021By Baek Byung-yeul
Korea to create world's largest chip manufacturing complex
Companies

EXCLUSIVE Moderna plans to build manufacturing facilities in Korea

People wait in a line to be vaccinated against COVID-19 at a center in Seoul, May 3. YonhapBy Baek Byung-yeulU.S. biotechnology firm Moderna has chosen Korea as its base to produce COVID-19 vaccines for Asian countries, according to multiple government sources, Wednesday. Amid the administration's ongoing vaccination efforts, attracting the U.S. firm is expected to help allay concerns about securing an adequate supply of COVID-19 vaccines.“Moderna recently expressed its intention to purchase land on Yeongjong Island, an hour away from Incheon International Airport, and its CEO Stephane Bancel is expected to visit Cheong Wa Dae as early as this weekend or May 18 at the latest,” a high-ranking government official told The Korea Times asking for anonymity. Moon will fly to Washington late next week for a summit with U.S. President Joe Biden at the White House, May 22 (KST).Another official backed up the statement saying the Moderna CEO's visit could go ahead as the interests of both sides are aligned.“Moderna thinks its vaccine production facilities in the U.S. are ins

May 12, 2021By Baek Byung-yeul
[EXCLUSIVE] Moderna plans to build manufacturing facilities in Korea
  • Korea emerging as Asia's vaccine hub
Tech & Science

SK hynix creates 5.37 trillion won economic contribution in 2020

SK hynix plant in Icheon, Gyeonggi Province / Courtesy of SK hynix By Baek Byung-yeulSK hynix has been cruising on increasing its social contributions as part of the chip maker's efforts to strengthen environmental, social and corporate governance (ESG)-based management and achieve mutual growth with society.The semiconductor arm of SK Group announced its achievements in creating social value last year. Since 2019, the company has quantified how much social value it has created in the previous year in three areas ― indirect contributions to the economy, business achievements in social performance and social contributions.In terms of indirect contributions to the economy, which includes tax payment, employment and dividends, the company contributed 5.37 trillion won ($4.82 billion) to the Korean economy in 2020.SK hynix posted minus 596.9 billion won in what it calls “business achievements in social performance,” explained as an indication of social value generated t

May 10, 2021By Baek Byung-yeul
SK hynix creates 5.37 trillion won economic contribution in 2020
Companies

Korean firms in India on alert over deepening COVID-19 crisis

Korean nationals from India arrive at Incheon International Airport, Sunday. The government has dispatched special flights to India to bring back Korean residents as COVID-19 infections there spread rapidly. YonhapBy Baek Byung-yeulKorean companies operating in India said Sunday that they were minimizing their number of employees on site and monitoring developments there as the number of COVID-19 cases in the country spirals out of control. According to the Indian government, the number of daily COVID-19 infections cases remained at over 400,000, Sunday, despite several states imposing strict lockdown measures.Over 700 Korean firms operate in India and most of them have taken measures to have staff work from home while repatriating their family members. Some have reduced production as they run manufacturing facilities in compliance with quarantine rules imposed by local governments.New Delhi, Chennai, Mumbai and other major Indian cities where local branches of Korean companies are located have been implementing full lockdown measures, including suspending the operation of local gove

May 9, 2021By Baek Byung-yeul
Korean firms in India on alert over deepening COVID-19 crisis
  • India's daily COVID-19 deaths near record; calls for nationwide lockdown mount
Tech & Science

Samsung downplays 'tech manipulation'

Samsung Electronics' chip making plant in Pyeongtaek, Gyeonggi Province / Courtesy of Samsung ElectronicsBy Baek Byung-yeulWith the competition for chip refinement processes reaching a breaking point, market competition between memory chip king Samsung Electronics and U.S. chipmaker Micron seems to be heating up over how small they can make their DRAM memory chips.During a conference call for first-quarter earnings held April 26, a Samsung Electronics executive unveiled details about the production schedule of its 10-nanometer-level DRAM memory chip.“We are already using EUV, partially in the D1z process, but we will be starting EUV application for production starting from the D1a DRAM, which is the lower side of the 14-nano, in order to establish and further our technology leadership,” the executive vice president said during the meeting.EUV refers to extreme ultraviolet (EUV) lithography technology, which has been increasingly essential for chip makers as the technology enables production of smaller chips by scaling down complex patterns on wafers.Industry officials sai

May 6, 2021By Baek Byung-yeul
Samsung downplays 'tech manipulation'
  • Samsung takes detour to support automotive chips
Tech & Science

Korea moving to cut corporate tax, ease regulations for chip companies

President Moon Jae-in speaks during a meeting with economy-related ministers at Cheong Wa Dae, April 15. Join Press CorpsBy Baek Byung-yeulA bill to support the local semiconductor industry being considered by the ruling Democratic Party of Korea (DPK) ― a Korean version of the Special Chip Act ― will include a corporate tax rate cut and various deregulation measures to encourage firms to invest more in production facilities, according to sources from the party and government officials, Wednesday. “We are preparing to propose a bill to cut taxes and loosen regulations for semiconductor manufacturers, with possible submission to the National Assembly scheduled for August,” a lawmaker from the ruling party said“We fully understand that calls are growing for the government to revise some regulations pertinent to the punishment for workplace disasters, the chemical substances control act, the registration and evaluation of chemical substances, and the occupational safety and health act, which are major factors causing companies to hesitate in investing in production fac

May 5, 2021By Baek Byung-yeul
Korea moving to cut corporate tax, ease regulations for chip companies
Tech & Science

Kakao trying to 'duplicate' Amazon's business model

By Baek Byung-yeulKakao, the country's biggest mobile messaging app operator, is speeding up its mission to “duplicate” the business model of U.S.-based e-commerce titan Amazon, in an attempt to establish a business empire encompassing online shopping, online comics and novels, media content and logistics, industry analysts and officials said Tuesday.Amazon is the world's largest e-commerce business operator, logging $108.5 billion in sales in the first quarter, a 44-percent increase year-on-year. The U.S. retail giant is even expected to overtake Walmart to become the largest U.S. retailer by 2025, according to market tracker Research Insight. Based on its powerful platform, the company has shown its prominence in the cloud-computing business as well.Among many IT firms doing platform-based businesses in Korea, Kakao is regarded as the closest player to follow the successful path of Amazon. With its popular messaging app that has more than 46 million monthly active users, Kakao is expanding into various business fields, such as e-commerce, media content, online banking a

May 4, 2021By Baek Byung-yeul
Kakao trying to 'duplicate' Amazon's business model
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