The Korea Times

Samsung, SK on alert over US export ban on chip equipment to China

Samsung Electronics' semiconductor plant in Xi'an, China. / Courtesy of Samsung ElectronicsGov't says latest US move will have limited impact on Korean chip makersBy Kim Hyun-binSamsung Electronics and SK hynix are on high alert over the Biden administration's latest move to restrict the exports of U.S. semiconductor equipment and high-powered chips to China to curb the rise of the world's second-largest economy in high-tech industries, according to industry officials Sunday.The Korean government said the measures will have no immediate impact on Korean chipmakers operating in China, saying non-Chinese companies can still secure American equipment and parts by receiving permits from the U.S. government. Samsung and SK said they will closely work with the government to deal with the latest U.S. export ban.On Saturday, the U.S. Department of Commerce slapped a set of restrictions aiming to cut China off from high-powered semiconductors used in artificial intelligence and supercomputers, and chip equipment, in a bid to cripple Beijing's access to critical technologies that are needed fo

Oct 9, 2022By Kim Hyun-bin

Samsung, SK on alert over US export ban on chip equipment to China

Companies

LS Electric Vietnam relocates main plant to Bac Ninh to spur growth

LS Electric Vietnam plant in Bac Ninh, Vietnam. The plant was relocated from Hanoi to Bac Ninh and is capable of doubling production. Korea Times photo by Kim Hyun-binBy Kim Hyun-binBAC NINH, Vietnam ― LS Electric is on the verge of completing the relocation of its new plant from Hanoi to Bac Ninh, Vietnam later this month. The site of the new plant is 30,000 square meters and the area of the production facility is twice that of the existing Hanoi plant, aiming to better penetrate the Southeast Asian market, according to company officials, Thursday.“With the relocation, the production scale has drastically increased. The Hanoi plant was capable of sales worth $25 million annually but the new Bac Ninh plant will be able to create $45 million next year. By 2030, we aim to reach $100 million in annual sales through the plant,” Hong Soo-mong, factory director at LS Electric Vietnam said.With the official launch of the new plant scheduled for later this month, LS Electric plans to expand its influence in the Vietnamese electricity market. LS Electric was the first Korean elect

Oct 7, 2022By Kim Hyun-bin

LS Electric Vietnam relocates main plant to Bac Ninh to spur growth

Companies

LS Electric chief aims to expand presence in Vietnam

LS Electric's affiliate LS Metal Vina plant in Hai Phong, Vietnam / Korea Times photo by Kim Hyun-binBy Kim Hyun-binHanoi, Vietnam ― LS Electric, a leading Korean electric company in Vietnam, is seeking to expand its presence not only in the country but throughout the ASEAN market, according to company officials, Wednesday. The expansion comes as LS Electric Chairman Koo Ja-kyun pushes to increase global market share. “LS Electric's sustainable growth must make clear that the limitations of the domestic market can only be overcome through the global market, and this must be taken as a key and essential factor. We will have to take the lead in the ASEAN region beyond this,” Chairman Koo said.LS Electric was the first among domestic electric power companies to enter Vietnam in the mid-1990s and successfully secured a sales network in the local electric power market.LS Electric Chairman Koo Ja-kyunAfterward, in 1997, the company established a corporation in Hanoi, the capital of Vietnam, establishing production bases around the country, including a switchgear production plan

Oct 6, 2022By Kim Hyun-bin

LS Electric chief aims to expand presence in Vietnam

Companies

US, UK expected to approve Korean Air's acquisition of Asiana Airlines

Korean Air's B787-9 aircraft / Courtesy of Korean AirBy Kim Hyun-binThe U.S. and the U.K. are expected to approve the proposed operations under the Korean Air-Asiana Airlines acquisition deal as early as November, according to industry officials, Sunday. Korean Air expects that if approved by the U.S. and the U.K., it will have a positive effect on the European Union (EU), Japan and China competition authorities to follow suit.Korean Air is said to be in negotiations with foreign airlines and domestic low-cost carriers to propose an alternative airline to operate instead of Asiana Airlines following the acquisition as the competition authorities require that Korean Air propose a new airline to operate on behalf of Asiana Airlines in order to maintain market competitiveness.Korean Air is reported to have recently signed a business agreement with domestic low-cost carriers to operate routes to Europe and the U.S.In the case of the Incheon-Los Angeles route, Air Premia will start service this month as a domestic airline, and the number of flights will be gradually expanded. Korean Air i

Oct 2, 2022By Kim Hyun-bin

US, UK expected to approve Korean Air's acquisition of Asiana Airlines

Companies

Conglomerates enter emergency management, reduce investments

Samsung Electronics' headquarters in Seoul / Korea Times fileBy Kim Hyun-binMajor companies are taking a conservative approach as the economy is taking a rapid downturn, by shrinking investments and production to cope with surging inflation, foreign exchange rates and interest rates, according to company officials, Sunday.Major domestic companies have entered emergency management amid the worsening economic situation. On Sept. 29, LG held an offline CEO workshop for the first time in three years to discuss medium- to long-term management strategies. Samsung also discussed current economic issues through a meeting of CEOs on Sept. 26, while SK is scheduled to hold a “CEO seminar” this month.As companies prepare for the worst economic downturn, changes are also occurring to their management plans, such as withdrawing investments and reducing businesses. Hyundai Oilbank and Hanwha Solutions announced last month that they would withdraw their plans to establish major production facilities. SK hynix is reported to be considering entering into emergency management after it rece

Oct 2, 2022By Kim Hyun-bin

Conglomerates enter emergency management, reduce investments

Companies

KITA appoints Jeong Marn-ki as executive vice chairman

By Kim Hyun-binThe Korea International Trade Association has appointed Jeong Marn-ki, as executive vice chairman. “He is an expert who has a deep understanding of the industry and is well-versed in trade policy,” KITA Chairman Koo Ja-yeol said.For his first on-site task, Jeong checked current export issues with China and emphasized the need for government support to increase the productivity of domestic companies. A public export issue inspection meeting was held in Songdo, Incheon on Wednesday.Jeong Marn-kiAt the meeting, experts analyzed the causes of the trade deficit with China for the last four months and discussed countermeasures. Previously, the trade balance with China recorded a deficit of $1.09 billion in May, followed by a deficit of $1.22 billion in June, $600 million in July, and $380 million in August.Vice Chairman Jeong is an industry and trade policy expert who has served in major positions such as the head of industry infrastructure, the head of industry and trade planning, and the head of trade policy at the Ministry of Knowledge Economy and the Ministry

Sep 29, 2022By Kim Hyun-bin

KITA appoints Jeong Marn-ki as executive vice chairman

Companies

Strengthen economic cooperation

Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, right, speaks to Chinese Ambassador to Korea Xing Haiming during a meeting hosted by the KEF at the Westin Chosun Hotel in Seoul, Thursday. Since 2020, the KEF has invited the Chinese ambassador annually to discuss ways to strengthen economic cooperation between Korea and China. / Courtesy of the KEF

Sep 29, 2022By Kim Hyun-bin

Companies

RDA helps boost global food security by sharing agricultural knowhow

Rural Development Administration (RDA) Administrator Cho Chae-ho, center, talks about RDA's accomplishments through official development assistance in the agriculture field during a press conference held at the Korea Press Center in Seoul, Wednesday. From left, RDA Director General of Cooperation Bureau Kwon Taek-ryoun, Cho, and RDA director of International Technology Cooperation Center Kim Hwang-yong. / Korea Times photo by Kim Hyun-binBy Kim Hyun-binThe Rural Development Administration (RDA) hosted the “Korean Culture and Information Service (KOCIS) Policy Forum with the Administrator of RDA” at the Korea Press Center in Seoul, Wednesday, highlighting the RDA's official development assistance (ODA) in agricultural technology, future direction and its accomplishments.“With the experience accumulated in the past 60 years, RDA will focus on achieving self-sufficiency for developing countries and work proactively with the international community to resolve globally common issues through cooperation and solidarity,” RDA's administrator Cho Chae-ho said.RDA addre

Sep 29, 2022By Kim Hyun-bin

RDA helps boost global food security by sharing agricultural knowhow

Companies

Government urged to improve industrial regulations in line with international standards

ECCK Chairperson Dirk Lukat, front row center, poses with other ECCK committee heads during the White Paper 2022 Press Conference held at the Korea Press Center in Seoul, Wednesday. From the left in the front row, Passenger Vehicles Committee head Kim Hong-joong, EU Ambassador to Korea Maria Castillo-Fernandez, Lukat, ECCK President Christoph Heider and Heavy Duty Commercial Vehicles Committee head Park Gang-serk. From left in the second row, Energy & Environment Committee head Moon Go-young, Food Committee head Karsten Kuehme, Beer, Wine & Spirits Committee head James Paton and Chemical Committee head Hwang Jee-seop. Courtesy of ECCK By Kim Hyun-binThe European Chamber of Commerce in Korea (ECCK) is calling on the Korean government to consider revising regulations on electric vehicles (EVs) and other industrial sectors to provide more procedural clarity and flexibility in line with international standards.The ECCK made the recommendations in its latest annual white

Sep 28, 2022By Kim Hyun-bin

Government urged to improve industrial regulations in line with international standards

Companies

Volvo launches S60, V60 in Korea

Nick Connor, head of Volvo Car APEC, poses next to the company's newly released Volvo S60 at the Westin Chosun Hotel in central Seoul, Tuesday. / Courtesy of Volvo KoreaBy Kim Hyun-binVolvo Car Korea unveiled the new S60 and V60 Cross Country in Korea at the Westin Josun Seoul hotel, Tuesday.The S60 is a flagship model designed based on the company's Scalable Product Architecture (SPA) platform, and is a key vehicle targeting the mid-size premium segment along with the global best-selling XC60, according to the company.This S60, newly introduced three years after the previous one, offers a more personalized user experience through a digital package based on the Google Android Automotive OS, an advanced driver assistance system (ADAS) sensor platform.“Volvo Cars Korea is perhaps our most remarkable market in the world,” said Nick Connor, head of Volvo Cars APEC. “This is the only market in Volvo to have 10 years of consecutive growth. I believe this is the fastest-growing premium brand in Korea which is an interesting statistic. Through the connectivity service and t

Sep 27, 2022By Kim Hyun-bin

Kim Hyun-bin

Read more

Samsung, SK on alert over US export ban on chip equipment to China

LS Electric Vietnam relocates main plant to Bac Ninh to spur growth

LS Electric chief aims to expand presence in Vietnam

US, UK expected to approve Korean Air's acquisition of Asiana Airlines

Conglomerates enter emergency management, reduce investments

KITA appoints Jeong Marn-ki as executive vice chairman

Strengthen economic cooperation

RDA helps boost global food security by sharing agricultural knowhow

Government urged to improve industrial regulations in line with international standards

Volvo launches S60, V60 in Korea

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