The Korea Times

Will Samsung chief visit US to strengthen semiconductor ties?

Samsung Electronics Vice Chairman Lee Jae-yong / YonhapBy Kim Hyun-binSpeculation is mounting that Samsung Electronics Vice Chairman Lee Jae-yong will head to the U.S. during the “Chuseok” autumn harvest holidays from Sept. 9 to 12 to enhance semiconductor ties with the country, according to industry officials, Friday.Fanning such forecasts is the fact that Lee has been expanding his management role over the electronics giant after receiving a presidential pardon earlier this month for a bribery and embezzlement conviction involving former President Park Geun-hye.“There are no trials that are holding back Vice Chairman Lee during the Chuseok holidays, so there is a possibility he could utilize the opportunity for a business trip abroad,” an industry source said.Lee appears in court every Thursday as part of a trial on the charge of violating the Capital Market Act, which is related to a merger between subsidiaries Samsung C&T and Cheil Industries, and once every three weeks on Friday, for a hearing regarding Samsung Biologics' alleged accounting fraud. How

Aug 26, 2022By Kim Hyun-bin

Will Samsung chief visit US to strengthen semiconductor ties?

Companies

POSCO advises SMEs to enter overseas markets

POSCO International employees help SMEs by providing practical advice on exporting technologies abroad during the company's export consultation program entitled POSCO Changeup Ground held in Seoul, Friday. Courtesy of POSCO International By Kim Hyun-binPOSCO International held an export consultation conference for small and medium-sized (SME) venture companies at the POSCO Changeup Ground event in Seoul, Friday. According to the company, the export conference, which is now in its third year, was organized for such companies in Korea that are having difficulties in expanding to overseas markets despite their advanced technologies.POSCO International provided practical solutions based on its accumulated global business experience and accumulated skills. In addition, POSTECH Holdings, the technology holding company of Pohang University of Science and Technology, co-hosted the conference last year and joined forces to attract more promising startups.Eighteen outstanding

Aug 26, 2022By Kim Hyun-bin

POSCO advises SMEs to enter overseas markets

Companies

Lee Jae-yong attends groundbreaking ceremony for Giheung R&D complex

Samsung Electronics Vice Chairman Lee Jae-yong, center, poses with company executives at the groundbreaking ceremony for the Giheung Semiconductor R&D Complex in Yongin, Gyeonggi Province, Friday. From left, foundry business head Choi Si-young, Samsung Advanced Institute of Technology President Jin Gyo-young, DS Division Head Kyung Kye-hyun, Lee, DS Division CTO Jung Eun-seung, memory business head Lee Jung-bae and system LSI business head Park Yong-in. / Courtesy of Samsung Electronics By Kim Hyun-binSamsung Electronics Vice Chairman Lee Jae-yong visited the company's campus in Giheung District in Yongin, Gyeonggi Province, for the groundbreaking ceremony for its next-generation semiconductor R&D complex, according to the company, Friday. This visit was Lee's first public appearance since being pardoned by President Yoon Suk-yeol for National Liberation Day on Aug. 15.The event, launched under the slogan “Creating the future with technology that does not exist in t

Aug 19, 2022By Kim Hyun-bin

Lee Jae-yong attends groundbreaking ceremony for Giheung R&D complex

Companies

New FTC chief vows to remove 'unnecessary' regulations to spur business activities

Fair Trade Chairman (FTC) Candidate Han Ki-jeong, speaks to reporters on his way to work at the Korea Fair Trade Mediation Agency in Seoul, Friday. / YonhapBy Kim Hyun-binHan Ki-jeong, a nominee for the Fair Trade Commission (FTC) chairman, pledged to remove all “unnecessary” regulations and establish fair market rules once his nomination is confirmed as the head of the antitrust agency, he said Friday."I think that unnecessary regulations should be boldly overhauled for a free market economy so that businesses can run freely," Han said on his way to work at the Korea Fair Trade Mediation Agency in Seoul, Friday. "For a fair market economy, it is necessary to redress corruption through bold and strict measures."In addition, he added that appropriate measures should be taken so that the economically disadvantaged, such as small and mid-sized enterprises (SMEs) and consumers, do not suffer damage due to a lack of power and information.“In this regard, the FTC's law enforcement must be trusted by the public," he explained.When his lack of expertise in fair trade as a f

Aug 19, 2022By Kim Hyun-bin

New FTC chief vows to remove 'unnecessary' regulations to spur business activities

Companies

SK Inc., SK Energy acquire US energy company Atom Power

Kim Moo-hwan, EVP and the head of the green investment center at SK Inc., left, poses with Ryan Kennedy, CEO of Atom Power, center, and Kang Dong-soo, EVP of platform and marketing at SK Energy, after signing an agreement to acquire the management rights of Atom Power at the SK Serin building in Seoul, Wednesday. / Courtesy of SK Inc.By Kim Hyun-binSK Inc. and SK Energy announced they will acquire the management rights of Atom Power, an American energy solution company, for $150 million, the company said, Thursday.“Through the acquisition of Atom Power, we will secure the core technology of the energy solution business and use it as a stepping stone to implement an energy solution platform and discover various business opportunities,” an SK Inc. official said.Atom Power, established in 2014, has developed solid state circuit breaker (SSCB) technology and is focused on the energy solution business and electric vehicle (EV) charging business in the U.S. Unlike general circuit breakers that only block the current when a power overload occurs, it also serves to measure and co

Aug 18, 2022By Kim Hyun-bin

SK Inc., SK Energy acquire US energy company Atom Power

Companies

Will Inflation Reduction Act impact Hyundai, Kia's EV sales in US?

Figure 1Kia's EV6 electric vehicle / Courtesy of Kia Corp.Short-term setback inevitable but long-term outlook bright for Korean automakers By Kim Hyun-binThe implementation of the Inflation Reduction Act (IRA), signed by U.S. President Joe Biden, Tuesday (local time), is expected to have a short-term impact on Hyundai Motor Group's U.S. electric vehicle (EV) sales in the coming years, according to industry officials and analysts, Thursday. The IRA provides tax credits and subsidies for EVs manufactured in the U.S., which could deal a blow, in the short term, to Hyundai Motor and Kia's EV strategy for North America. The bill aims to provide tax credits only for EVs manufactured or assembled in North America.Currently, Hyundai Motor's Ioniq 5 and Kia's EV6 are locally produced and both companies have no EV production lines in the U.S., which inevitably excludes U.S. customers from receiving tax credits and subsidies of up to $7,500 per vehicle when purchasing Hyundai or Kia EV cars. In addition, EVs using Chinese batteries are excluded from receiving subsidies, while 40 percent of the

Aug 18, 2022By Kim Hyun-bin

Will Inflation Reduction Act impact Hyundai, Kia's EV sales in US?

Companies

SK chief meets Bill Gates to share commitments for global health

SK Group Chairman Chey Tae-won, second from left, poses with Bill Gates, co-chair of the Bill & Melinda Gates Foundation, third from left, to discuss shared commitments concerning global health in Yeouido, Seoul, Tuesday. From left, Ahn Jae-yong, CEO of SK bioscience, Chey, Gates and Chey Chang-won, executive vice chairman of SK Discovery. / Courtesy of SK bioscienceBy Kim Hyun-binSK Group Chairman Chey Tae-won met with Bill Gates, co-chair of the Bill & Melinda Gates Foundation, in Yeouido, Seoul, to discuss shared commitments to global health, Tuesday. SK Bioscience and the Bill & Melinda Gates Foundation have collaborated since 2013, with the foundation funding SK Bioscience's efforts to develop several products, including a typhoid vaccine, a non-replicating rotavirus vaccine, the COVID-19 vaccine and an antiviral nasal spray for COVID-19.The organizations will continue to explore opportunities for future collaboration to address unfulfilled global health needs and accelerate the R&D of new tools to improve pandemic preparedness and response.?The day before, SK Gr

Aug 16, 2022By Kim Hyun-bin

SK chief meets Bill Gates to share commitments for global health

Gates calls on Korea to play greater role in fight against COVID-19 pandemic

Companies

Asiana's soaring debt causes concerns for Korean Air

An Asiana Airlines A350 aircraft / Courtesy of Asiana AirlinesBy Kim Hyun-binAsiana Airlines' financial structure continues to deteriorate as its debts have soared due largely to foreign exchange losses as a result of the won's falling value against the dollar, according to industry officials, Tuesday. In the first half of this year, Asiana's debt soared to 13.39 trillion won, up by 835 billion won ($638 million) from a year earlier. The continuous rise in debt is becoming a burden on Korean Air, which aims to complete the acquisition of Asiana this year, they said.According to the Financial Supervisory Service, as of the end of the first half of this year, Asiana Airlines' consolidated debt ratio stood at 6,544 percent. The debt ratio, which stood at 2411 percent at the end of last year, rose by 4133.9 percentage points in half a year. This rise is because its total equity decreased by about 60 percent, from 521 billion won to 204.7 billion won, while its total debt increased by 835 billion won in the first half. This situation comes despite the company increasing its operating prof

Aug 16, 2022By Kim Hyun-bin

Asiana's soaring debt causes concerns for Korean Air

Companies

Bill Gates arrives in Korea

Microsoft founder Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, arrives at Seoul Gimpo Business Aviation Center (SGBAC) in the Korean capital, Monday. Gates has been invited to speak at the National Assembly during his stay in Korea during Aug. 15-17, and is expected to meet with President Yoon Suk-yeol and key business leaders during his visit. Yonhap

Aug 15, 2022By Kim Hyun-bin

Companies

Hyundai Motor Group becomes world's No. 3 automaker in sales volume

Kia EV6 / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group is now the world's third-largest automaker in terms of sales volume.Hyundai Motor Group said Monday that its global sales volume from January to June of this year stood at 3.3 million vehicles, coming in third behind Volkswagen Group, which sold 4 million vehicles, and Toyota, which ranked first with 5.1 million vehicles sold.The Renault-Nissan-Mitsubishi Alliance followed behind Hyundai with 3.14 million vehicles and Stellantis with 3.01 million vehicles sold. Hyundai Motor Group ranked fifth in the first half of last year.Experts say the production setbacks of global automakers due to the shortage of semiconductors contributed to Hyundai Motor Group's rise in the global market.Hyundai Motor and affiliate Kia Corp. saw a 5.1 percent decrease in sales during the first half of this year compared to a year ago, but the gap was smaller than that of the other automotive groups.Toyota's sales decreased by 6 percent, Volkswagen by 14 percent, Stellantis by 16 percent, the Renault-Nissan-Mitsubishi alliance by 17.3

Aug 15, 2022By Kim Hyun-bin

Kim Hyun-bin

Read more

Will Samsung chief visit US to strengthen semiconductor ties?

POSCO advises SMEs to enter overseas markets

Lee Jae-yong attends groundbreaking ceremony for Giheung R&D complex

New FTC chief vows to remove 'unnecessary' regulations to spur business activities

SK Inc., SK Energy acquire US energy company Atom Power

Will Inflation Reduction Act impact Hyundai, Kia's EV sales in US?

SK chief meets Bill Gates to share commitments for global health

Asiana's soaring debt causes concerns for Korean Air

Bill Gates arrives in Korea

Hyundai Motor Group becomes world's No. 3 automaker in sales volume

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