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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

Hyundai, Kia urged to speed up production of EVs in US

Hyundai Motor Group Chairman Chung Euisun, left, shakes hands with U.S. President Joe Biden during his visit to Korea at the Grand Hyatt Hotel in Seoul on May 22. / YonhapBy Kim Hyun-binConcerns are growing that Hyundai Motor and Kia could lose their competitiveness in the U.S. electric vehicle (EV) market unless they speed up production there amid the passage of the Inflation Reduction Act, under which EV subsidies are offered only to locally produced cars, according to industry officials Monday. The U.S. Senate passed the first draft with a 51-50 vote Sunday, while a signature from U.S. President Joe Biden is expected to be made later this week after the House vote.The core of the bill is the $369 billion green stimulus package and within it the industry is paying keen attention to new EV subsidies. If the bill is passed this month, a subsidy of $7,500 per vehicle will be provided in the form of tax credits only for EVs produced in North America that are equipped with batteries produced in the country.“If the bill is passed, there may be confusion, and need for partially revi

Aug 8, 2022By Kim Hyun-bin
Hyundai, Kia urged to speed up production of EVs in US
Companies

LS chief to focus on creating synergy with existing and new units

By Kim Hyun-binLS Group Chairman Koo Ja-eun has been busy with the on-site management of major domestic affiliates for three months, to better find synergy between existing and new businesses, according to company officials.The chairman and Myung Roe-hyun, CEO of LS Corp., who took office this year, have been visiting business sites of 14 subsidiaries and sub-subsidiaries nationwide to better prepare for the post-COVID era.LS Group Chairman Koo Ja-eunThey visited Torecom, the No. 1 precious metal recycling company in Korea and a subsidiary of LS Nikko Copper Smelting in Asan, South Chungcheong Province, and LS Electric's Cheonan and Cheongju plants, as well as LS Cable's subsidiaries GNPwood and Sejong Cable in South Chungcheong Province. After looking around the precious metal extraction production line, Koo said, “In the future, please increase the proportion of semiconductor materials and electrical, electronic materials with high added value so that LS-Nikko Copper and Torecom can develop into comprehensive materials companies in the high-tech industry.” On-site manag

Aug 7, 2022By Kim Hyun-bin
LS chief to focus on creating synergy with existing and new units
Companies

Hyundai aims to develop own automotive semiconductors

The headquarters of Hyundai Motor and Kia Corp. in Seoul / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group is accelerating plans to develop its own automotive semiconductors, spearheaded by auto parts affiliate, Hyundai Mobis. The move is part of a strategy to cope with semiconductor supply shortage risks and strengthen competitiveness in future mobility, as the internal production of semiconductors has become more important than ever amid the transition to electric vehicles (EV), according to industry officials, Sunday.Semiconductors have become a key determinant in the competitiveness of future cars because EVs and autonomous vehicles require more than 500 to 1,000 semiconductors, which is up to three times the amount used in internal combustion automobiles.Hyundai Mobis said during a conference call announcing second quarter earnings held last month that it plans to develop and produce automotive semiconductors."We are focusing on power semiconductors and are in the process of developing and producing them. We also see system semiconductors as an area of developm

Aug 7, 2022By Kim Hyun-bin
Hyundai aims to develop own automotive semiconductors
Companies

Hanwha to expand solar panel investment in US

Hanwha Solutions' module plant in the U.S. state of Georgia / Courtesy of Hanwha SolutionsBy Kim Hyun-binHanwha Solutions is considering scaling up its planned investment in the U.S. to solidify its status as top solar module manufacturer in the world's largest renewable energy market, according to company officials Thursday. The expanded investment appears to be the will of company President Kim Dong-kwan, who has been leading Hanwha's eco-friendly business drive.The company is reviewing the expansion of its investment in its U.S. photovoltaic plant construction plan that was announced in May. The selection of a site is already in progress. Earlier, the company announced that it would invest around 200 billion won ($152.5 million) to build a 1.4-gigawatt (GW) solar module plant in the U.S.If the actual investment is scaled up, it will secure a module production capacity of at least 3.1GW and become the largest manufacturer in the region. In addition, the company also made an equity investment of about 250 billion won in REC Silicon, a local polysilicon manufacturer, so it can obtain

Aug 4, 2022By Kim Hyun-bin
Hanwha to expand solar panel investment in US
Companies

Hyundai takes top honors in 2022 Red Dot Award

The Hyundai Motor booth for CES 2022 won the grand prize in the 2022 Red Dot Awards exhibition hall category, Thursday. / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group received Best of the Best awards in two categories at the 2022 Red Dot Award: Brands & Communication Design hosted by the Design Zentrum Nordrhein Westfalen in Germany, as well as Winner awards in six categories. The Hyundai Motor booth for CES 2022, which embodies the robotics vision of the company, portrayed at Consumer Electronics Show 2022 (CES) in January, and the exclusive exhibition hall, called Genesis Suzy, were named the Best of Best in the Brand Stores category. The Best of Best award goes to outstanding entries in each category.At CES 2022, Hyundai Motor Company unveiled a robotics vision based on what it calls, “metamobility” that innovatively expands the user's mobility experience, the “Mobility of Things (MoT)” ecosystem, and acts as an “intelligent robot” for humans.Another Best of Best award winner, Genesis Suzy, is the second independent exhi

Aug 4, 2022By Kim Hyun-bin
Hyundai takes top honors in 2022 Red Dot Award
Companies

Hyundai Motor America appoints Randy Parker as CEO

Randy Parker to be chief executive officer of Hyundai Motor America / Courtesy of HMABy Kim Hyun-binHyundai Motor America (HMA) has promoted Randy Parker as its chief executive officer starting this month. In this role, Parker assumes responsibility for Hyundai's commercial automotive operations in the U.S.“Randy is the perfect person to continue Hyundai's recent successes in sales, market share, and growth in the U.S.,” said Jose Munoz, CEO of Hyundai Motor North America. “I have no doubt that he will continue to strengthen the full Hyundai team and our dealer network.”“Hyundai has an incredible team assembled by Jose and our Korean leadership,” Parker said. “I am humbled and honored by the opportunity to lead this organization and continuing the success of the past few years.”Parker is one of the first African Americans to be named CEO of a major OEM regional market. In May 2019, Parker was named vice president of national sales at Hyundai Motor America and was promoted to senior vice president in February 2021. During his tenure, Hyu

Aug 4, 2022By Kim Hyun-bin
Hyundai Motor America appoints Randy Parker as CEO
Companies

Conglomerates strengthen COVID-19 quarantine guidelines

Samsung Electronics headquarters in Seoul / YonhapBy Kim Hyun-binThe resurgence of COVID-19 is keeping major companies on their toes, inevitably strengthening quarantine measures such as refraining from face-to-face meetings and business trips. Some argue that if the government strengthens quarantine regulations, many companies could bring back work-from-home policies.Samsung Electronics has established quarantine guidelines discouraging dinner gatherings, face-to-face meetings, training sessions and other events. It also recommends against domestic and overseas business trips. Employees over the age of 50 will not be allowed to travel until they have completed their fourth vaccination. Only essential personnel will be dispatched for business trips to the Samsung Galaxy Unpacked 2022 event scheduled to be held on Aug. 10 and IFA 2022, Europe's largest IT exhibition to be held in Germany next month.SK Group strengthened its regulations on dinner gatherings and other meetings as well as domestic business trips, overtime work and training. It recommended that meetings be conducted onlin

Aug 3, 2022By Kim Hyun-bin
Conglomerates strengthen COVID-19 quarantine guidelines
Companies

Samsung Electronics hires seasoned corporate buyout expert

Samsung Electronics Vice Chairman Lee Jae-yong, left, shakes hands with U.S. President Joe Biden, who made his first visit to Korea after taking office, during a tour of Samsung Electronics' semiconductor factory in Pyeongtaek, Gyeonggi Province on May 20. / YonhapBy Kim Hyun-binSamsung Electronics has recruited a seasoned expert in corporate acquisition to spur its largely-stalled attempt to enter new businesses, according to industry officials Wednesday. The company recently hired Chung Seoung-taek, who previously worked at Qualcomm and other global tech giants, as the head of the new business taskforce with a mandate to find new growth engines abroad.Samsung's recruitment of high-profile figures shows Vice Chairman Lee Jae-yong's strong will to advance the group. On the way back from a business meetings in Europe in June, Lee said, “The first is technology, the second is technology, and the third is technology. In the midst of market changes and uncertainty, Samsung's job is to bring in good people.”Chung was appointed to head the new business TF starting this month. H

Aug 3, 2022By Kim Hyun-bin
Samsung Electronics hires seasoned corporate buyout expert
Companies

KCCI sets 'industrialization of Korean food' as nat'l development project

By Kim Hyun-binThe Korea Chamber of Commerce and Industry (KCCI) announced Tuesday that it has set the development of the Korean food manufacturing industry as the theme for this year's national growth project contest, Tuesday.The KCCI started the National Development Project last year to spur private businesses to find solutions to the structural problems facing Korea. KCCI Chairman Chey Tae-won, center, poses with celebrities for the official poster of the reality TV culinary show dubbed “Shikjawhaedam.” Courtesy of KCCI“Industrialization of Korean Food” has been decided as the theme for this year's project, an area with high growth potential where the private sector can spearhead innovation. According to data released by the Korea Agro-Fisheries & Food Trade Corporation, the global food market is expected to exceed $8 trillion in 2021 and $9 trillion in 2024. This is 13 times larger than the global semiconductor market as of last year.The KCCI decided that it was the perfect time to promote the industrialization of Korean food, considering that domestic

Aug 3, 2022By Kim Hyun-bin
KCCI sets 'industrialization of Korean food' as nat'l development project
Companies

Growing number of embezzlement cases poses major corporate risk

gettyimagesbankBy Kim Hyun-binEmbezzlement has emerged as an increasingly prominent corporate risk in recent months as more and more employees have been found to have stolen company money, dealing severe blows to corporate image and also scaring off potential investors, according to industry officials, Tuesday. Experts also say embezzlement cases tend to increase during difficult economic times, especially under recent conditions of high inflation and high interest rates that have deteriorated the value of stocks and virtual currencies. In the first half of this year, large-scale embezzlement cases emerged from all industries with particular focus on cases at Osstem Implant, and Woori Bank. In each case, it is known that employees inside the company stole company money several times to invest in stocks or crypto assets or to use for gambling and entertainment. The amount of embezzlement was estimated at 221.5 billion won for Osstem Implant, and 69.7 billion won ($53.5 million) Woori Bank.In the second half of the year, suspicions were raised that an employee of Hyundai Steel set up a

Aug 2, 2022By Kim Hyun-bin
Growing number of embezzlement cases poses major corporate risk
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.