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.
GS Caltex CEO Hur Sae-hong, front row ninth from left, poses with government officials and business executives at a ceremony to mark the completion of the Yeosu GS Caltex Olefin mixed feed cracker (MFC) facility at GS Caltex's Yeosu Plant 2 in South Jeolla Province, Friday. Courtesy of the Ministry of Trade, Industry and Energy.
From left are Saudi Arabia Crown Prince Mohammed bin Salman, Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin.Saudi leader looks for partners for $500 billion NEOM City projectBy Kim Hyun-binSaudi Arabia's Crown Prince Mohammed bin Salman is set to visit Korea next week and and speculation abounds on whether he will meet with chaebol tycoons to discuss business partnerships for the kingdom's $500 billion eco-friendly NEOM City project, according to industry officials, Friday. The crown prince is scheduled to visit Seoul on Nov. 17 and stay for one night at the Lotte Hotel in Seoul, before heading to Japan. The purpose of his visit to Korea is to find partner companies for his country's mega city development project.NEOM City is a $500 billion eco-friendly smart linear city project being developed in Saudi Arabia in Neom, Tabuk, which is designed to have no cars, streets or carbon emissions. The 170-kilometer-long city is part of the Saudi Vision 2
Hyundai Motor Alabama Plant in U.S. / Courtesy of Hyundai Motor Group Government urged to cut corporate taxes, bolster supply chain By Kim Hyun-binExperts are calling for increased government support to help boost domestic investment, especially in the electric vehicle (EV) and battery sectors, to secure global supply chains that could better counter the U.S. Inflation Reduction Act (IRA), according to industry officials, Friday.The Korea Economic Research Institute (KERI), an affiliate of the Federation of Korean Industries (FKI), released the report, titled “Review of the effectiveness of the U.S. IRA and countermeasures,” to better address the issue.“Major countries around the world are making efforts to secure global supply chains and nurture their strategic industries, and the IRA will have a serious impact on domestic manufacturers of EVs and batteries,” KERI said. With the implementation of the IRA, manufacturing facilities related to EVs and batteries will r
Coupang founder Kim Bum-seok poses in front of the New York Stock Exchange (NYSE) on March 11 (local time), the first day of the company's listing on the NYSE. AP- YonhapBy Kim Hyun-binE-commerce giant Coupang recorded its first quarterly profit since 2014 after finding success introducing its ultrafast delivery service, Rocket Delivery, and investing heavily in technology, according to industry officials, Thursday.“We developed a logistics network that integrates technology, delivery fulfillment (integrated logistics) and last mile delivery (the final delivery stage). Our team was able to leverage machine learning and greatly improve accuracy forecasts and inventory placement, which helped reduce fresh inventory waste by over 50 percent year-on-year in Q3 alone. It is the result of billions of dollars invested in the past seven years," founder and CEO Kim Bum-seok said during a conference call held after the quarterly earnings announcement, Thursday.The company's net income stood at $90.7 million in the third quarter, a huge turnaround compared to a net loss of $324 million du
Used car dealer lot in Seoul / Korea Times fileBy Kim Hyun-binThe local used car market is starting to cool off as the economic downturn and soaring interest rates are leading to a sharp decrease in sales of secondhand cars nationwide, according to industry officials, Thursday.Due to the COVID-19 pandemic, the used car market experienced a temporary and unprecedented price hike making some used automobiles more expensive than purchasing new models due to favorable factors such as the overlap of low interest rates, and supply shortages of semiconductors for new vehicles. However, the tide has turned with used car sales rapidly shrinking as not only business loans but also consumer installment payment rates continue to rise sharply.Some dealers say there has been a noticeable decrease of more than 20 percent in the number of customers visiting used car lots and the high interest rates have become a grave burden for dealers as they try to bring in vehicles to sell from used car auctions.Until July of this year, the inventory finance rate averaged 5.9 percent. However, it has risen sharp
Hanwha Group Chairman Kim Seung-youn, center, and his three sons pose next to Edwin John Feulner Jr., founder of the conservative U.S. think tank, the Heritage Foundation, fourth from left, after dinner at the Plaza Hotel in Seoul, Tuesday. From left are Kim Dong-seon, executive director Hanwha Hotels & Resorts, Hanwha Solutions Vice Chairman Kim Dong-kwan, Kim, Feulner, and Hanwha Life Insurance Vice President Kim Dong-won. Courtesy of Hanwha Group By Kim Hyun-binHanwha Group Chairman Kim Seung-youn met with Edwin John Feulner Jr., founder of the conservative American think tank, the Heritage Foundation, and discussed a wide array of current issues, including global economic issues and diplomatic events, as well as ways to enhance friendly relations between Korea and the U.S., the company announced, Wednesday. The dinner meeting took place after Feulner took part in a domestic forum promoting the free market economy and enhancing Korea-U.S. alliance at The Plaza Ho
Samsung Electronics Chairman Lee Jae-yong, second from left, along with company staff visits Samsung Electro-Mechanics' Busan plant and inspects the Multilayer Ceramic Capacitors (MLCC) raw material manufacturing site, Tuesday. Courtesy of Samsung ElectronicsBy Kim Hyun-binSamsung Electronics Chairman Lee Jae-yong visited Dong-A Plating, a medium-sized company located in Noksan National Industrial Complex in Busan, the company said, Tuesday.After becoming chairman of Samsung Electronics on Oct. 27, Lee visited a partner company in Gwangju as his first on-site management destination. For his second visit, he toured Dong-A Plating in Busan, where Samsung Electronics helped build a smart factory."We must create a healthy ecosystem to achieve a virtuous cycle," Lee said after touring around the manufacturing site.The smart factory construction support project is one of Samsung's representative corporate social responsibility (CSR) programs, contributing to the development of Korea's manufacturing industry and providing Samsung's manufacturing innovation technology and know-how to strengt
Porsche Taycan GTS / Courtesy of Porsche Korea By Kim Hyun-binPorsche customers and dealers are increasingly frustrated with the German luxury car brand after it abruptly halted the delivery of its electric vehicle (EV) model, the Taycan, according to customers and industry officials, Tuesday.Customers and dealers alike have been left in the dark for over a month not knowing why the delivery of vehicles has been suspended since the end of September.“We were sent a notice from headquarters that they will stop deliveries of the Taycan but no specific reasons or details were addressed,” a Porsche dealer in Seoul said.The Taycan is an EV that the company debuted in Korea in 2020. Models currently on sale in Korea include the Taycan, Taycan 4S, Taycan 4 Cross Turismo, Taycan GTS, Taycan Turbo, Taycan Turbo Cross Turismo and the Taycan Turbo S. Porsche Korea CEO Holger Gerrmann
gettyimagesbankBy Kim Hyun-binSix major business lobby groups submitted a request to the National Assembly for the swift passage of a pending corporate tax reduction bill so that companies can better respond to the expected economic downturn next year, according to the business community, Monday.The six lobby groups ― the Korea Chamber of Commerce and Industry (KCCI), Korea Enterprises Federation (KEF), the Federation of Korean Industries (FKI), the Korea International Trade Association (KITA), the Korea Federation of SMEs and the Federation of Middle Market Enterprises of Korea ― submitted the request, Monday, aiming to ease companies' financial difficulties and create investment opportunities and employment. The amendment to the Corporate Tax Act, which includes the reduction of the top corporate tax rate from 25 percent to 22 percent, is currently pending in the National Assembly.“Consumption is shrinking rapidly due to interest rate hikes and rising prices, and corporate profitability is also deteriorating due to high exchange rates and rising raw material prices,” th
gettyimagesbankBy Kim Hyun-binDomestic companies operating smart grid businesses are advised to enter Vietnam, Indonesia, India and the Philippines to enhance their performance in a market, which shows annual growth of 18.2 percent, according to Korea International Trade Association (KITA) report released, Monday.According to the KITA report titled “Carbon neutral era, global smart grid market status and Korean companies entry strategies,” the global smart grid market is expected to reach around $160 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.2 percent from $36 billion last year. The report selected four countries, Vietnam, Indonesia, India, and the Philippines, as promising countries for Korean smart grid companies to enter after evaluation of the market potential of each country including Korea's export size, electricity consumption per capita, and corporate environment evaluation.A smart grid refers to a system that optimizes power grid operation efficiency by applying information and communication technology (ICT) to the existing power grid