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Kim Hyun-bin

Korea Times Digital Media Reporter

Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.

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Companies

FKI chairman voices intention to step down next month

By Kim Hyun-binFederation of Korean Industries (FKI) Chairman Huh Chang-soo expressed his intention to resign after his term ends next month, according to industry officials, Friday. Huh announced his intention last week while having a meal with the vice chairman of the FKI at a hotel in Seoul. The dinner was attended by Kolon Group Honorary Chairman Lee Woong-yeul and Hanjin Group Chairman Cho Won-tae. Kwon Tae-shin, the full-time vice chairman of the FKI, also offered to resign. FKI Chairman Huh Chang-soo The FKI has seen its status decline after four major conglomerates ― Samsung, Hyundai Motor, SK and LG ― withdrew their membership after the business lobby group was embroiled in a massive corruption scandal that ended up landing former President Park Geun-hye behind bars.Since 2011, Huh has served as the chairman of the FKI for six consecutive terms. He is the longest-serving chairman of the entity and will end his sixth two-year term next month. The FKI, a non-pr

Jan 13, 2023By Kim Hyun-bin
FKI chairman voices intention to step down next month
Companies

Lotte CEOs meet in person to plan for 2023

Lotte Group Chairman Shin Dong-bin pays tribute to his father, Lotte founder Shin Kyuk-ho, at the third-anniversary memorial for his death held at Lotte World Tower in Seoul, Thursday. Courtesy of Lotte GroupChairman calls for strengthening corporate competitivenessBy Kim Hyun-binLotte Group Chairman Shin Dong-bin is seeking ways to strengthen corporate competitiveness amid the global economic downturn, according to the company, Thursday.The company held the 2023 Lotte Value Creation Meeting, at Lotte World Tower in Seoul, Thursday, and discussed group management plans and medium- to long-term strategies as global market volatility and uncertainty are on the rise.This meeting was held in person for the first time since January 2020. About 70 people attended, including Shin and the CEOs of each affiliate.Lotte will focus discussions on sustainable growth amid the global economic downturn under the theme of how to overcome global crises. Last year, concerns over Lotte E&C's financial difficulties arose as the main topic of discussions due to the real estate project financing crisis

Jan 13, 2023By Kim Hyun-bin
Lotte CEOs meet in person to plan for 2023
Companies

Chung Euisun named MotorTrend Person of the Year

Hyundai Motor Group Executive Chair Chung Euisun poses next to the company's award-winning IONIQ 5 EV. Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group Executive Chair Chung Euisun has been selected to win the MotorTrend Person of the Year award, according to the company, Thursday. The MotorTrend Power List ranks the 50 most influential people in the global automotive industry each year. During the past five years, Chung has risen progressively from his first appearance on the power list at No. 12 in 2018 to No. 5 in 2022 and now No. 1 in 2023.MotorTrend named Chung the Person of the Year for “leading Hyundai Motor Group into a new age.” It also highlighted the exceptional caliber of the vehicles developed under Chung's watch, stating: “The vehicles coming out of Hyundai Motor Group are notable for their eye-catching design, quality, clever packaging and good value ― and they are proving increasingly difficult to beat.”Hyundai Motor Group's vehicle models have also received MotorTrend awards, including the Genesis G90 being hailed as the autom

Jan 12, 2023By Kim Hyun-bin
Chung Euisun named MotorTrend Person of the Year
Companies

Chaebol tycoons to accompany Yoon on UAE visit

From left, Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and Hyundai Motor Group Executive Chair Chung Euisun.By Kim Hyun-binHeads of major domestic companies will accompany President Yoon Suk Yeol on his upcoming visit to the United Arab Emirates (UAE) this year as they seek to find new business opportunities in the oil-rich nation, according to industry officials Wednesday. The top businessmen include Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun and SK Group Chairman Chey Tae-won. Attention is focused on what investments will be made in the Middle Eastern country.The Korea International Trade Association (KITA) announced a list of 100 companies participating in the UAE economic delegation, which is the first of its kind since Yoon took office. The delegation includes 24 large companies, 69 small and medium-sized companies and seven economic organizations and associations.SK Chairman Chey will also represent the Korea Chamber of Commerce and Industry (KCCI) on the trip. Also joining the delegation are Korea

Jan 11, 2023By Kim Hyun-bin
Chaebol tycoons to accompany Yoon on UAE visit
Companies

Tesla criticized for battery fire, malfunctions

A charred Tesla EV sits on the side of a highway after catching on fire following a collision in Sejong, Monday. Courtesy of National Fire AgencyKorean consumers increasingly concerned about safety of US EVsBy Kim Hyun-binTesla Korea has found itself facing criticism following a series of high-voltage battery failures, while one of its electric vehicles caught on fire while being repaired at a service center. Jitters have been increasing among many drivers of the popular EV over the possibility of their electric vehicle (EV) catching on fire, industry officials and Tesla drivers said, Wednesday.The recent malfunction seems to have stemmed from a problem with the battery management system (BMS), a device that monitors the battery's current, voltage, and temperature in real time to maintain optimum operating condition. BMS is essential for all machines equipped with batteries, including EVs.The problems with Tesla's BMS are known to occur mainly in the 2018 to 2021 models, including the Model S, Model X, Model 3, and Model Y.Tesla conducts over-the-air updates (OTA) to check a car's co

Jan 11, 2023By Kim Hyun-bin
Tesla criticized for battery fire, malfunctions
Companies

SK Inc. to hold SK Bio Night to seek new opportunities in US

SK Bioscience's vaccine factory, Andong L House, in North Gyeongsang Province / Courtesy of SK BioscienceBy Kim Hyun-binSK Inc. and its affiliates including SK biopharmaceuticals and SK pharmteco will hold a networking event to expand their partnerships in the U.S., the world's largest bio and pharmaceutical market. SK Inc. announced that it will hold its SK Bio Night event on Jan. 11 at the Four Seasons Hotel in San Francisco. The meeting will be attended by 100 executives from over 50 companies including SK's global partners and investment companies. The goal of the event is to build a strong understanding of SK's current priorities and discover new opportunities in the U.S. market.Newly appointed executives from SK Inc. and its affiliates are scheduled to attend the event including SK Inc. CEO and Vice Chairman Jang Dong-hyun, SK pharmteco CEO Joerg Ahlgrimm, SK biopharmaceuticals CEO Lee Dong-hoon and SK Bio Investment Center head Kim Yeon-tae. They are expected to emphasize their respective companies' bio strengths and seek collaborations in the global biopharmaceutical sector b

Jan 10, 2023By Kim Hyun-bin
SK Inc. to hold SK Bio Night to seek new opportunities in US
Companies

IONIQ 5 bestselling EV in Korea

Hyundai Motor's IONIQ 5 / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor's IONIQ 5 topped the list for the best-selling electric vehicle (EV) in the domestic market last year, according to industry officials, Wednesday. Last year's annual domestic sales of EVs reached a record high as five domestic automakers exceeded 120,000 vehicles sold. The share of the EV market occupied by Hyundai Motor and Kia Corp. reached 97 percent among domestic automakers, and as they plan to introduce new EVs this year, continuous growth is expected.Domestic sales of EVs by five domestic automakers, including Hyundai Motor, Kia Corp., GM Korea, Renault Korea, and SsangYong Motor, were tallied at 123,027 vehicles. This figure marks the highest sales performance ever and a record increase of 67 percent compared to 2021.Among them, Hyundai Motor and Kia's domestic sales of EVs last year reached 119,791 cars. The best-selling EV last year was Hyundai Motor's IONIQ 5, recording 27,399 vehicle sales. Second place was the Kia EV6, which sold 24,852 vehicles. Both vehicles are made based on Hyundai

Jan 10, 2023By Kim Hyun-bin
IONIQ 5 bestselling EV in Korea
Companies

LG Innotek's exhibit attracts over 20,000 visitors at CES

LG Innotek's booth at the Consumer Electronics Show 2023 in Las Vegas, U.S. Courtesy of LG InnotekBy Kim Hyun-binLG Innotek completed its first exhibition at the Consumer Electronics Show 2023 (CES) recently held in Las Vegas, U.S., showcasing cutting-edge products, the company said Monday.In the past, the company participated in the CES in the form of a closed exhibition and introduced its products only to specific customers. This is the first time LG Innotek presented products, ranging from autonomous driving sensors and chip materials, to the general public.More than 20,000 people were counted as having visited the LG Innotek booth during the exhibition. Visitors were presented with Innotek's major core technologies, such as optics, substrates, and electronic devices for autonomous driving.The Sensor Fusion solution, introduced for the first time, is expected to play a decisive role in enhancing safety, which is a prerequisite for fully autonomous driving by accurately detecting objects even in bad weather.In addition, substrate materials and electronic products such as a flip-chi

Jan 10, 2023By Kim Hyun-bin
LG Innotek's exhibit attracts over 20,000 visitors at CES
Companies

POSCO Int'l to enter palm oil refining business in Indonesia

A palm farm in Kalimantan Island, Indonesia / Courtesy of POSCO InternationalBy Kim Hyun-binPOSCO International has decided to enter the palm oil refining business in Indonesia as part of their bold investments in core businesses such as energy, food and eco-friendly parts, the company said, Tuesday. The company announced that it recently decided to invest $200 million in the palm oil refining business in Indonesia. The investment will be made through AGPA, which was established in Singapore so as to expand its palm oil business.The construction for the refinery plant is scheduled to start in the fourth quarter of this year and commence operations in the second quarter of 2025 with a production capacity of 500,000 tons per year. Produced products will not only be sold in Indonesia but also exported to Korea and China.Kalimantan Island is being considered as a strong option for the plant's location. Indonesia is the world's largest palm oil producer, and Kalimantan Island has geographically favorable conditions for procuring palm raw materials and exporting products.The palm crude oil

Jan 10, 2023By Kim Hyun-bin
POSCO Int'l to enter palm oil refining business in Indonesia
Companies

POSCO E&C starts 1st apt reconstruction project in Gangnam with Hauterre brand

POSCO E&C Hauterre Bangbae / Courtesy of POSCO E&CBy Kim Hyun-binPOSCO E&C was finally selected as the construction company for an apartment reconstruction project in Bangbae-dong in southern Seoul's Gangnam District. This will be the first site to construct POSCO E&C's new Hauterre premium apartment brand launched last July.POSCO E&C was selected as the construction company at a recent project contractor selection meeting for the reconstruction of the Bangbae Shin DongA Apartment complex, which opened in October 1982.The new complex will be worth a total of 374.6 billion won ($278.2 billion) and consist of 843 households in seven buildings with three floors belowground and 35 floors aboveground.The company proposed Hauterre Bangbae as the name for the new complex. Hauterre is a premium apartment brand launched last July by POSCO E&C to strengthen its brand competitiveness in Seoul. The exterior design of Hauterre Bangbae was done by JERDE, who has designed landmark projects around the world, such as the Bellagio Hotel in Las Vegas and the Dubai International

Jan 10, 2023By Kim Hyun-bin
POSCO E&C starts 1st apt reconstruction project in Gangnam with Hauterre brand
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