The Korea Times

'No debris from US satellite fell over Korean Peninsula'

Earth Radiation Budget Satellite's predicted trajectory to pass across the Korean Peninsula, Monday. Courtesy of Ministry of Science and ICTBy Kim Hyun-binNo debris from Earth Radiation Budget Satellite's (ERBS) ― a U.S. observation satellite that reentered the planet's atmosphere today ― fell over the Korean Peninsula, Monday, according to the Ministry of Science and ICT, which had sent a series of text messages warning residents not to go outside.“So far, no special damage has been reported," an official at the science ministry said. "The exact point and time of the impact will be officially announced by the U.S. Air Force. The situation is deemed as a crash when U.S. officials observe the fall of a satellite or when it cannot be observed for 90 minutes to two hours.”Many Koreans expressed concerns after the science ministry warned that a retired U.S. satellite could possibly hit the Korean peninsula, early Monday.“I warned my friends via Kakao talk to beware of the satellite this morning,” a man surnamed Kim in his mid-30s said.ERBS was launched on Oct. 5,

Jan 9, 2023By Kim Hyun-bin

'No debris from US satellite fell over Korean Peninsula'

Companies

Earnings shocks set to rock more Korean companies

POSCO's headquarters in Seoul / Courtesy of POSCOBy Kim Hyun-binSamsung Electronics and LG Electronics have been hit directly by the global economic downturn, and their performances in the fourth quarter of 2022 recorded negative earnings surprises of 70 percent and 90 percent, respectively, from the same period the year before. Their sluggish performance is expected to continue for the sector and industry officials believe other companies in sectors such as steel and petrochemicals could face a domino effect in negative earnings surprises, which could signal an unprecedented crisis for the Korean economy. The outlook for economic growth is also bleak. The government predicted that the economic growth rate this year would be 1.6 percent. It is the first time in recent years for the rate to fall below 2 percent except for in 2020 in the early days of the pandemic and in 2009 during the global financial crisis. Major institutions are predicting economic growth rates in the 1 percent range, such as such as the Bank of Korea with 1.7 percent, Korea Development Institute with 1.8 percent

Jan 9, 2023By Kim Hyun-bin

Companies

CJ CheilJedang to conduct large-scale expansion into new markets

By Kim Hyun-binCJ CheilJedang plans to expand its global presence in K-Food by entering into new markets other than the existing ones in the U.S., Europe and Japan, according to the company Sunday. The company has decided to advance into Canada, Australia, Thailand, Indonesia and Malaysia. It plans to operate in a two-track fashion, by establishing local production as well as country-to-country exports, which is a method of exporting products produced at global production bases to neighboring countries.Visitors try CJ dumplings at a bibigo dumpling tasting event in a supermarket in France. Courtesy of CJ CheilJedang"This year, we will make a fully-fledged entry into countries, the markets of which we have not yet entered and achieve innovative growth centered on the seven global strategic products (dumplings, processed rice, chicken, K-sauce, kimchi, seaweed and rolls)." Choi Eun-seok, CEO of CJ CheilJedang, said.In the case of the North American market, the company plans to secure a production base by putting Asian food such as dumplings and processed rice at the forefront in Canada

Jan 8, 2023By Kim Hyun-bin

CJ CheilJedang to conduct large-scale expansion into new markets

Companies

Gov't to shorten visa procedures for foreign shipbuilding workers

Indonesian ship welding experts pose for a commemorative photo with Samsung Heavy Industries officials after entering the country via Incheon International Airport, Dec. 31, 2022. Courtesy of Samsung Heavy IndustriesBy Kim Hyun-binThe government plans to shorten drastically the visa administrative procedures for foreign workers employed by domestic shipbuilders from the current four months to one month as the shipbuilding industry grapples with chronic workforce shortages, officials said Friday. The move comes as the government looks to resolve the labor shortage in the domestic shipbuilding industry. The Korea Offshore & Shipbuilding Association predicts that there will be a shortage of 14,000 production workers in the shipbuilding sector by the end of this year.The Ministry of Justice and the Ministry of Trade, Industry and Energy announced a plan to resolve difficulties in introducing foreign workers to the shipbuilding industry, Friday. According to this plan, shipbuilders and subcontractors can hire up to 30 percent foreign nationals among the total number of its full-time d

Jan 6, 2023By Kim Hyun-bin

Gov't to shorten visa procedures for foreign shipbuilding workers

Companies

Chipmakers enter downturn amid recession worries

Samsung Electronics headquarters in Seoul / Korea Times file Samsung Electronics' operating profit down 69% to 4.3 trillion won in Q4 By Kim Hyun-binSamsung Electronics and other semiconductor makers are expected to face greater difficulties going forward as demand for memory and other chips continues to decline amid a deepening economic downturn, according to company officials and analysts, Friday.“The outlook for the semiconductor industry does not look very bright for 2023. Even foundry demand, which was good last year, is predicted to struggle during the first half,” Lee Seung-woo, an analyst at Eugene Investment, said. “As most of the major countries go into austerity mode while debts have increased significantly around the world, asset prices are falling, and consumers' ability to spend is inevitably reduced.” Lee said the drop in semiconductor prices is inevitable as inventories are at a record high.“Semiconductor inventories across the industry are higher th

Jan 6, 2023By Kim Hyun-bin

Chipmakers enter downturn amid recession worries

Companies

Hyundai Motor Group aims to surpass Stellantis in US

Hyundai Motor's eco-friendly SUV Tucson Hybrid North America model was its best-selling model in the U.S. Courtesy of Hyundai Motor CompanyBy Kim Hyun-binHyundai Motor Group overtook Honda for fifth place in sales in the U.S market and is aiming to take over the fourth spot surpassing Stellantis, according to industry officials, Thursday.Hyundai Motor is closely chasing Stellantis, which ranked fourth in sales, selling 1,553,485 vehicles, or 79,261 more than Hyundai. In the fourth quarter of last year, Hyundai Motor recorded sales of 386,898 vehicles, helping to narrow the gap with Stellantis, which sold 349,542 during the same period.Its market share is also on the rise. According to Cox Automotive, a market research firm specializing in cars, Hyundai Motor's share in the U.S. market was 10.6 percent, up 0.7 percentage points from the previous year. In terms of market share, GM stood at 16.3 percent ranking first followed by Toyota (15.3 percent), Ford (13.3 percent) and Stellantis (11.1 percent).In terms of sales alone, Hyundai Motor also saw a 1 percent decrease last year compared

Jan 5, 2023By Kim Hyun-bin

Hyundai Motor Group aims to surpass Stellantis in US

Companies

Korean battery makers losing ground to Chinese rivals

By Kim Hyun-binThe global market shares of the main three domestic battery makers ― LG Energy Solution (LGES), SK On, and Samsung SDI ― are declining. All three companies continued their growth trend, but could not compete with Chinese firms' triple-digit growth taking up larger global market shares.According to SNE Research, an energy market research firm, the global usage share of the three domestic battery firms from January to November of last year was 23.1 percent, down 7.4 percentage points from the same period last year. Their batteries are used in electric vehicles (EV) including hybrids and plug-in hybrids. LGES' battery production capacity rose by 9.7 percent year-on-year to 54.8GWh, but its ranking dropped to third from second place behind China's CATL and BYD. SK On ranked fifth with 26.1GWh, up 72.0 percent, and Samsung SDI ranked 6th with 22.1GWh, up 74.9 percent year-on-year.SK On's market share was 5.9 percent, down 0.1 percentage points from last year. Samsung SDI's market share remained unchanged at 5 percent.Between January and November last year, the total battery

Jan 5, 2023By Kim Hyun-bin

Korean battery makers losing ground to Chinese rivals

Companies

KSOE withdraws IPO of Hyundai Samho Heavy Industries amid sluggish stock market

A Hyundai Samho Heavy Industries-built LNG ship / Courtesy of KSOE Kurly also retracts initial public offeringBy Kim Hyun-binKorea Shipbuilding & Offshore Engineering (KSOE) decided not to take Hyundai Samho Heavy Industries public due to a rise in economic uncertainties that has seen stock prices plummet, according to industry officials, Wednesday. According to DART, a repository of Korea corporate filings, KSOE will purchase 4,647,201 shares of Hyundai Samho Heavy Industries held by private equity fund IMM PE.The purchase of shares follows the signing of an agreement in July 2017 to terminate the equity investment contract with Hyundai Samho Heavy Industries between KSOE and IMM PE. IMM PE acquired shares of Hyundai Samho Heavy Industries under the condition that the latter, a subsidiary of KSOE, go public.According to this agreement, KSOE plans to purchase Hyundai Samho Heavy Industries shares held by IMM PE at 88,157 won ($69.2) per share in January. The acquisi

Jan 4, 2023By Kim Hyun-bin

KSOE withdraws IPO of Hyundai Samho Heavy Industries amid sluggish stock market

Companies

CES 2023 Unveiled

Media officials from around the globe gathered to see last year's award-winning products displayed at the 2023 Consumer Electronics Show (CES) Unveiled event at the Mandalay Bay Convention Center in Las Vegas, U.S., Tuesday (local time), a day prior to the opening of the world's largest consumer electronics and IT fair. Yonhap

Jan 4, 2023By Kim Hyun-bin

Companies

Hyundai Motor to accelerate EV transition

Hyundai Motor Group Executive Chair Chung Euisun gives a New Year address at the Hyundai Motor Kia Corp. Namyang R&D Center in Gyeonggi Province, Tuesday. Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group Executive Chair Chung Euisun called on employees to build trust and take a leap forward to better overcome external challenges during a New Year address held at the Hyundai Motor and Kia Corp. Namyang R&D Center in Hwaseong, Gyeonggi Province, Tuesday."In the wake of COVID-19, interest rates and prices have risen and exchange rate fluctuations have increased, as well as geopolitical risks such as the Russia-Ukraine war have been added. Economic uncertainty is growing,” Chung said. The chairman says despite the difficulties, he will continue to take on challenges in various fields including electrification, software and new growth engines, emphasizing there will be no effort spared regarding investment, recruitment and technological development. Kia EV6 / Courtesy of Hyundai Motor GroupLast year the company's E-GMP-based IONIQ 5 and EV6 electric vehicle

Jan 3, 2023By Kim Hyun-bin

Kim Hyun-bin

Read more

'No debris from US satellite fell over Korean Peninsula'

Earnings shocks set to rock more Korean companies

CJ CheilJedang to conduct large-scale expansion into new markets

Gov't to shorten visa procedures for foreign shipbuilding workers

Chipmakers enter downturn amid recession worries

Hyundai Motor Group aims to surpass Stellantis in US

Korean battery makers losing ground to Chinese rivals

KSOE withdraws IPO of Hyundai Samho Heavy Industries amid sluggish stock market

CES 2023 Unveiled

Hyundai Motor to accelerate EV transition

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