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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 Group accelerates ESG agenda

Hyundai Motor and Kia's headquarters in Seoul / Courtesy of Hyundai Motor GroupBy Baek Byung-yeulHyundai Motor Group's core affiliates ― Hyundai Motor, Kia and Hyundai Mobis ― said Friday their boards will play bigger roles in accelerating initiatives in environmental, social and corporate governance (ESG) measures as the three factors have become important features in measuring the sustainability and ethical impact of investments.Auto-parts-making affiliate, Hyundai Mobis, reported to financial regulators Feb. 18 that it will hold a shareholders' meeting March 24 to propose changes to its articles of incorporation.In the revised articles, Hyundai Mobis will reorganize its existing transparent management committee to a sustainability management committee and enable it to make decisions on issues related to ESG.If approved, the sustainability management committee will have the authority to decide ESG policies, planning and activities.The automotive group said the same changes will be made at its two core affiliates ― Hyundai Motor and Kia ― as part of efforts to strengthen ESG-based m

Feb 19, 2021By Baek Byung-yeul
Hyundai Motor Group accelerates ESG agenda
Tech & Science

Successful startup founders giving away fortune to society

Woowa Brothers founder and Chairman Kim Bong-jin and his wife Sul Bo-mi / Courtesy of Woowa BrothersBy Baek Byung-yeulSome startup founders, who have led their businesses to success, are now becoming paragons of virtue as they make pledges to give away a chunk of their wealth to charity with the hopes of making society and the country a better place, and to resolve issues faced by socially vulnerable groups.On Feb. 18, food delivery app operator Woowa Brothers founder and Chairman Kim Bong-jin announced he and his wife will donate more than half of their wealth, estimated to be more than 500 billion won ($451 million). Woowa Brothers runs the country's largest delivery app Baedal Minjok, simply known as Baemin.Kim said he and his wife Sul Bo-mi have joined the Giving Pledge, a global organization comprised of the world's wealthiest individuals and families that is dedicated to giving the majority of their wealth back to society. The organization was created by Bill and Melinda Gates, and Warren Buffett.The Woowa Brothers founder said in a message on the Giving Pledge website: “

Feb 19, 2021By Baek Byung-yeul
Successful startup founders giving away fortune to society
Tech & Science

Samsung set to complete stability of 'HBM-PIM' chips

Samsung Electronics' HBM-PIM chips / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics is further deepening its technology moat in the semiconductor sector as the Korean tech giant is set to complete test verification of next-generation memory chips that feature artificial intelligence (AI) technology.The world's largest memory chipmaker has developed high bandwidth memory (HBM) integrated with AI processing power, called HBM-PIM, for the first time in the industry.The new processing-in-memory (PIM) architecture brings powerful AI processing capabilities inside high-performance memory. The new product enables existing computing system to process data much faster while data doesn't need to be moved to a main CPU for processing, the company said.Samsung said its HBM-PIM chips are not replacements for processing chips such as a central processing unit (CPU) or graphics processing unit (GPU) as the new product is designed to facilitate speedy AI data processing.“Our groundbreaking HBM-PIM is the industry's first programmable PIM solution tailored for diverse AI-d

Feb 18, 2021By Baek Byung-yeul
Samsung set to complete stability of 'HBM-PIM' chips
Tech & Science

Could KT get reevaluated?

By Baek Byung-yeulKT has been regarded as a “boring stock” in the stock market due to its stable outlook, good dividends and low volatility, but investors are paying growing attention to the telecommunications company as the company's lackluster portfolio is starting to look more interesting.On Feb. 16, the share price of KT increased by 7.4 percent to close at 26,550 won ($24.01), reaching its highest point in 52 weeks. KT has outperformed its competitors as its stock price increased by 10.4 percent this year alone, while SK Telecom and LG Uplus saw their stock prices up by 5.9 percent and 6.8 percent, respectively.KT continued its outperforming streak on Wednesday as its stock price closed at 26,650 won, while the benchmark KOSPI index ended down 29.52 points, or 0.93 percent, at 3,133.73.Among the reasons why KT's stock has abruptly become attractive, industry analysts said the main reason was the much-increased dividends. During a recent conference call with investors, the company announced its dividends per share in 2020 will be 1,350 won ($1.22), up 250 won from a y

Feb 17, 2021By Baek Byung-yeul
Could KT get reevaluated?
Companies

Hyundai Motor, POSCO sign agreement to cooperate in hydrogen business

Hyundai Motor Group Chairman Chung Euisun, second from left, poses with POSCO Chairman Choi Jeong-woo, third from left, after signing an agreement cooperating on their hydrogen businesses at the latter's headquarters in Pohang, North Gyeongsang Province, Tuesday.  Courtesy of Hyundai Motor GroupBy Baek Byung-yeulHyundai Motor Group and POSCO have signed an agreement to propel their lucrative hydrogen businesses, they said Tuesday.Hyundai Motor Group, the country's largest automotive group, said it has formed business ties with steel giant POSCO, under which the two companies plan to create an ecosystem for the hydrogen-related sector and seek possible business opportunities together.They expect the partnership to widen further as the companies have the common goal of achieving carbon neutrality by making the transition to a hydrogen economy. Under the agreement, they will jointly develop technologies to utilize hydrogen energy, use Hyundai's hydrogen fuel-cell electric vehicles (FCEVs) at POSCO's workplaces and seek business opportunities both here and abroad.“To achieve c

Feb 16, 2021By Baek Byung-yeul
Hyundai Motor, POSCO sign agreement to cooperate in hydrogen business
Companies

Business feeling pressure over strengthened labor protective law

Lawmakers pass the severe disaster law that would increase punishment of business owners and CEOs for workplace accidents during the National Assembly's Jan. 8 plenary session. Korea Times photo by Oh Dae-keunBy Baek Byung-yeulWith new legislation that will increase the punishment of business owners and CEOs for workplace accidents taking effect next January, businesses are calling for its implementation to be postponed until they are “ready” to establish safety systems.The National Assembly passed the widely known severe disaster law, Jan. 8, with the aim of increasing the level of accountability for business owners in order to prevent worker deaths caused by insufficiently applied safety measures. Under the new law, business owners and CEOs can be imprisoned for at least one year or fined up to 1 billion won ($909,400) for industrial accidents caused by “inadequate” workplace safety measures. The law will go into force Jan. 27, 2022.The country's business lobby groups oppose the legislation saying the new law treats every business owner as a potential crimin

Feb 16, 2021By Baek Byung-yeul
Business feeling pressure over strengthened labor protective law
Companies

Genesis GV80 SUV wins favorable reception in US

Genesis GV80 / Courtesy of Genesis USABy Baek Byung-yeulHyundai Motor Group's luxury brand Genesis is enjoying a favorable reception in the United States with its mid-size GV80 SUV being recognized as a strong candidate to compete with renowned luxury SUVs.Autotrader, a U.S.-based online market place for car purchases and sales, announced a list of “Best New Cars for 2021” recently to help consumers find their match. The list of 12 new recommended vehicles included four from Hyundai Motor Group. Those models were the Genesis GV80, Hyundai's Santa Fe SUV and Kia's K5 sedan and Sorento SUV. Autotrader said its Best New Cars for 2021 list names 12 vehicles selected by a team of experts from the online marketplace, who collectively tested and scored new models using a range of criteria. Each chosen vehicle has unique features specific to different lifestyle needs, including interior comfort, build quality, tech features and driving experience, the website added.Autotrader recognized the GV80 because the model is “a midsize premium SUV with available three-row seating th

Feb 15, 2021By Baek Byung-yeul
Genesis GV80 SUV wins favorable reception in US
Tech & Science

Chip shortage forcing Samsung, SK to boost hiring

Samsung Electronics' office in Seoul / YonhapBy Baek Byung-yeulAmid a wide range of industries struggling with semiconductor shortages, two Korean semiconductor giants ― Samsung Electronics and SK hynix ― are expanding recruitment to respond to increasing chip demand.In its device solutions division, which oversees the semiconductor business, Samsung is recruiting experienced engineers for memory chips, large-scale system integration (LSI), foundries and other parts of the semiconductor business industry. SK hynix is also recruiting experienced professionals for its foundry engineering, memory chip and image sensor businesses.Industry officials said they are expanding their workforces to better compete for a bigger slice of their respective markets and secure a dominant position at a time when more semiconductors will be increasingly used not only in the IT industry but also in other sectors.For example, global carmakers are experiencing an unprecedented shortage of automotive chips affecting carmakers' vehicle production schedules. The chip shortage has occurred as semiconductor com

Feb 15, 2021By Baek Byung-yeul
Chip shortage forcing Samsung, SK to boost hiring
Companies

LG Chem up, SK Innovation down

A screen shows stock prices of LG Chem, the mother company of EV battery maker LG Energy Solution, and SK Innovation at a newsroom in a local media company in Seoul, Monday. After the U.S. International Trade Commission (ITC) gave its final ruling on Feb. 10 in favor of LG Energy Solution in its intellectual property dispute with SK Innovation, LG Chem shares jumped by 3.13 percent to end at 990,000 won while SK Innovation's stock price retreated by 4.22 percent to end at 284,000 won. / Yonhap

Feb 15, 2021By Baek Byung-yeul
LG Chem up, SK Innovation down
Companies

Will SK, LG reach last-minute settlement over patent dispute in US?

Headquarters of LG Group and SK Group in Seoul / YonhapUSTIC rules in favor of LG in 2-year-long battery disputeVolkswagen, Ford urge two Korean firms to settle dispute ASAPBy Baek Byung-yeulWith the U.S. International Trade Commission (USITC) siding with LG Energy Solution (LGES) in its intellectual property battle against SK Innovation (SKI), all eyes are on whether the two Korean electric vehicle (EV) battery makers can reach a settlement with each other.The USITC ruled in favor of LGES on Feb. 10, backing the company's claim that SKI infringed on trade secrets for developing EV batteries by hiring ex-employees of LG Chem, ending the two-year dispute. LG Chem spun off its EV battery division last year to form LGES, which has continued the legal battle in its place. The USITC issued a limited exclusion order to SKI, banning the company from importation, domestic production and sales of EV batteries in the U.S. for 10 years. However, the commission also permitted SKI to import components needed to produce EV battery packs for Volkswagen for two years and for Ford for four years.U.S.

Feb 14, 2021By Baek Byung-yeul
Will SK, LG reach last-minute settlement over patent dispute in US?
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