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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

Korea's chip industry set to soar in 2021

gettyimages By Baek Byung-yeulKorea's semiconductor industry outperformed expectations in 2020 despite the volatile market conditions caused by the COVID-19 pandemic as the non-face-to-face trend increased the demand for chips.Industry analysts forecasted Samsung Electronics, SK hynix and smaller foundry companies will show better performances in 2021 as chip demand from various sectors including smartphones, servers and other IT devices will be on the rise.Korea Trade-Investment Promotion Agency (KOTRA) recently announced the global chip industry will enter a bullish super-cycle and thanks to the upward trend, Korea's exports this year will be increased by 6 percent to 7 percent compared to 2020.Market researcher Omdia also estimated this year's global DRAM market will see a 23.8 percent increase year-on-year while the NAND flash chips market will be increased by 13.4 percent from a year earlier.“The semiconductor industry is expected to see a super-cycle thanks to

Jan 6, 2021By Baek Byung-yeul
Korea's chip industry set to soar in 2021
Tech & Science

Samsung, LG vie for home appliances leadership at online CES

Samsung Electronics' BESPOKE home appliances are seen in this photo provided by the company, Tuesday. Samsung will display the products at this year's Consumer Electronics Show. / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics and LG Electronics are looking to vie for the leadership in home appliances at this year's Consumer Electronics Show (CES), which is scheduled to take place from Jan. 11 to 14, and, for the first time, will take place online.The world's largest consumer technology trade show will be held in virtual space due to the ongoing COVID-19 pandemic, but the importance of the annual event is still valid for tech firms as they can demonstrate their new technologies and products to consumers from across the globe.For this year's event, Samsung and LG are focusing on promoting new home appliances at a time when the demand for such gadgets is soaring with people worldwide being encouraged to stay at home to contain the spread of the pandemic.Samsung Electronics said Tuesday that it will introduce its popular BESPOKE refrigerators at the trade show to l

Jan 5, 2021By Baek Byung-yeul
Samsung, LG vie for home appliances leadership at online CES
Tech & Science

KT CEO vows to transform telecom firm into digital platform company

KT CEO Ku Hyeon-mo speaks during his New Year's address, Monday. / Courtesy of KTBy Baek Byung-yeulKT CEO Ku Hyeon-mo has vowed to transform the leading telecommunications firm into a digital platform company to help the business turn its focus to emerging technology, KT said Monday.“Unlike other large-sized companies, KT has to take the initiative at a time when the country and society are facing difficulties,” Ku said during his New Year speech.The CEO held a New Year event with the company's union chief and 50 employees, in a meeting was livestreamed through its in-house broadcasting platform.In the address, Ku lauded employees who are performing exceptionally well amid the COVID-19 pandemic, and emphasized the company's need to strengthen its capabilities in emerging technologies such as AI, big data and cloud computing to achieve future growth.“When uncertainties are increased, we have to transform ourselves into a leading company that can make a breakthrough with our capabilities, technology and passion,” the CEO said.He further stressed the company &ldq

Jan 4, 2021By Baek Byung-yeul
KT CEO vows to transform telecom firm into digital platform company
Tech & Science

Top conglomerates highlight social responsibility in New Year's address

Samsung Electronics Vice Chairman Lee Jae-yong, right, inspects EUV line of the company's Pyeongtaek foundry facility, Monday. / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung, Hyundai Motor, SK, LG, Hanwha and other conglomerates here put their emphasis on corporate responsibility in their New Year addresses at a time when the COVID-19 pandemic still looms large, industry analysts said Monday.The chiefs of the conglomerates also stressed they will work on turning the virus crisis into an opportunity by actively seeking new business chances this year.Due to the pandemic, major conglomerates here skipped their usual offline New Year events.Before the virus hit, the conglomerates used to hold annual “kick-off” meetings for the year with the leaders voicing their groups' vision, but these have been cancelled due to the COVID-19 situation.Samsung Electronics Vice Chairman Lee Jae-yong started his New Year by visiting the chip giant's Pyeongtaek Line 2 facility Monday to commemorate bringing in new foundry equipment.The Line 2 facility is the world's largest semicond

Jan 4, 2021By Baek Byung-yeul
Top conglomerates highlight social responsibility in New Year's address
Companies

Korea's bio-healthcare industry to leap forward in 2021

Contract-based drug making, diagnostic kits, genomics biz to shineBy Baek Byung-yeulThe COVID-19 outbreak appeared to help the growth of Korean bio companies in 2020 as they succeeded in attracting investors by swiftly launching diagnostic kits for the novel coronavirus and securing drug and vaccine-making contracts from overseas biopharmaceutical firms.Industry analysts have forecast the upward trend in the local bio-healthcare industry will continue through 2021 given demand for diagnostic kits will remain stable as the risk of multiple waves of the pandemic still hangs over most countries.With global biopharmaceutical companies rushing to launch vaccines and treatments for COVID-19, they also anticipate the country's contract-based drug manufacturers will get many drug production deals.In addition, makers of newly developed drugs utilizing microbiomes will gain attention as the growing convergence of DNA sequencing and gene therapies with artificial intelligence technology will accelerate their use to develop new treatments for diseases such as cancer and diabetes.“Due to th

Jan 3, 2021By Baek Byung-yeul
Korea's bio-healthcare industry to leap forward in 2021
Tech & Science

Can Samsung leader Lee maintain suspended jail term?

Samsung Group leader Lee Jae-yong arrives at Seoul High Court, Dec. 30, to attend a hearing of his retrial. / YonhapBy Baek Byung-yeulSamsung leader Lee Jae-yong could face up to nine years in prison after prosecutors demanded this in the high court's re-hearing of his trial ordered by the Supreme Court. Lee and top executives of Samsung are having their original high court sentences reassessed following the order, after originally being found guilty of some of the bribery charges laid against them in the case involving the impeachment of former President Park Geun-hye.The court will deliver its verdict and possible re-sentencing Jan. 18.Analysts note that a key point is whether Lee can continue serving a suspended sentence so that he can continue to perform hands-on managerial work at Samsung.They added that it remains to be seen whether the company's establishment of a compliance committee early this year will work in his favor.The compliance committee, which was launched last February, recently received a constructive review from a court advisory panel, being recognized for its ef

Jan 3, 2021By Baek Byung-yeul
Can Samsung leader Lee maintain suspended jail term?
Companies

Porsche Korea improves CSR performance in 2020

By Baek Byung-yeulGerman carmaker Porsche's Korean unit has achieved improved corporate social responsibility (CSR) value in 2020 through its support activities run throughout the year.Logo for PorscheThe Korean unit said Wednesday that it has expanded target beneficiaries and the range of its social contribution activities to better assist in the sustainable development of Korean society during the year.Also, the company has achieved meaningful progress with its social contribution campaign Do Dream.“Marking its fourth year, Porsche Korea's social contribution campaign Do Dream is achieving meaningful progress in promoting children's welfare and implementing social welfare by maintaining and expanding existing programs, as well as actively developing new programs to meet various situations facing Korean society,” Porsche Korea said.As part of the campaign, Porsche Korea has built six indoor playgrounds over the past four years, in one regular and five special needs schools. In 2020, Porsche Korea expanded support for special needs schools that require specialized spaces

Dec 31, 2020By Baek Byung-yeul
Porsche Korea improves CSR performance in 2020
Tech & Science

Samsung Electronics becomes stepping stone for startups

Waddle CEO Park Ji-hyuk, left, poses with his employees at their office space located at Samsung Electronics' startup incubator residency program in Seoul, in this photo provided by Samsung, Dec. 30. / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics has been working to foster local startups through its incubation program C-Lab as part of its corporate social responsibility (CSR) activities to enhance the country's industrial competitiveness.Logo for Samsung ElectronicsThe C-Lab program has offered business opportunities for Samsung Electronics' employees with creative ideas to kick off in-house startups. Since 2012, around 1,200 executives and employees have participated in the C-Lab program and over 160 workers have set up 45 startups through it.To foster the local startup ecosystem, Samsung decided to expand its C-Lab program and has been supporting startups outside the company since 2018.Not only does the company provide support funds to those startups registered in the program, but also supports them to promote their services and products at both domestic and

Dec 30, 2020By Baek Byung-yeul
Samsung Electronics becomes stepping stone for startups
Tech & Science

LG undergoing fundamental changes, riding on EV momentum

LG Group Chairman Koo Kwang-mo, right, inspects the design of a clothing storage unit set up inside a connected car model at LG Electronics' research and development center in Seoul, Feb. 18. / Courtesy of LG Corp.By Baek Byung-yeulLG Group is undergoing fundamental changes in its business operations as its affiliates have been riding on the back of the rapidly growing electric vehicle (EV) industry. Though LG has been broadly known as a consumer goods manufacturing business group, the conglomerate is now transforming itself into a core partner in the global EV supply chain, industry officials and analysts said Monday.The conglomerate has been actively expanding into the EV industry, with its core affiliate LG Chem's EV battery business unit becoming the global top EV battery supplier this year.To further solidify its industry leadership, LG Chem decided to spin off the battery unit, officially launching its wholly owned subsidiary LG Energy Solution on Dec. 1. The newly established company has set an ambitious sales goal of achieving 30 trillion won ($27.4 billion) by 2024.In additi

Dec 30, 2020By Baek Byung-yeul
LG undergoing fundamental changes, riding on EV momentum
Tech & Science

Seoul Global Startup Center supports new businesses via Demo Day event

By Baek Byung-yeulThe Seoul Global Startup Center hosted its annual SGSC Demo Day event in order to help young companies meet with investors and develop human networks, the organization said Monday.A poster for the Seoul Global Startup Center's Demo Day eventEstablished by the Seoul Metropolitan Government, the Seoul Global Startup Center is jointly operated by startup accelerator N15 and WeWorkLabs Korea. Based in Yongsan-gu, Seoul, the organization offers various kinds of supports for global startups ranging from office spaces and funding vouchers to mentoring services.The organization said it hosted this year's Demo Day event Dec. 23. Due to the pandemic, and conducted it online. The details of the Demo Day event will also be aired through nextunicorn (nextunicorn.kr), an online platform that connects startups and investors, Dec. 29.“The Seoul Global Startup Center has been hosting events where they support the startups' scale up in IR pitching skills and networking. Furthermore, from this year onwards, the Seoul Global Startup Center plans to hold events like the 2020 SGSC

Dec 29, 2020By Baek Byung-yeul
Seoul Global Startup Center supports new businesses via Demo Day event
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