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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

LG Group focus on improving ESG management

LG Group's headquarters in Seoul / YonhapBy Baek Byung-yeulLG Group has joined the race to improve environmental, social and corporate governance (ESG)-centered management at a time when the set of values-based standards has become essential to attracting global institutional investors. LG Corp., the holding company of the group, said Friday that its listed subsidiaries will launch an ESG committee and a committee that looks into business transactions between the conglomerate's affiliates.“We've listened to opinions of our board of directors about restructuring our management strategy and the plan will be up for consideration and action by the board members,” the company official said.The newly established ESG committee will be the group's highest review board for evaluating ESG standards such as environmental, safety, corporate social responsibility, customer value, shareholders' value and governance.The members of the committee will be comprised of outside directors, and CEOs of each affiliate will also join to enhance executive quality. In a bid to increase professiona

Mar 19, 2021By Baek Byung-yeul
LG Group focus on improving ESG management
Tech & Science

INTERVIEW 'Merck continues to cooperate with Korean tech firms'

WooKyu Kim, managing director and representative director of Merck Korea / Courtesy of Merck KoreaBy Baek Byung-yeulThe Germany-based science and technology company Merck has reaffirmed its commitment to supporting Korea's high-tech industry with its cutting-edge materials for semiconductors, displays and other electronics, WooKyu Kim, managing director and representative director of Merck Korea, said Wednesday.“Korea is an important innovation and production hub for Merck. We have made investments in the past to expand our capabilities and we will continue efforts to strengthen the resilience of our local supply chain,” Kim said in an emailed interview.“We recently opened an Advanced Technology Center in Pyeongtaek to develop next-generation semiconductor materials to support the research and development of chemical mechanical polishing (CMP) slurries and cleans. In addition, we're looking at further developing our capabilities in thin film and patterning in Korea.”The high-tech materials maker has cooperated closely with Korean companies in the display and s

Mar 17, 2021By Baek Byung-yeul
[INTERVIEW] 'Merck continues to cooperate with Korean tech firms'
Companies

Investors turn backs on biotech firms following allegations of misconduct

An image captured from Binex's webpageBy Baek Byung-yeulPharmaceutical and biotechnology companies here became blue chips in the stock market last year, as the unprecedented coronavirus pandemic created new business opportunities with demand increasing sharply for COVID-19 test kits and contract manufacturing of vaccines and treatments for the virus.However, investors are turning their backs on bio stocks this year due to a series of illicit activities, including false public disclosures about clinical tests and allegations of stock manipulation and producing drugs using unapproved recipes.On March 10, the criminal investigation division of the Ministry of Food and Drug Safety searched bio drug maker Binex as part of a widening investigation into the company on suspicion of manipulating the amount of raw materials used in its products.This came after the drug ministry on Monday ordered a temporary suspension of the production and sale of six drugs manufactured by Binex. On the following day, the ministry issued another suspension of the production and sales of 32 products made at Bin

Mar 17, 2021By Baek Byung-yeul
Investors turn backs on biotech firms following allegations of misconduct
Companies

Market Kurly clouded by cash shortage issues

Coupang CEO Kim Bom-seok, left, and Kurly CEO Sophie KimBy Baek Byung-yeulKurly, operator of fresh food delivery platform Market Kurly, announced recently it would seek a listing on either the U.S. or local stock market within the year at a time when competition in the local e-commerce industry is increasingThe move for an initial public offering (IPO) comes after Coupang, a SoftBank-backed e-commerce company, debuted successfully on the New York Stock Exchange (NYSE), March 11 and raised around 5 trillion won in funding. However, industry officials said Monday that any IPO attempt won't be as easy as Coupang's listing, as its business model is not really distinguishable from that of its competitors and the company doesn't have a reliable investor like SoftBank.“After Coupang had a successful IPO on the NYSE, Kurly is also considered one of the candidate companies that can seek a listing in the U.S. But the market situation for the company is not that optimistic, as traditional retail powerhouses such as Lotte, Hyundai and Shinsegae are expanding into the fresh food delivery ma

Mar 15, 2021By Baek Byung-yeul
Market Kurly clouded by cash shortage issues
Companies

LGES seeks to expand battery investment in US amid feud with SKI

LG Energy Solution employees hold the company's batteries in its Michigan factory in the U.S. Courtesy of LG Energy SolutionGeorgia governor asks President Biden to overturn USITC decision against SKIBy Baek Byung-yeulWith LG Energy Solution (LGES) and SK Innovation (SKI) still not able to settle their battery dispute even after a United States International Trade Commission (USITC) ruling, LG has expressed its intention to expand battery investment in the U.S. state of Georgia, while SK is hoping for President Joe Biden to veto the ruling.In February, the USITC gave a final ruling in favor of LGES, which had accused SKI of intellectual property theft related to electric vehicle (EV) battery technology. The commission also issued a 10-year exclusion order banning SK from importing some batteries into the U.S.SKI is counting on President Biden to exercise his veto power on the ruling, banking on its massive investment plan in a battery-manufacturing factory in the state of Georgia, which also could bring large-scale job creation. The U.S. president has until April 11 to review the rul

Mar 14, 2021By Baek Byung-yeul
LGES seeks to expand battery investment in US amid feud with SKI
Companies

SK Global Chemical to produce 'eco-friendly' packaging materials in China

SK Global Chemical CEO Na Kyung-soo, left, and Zhejiang Satellite Petrochemical Chairman and President Yang Wei Dong are seen in this photo provided by the former, Sunday. They announced the establishment of joint venture to produce ethylene acrylic acid in China. Courtesy of SK Global ChemicalBy Baek Byung-yeulSK Global Chemical has decided to build a production base for eco-friendly packaging materials in China as part of its move to integrate environment, social and governance (ESG) values into management strategies, the subsidiary of SK Innovation said Sunday.The company said it signed a memorandum of understanding with a Chinese chemical firm Zhejiang Satellite on March 11 to establish a joint-venture company that will produce and sell ethylene acrylic acid (EAA), which is a type of adhesive copolymer.The joint venture will be established this year with the overall investment of around 200 billion won ($176 million), with six to four contributions of SK Global Chemical and Zhejiang Satellite, respectively. The plant will be set up in the west-coast city of Lianyungang.With the j

Mar 14, 2021By Baek Byung-yeul
SK Global Chemical to produce 'eco-friendly' packaging materials in China
Tech & Science

Mobile app stores: No. 1 tech battlefield of this decade

By Florian MuellerFlorian MuellerPatent disputes in the mobile device industry are still a thriving business. The ongoing spat between Samsung Electronics and Ericsson on three continents is the first 5G fight of that scale. But there is an even bigger conflict in the mobile sector at the moment, and it will likely dominate the debate for much of this decade: the war against abusive practices by Apple's and Google's mobile app stores.There is a lot to gain for Korean smartphone makers Samsung and LG Electronics, major game studios like Nexon, NCSOFT and Netmarble, and for Korean consumers, more than 50 percent of whom play games on their smartphones.When lawyers brought a class-action lawsuit on behalf of a certain Mr. Pepper and other American consumers against Apple in 2011, accusing Apple of abusively charging a 30 percent commission on revenues generated via the App Store, few took them seriously. Two years ago, the U.S. Supreme Court finally allowed the case to go forward, and the trial will take place later this year.Meanwhile, the European Commission has launched an investigat

Mar 13, 2021By Baek Byung-yeul
Mobile app stores: No. 1 tech battlefield of this decade
Companies

EXCLUSIVE LG considers building battery line in US for EV startups

LG Energy Solution researchers pose with the company's batteries. Courtesy of LG Energy SolutionBy Baek Byung-yeulLG Energy Solution (LGES) is considering building an additional electric vehicle (EV) battery line in the United States to produce cylindrical batteries for startup EV makers there, an industry source familiar with the matter said Thursday.“At a time when demand for EV batteries is soaring in the U.S., LGES wants to produce more there. They are especially considering improving production of the 2170 batteries which will be increasingly used by startup EV makers,” the source told The Korea Times. The 2170 is a cylindrical lithium-ion rechargeable battery, 21 millimeters in diameter and 70 millimeters in height. LGES is better known for producing pouch-style battery cells, but is increasingly supplying cylindrical batteries cells to EV makers.Cylindrical batteries have long been used for various devices such as cordless power tools that require high-power. As the batteries are cost effective and quality control issues are easy to handle, many EV makers as well a

Mar 11, 2021By Baek Byung-yeul
[EXCLUSIVE] LG considers building battery line in US for EV startups
Tech & Science

Microsoft Korea to hold Virtual Career Connection Day

Participants of DigiGirlz Day, a one-day coding education event hosted by Microsoft Korea, are seen in this April 2019 photo provided by the company, Thursday. Courtesy of Microsoft KoreaBy Baek Byung-yeulMicrosoft Korea will hold the Virtual Career Connection Day on March 19 to help female university and graduate school students explore possible career paths.Using Microsoft's online communication platform Teams, the virtual event will be held to commemorate International Women's Day, which was held on March 8, to talk about diversity and inclusion and connect career mentors with female students majoring in sciences and engineering, the company said, Thursday. The event is co-hosted by the state-run Center for Women in Science, Engineering and Technology (WISET).Microsoft Korea employees plan to provide comments on the theme of professional competence required in the era of artificial intelligence (AI) and Microsoft's policy to build on the momentum of diversity and inclusion.Some 200 participants are set to take part in small group mentoring programs featuring 20 mentors for discuss

Mar 11, 2021By Baek Byung-yeul
Microsoft Korea to hold Virtual Career Connection Day
Companies

Merck rolls out invisible privacy windows

Seen is Merck's eyrise i350 invisible privacy glazing windows, provided by the company, Thursday. Courtesy of MerckBy Baek Byung-yeulMerck has rolled out a new product called “eyrise i350” or windows that can be switched from clear to opaque on demand, the company said Thursday.The eyrise i350 invisible privacy glazing window is powered by Merck's “licrivision” liquid crystal technology.“The liquid crystal solution is placed between two glass sheets coated with a transparent conductive film. When prompted by a low voltage, the direction of the liquid crystals shifts and moves from a random position to a well-organized orientation in a second. By scattering the light, the glass switches from a transparent to an opaque state to provide complete and instant privacy on demand,” the company said.Merck said its products can help customers create specialized areas that require privacy. “Glass partitioning offers multiple functions for open plan spaces ― from private meeting rooms in offices and consultation areas in hospitals, to VIP zones in retail

Mar 11, 2021By Baek Byung-yeul
Merck rolls out invisible privacy windows
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