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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

Public expects huge economic effects from hosting World Expo 2030

The Korea Chamber of Commerce and Industry building (KCCI) / Korea Times fileBy Kim Hyun-binAmajority of people expect Korea to reap a great deal of economic benefits, including the creation of jobs and a tourism boom, from hosting the World Expo 2030, according to the Korea Chamber of Commerce and Industry (KCCI).Korea's largest business lobby group on Monday released the results of a two-week online survey on attracting the World Expo. Among the 3,945 respondents, 48.7 percent answered that they expect huge economic benefits, especially in job creation, and consumer demand and tourism. This was followed by 26.6 percent of respondents claiming the Expo would 'raise awareness of Korea by spreading hallyu and promoting the country's high-tech technologies', and 19.5 percent of the respondents said the Expo will 'establish a foundation for regional economic vitalization through infrastructure investment.'"The survey received close to 3,500 supportive comments. People's support and aspirations for the exhibition serves as an important checkpoint,” the KCCI said. “We ask for

Jun 20, 2022By Kim Hyun-bin
Public expects huge economic effects from hosting World Expo 2030
Companies

Korean Air expands private business jet service

Korean Air 787-9 Dreamliner / Courtesy of Korean AirBy Kim Hyun-binKorean Air is expanding its private jet business, introducing an additional B787-8 Dreamliner. Korean Air introduced the B787-8 (HL8508) business jet on June 10th, increasing the number of private business aircraft to four. The 787-8 is manufactured by Boeing of the United States.Unlike regular airplanes, the Dreamliner is modified for luxury purposes with seating greatly reduced and convenient facilities such as a private living room, bar, and bedroom. The aircraft was manufactured in February 2015 and has 39 seats.The airplane departs from the Seoul Gimpo Business Aviation Center (SGBAC), a business-only terminal. Users can go through immigration procedures in 5 minutes and can use the VIP lounge, crew lounge, and meeting rooms.In particular, the 787-8 is a large aircraft capable of traveling from Korea to all parts of the U.S. directly. The luxury jets are leased to VVIPs including CEOs and celebrities. Korean Air is expanding its private jet business targeting the government and leading domestic and foreign compan

Jun 18, 2022By Kim Hyun-bin
Korean Air expands private business jet service
Companies

KCCI chief, biz leaders join government campaign to attract World Expo 2030

By Kim Hyun-binKorea Chamber of Commerce & Industry (KCCI) Chairman Chey Tae-won, who also serves as the co-chairman of the Bid Committee for World Expo 2030 Busan, will visit Paris, France for four days with the aim of attracting World Expo 2030 to the Korean port city. This trip marks the SK Group Chairman's first official diplomatic effort since he took the position. Chey will take part in the 170th Bureau International des Expositions (BIE) General Assembly held for two days starting June 21. The chairman will also lead Korea's second competition presentation to host the World Expo. The first presentation was held in December of last year.Chairman Chey is also scheduled to meet with BIE Secretary General and the ambassadors of each country to engage in negotiation activities. “In addition to co-chairing the private sector-led Bid Committee for World Expo 2030 Busan, Chairman Chey will be co-chairing with Prime Minister Han Duck-soo the government committee to be launched next month,” KCCI said. "During this 5-day trip, we plan to meet all the ambassadors available and ask them to

Jun 17, 2022By Kim Hyun-bin
KCCI chief, biz leaders join government campaign to attract World Expo 2030
  • Korea kicks off diplomacy to win bid to host World Expo 2030
  • PM Han leaves for Paris to drum up support for World Expo 2030 bid
Companies

Why Posco O&M is willing to pay hefty price for Songdo golf course

The Jack Nicklaus golf course in Incheon. / Courtesy of the Jack Nicklaus GC homepageBy Kim Hyun-binPosco O&M's plan to purchase the Jack Nicklaus golf course (GC), an 18-hole membership golf course in Songdo, Incheon, for more than 300 billion won ($232.8 million) has been raising eyebrows among industry watchers as to why the steelmaker is willing to pay more than market price for a piece of reclaimed property. Some are speculating that the company may seek to turn the golf course into a site for other commercial purposes.Consus Asset Management, a domestic private equity fund (PEF), is said to have offered a price in the mid-300-billion-won range. Posco Group is discussing whether to purchase the golf course at that price. If Posco rejects the offer, the final buyer will end up being Consus Asset Management. The decision on whether to take over the golf course needs to be made by June 20 so as to notify the seller. It is known that Posco initially proposed an offer of 260 billion won.“Even considering the value of the Jack Nicklaus GC, which has good accessibility and is

Jun 16, 2022By Kim Hyun-bin
Why Posco O&M is willing to pay hefty price for Songdo golf course
Companies

Samsung, SK, Hyundai to hold management strategy meetings to prepare for crisis

Samsung Electronics headquarters in Seoul. YonhapBy Kim Hyun-binMajor companies are planning to hold multiple business strategy meetings to address the current business environment and refine business plans as they face numerous external difficulties including high inflation, a high exchange rate, a high interest rate and low growth.Companies complain that they have no place to turn as the economies of the U.S. and China, Korea's major export markets, are also shaky, while the prolonged Russia-Ukraine conflict, crude oil and raw material prices are skyrocketing.Amid the crisis, Samsung Electronics is scheduled to hold a business strategy meeting for the DX division in charge of IT/mobile and consumer electronics from June 21st to June 23 and the DS division in charge of semiconductors from June 27 to 29.This is the first business strategy meeting to be held in two years, and key executives and heads of overseas subsidiaries are expected to attend both online and in person.“Samsung Electronics is scheduled to inspect both local and international business situations and difficult

Jun 16, 2022By Kim Hyun-bin
Samsung, SK, Hyundai to hold management strategy meetings to prepare for crisis
Companies

Lexus unveils first EV lineup in Korea

Lexus' three newly released EV models showcased at the Lotte Tower Seoul, Wednesday. / Courtesy of Lexus KoreaBy Kim Hyun-binLexus Korea launched its first pure battery electric vehicle (BEV), UX 300e, and the first plug-in hybrid (PHEV), NX 450h+, in the local market, Wednesday. With this latest launch, the company plans to build a full lineup of electric vehicles and aims to work towards carbon neutrality.“The launch of the New NX and UX300e gives customers diverse choices among PHEVs, hybrid vehicles and BEVs that better suit one's lifestyle, while going a step closer toward carbon neutrality,” Kang Dae-whan, the managing director at Lexus Korea said during the launching ceremony held at the Lotte Tower in Seoul, Wednesday. The UX 300e is equipped with a 54.35-kWh lithium-ion battery, and the maximum driving distance per charge is about 233 km. The charging time takes about 50 minutes to charge up to 75 percent and about 80 minutes to charge fully.Lexus Korea CEO Nobuyuki Takemura gives an opening speech at the company EV launching ceremony held at the Lotte Tower in S

Jun 15, 2022By Kim Hyun-bin
Lexus unveils first EV lineup in Korea
Companies

Lotte Group Chairman in Europe to seek business partnerships

By Kim Hyun-binLotte Group Chairman Shin Dong-bin is in Europe to meet with major business partners in France, Germany, and the U.K. to expand investments and seek cooperation with European companies, including luxury goods and food and beverage companies.The move comes as the demand for European luxury goods in domestic department stores is steadily on the rise, and all eyes are on how Chairman Shin plans to negotiate and enhance cooperation.“Chairman Shin has left for Europe over the weekend and will be holding meetings with business partners there,” a Lotte Group official said.Lotte Group Chairman Shin Dong-binShin is also expected to seek cooperative relationships with bio-healthcare-related companies as well, to take advantage of future growth engines in Europe. Some experts predict the possibility of mergers and acquisition (M&A) deals in the bio and healthcare sector.Since 2020, Chairman Shin has only traveled between Korea and Japan, but starting this year, Shin has visited the U.S. in April and Europe this month aiming to expand possible new growth areas. Las

Jun 14, 2022By Kim Hyun-bin
Lotte Group Chairman in Europe to seek business partnerships
Companies

KITA calls for resumption of cargo transportation

Lee Kwan-sup, executive vice chairman of the Korea International Trade Association, center, speaks about the ongoing trucker strike at the Korea Shippers Council press conference held at the Trade Tower in Seoul, Tuesday. From left, Korea Cement Association General Manager Han Chan-soo, Lee and Korea Enterprises Federation Director Chang Jung-woo. / Courtesy of KITABy Kim Hyun-binThe Korea International Trade Association (KITA) is calling for the swift resumption of cargo transportation nationwide, claiming small companies have been suffering from the ongoing strike by truckers affiliated with the Korean Confederation of Trade Unions (KCTU), according to KITA officials, Tuesday."As the KCTU's refusal to transport is running into its 8th day, major ports and production facilities across the country have been paralyzed for over a week,” KITA Executive Vice Chairman Lee Kwan-sup said during the KITA's Korea Shippers Council press conference at the Trade Tower in Seoul, Tuesday.Due to the strike, POSCO has been failing to transport 35,000 tons of wire rods and cold-rolled steel pro

Jun 14, 2022By Kim Hyun-bin
KITA calls for resumption of cargo transportation
  • Shippers urge truckers to promptly end strike that puts smaller traders 'at risk'
  • PM urges truckers to end strike
Companies

Conflict intensifies between labor and management over peak wage system

By Kim Hyun-binTensions between management and labor unions have been growing, following a recent Supreme Court ruling that the current peak wage system is tantamount to age-based discrimination as it cuts wages after a certain age without a rational reason, according to industry officials.Unionized workers at large companies are demanding the abolition of the peak wage system, while management insists on maintaining the measure, claiming it is needed to hire more young workers as the country's population continues to age. The peak wage system guarantees the employment of workers by gradually reducing wages through the adjustment of working hours from the point when a worker reaches a certain age.The peak wage system was introduced in 2009 to retain employees facing retirement at lower wages, while freeing up more capital to hire younger workers. The system is divided into two types: a retirement age extension, which increases the retirement age instead of a wage reduction, and a retirement age maintenance, which leaves the retirement age as it is and reduces wages. Most businesses h

Jun 14, 2022By Kim Hyun-bin
Conflict intensifies between labor and management over peak wage system
Companies

'SK Innovation to focus on carbon free, eco-friendly portfolio'

SK Innovation Vice Chairman Kim Jun introduces the company's eco-friendly business portfolio drive in a keynote speech at the SK Innovation Global Forum held in San Jose, California, Saturday (local time). Courtesy of SK Innovation.By Kim Hyun-binSK Innovation Vice Chairman Kim Jun announced the company's plans to accelerate the innovation of eco-friendly business models in line with the global trend of carbon neutrality, focusing on the areas of electrification and recycling.Kim made this announcement about the company's future business direction at the SK Innovation Global Forum held in San Jose, California, Saturday (local time). “We will promote future growth through the development of a carbon-free, low-carbon energy and eco-friendly portfolio based on differentiated technology,” he said.In the future, SK Innovation plans to promote related projects through equity investment and technological and business cooperation with global leading companies in each field.“To expand our eco-friendly portfolio, we are paying attention to various next-generation growth areas

Jun 12, 2022By Kim Hyun-bin
'SK Innovation to focus on carbon free, eco-friendly portfolio'
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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.