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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

Hyundai Motor braces for continued automotive chip shortage

By Baek Byung-yeulDespite posting improved performance in the January-March period this year, Hyundai Motor expected the global automotive semiconductor shortage to continue as an acute supply-demand imbalance looks hard to overcome in a short period.“Until the first quarter, we had no factory shutdowns or rescheduling of car manufacturing plans in both our local and overseas factories, because we had agilely responded to the chip shortage issue by boosting chip inventories,” a Hyundai Motor official told investors during a conference call upon announcing its first-quarter results, Thursday.“Despite such efforts, however, the global chip shortage issue is still persisting due to external factors, such as the Texas cold-snap and fire damage at the Renesas chip plant,” the official added.Chip makers have been hit hard by bad weather and natural disasters. Samsung Electronics, NXP and Infineon had to shut down their contract-based chip factories in Texas in February due to power outages after an unprecedented winter storm. An earthquake in Japan in February also

Apr 22, 2021By Baek Byung-yeul
Hyundai Motor braces for continued automotive chip shortage
Companies

SKIET vows to use IPO to solidify position in battery separator market

SK IE Technology CEO Roh Jae-sok speaks during a press conference at the Conrad Seoul hotel, Thursday. Courtesy of SK IE TechnologyBy Baek Byung-yeulA few weeks after reaching a settlement with LG Energy Solution (LGES) in a blockbuster intellectual property dispute, a SK Innovation affiliate ― SK IE Technology (SKIET) ― vowed to boost its share in the promising battery separator market to solidify a leading position.“We will continue to increase our market share in the exploding premium separator market to solidify our market leadership,” CEO Roh Jae-sok told reporters, Thursday. “By successfully completing our initial public offering (IPO) and enhancing competitiveness, we aim to contribute to the ecosystem of the electric car industry.”SKIET, which was spun off from SK Innovation, supplies lithium-ion battery separators (LiBS) to electric vehicle (EV) makers including Hyundai Motor, Kia, Tesla, Volkswagen and Ford. It was the top supplier of wet separators with a market share of 26.5 percent last year, according to data provided by market tracker SNE Resear

Apr 22, 2021By Baek Byung-yeul
SKIET vows to use IPO to solidify position in battery separator market
Tech & Science

Inheritance tax to have limited impact on Samsung's structure

The late Samsung Group Chairman Lee Kun-hee visits the 2010 Consumer Electronics Show in Las Vegas with his family. Courtesy of Samsung GroupBy Baek Byung-yeulHeirs of late Samsung Group Chairman Lee Kun-hee have until April 30 to pay an estimated 13 trillion won ($11.6 billion) in inheritance taxes and several scenarios involving the method of payment are considered possibilities by experts.Samsung Group is declining to offer any details on the matter, but it has been reported that the conglomerate could make an official announcement as soon as next week about the tax payment. Samsung is also likely to announce a charitable donation totaling trillions of won to commemorate the late chairman.Another point of interest is how the heirs will raise the money to pay the taxes and which changes will be made in the web-like governance structure of the country's largest conglomerate, linking Samsung C&T, Samsung Life Insurance and Samsung Electronics.The chairman passed away last October, leaving behind 19 trillion won in stocks, plus around 3 trillion worth of artworks and real estate.

Apr 21, 2021By Baek Byung-yeul
Inheritance tax to have limited impact on Samsung's structure
Tech & Science

LG Display expanding China plant on OLED demand surge

LG Display's OLED-manufacturing plant in Guangzhou, China / Courtesy of LG DisplayBy Baek Byung-yeulLG Display CEO Jeong Ho-young / Courtesy of LG DisplayLG Display is considering expanding its organic light-emitting diode (OLED OLED manufacturing capacity at its production line in China, according to a company official, Tuesday, as demand for TVs using such displays have surged due to stay-at-home measures to fight the COVID-19 pandemic.“As the company told investors during a conference call for its 2020 fourth-quarter performance, LG Display is preparing to expand its manufacturing volume for OLED at its Guangzhou line in China. This is because we are seeing increasing demand for OLED that are used for TVs,” an LG Display official said, adding that the company will give more details at the conference call for the first quarter of 2021.LG Display's Guangzhou factory began mass producing OLEDs using its 8.5-generation glass-cutting technology in July 2020. As Chinese rivals flooded the liquid crystal display (LCD) panel industry, LG Display has worked on shifting its focu

Apr 20, 2021By Baek Byung-yeul
LG Display expanding China plant on OLED demand surge
Tech & Science

Eyes are on how Samsung scions will pay one of world's largest tax bills

Heirs mulling over donating Lee Kun-hee's art collectionsBy Baek Byung-yeulAs the due date for paying inheritance tax owed by the late Samsung Group Chairman Lee Kun-hee's bereaved family is approaching, observers are looking at how the heirs will pay one of the world's largest inheritance tax bills estimated at around 13 trillion won ($11.7 billion). Industry sources said Tuesday that Samsung Group may officially announce a payment plan for the tax, which is due by the end of this month, next week although a company official declined to reveal any details on the matter.The heirs are Lee's widow Hong Ra-hee, son and Samsung Electronics Vice Chairman Lee Jae-yong, oldest daughter and Hotel Shilla CEO Lee Boo-jin and younger daughter and Samsung Welfare Foundation Chairwoman Lee Seo-hyun.The late chairman passed away in October, 2020, aged 78, leaving behind 19 trillion won in stocks, and artwork and real estate with an estimated value of around 3 trillion won. As seen in previous cases such as the LG Group owner family after Chairman Koo Bon-moo's death and the family of the late Hanj

Apr 20, 2021By Baek Byung-yeul
Eyes are on how Samsung scions will pay one of world's largest tax bills
  • Finance minister 'conveyed' request to pardon Lee Jae-yong
  • Debate re-emerges on pardoning ex-presidents, Samsung chief
  • Buddhist monks call for leniency on jailed Samsung Vice Chairman Lee Jae-yong
Tech & Science

Chip industry welcomes Korean version of 'CHIPS for America Act'

Industry Minister Sung Yun-mo, left, takes a look at a semiconductor wafer with Seoul National University researchers at the school's laboratory, April 14. YonhapBy Baek Byung-yeulIndustry officials and analysts said Monday that they are welcoming the government's push to enact a new law that will be written to support the local semiconductor industry by providing various benefits including tax cuts.They agreed the government's move seems to be late, saying it is rushing to establish a support measure as U.S. President Joe Biden is pushing forward to enact the CHIPS for America Act, which offers an investment tax credit of 40 percent for equipment or facility costs. The new act came at a time when the U.S. government is trying to increase investment and local chip production.Given semiconductor companies require an enormous amount of investment to purchase equipment and equip themselves with production facilities, they added the special law would help increase their competence.“It is true that the support measures have been insufficient. The government have always said that the

Apr 19, 2021By Baek Byung-yeul
Chip industry welcomes Korean version of 'CHIPS for America Act'
Companies

SsangYong restructuring plan moves ahead with labor backing

Actress Lee Si-young poses with SsangYong Motor's new Rexton Sports pickup truck in this photo provided by the company, April 5. Courtesy of SsangYong MotorBy Baek Byung-yeul, Kim Yoo-chul SsangYong Motor's massive restructuring drive is gathering upward momentum as its labor union said it would accept creditors-suggested cost-cutting proposals to save the company from total devastation.“SsangYong's labor union is prepared to share the burden and we are also ready to embrace larger-than-expected restructuring if there's a guarantee for financial assistance,” a representative of SsangYong Motor's labor union said, Tuesday.“To find a new investor, the union of SsangYong Motor had implemented a preemptive rescue plan which included freezing wages to save 120 billion won. Also, to help the company secure a stable supply of car components, we agreed to a 50-percent wage cut from January to April this year,” its union representative Jung Il-kwon said.“Though the company was placed under court receivership after a potential buyer didn't submit a letter of inten

Apr 17, 2021By Baek Byung-yeul
SsangYong restructuring plan moves ahead with labor backing
Companies

SK Innovation joins hands with Hyundai Motor to develop batteries

Officials from SK Innovation and Hyundai Motor Group pose after signing an agreement to jointly develop batteries for hybrid electric vehicles at the latter's research center in Hwaseong, Gyeonggi Province, Friday. Courtesy of SK InnovationBy Baek Byung-yeulSK Innovation and Hyundai Motor Group are strengthening their partnership with the two agreeing Friday to jointly develop hybrid electric vehicle (HEV) batteries.In a press release, SK Innovation said it will develop pouch-style battery cells that Hyundai Motor and Kia will use in their hybrid cars to be released in 2024.With more EVs on the road, carmakers are increasingly seeking to forge alliances with battery makers to secure a stable supply chain for EV batteries and reduce investment costs.“In order to manufacture batteries optimized for future vehicles, the two will closely cooperate with each other from product design to evaluation and performance improvement,” they said in a joint press release.HEVs are powered by a combustion engine and an electric motor, which uses electricity stored in batteries. Unlike plu

Apr 16, 2021By Baek Byung-yeul
SK Innovation joins hands with Hyundai Motor to develop batteries
Tech & Science

Samsung Electro-Mechanics develops top performing MLCC

Samsung Electro-Mechanics' multi-layer ceramic capacitors / Courtesy of Samsung Electro-MechanicsBy Baek Byung-yeulSamsung Electro-Mechanics has developed a new multi-layer ceramic capacitor (MLCC) that is ultra-small and has high capacity, targeting the high-priced IT device market, the IT component arm of Samsung Group said Thursday.An MLCC is a core component of electronic devices, controlling the stable flow of current within electric circuits in smartphones and home appliances. With more cars adopting electronics equipment, MLCCs are also increasingly used in cars.Samsung Electro-Mechanics said it developed the industry's first 0402-size MLCC ― 0.4 millimeters in length and 0.2 millimeters in width ― with 1.9 microfarad capacity and 6.3 voltage. As each IT gadget requires more than 1,000 MLCCs, how small a MLCC can be made shows competitiveness.“The 0402 size is an ultra-small product that is dramatically increasing in demand within the market recently. With more phones using 5G networks and other various features such as multi-camera, ultra-small MLCCs that can withstand

Apr 15, 2021By Baek Byung-yeul
Samsung Electro-Mechanics develops top performing MLCC
Tech & Science

LG CNS launches PerfecTwin Suite IT system verification tool

LG CNS employees promote the company's new IT system verification tool PerfecTwin Suite, Thursday. The company held an online press conference to introduce how its verification tool is able to detect system errors in real time. The tool has been increasingly used by its clients such as the Bank of Korea. Courtesy of LG CNS

Apr 15, 2021By Baek Byung-yeul
LG CNS launches PerfecTwin Suite IT system verification tool
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